0001679688-23-000017 | 10-K | XBRL Viewer

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Income Taxes - Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (407,826)	$ (317,361)	$ (638,151)
Loss from continuing operations before income taxes attributable to pass-through subsidiaries		198,180	386,352
Loss from continuing operations before income taxes attributable to taxable subsidiaries	(407,826)	(119,181)	(251,799)
Federal income tax benefit at statutory tax rate (21%)	85,643	25,028	52,878
State and local income taxes, net of federal income tax benefit	23,944	3,721	3,008
Foreign income tax differential	782	(86)	0
Noncontrolling interests	(44,014)	0	0
Separately taxable subsidiaries of OP	(21,226)	0	0
Change in ownership of OP, including equity reallocation (Note 2)	2,838	0	0
Equity-based compensation	1,971	1,814	(4,121)
DataBank REIT election	0	79,547	0
Valuation allowance	(95,344)	(10,914)	(1,852)
Other, net	(4,837)	1,428	(2,850)
Income tax benefit (expense) on continuing operations	$ (13,467)	$ 100,538	$ 47,063

Goodwill, Deferred Leasing Costs and Other Intangibles

12 Months Ended

Dec. 31, 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 December 31, 2022 and 2021 is as follows.




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

__________

(1) Remaining goodwill deductible for income tax purposes was $122.4 million at December 31, 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.


	December 31, 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)	$	1,239,477	$	(397,975)	$	841,502	$	1,148,441	$	(256,987)	$	891,454
Investment management intangibles (3)	164,189		(82,432)		81,757		164,189		(61,435)		102,754
Customer relationships and service contracts (4)	218,154		(62,788)		155,366		218,064		(44,496)		173,568
Trade names	26,400		(15,656)		10,744		26,400		(11,266)		15,134
Other (5)	6,818		(4,020)		2,798		6,818		(2,101)		4,717
Total deferred leasing costs and intangible assets	$	1,655,038	$	(562,871)	$	1,092,167	$	1,563,912	$	(376,285)	$	1,187,627
Intangible Liabilities
Lease intangible liabilities (2)	$	46,636	$	(16,812)	$	29,824	$	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.

Impairment of Identifiable Intangible Assets

There was no impairment on identifiable intangible assets in 2022. In 2021, impairment was recorded only on identifiable intangible assets held for disposition (Note 21). In 2020, an investment management contract was written down by $3.8 million to a fair value of $4.0 million at the time of impairment, classified as Level 3 and determined based upon the revised future net cash flows over the remaining life of the contract.

Amortization of Intangible Assets and Liabilities

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


	Year Ended December 31,
(In thousands)		2022		2021		2020



Net increase (decrease) to rental income (1)		$	273	$	(2,471)	$	(1,989)



Amortization expense
Deferred leasing costs and lease-related intangibles		$	154,116	$	165,940	$	75,099
Investment management intangibles		20,997		26,028		25,285
Customer relationships and service contracts		25,885		31,040		13,297
Trade name		4,392		22,053		4,503
Other		1,911		1,882		174
		$	207,301	$	246,943	$	118,358

__________

(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)	2023		2024		2025		2026		2027		2028 and thereafter		Total



Net increase (decrease) to rental income	$	(978)	$	(1,701)	$	(1,603)	$	(1,623)	$	(1,016)	$	1,252	$	(5,669)







Amortization expense	153,861		123,262		111,393		104,813		93,913		469,432		1,056,674

Earnings per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

13. Earnings per Share

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


	Year Ended December 31,
(In thousands, except per share data)		2022		2021		2020
Net income (loss) allocated to common stockholders
Loss from continuing operations		$	(421,293)	$	(216,823)	$	(591,088)
Loss from continuing operations attributable to noncontrolling interests		209,589		144,184		155,340
Loss from continuing operations attributable to DigitalBridge Group, Inc.		(211,704)		(72,639)		(435,748)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.		(110,093)		(237,458)		(2,240,011)

Preferred stock repurchases/redemptions (Note 9)		1,098		(4,992)		—
Preferred dividends		(61,567)		(70,627)		(75,023)
Net loss attributable to common stockholders		(382,266)		(385,716)		(2,750,782)
Net income allocated to participating securities		(34)		—		(1,250)
Net loss allocated to common stockholders—basic		(382,300)		(385,716)		(2,752,032)
Interest expense attributable to convertible and exchangeable notes (1)		—		—		—
Net loss allocated to common stockholders—diluted		$	(382,300)	$	(385,716)	$	(2,752,032)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic		154,495		122,864		118,389
Weighted average effect of dilutive shares (1)(2)(3)		—		—		—
Weighted average number of common shares outstanding—diluted		154,495		122,864		118,389
Income (loss) per share—basic
Loss from continuing operations		$	(1.76)	$	(1.21)	$	(4.33)
Loss from discontinued operations		(0.71)		(1.93)		(18.92)
Net loss attributable to common stockholders per common share—basic		$	(2.47)	$	(3.14)	$	(23.25)
Income (loss) per share—diluted
Loss from continuing operations		$	(1.76)	$	(1.21)	$	(4.33)
Loss from discontinued operations		(0.71)		(1.93)		(18.92)
Net loss attributable to common stockholders per common share—diluted		$	(2.47)	$	(3.14)	$	(23.25)

__________

(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 years ended December 31, 2022, 2021 and 2020, the effect of adding back interest expense of $16.6 million, $54.7 million and $29.9 million, respectively, and 12,901,700, 33,849,100 and 21,869,600 of weighted average dilutive common share equivalents, respectively. Also excluded from the calculation of diluted earnings per share was $133.2 million of debt extinguishment loss (Note 8) for the year ended December 31, 2022.

(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 15) with weighted average shares of 1,298,900, 2,712,700 and 1,444,200 for the years ended December 31, 2022, 2021 and 2020, respectively; and (b) class A common shares that are issuable to net settle the exercise of warrants (Note 10) with weighted average shares of 1,742,800, 2,659,400 and 215,500 for the years ended December 31, 2022, 2021 and 2020, 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 December 31, 2022, 2021 and 2020, 12,628,900, 12,613,800 and 12,769,200 of OP Units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

Equity and Debt Investments

12 Months Ended

Dec. 31, 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 21), are represented by the following:


(In thousands)	December 31, 2022		December 31, 2021
Equity investments
Equity method investments
BrightSpire Capital, Inc. (BRSP) (1)	$	217,994	$	284,985
Company-sponsored private funds—equity investment in funds	406,624		270,737
Company-sponsored private funds—unrealized carried interest	341,749		111,957
Other	3,887		5,417

	970,254		673,096
Other equity investments
Marketable securities (Note 11)	155,866		201,912
Private funds and non-traded REIT	36,436		49,575
Other	108,567		10,570
Total equity investments	1,271,123		935,153

Debt securities
CLO subordinated notes	50,927		—

Equity and debt investments	$	1,322,050	$	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 21). 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 OTTI at each reporting period. In 2021, OTTI was recorded only on equity method investments held for disposition, as discussed in Note 21.

BrightSpire Capital, Inc. (NYSE: BRSP)

At December 31, 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 2022 and 2020, there were no dispositions of the Company's BRSP shares. 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 basis difference associated with the BRSP shares disposed, as discussed below).

OTTI—In the third and fourth quarters of 2022 and second quarter of 2020, the Company determined that its investment in BRSP was other-than-temporarily impaired and recorded impairment charges, included in equity method losses, of $60.4 million in 2022 and $274.7 million in 2020. In 2022, the Company determined that given the continuing market volatility, 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. In 2020, concerns over the likelihood of a near term recovery of BRSP's stock price stemmed from then uncertainties surrounding the pandemic and its effect on the economy and equity markets. 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 December 30, 2022, the last trading day of the quarter, and on June 30, 2020, respectively. There was no OTTI in 2021 as 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 December 31, 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, with each instance resulting 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 or reduced its share of net losses from BRSP by $17.0 million in 2022, $110.3 million in 2021 and $83.9 million in 2020, representing the basis difference allocated to investments that were resolved or impaired by BRSP during these periods. The basis difference balance at December 31, 2022 was $210.7 million.

Carried Interest

The carried interest on balance sheet date represents unrealized carried interest in connection with sponsored funds that are currently in the early stage of their lifecycle. Unrealized carried interest may be subject to reversal until such time it is realized. Carried interest allocation is presented gross of accrued carried interest compensation (Note 7).

Carried Interest Distributed

In the second half of 2022, $152.5 million of carried interest was distributed and recognized in equity method earnings. $119.8 million of the distributed carried interest was allocated to current and former employees and to Wafra (Note 10), recorded as carried interest compensation and amounts attributable to noncontrolling interests (Note 16).

Clawback Obligation

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. At December 31, 2022, the Company does not have a liability for clawback obligations on distributed carried interest.

With respect to funds that have distributed carried interest, if in the event all of their investments are deemed to have no value, the likelihood of which is remote, carried interest distributions of $75.1 million would be subject to clawback as of December 31, 2022, of which $58.4 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.

Combined Financial Information of Equity Method Investees

The following tables present selected combined financial information of the Company's equity method investees, excluding investees classified as held for disposition. Amounts presented represent combined totals at the investee level and not the Company's proportionate share.

Selected Combined Balance Sheet Information


(In thousands)	December 31, 2022		December 31, 2021
Total assets	$	27,257,852	$	19,383,775
Total liabilities	3,440,418		5,500,143
Owners' equity	23,816,178		13,847,605
Noncontrolling interests	1,256		36,027

Selected Combined Statements of Operations Information


	Year Ended December 31,
(In thousands)	2022		2021		2020
Total revenues	$	246,585	$	264,237	$	345,053

Net income (loss)	2,197,778		667,381		(323,058)
Net income (loss) attributable to noncontrolling interests	1,001		(3,535)		(34,602)
Net income (loss) attributable to owners	2,196,777		670,916		(288,456)

Investment and Lending Commitments

Sponsored Funds

At December 31, 2022, the Company had unfunded commitments to its sponsored funds of $112.2 million, including commitments to a consolidated fund.

Loans Receivable

The Company's DataBank subsidiary has lending commitments to a borrower, which is available to be drawn subject to satisfaction by the borrower of certain financial and operating metrics and an agreed upon budget. At December 31, 2022, the unfunded lending commitments was $24.2 million, of which the Company's share was $2.7 million, net of amounts attributable to noncontrolling interests in investment entities. At December 31, 2022, the borrower has not met the required criteria for further funding.

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 ("CLO") securities. 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 AFS debt securities. The CLO has a stated legal final maturity of 2035.

The balance of the CLO subordinated notes 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, 2022	$	50,927	$	—	$	—	$	—	$	50,927

Noncontrolling Interests - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended						6 Months Ended	12 Months Ended
	May 23, 2022 USD ($) shares	May 22, 2022	May 31, 2022	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Apr. 30, 2021 USD ($)	Jul. 31, 2020 USD ($) security $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Mar. 30, 2022
Noncontrolling Interest [Line Items]
Payments to acquire noncontrolling interest										$ 32,076	$ 0	$ 0
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest (Note 10)										5,200
DataBank recapitalization (Note 10)										0
Equity awards issued, net of forfeitures										$ 55,328	58,029	39,206
OP units to common stock, conversion ratio										1
DataBank
Noncontrolling Interest [Line Items]
Assets acquisition, balance sheet investment, equity interest percentage				21.80%					11.00%	11.00%				20.00%
Proceeds from sale of investment									$ 2,000,000
Equity awards issued, net of forfeitures										$ 10,000
DataBank \| Parent
Noncontrolling Interest [Line Items]
Proceeds from sale of investment									425,500
DataBank Data Centers
Noncontrolling Interest [Line Items]
Purchase price				$ 88,700	$ 17,600	$ 32,000
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest (Note 10)										5,200
DataBank recapitalization (Note 10)									230,200	230,238
Equity awards issued, net of forfeitures										39,933	51,224	35,265
Noncontrolling Interests in Investment Entities
Noncontrolling Interest [Line Items]
DataBank recapitalization (Note 10)									$ (230,200)	(230,238)
Equity awards issued, net of forfeitures										12,834	$ 2,841	1,172
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. \| Forecast
Noncontrolling Interest [Line Items]
Payable to Wafra													$ 90,000
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%

Income Taxes - Deferred Tax Asset Valuation Allowance Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance For Deferred Tax Assets [Roll Forward]
Beginning balance	$ 12,766	$ 1,852	$ 0
Addition	666,291	33,756	1,852
Utilization, expiration and/or reversal	0	(22,842)	0
Ending balance	$ 679,057	$ 12,766	$ 1,852

Commitments and Contingencies - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Leases
Finance lease liability	$ 135,624	$ 142,777
Operating Leases
Operating lease liability	$ 322,930	$ 342,510
Investment Properties
Lessor, Lease, Description [Line Items]
Finance lease, weighted average discount rate	6.20%
Operating lease, weighted average discount rate	6.60%
Finance Leases
2023	$ 15,942
2024	16,332
2025	16,735
2026	17,312
2027	17,773
2028 and thereafter	101,782
Total lease payments	185,876
Present value discount	(50,252)
Finance lease liability	135,624
Operating Leases
2023	53,090
2024	51,519
2025	41,053
2026	37,711
2027	36,760
2028 and thereafter	232,882
Total lease payments	453,015
Present value discount	(167,082)
Operating lease liability	$ 285,933
Corporate Offices
Lessor, Lease, Description [Line Items]
Operating lease, weighted average discount rate	4.90%
Operating Leases
2023	$ 8,709
2024	8,934
2025	8,071
2026	7,346
2027	6,402
2028 and thereafter	7,423
Total lease payments	46,885
Present value discount	(6,388)
Operating lease liability	$ 40,497

Assets and Related Liabilities Held for Disposition - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 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	10,049
Paydowns, distributions and sales	(36,726)	(1,569)
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 20)		0
Other		0
Other comprehensive income (loss)	0	(331)
Fair value, ending	0	36,531
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)	(16,470)
Change in accrued interest and capitalization of paid-in-kind interest	5,814	1,761
Realized and unrealized losses in earnings, net	(39,401)	(185)
Fair value, ending	137,945	82,930
Net unrealized gains (losses) in earnings on instruments held	(29,311)	(1,114)
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)	(440,646)
Change in accrued interest and capitalization of paid-in-kind interest	(1,013)	5,801
Allowance for credit losses		0
Realized and unrealized losses in earnings, net	(375)	(92,701)
Deconsolidation of investment entities (Note 20)		(647,218)
Other		(7,088)
Other comprehensive income (loss)	0	(39,879)
Fair value, ending	0	55,878
Net unrealized gains (losses) in earnings on instruments held	0	0
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	(10,183)	(12,594)
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	(19,845)	(29,961)
Deconsolidation of investment entities (Note 20)		(27,402)
Other		0
Other comprehensive income (loss)	(4,822)	(4,001)
Fair value, ending	44,459	79,309
Net unrealized gains (losses) in earnings on instruments held	$ (19,845)	$ (28,216)

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 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 digital infrastructure investment manager. The Company deploys and manages capital on behalf of its investors and shareholders across the digital infrastructure ecosystem, including data centers, cell towers, fiber networks, small cells, and edge infrastructure. The Company's investment management platform is anchored by its flagship value-add digital infrastructure equity offerings, and has expanded to include offerings in core equity, credit and liquid securities. In February 2023, the Company further expanded its investment offerings to encompass InfraBridge, a newly-acquired mid-market global infrastructure equity platform, which operates as a separate division of DBRG (Note 3). 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 December 31, 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 Taxable C Corporation Following the completion of the Company's business transformation in the first quarter of 2022 (as described below) and due to the pace of growth of its investment management business and other strategic transactions that it may pursue, the Company’s Board of Directors and management agreed to discontinue actions necessary to maintain qualification as a real estate investment trust ("REIT") for 2022. Commencing with the taxable year ended 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. Dividends paid to stockholders are no longer 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 taxable C Corporation will provide the Company with flexibility to execute various strategic initiatives without the constraints of complying with REIT requirements. This includes retaining and reinvesting earnings in other new initiatives in the investment management business. The Company’s transition to a taxable 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. Furthermore, earnings from the Company's investment management business, which is conducted through its previously designated taxable REIT subsidiaries ("TRS"), remain the primary source of income subject to U.S. federal and state income tax. See Note 17 for additional information. Business Transformation In February 2022, the Company completed the disposition of substantially all of its non-digital assets. This marked the completion of the Company's transformation from a REIT and investment manager in traditional real estate into an investment manager focused primarily on digital infrastructure. The disposition of its hotel portfolio (March 2021), Other Equity and Debt ("OED") investments and non-digital investment management ("Other IM") business (December 2021), and Wellness Infrastructure portfolio (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 21), and the related operating results are presented as discontinued operations on the consolidated statements of operations (Note 22).

Real Estate - Future Fixed Lease Income Related to Operating Leases (After Adoption of ASC 842) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 549,020
2024	418,984
2025	367,996
2026	325,024
2027	284,522
2028 and thereafter	1,480,010
Total	$ 3,425,556

Assets and Related Liabilities Held for Disposition - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss	$ 0	$ 0	$ 25,079,000
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	0	(200,000)
Held for disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity investments	2,900,000	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	44,500,000	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

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	$ (170,555)	$ (21,412)	$ (6,493)
Equity method earnings (losses)	19,412	127,270	(273,288)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity method earnings (losses)	200	2,998	0
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]
Other loss, net	5,861	0	3,595
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]
Other loss, net	16,793	(10,153)	(225)
Other gain (loss), net \| Unrealized gain on dedesignated net investment hedges \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	0	0	552
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]
Other loss, net	16,082	39,779	373
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]
Other loss, net	0	(233)	0
Other gain (loss), net \| Deconsolidation of investment entities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	$ 0	$ 1,482	$ 0

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

Asset Acquisitions

Vantage SDC Hyperscale Data Centers

In July 2020 and following an additional investment in October 2020, the Company, alongside fee bearing third party capital, invested $1.36 billion for an approximately 90% equity interest in entities that hold Vantage Data Centers Holdings, LLC's ("Vantage") portfolio of 12 stabilized hyperscale data centers in North America and $2.0 billion of secured indebtedness (“Vantage SDC”). The remaining equity interest in Vantage SDC is held by the investors of Vantage prior to the Company's acquisition, and together with the third party capital raised by the Company, represent noncontrolling interests. The Company's balance sheet investment was approximately $200 million or a 13% equity interest in Vantage SDC. Vantage SDC is a carve-out from Vantage's data center business. The acquisition excluded Vantage's remaining portfolio of development-stage data centers and its employees, all of which were retained by Vantage. The day-to-day operations of Vantage SDC continue to be managed by Vantage's existing management company in exchange for management fees, and subject to certain approval rights held by the Company and the co-investors in connection with material actions.

Pursuant to a purchase option in connection with the July 2020 acquisition, the Company acquired an additional data center in Santa Clara, California in September 2021 for $404.5 million in cash. The acquisition was 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.

In connection with the July 2020 and September 2021 acquisitions, 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 December 31, 2022, the remaining consideration for the incremental lease-up acquisitions is estimated to be approximately $198 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 15 and 11 new tenant leases related to a portion of the expansion capacity that commenced in 2022 and 2021, respectively, for aggregate consideration of $161.3 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 (the Company's edge colocation data center subsidiary)

2022

•Four colocation data centers in Houston, Texas in March 2022 for $678 million, funded by a combination of $262.5 million of debt and $415.5 million of equity, of which the Company's share was $88.7 million.

•A data center each in Atlanta, Georgia in May 2022 for $10.9 million, and in Denver, Colorado in February 2022 that was previously leased by its zColo subsidiary for $17.6 million.

2021

•Five data centers in the zColo portfolio in France in February 2021 for $33.0 million.

•One building each in Colorado and New York in the third quarter of 2021 totaling $38.5 million, to be redeveloped into data centers.

2020

◦zColo, the colocation business of Zayo Group Holdings, Inc. ("Zayo") in December 2020, composed of 39 data centers in the U.S. and the U.K., for approximately $1.2 billion through a combination of debt and equity financing, including $0.5 billion of third party co-invest capital raised by the Company. The Company's balance sheet investment was then $145 million. Zayo is an anchor tenant within the zColo facilities and is a significant customer of DataBank.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). In December

2022, our interest in the temporarily warehoused TowerCo investment was transferred to the Company's new sponsored fund (Note 16) and TowerCo was deconsolidated. The TowerCo assets acquired had included owned tower sites, tower sites subject to third party leases that gave rise to right-of-use lease assets and corresponding lease liabilities, equipment, as well as customer relationships related primarily to a master lease agreement with Telenet as lessee. The acquisition had been 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 had been used to finance transaction costs, debt issuance costs, working capital and as operating cash. Prior to transfer, TowerCo was presented within Corporate and Other.

Allocation of Consideration Transferred

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						2020
(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		Vantage SDC		zColo US and UK







Assets acquired and liabilities assumed
Cash	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	266
Real estate	363,121		627,474		140,140		479,587		38,500		26,083		2,720,870		882,327

Intangible assets	673,218		77,885		21,162		82,603		—		8,702		765,137		303,119
ROU and other assets	234,462		3,994		—		—		—		9,536		181,260		415,038
Debt	—		—		—		—		—		—		(2,060,307)		—
Deferred tax liabilities	(243,223)		—		—		—		—		—		—		—
Intangible, lease and other liabilities	(236,324)		(2,839)		—		(56,889)		—		(11,303)		(82,350)		(419,262)
Fair value of net assets acquired	$	791,254	$	706,514	$	161,302	$	505,301	$	38,500	$	33,018	$	1,524,610	$	1,181,488

•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 30 to 50 years for buildings and improvements, 5 to 40 years for site improvements, 11 to 71 years for towers and related equipment, 11 to 20 years for data center infrastructure, and 1 to 5 years for furniture, fixtures and equipment.

•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 15 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 relationships for zColo were valued as the incremental net cash flows to business attributable to the in-place customer relationships, discounted at a rate of 10%, with an estimated useful life of 12 years.

•Customer relationships 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.

•Other intangible assets acquired were as follows:

•Trade name of zColo was valued based upon estimated savings from avoided royalty at a rate of 1%, discounted at 10%, with a 1 year useful life.

•Assembled workforce was valued based upon estimated cost of recruiting and training new data center employees for zColo, with a 3 year useful life.

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

•Debt assumed from the Vantage SDC acquisition in 2020 was valued based upon market rates and spreads that prevailed at the time of acquisition for debt with similar terms and remaining maturities.

•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.

Business Combination in 2023

Infrastructure Investment Management Platform

In February 2023, the Company completed its previously announced acquisition of the global infrastructure equity investment management business of AMP Capital Investors International Holdings Limited ("AMP Capital"), which was rebranded as InfraBridge at closing. Consideration for the acquisition consisted of: (i) an upfront amount of $316 million (or $323.5 million including working capital, net of cash assumed), subject to customary post-closing adjustments up to 90 days after closing; and (ii) a contingent amount of up to A$180 million (approximately $129 million), generally based upon achievement of future fundraising targets for InfraBridge's new global infrastructure funds.

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
OP units to common stock, conversion ratio	1
Reclassification [Line Items]
Stockholders' equity	$ 4,469,489	$ 4,912,390	$ 6,984,590		$ 8,926,415
Accumulated Deficit
Reclassification [Line Items]
Stockholders' equity	$ (6,962,613)	$ (6,576,180)	$ (6,195,456)		(3,389,592)
Cumulative effect of adoption of new accounting pronouncement
Reclassification [Line Items]
Stockholders' equity				$ (5,100)	(5,113)
Cumulative effect of adoption of new accounting pronouncement \| Accumulated Deficit
Reclassification [Line Items]
Stockholders' equity					$ (3,187)
Cumulative effect of adoption of new accounting pronouncement \| Accounting Standards Update, 2016-13, Adoption Of Credit Loss Model \| Accumulated Deficit
Reclassification [Line Items]
Stockholders' equity				8,400
Cumulative effect of adoption of new accounting pronouncement \| Accounting Standards Update 2016-13, Election Of Fair Value Option \| Accumulated Deficit
Reclassification [Line Items]
Stockholders' equity				$ (3,300)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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-Paragraph 15
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $3,206, $1,567 and $852	$ 219,851	$ 444,365	$ 392,004
Interest capitalized	3,206	1,567	852
Cash received, net of cash paid, for income taxes	11,747	5,927	39,151
Operating lease payments	72,891	66,858	31,138
Finance lease payments	15,672	15,346	889
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	(10,599)	175,782	106,696
Net cash provided by (used in) investing activities of discontinued operations	(23,375)	1,021,239	1,029,647
Net cash used in financing activities of discontinued operations	(18,706)	(658,831)	(940,441)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	16,491	15,759	18,516
Improvements in operating real estate in accrued and other liabilities	76,832	17,926	27,096
Receivable from loan repayments and asset sales	16,824	14,045	1,858
Operating lease right-of-use assets and lease liabilities established	28,328	31,032	262,169
Finance lease right-of-use assets and lease liabilities established	0	0	148,974
Redemption of OP Units for common stock	341	4,647	7,757
Redemption of redeemable noncontrolling interest for common stock	348,759	0	0
Exchange of notes into shares of Class A common stock	60,317	161,261	0
Assets and liabilities of investment entities liquidated or conveyed to lender	0	0	172,927
Assets consolidated from real estate acquisitions, net of cash and restricted cash	0	0	5,399,611
Liabilities assumed in real estate acquisitions	0	0	1,854,760
Noncontrolling interests assumed in real estate acquisitions	0	0	366,136
Debt assumed by buyer in sale of real estate	0	44,148	0
Seller Note received in sale of NRF Holdco equity	154,992	0	0
Loan receivable relieved in exchange for equity investment acquired	20,676	0	0
Assets disposed in sale of equity of investment entities or sale by receiver	4,689,188	5,263,443	395,351
Liabilities disposed in sale of equity of investment entities or sale by receiver	3,948,016	4,291,557	235,425
Assets of investment entities deconsolidated	0	351,022	80,921
Liabilities of investment entities deconsolidated	0	0	0
Noncontrolling interests of investment entities sold or deconsolidated	$ 415,098	$ 1,080,134	$ 0

Fee Income

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Fee Income

14. Fee Income

The following table presents the Company's fee income by type, excluding amounts classified as discontinued operations (Note 22).


	Year Ended December 31,
(In thousands)		2022		2021		2020
Management fees		$	169,922	$	168,618	$	78,421
Incentive fees		—		7,174		35
Other fees		2,751		5,034		4,899
Total fee income		$	172,673	$	180,826	$	83,355

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 contractual rates ranging from 0.2% per annum to 1.5% per annum 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 Strategies.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its Liquid Strategies. 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.

Fair Value (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31,
(In thousands)		2022		2021		2020
Foreign currency contracts:
Designated contracts
Realized gain transferred from AOCI to earnings		$	17,334	$	58,727	$	414
Unrealized gain transferred from AOCI to earnings		—		—		1,485
Non-designated contracts
Realized and unrealized gain (loss) in earnings (1)		17,092		889		(2,727)
Interest rate contracts:
Designated contracts
Interest expense (2)		—		20		24
Realized loss transferred from AOCI to earnings		—		(1,328)		—
Non-designated contracts
Realized and unrealized gain (loss) in earnings		11,533		(213)		(209)

__________

(1) In 2022, includes unrealized gain 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 16.

(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 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	—		(16,470)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,761		—		—
Realized and unrealized gain (loss) in earnings, net	—		(185)		8,260		—
Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—

Net unrealized loss in earnings on instruments held at December 31, 2021	$	—	$	(1,114)	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		35,566
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—

Realized and unrealized gain (loss) in earnings, net	—		(39,401)		—		668
Fair value at December 31, 2022	$	50,927	$	137,945	$	—	$	46,770

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(29,311)	$	—	$	668

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 22).


			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	10,049		19,070		8
Paydowns, distributions and sales	(1,569)		(440,646)		(12,594)
Change in accrued interest and capitalization of paid-in-kind interest	—		5,801		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(92,701)		(29,961)
Deconsolidation of investment entities (Note 20)	—		(647,218)		(27,402)
Other	—		(7,088)		—
Other comprehensive loss (1)	(331)		(39,879)		(4,001)
Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309

Net unrealized gains (losses) on instruments held at December 31, 2021
In earnings	$	—	$	—	$	(28,216)
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)		(10,183)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(19,845)

Other comprehensive loss (1)	—		—		(4,822)
Fair value at December 31, 2022	$	—	$	—	$	44,459

Net unrealized gains (losses) on instruments held at December 31, 2022
In earnings	$	—	$	—	$	(19,845)
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.

Summary of Changes in Recurring Level 3 Fair Values


			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	—		(16,470)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,761		—		—
Realized and unrealized gain (loss) in earnings, net	—		(185)		8,260		—
Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—

Net unrealized loss in earnings on instruments held at December 31, 2021	$	—	$	(1,114)	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		35,566
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—

Realized and unrealized gain (loss) in earnings, net	—		(39,401)		—		668
Fair value at December 31, 2022	$	50,927	$	137,945	$	—	$	46,770

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(29,311)	$	—	$	668


			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	10,049		19,070		8
Paydowns, distributions and sales	(1,569)		(440,646)		(12,594)
Change in accrued interest and capitalization of paid-in-kind interest	—		5,801		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(92,701)		(29,961)
Deconsolidation of investment entities (Note 20)	—		(647,218)		(27,402)
Other	—		(7,088)		—
Other comprehensive loss (1)	(331)		(39,879)		(4,001)
Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309

Net unrealized gains (losses) on instruments held at December 31, 2021
In earnings	$	—	$	—	$	(28,216)
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)		(10,183)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(19,845)

Other comprehensive loss (1)	—		—		(4,822)
Fair value at December 31, 2022	$	—	$	—	$	44,459

Net unrealized gains (losses) on instruments held at December 31, 2022
In earnings	$	—	$	—	$	(19,845)
In other comprehensive loss	$	—	N/A		N/A

__________

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
December 31, 2022
Liabilities
Debt at amortized cost
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	292,171
Convertible and exchangeable senior notes	304,513		—		—		304,513		276,741
Investment-level secured debt	—		3,268,508		944,984		4,213,492		4,587,228


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

Assets and Related Liabilities Held for Disposition

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

21. Assets and Related Liabilities Held for Disposition

Total assets and related liabilities held for disposition are summarized below, all of which relate to discontinued operations (Note 22). At December 31, 2022, these were composed of 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)	December 31, 2022		December 31, 2021

Assets
Restricted cash	$	—	$	65,022
Real estate, net	—		3,079,416
Loans receivable	—		55,878
Equity and debt investments	57,387		250,246
Deferred leasing costs and other intangible assets, net	—		118,300
Other assets	139		100,720
Due from affiliates	—		7,033
Total assets held for disposition	$	57,526	$	3,676,615

Liabilities
Debt, net (1)	$	—	$	2,869,360
Lease intangibles and other liabilities	380		219,339
Total liabilities related to assets held for disposition	$	380	$	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 12) which were obligations of NRF Holdco as the issuer.

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 December 31, 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 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 $2.9 million at December 31, 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 $44.5 million at December 31, 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 December 31, 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 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	10,049		19,070		8
Paydowns, distributions and sales	(1,569)		(440,646)		(12,594)
Change in accrued interest and capitalization of paid-in-kind interest	—		5,801		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(92,701)		(29,961)
Deconsolidation of investment entities (Note 20)	—		(647,218)		(27,402)
Other	—		(7,088)		—
Other comprehensive loss (1)	(331)		(39,879)		(4,001)
Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309

Net unrealized gains (losses) on instruments held at December 31, 2021
In earnings	$	—	$	—	$	(28,216)
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)		(10,183)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(19,845)

Other comprehensive loss (1)	—		—		(4,822)
Fair value at December 31, 2022	$	—	$	—	$	44,459

Net unrealized gains (losses) on instruments held at December 31, 2022
In earnings	$	—	$	—	$	(19,845)
In other comprehensive loss	$	—	N/A		N/A

__________

22. 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. 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 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.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Revenues
Property operating income		$	69,202	$	737,282	$	1,217,236
Fee income		9,797		58,197		94,399
Interest income		1,075		19,143		73,345
Other income		10,338		29,037		29,450
Revenues from discontinued operations		90,412		843,659		1,414,430
Expenses
Property operating expense		36,669		462,896		799,850
Interest expense		112,947		256,567		353,577
Transaction-related costs and investment expense		21,540		38,820		70,993
Depreciation and amortization		2,339		96,860		337,262
Impairment loss		35,985		317,405		2,556,051
Compensation and administrative expense		38,704		109,620		100,011
Expenses from discontinued operations		248,184		1,282,168		4,217,744
Other income (loss)
Gain on sale of real estate		—		49,429		41,922
Other gain (loss), net		14,490		72,617		(194,860)
Equity method losses		(8,170)		(233,725)		(203,399)
Loss from discontinued operations before income taxes		(151,452)		(550,188)		(3,159,651)
Income tax benefit (expense)		2,748		(49,900)		(39,671)
Loss from discontinued operations		(148,704)		(600,088)		(3,199,322)
Loss from discontinued operations attributable to:
Noncontrolling interests in investment entities		(29,145)		(337,685)		(712,771)
Noncontrolling interests in Operating Company		(9,466)		(24,945)		(246,540)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.		$	(110,093)	$	(237,458)	$	(2,240,011)

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fee income
Other income	$ 172,673	$ 180,826	$ 83,355
Other income
Other income	14,286	13,432	12,941
Affiliated Entity \| Fee income
Other income	167,733	170,929	83,294
Affiliated Entity \| Other income
Other income	$ 4,337	$ 10,185	$ 8,828

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 5,212,657	$ 4,922,722
Long-term debt	5,156,140	4,860,402
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	278,422
Carrying Value
Debt Instrument [Line Items]
Principal	5,212,657	4,922,722
Premium (discount), net	9,420	14,538
Deferred financing costs	(65,937)	(76,858)
Long-term debt	5,156,140	4,860,402
Carrying Value \| Secured Debt
Debt Instrument [Line Items]
Principal	4,634,235	4,283,983
Premium (discount), net	10,713	17,629
Deferred financing costs	(57,720)	(66,868)
Long-term debt	4,587,228	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	(7,829)	(8,606)
Long-term debt	292,171	291,394
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	278,422	338,739
Premium (discount), net	(1,293)	(3,091)
Deferred financing costs	(388)	(1,384)
Long-term debt	$ 276,741	$ 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 Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred income	$ 61,452	$ 37,143
Interest payable	10,055	14,870
Dividends payable	16,491	15,759	$ 18,516
Securities sold short—consolidated funds	40,928	37,970
Current and deferred income tax liability	98	2,016
Contingent consideration payable (Note 10)	125,000	0
Warrants issued to Wafra (Note 10)	17,700	0
Operating lease liability	322,930	342,510
Finance lease liability	135,624	142,777
Accrued compensation	52,031	64,100
Accrued incentive fee and carried interest compensation	171,086	67,258
Accrued real estate and other taxes	21,580	10,523
Payable for Vantage SDC expansion capacity (Note 3)	56,889	55,896
Accounts payable and accrued expenses	185,900	121,931
Due to affiliates (Note 16)	12,451	0
Other liabilities	41,881	31,048
Accrued and other liabilities	$ 1,272,096	$ 943,801
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued and other liabilities	Accrued and other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Deferred asset management fee income	$ 6,300	$ 6,000
Deferred investment management fees recognized	$ 3,400	$ 400
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]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	2 years 10 months 24 days

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from affiliates	$ 45,360	$ 49,230
Due to Affiliates (Note 7)	12,451	0
Fee income
Related Party Transaction [Line Items]
Due from affiliates	35,010	41,859
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	7,031	7,317
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	3,319	54
Due to Affiliates (Note 7)	658	0
Investment vehicles—Derivative obligation
Related Party Transaction [Line Items]
Due to Affiliates (Note 7)	$ 11,793	$ 0

Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value

11. 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.

Marketable Equity Securities

Marketable equity securities with long positions of $155.9 million at December 31, 2022 and $201.9 million at December 31, 2021, included in equity investments (Note 5), and short positions of $40.9 million at December 31, 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 December 31, 2022, the CLO subordinated notes were carried at their recently issued price of $50.9 million (Note 5), which represents their current estimated fair value, classified as Level 3 of the fair value hierarchy. Fair value was determined using a benchmarking approach by looking to the implied credit spreads derived from observed prices on comparable CLO issuances in the fourth quarter of 2022, and also considering the current size and diversification of the CLO collateral pool and projected return on the subordinated notes.

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 $46.8 million at December 31, 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 10.1%.

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 $11.8 million (Note 16) at December 31, 2022 and $0.9 million at December 31, 2021 for derivative assets, included in other assets. There were no derivatives in a liability position at December 31, 2022 and 2021. At December 31, 2022, all derivative positions in both periods were non-designated hedges. Derivative notional amounts aggregated to the equivalent of $321.1 million at December 31, 2022 and $182.3 million at December 31, 2021 for foreign exchange contracts, and $2.0 billion at December 31, 2021 for interest rate contracts. There were no outstanding interest rate contracts at December 31, 2022.

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:


	Year Ended December 31,
(In thousands)		2022		2021		2020
Foreign currency contracts:
Designated contracts
Realized gain transferred from AOCI to earnings		$	17,334	$	58,727	$	414
Unrealized gain transferred from AOCI to earnings		—		—		1,485
Non-designated contracts
Realized and unrealized gain (loss) in earnings (1)		17,092		889		(2,727)
Interest rate contracts:
Designated contracts
Interest expense (2)		—		20		24
Realized loss transferred from AOCI to earnings		—		(1,328)		—
Non-designated contracts
Realized and unrealized gain (loss) in earnings		11,533		(213)		(209)

__________

(1) In 2022, includes unrealized gain 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 16.

(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 December 31, 2022, the warrants, classified as Level 3 fair value, were valued at $17.7 million using a Black-Scholes option pricing model, applying the following inputs: (a) estimated volatility for DBRG's class A common stock of 40.8%; (b) closing stock price of DBRG's class A common stock on the last trading day of the quarter; (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 $63.7 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 21.

Loans Receivable

Loans receivable held for investment are carried at fair value under the fair value option. At December 31, 2022, loans held for investments, which primarily consisted of an unsecured promissory note in connection with the sale of NRF Holdco (Note 22), had fair value totaling $137.9 million (unpaid principal balance, inclusive of paid-in-kind ("PIK") interest, of $167.8 million), classified as Level 3 in the fair value hierarchy. At December 31, 2021, loans held for investments, which primarily consisted of corporate loans and bank syndicated loans then warehoused by the Company, had fair value totaling $173.9 million (unpaid principal balance, inclusive of PIK interest, of $173.5 million), of which $91.0 million was classified as Level 2 and $82.9 million as Level 3 in the fair value hierarchy. During 2022, all of the warehoused loans were either transferred to the Company's new sponsored fund or securitized into a third party sponsored CLO (Note 5).

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 10.5% at December 31, 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.

There were no loans that were 90 days or more past due as to principal or interest at December 31, 2022 and December 31, 2021. As of December 31, 2022, one loan with fair value of $4.6 million and unpaid principal balance of $5.8 million has been placed on nonaccrual.

Equity Method Investments

At December 31, 2022 and 2021, there were no equity method investments under the fair value option other than investments held for disposition (Note 21). 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	—		(16,470)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,761		—		—
Realized and unrealized gain (loss) in earnings, net	—		(185)		8,260		—
Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—

Net unrealized loss in earnings on instruments held at December 31, 2021	$	—	$	(1,114)	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		35,566
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—

Realized and unrealized gain (loss) in earnings, net	—		(39,401)		—		668
Fair value at December 31, 2022	$	50,927	$	137,945	$	—	$	46,770

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(29,311)	$	—	$	668

Investment Carried at Fair Value Using Net Asset Value

The Company has an investment in a non-traded healthcare REIT of $34.5 million at December 31, 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 actual or estimated 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 21 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
December 31, 2022
Liabilities
Debt at amortized cost
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	292,171
Convertible and exchangeable senior notes	304,513		—		—		304,513		276,741
Investment-level secured debt	—		3,268,508		944,984		4,213,492		4,587,228


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

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Net Income (Loss)

Income (loss) from discontinued operations is presented below.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Revenues
Property operating income		$	69,202	$	737,282	$	1,217,236
Fee income		9,797		58,197		94,399
Interest income		1,075		19,143		73,345
Other income		10,338		29,037		29,450
Revenues from discontinued operations		90,412		843,659		1,414,430
Expenses
Property operating expense		36,669		462,896		799,850
Interest expense		112,947		256,567		353,577
Transaction-related costs and investment expense		21,540		38,820		70,993
Depreciation and amortization		2,339		96,860		337,262
Impairment loss		35,985		317,405		2,556,051
Compensation and administrative expense		38,704		109,620		100,011
Expenses from discontinued operations		248,184		1,282,168		4,217,744
Other income (loss)
Gain on sale of real estate		—		49,429		41,922
Other gain (loss), net		14,490		72,617		(194,860)
Equity method losses		(8,170)		(233,725)		(203,399)
Loss from discontinued operations before income taxes		(151,452)		(550,188)		(3,159,651)
Income tax benefit (expense)		2,748		(49,900)		(39,671)
Loss from discontinued operations		(148,704)		(600,088)		(3,199,322)
Loss from discontinued operations attributable to:
Noncontrolling interests in investment entities		(29,145)		(337,685)		(712,771)
Noncontrolling interests in Operating Company		(9,466)		(24,945)		(246,540)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.		$	(110,093)	$	(237,458)	$	(2,240,011)

- 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.

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+ Details

Equity and Debt Investments - Debt Securities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
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

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	23. 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.

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022	Dec. 31, 2019
Income Tax Examination [Line Items]
Unrecognized tax benefits	$ 0
Valuation allowance	679,057,000	$ 12,766,000	$ 1,852,000	$ 400,200,000	$ 0
Deferred income tax (benefit) expense	(15,395,000)	97,550,000	$ 50,513,000
Increase in valuation allowance	$ 134,200,000
DataBank
Income Tax Examination [Line Items]
Deferred income tax (benefit) expense		$ 66,800,000

Segment Reporting - Narrative (Details) $ in Millions	5 Months Ended	12 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	May 31, 2022	Dec. 31, 2022 USD ($) segment portfolioCompany	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		2
Number of companies in which the company has equity interest \| portfolioCompany		2
Investment Management \| Investor
Segment Reporting Information [Line Items]
Revenue, percentage of earnings	31.50%
Investment Management \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Property management fee revenue \| $		$ (3.4)	$ 6.6	$ 1.5
Operating \| zColo Colocation Data Centers
Segment Reporting Information [Line Items]
Ownership percentage		11.00%	20.00%
Operating \| Vantage SDC Expansion Capacity
Segment Reporting Information [Line Items]
Ownership percentage		13.00%	13.00%

Schedule III - Real Estate and Accumulative Depreciation - Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Depreciation
Balance at January 1	$ 725,685	$ 1,397,627	$ 1,042,422
Depreciation	350,732	345,769	420,209
Dispositions	(339,460)	(1,010,599)	(74,692)
Effect of changes in foreign exchange rates	(4,519)	(7,112)	9,688
Balance at December 31	732,438	725,685	1,397,627
Classified as held for disposition, net	0	(333,602)	(1,279,443)
Balance at December 31, held for investment	$ 732,438	$ 392,083	$ 118,184

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed


	Asset Acquisitions
	2022						2021						2020
(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		Vantage SDC		zColo US and UK







Assets acquired and liabilities assumed
Cash	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	266
Real estate	363,121		627,474		140,140		479,587		38,500		26,083		2,720,870		882,327

Intangible assets	673,218		77,885		21,162		82,603		—		8,702		765,137		303,119
ROU and other assets	234,462		3,994		—		—		—		9,536		181,260		415,038
Debt	—		—		—		—		—		—		(2,060,307)		—
Deferred tax liabilities	(243,223)		—		—		—		—		—		—		—
Intangible, lease and other liabilities	(236,324)		(2,839)		—		(56,889)		—		(11,303)		(82,350)		(419,262)
Fair value of net assets acquired	$	791,254	$	706,514	$	161,302	$	505,301	$	38,500	$	33,018	$	1,524,610	$	1,181,488

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended			12 Months Ended
	Aug. 31, 2022	Nov. 30, 2021 USD ($) $ / shares shares	Aug. 31, 2021 USD ($) $ / shares	Jan. 31, 2020 USD ($)	Apr. 30, 2015	Dec. 31, 2022 USD ($) votingRightPerShare director quarter $ / shares shares	Sep. 30, 2022 $ / shares	Mar. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) votingRightPerShare director quarter $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Aug. 22, 2022 $ / shares	Aug. 21, 2022 $ / 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
Minimum affirmative vote required for changes to any series of preferred stock						66.67%			66.67%
Number of directors vote entitles \| director						2			2
Dividends declared per common share (in dollars per share)							$ 0.01		$ 0.02		$ 0.44
Reverse stock split conversion ratio	0.25
Stock repurchase, authorized amount \| $						$ 200,000		$ 300,000	$ 200,000
Redemption of preferred stock \| $				$ 402,900					$ 52,779	$ 150,250	$ 402,855
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
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
Common Stock, Par or Stated Value Per Share						$ 0.04			$ 0.04	$ 0.04		$ 0.04	$ 0.01
Class A Common Stock \| Treasury Stock, Common
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares						4,195,020		3,183,301
Value of shares repurchased \| $						$ 54,900		$ 24,600
Weighted average price per share (in dollars per share)						$ 13.09		$ 7.73
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| votingRightPerShare						36.5			36.5
Common Stock, Par or Stated Value Per Share						$ 0.04			$ 0.04	$ 0.04		$ 0.04	$ 0.01
Series G Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share)			$ 25.00
Dividend Rate Per Annum			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		7.125%							7.125%
Redemption of preferred stock \| $		$ 64,400
Redemption of preferred stock (in shares) \| shares		2,560,000

Transactions with Affiliates - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 01, 2021
Related Party Transaction [Line Items]
Warehoused loans cost basis		$ 413,200
DataBank recapitalization (Note 10)		0
Equity method investments		970,254	$ 673,096
Other
Related Party Transaction [Line Items]
Equity method investments		3,887	5,417
Noncontrolling Interest Net Income
Related Party Transaction [Line Items]
Carried interest allocation		65,000	17,600	$ 3,200
Former Owner
Related Party Transaction [Line Items]
Noncontrolling interest, carried interest allocation		70,400	20,800
DataBank recapitalization (Note 10)	$ 86,100
Affiliated Entity \| Redeemable Noncontrolling interests And Noncontrolling Interests \| Investment vehicles—Derivative obligation
Related Party Transaction [Line Items]
Investments		17,700	19,500
Net income (loss) attributable to noncontrolling interests		2,200	2,100	800
Former Employee
Related Party Transaction [Line Items]
Advanced expenses		27,600	5,600
Former Employee \| Other
Related Party Transaction [Line Items]
Equity method investments					$ 26,000
Cost reimbursements \| Chief Executive Officer
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost		2,700	3,000	1,800
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer		$ 4,300	$ 10,200	$ 8,800

Equity and Debt Investments (Tables)

12 Months Ended

Dec. 31, 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 21), are represented by the following:


(In thousands)	December 31, 2022		December 31, 2021
Equity investments
Equity method investments
BrightSpire Capital, Inc. (BRSP) (1)	$	217,994	$	284,985
Company-sponsored private funds—equity investment in funds	406,624		270,737
Company-sponsored private funds—unrealized carried interest	341,749		111,957
Other	3,887		5,417

	970,254		673,096
Other equity investments
Marketable securities (Note 11)	155,866		201,912
Private funds and non-traded REIT	36,436		49,575
Other	108,567		10,570
Total equity investments	1,271,123		935,153

Debt securities
CLO subordinated notes	50,927		—

Equity and debt investments	$	1,322,050	$	935,153

__________

Available-for-sale Securities

The balance of the CLO subordinated notes 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, 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

Equity Method Investments

Selected Combined Balance Sheet Information


(In thousands)	December 31, 2022		December 31, 2021
Total assets	$	27,257,852	$	19,383,775
Total liabilities	3,440,418		5,500,143
Owners' equity	23,816,178		13,847,605
Noncontrolling interests	1,256		36,027

Selected Combined Statements of Operations Information


	Year Ended December 31,
(In thousands)	2022		2021		2020
Total revenues	$	246,585	$	264,237	$	345,053

Net income (loss)	2,197,778		667,381		(323,058)
Net income (loss) attributable to noncontrolling interests	1,001		(3,535)		(34,602)
Net income (loss) attributable to owners	2,196,777		670,916		(288,456)

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

8. 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 21).


(In thousands)	Securitized Financing Facility		Convertible and Exchangeable Senior Notes		Investment-Level Secured Debt		Total Debt
December 31, 2022
Debt at amortized cost
Principal	$	300,000	$	278,422	$	4,634,235	$	5,212,657
Premium (discount), net	—		(1,293)		10,713		9,420
Deferred financing costs	(7,829)		(388)		(57,720)		(65,937)
	$	292,171	$	276,741	$	4,587,228	$	5,156,140
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)
December 31, 2022
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	3.7	$	—	NA		3.7	$	300,000	3.93	%	3.7
Convertible and exchangeable senior notes	278,422		5.21	%	0.9	—		NA		NA	278,422		5.21	%	0.9


	578,422					—					578,422
Non-recourse
Investment-Level Secured Debt
Operating segment	3,640,235		2.43	%	3.1	993,500		8.41	%	2.6	4,633,735		3.71	%	3.0

Other	—		NA		NA	500		5.96	%	1.6	500		5.96	%	1.6
	3,640,235					994,000					4,634,235
	$	4,218,657				$	994,000				$	5,212,657
December 31, 2021
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	4.7	$	—	NA		4.7	$	300,000	3.93	%	4.7
Convertible and exchangeable senior notes (4)	338,739		5.31	%	2.2	—		NA		NA	338,739		5.31	%	2.2
	638,739					—					638,739
Non-recourse
Investment-Level Secured Debt
Operating segment	3,646,466		2.44	%	4.1	571,017		5.74	%	4.0	4,217,483		2.88	%	4.1
Other	—		NA		NA	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 21) 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

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
										December 31, 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.

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 portfolios held by subsidiaries in the Operating segment, and at December 31, 2021, also secured by previously warehoused loans receivable. At December 31, 2022, the subsidiaries in the Operating segment were in compliance with the financial covenants underlying their respective investment-level secured debt.

While there were no securitization activities in 2022, in 2021, however, subsidiaries in the Operating segment refinanced or raised additional debt through new securitization transactions, as follows.

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.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt at December 31, 2022, excluding debt classified as held for disposition (Note 21). Future debt principal payments are presented based upon anticipated repayment dates for notes issued under securitization financing, or based upon initial maturity dates or extended maturity dates if extension criteria are met at December 31, 2022 for extensions that are at the Company's option.


	Year Ending December 31,
(In thousands)	2023		2024		2025		2026		2027		Total
Secured fund fee revenue notes	$	—	$	—	$	—	$	300,000	$	—	$	300,000
Convertible and exchangeable senior notes	200,000		—		78,422		—		—		278,422
Investment-level secured debt
Operating segment	228,792		879,003		1,175,250		1,750,690		600,000		4,633,735
Other	—		500		—		—		—		500
Total	$	428,792	$	879,503	$	1,253,672	$	2,050,690	$	600,000	$	5,212,657

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net loss	$ (569,997)	$ (816,911)	$ (3,790,410)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of discount and net origination fees on loans receivable and debt securities	0	0	(6,154)
Paid-in-kind interest added to loan principal, net of interest received	(7,144)	8,398	(38,398)
Straight-line rent income	(25,488)	2,778	(20,453)
Amortization of above- and below-market lease values, net	208	5,042	(6,446)
Amortization of deferred financing costs and debt discount and premium, net	106,410	65,129	15,602
Equity method (earnings) losses	(389,584)	7,248	463,866
Distributions of income from equity method investments	127,887	3,054	102,612
Allowance for doubtful accounts	0	3,294	7,247
Impairment of real estate and related intangibles and right-of-use asset	35,985	319,263	1,987,130
Goodwill impairment	0	0	594,000
Depreciation and amortization	579,250	636,555	578,282
Equity-based compensation	54,710	59,416	34,959
Unrealized settlement loss	0	0	3,890
Gain on sales of real estate, net	0	(49,429)	(41,922)
Deferred income tax (benefit) expense	11,572	(68,454)	(25,086)
Loss on extinguishment of exchangeable notes	133,173	25,088	0
Other loss, net	22,245	60,231	211,967
(Increase) decrease in other assets and due from affiliates	35,372	(72,700)	14,392
Increase in accrued and other liabilities and due to affiliates	148,980	67,719	16,763
Other adjustments, net	(997)	(7,484)	(11,948)
Net cash provided by operating activities	262,582	248,237	89,893
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(570,035)	(549,621)	(430,548)
Return of capital from equity method investments	59,248	90,205	294,932
Acquisition of loans receivable and debt securities	(164,815)	(147,498)	0
Net disbursements on originated loans	(215,918)	(33,272)	(219,990)
Repayments of loans receivable	23,956	485,613	227,831
Proceeds from sales of loans receivable and debt securities, including transfers of warehoused loans	401,002	146,004	46,272
Acquisition of and additions to real estate, related intangibles and leasing commissions	(2,141,237)	(828,361)	(2,559,343)
Proceeds from sales of real estate, including transfers of warehoused assets, net of property level cash transferred to buyer	162,268	408,391	431,198
Proceeds from paydown and maturity of debt securities	573	1,261	5,721
Proceeds from sale of equity investments	522,337	564,025	287,899
Investment deposits	630	(21,418)	(11,660)
Proceeds from sale of corporate fixed assets	0	14,946	0
Net receipts on settlement of derivatives	9,352	17,123	27,097
Acquisition of DBH, net of cash acquired, and payment of deferred purchase price	0	0	(32,500)
Other investing activities, net	(769)	(833)	1,111
Net cash (used in) provided by investing activities	(1,913,408)	146,565	(1,931,980)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(62,395)	(73,384)	(79,333)
Dividends paid to common stockholders	(1,636)	0	(106,510)
Repurchases of common stock	(55,006)	0	(24,749)
Debt borrowings	1,162,726	2,439,722	2,907,833
Debt repayments	(514,505)	(1,720,402)	(2,654,999)
Payment of deferred financing costs	(18,688)	(48,127)	(54,750)
Contributions from noncontrolling interests	2,625,612	232,144	1,906,250
Distributions to and redemptions of noncontrolling interests	(2,109,229)	(249,083)	(360,304)
Contribution from Wafra	0	0	253,575
Redemptions/repurchases of preferred stock	(52,779)	(150,250)	(402,855)
Shares canceled for tax withholdings on vested equity awards	(18,239)	(19,360)	(7,749)
Acquisition of noncontrolling interest	(32,076)	0	0
Other financing activities, net	0	0	(3,382)
Net cash provided by financing activities	923,785	411,260	1,373,027
Effect of exchange rates on cash, cash equivalents and restricted cash	(2,465)	(2,825)	7,370
Net (decrease) increase in cash, cash equivalents and restricted cash	(729,506)	803,237	(461,690)
Cash, cash equivalents and restricted cash—beginning of period	1,766,245	963,008	1,424,698
Cash, cash equivalents and restricted cash—end of period	1,036,739	1,766,245	963,008
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning balance	1,602,102	703,544	1,205,190
Restricted cash, beginning balance	99,121	67,772	674
Restricted cash included in assets held for disposition, beginning balance	65,022	191,692	218,834
Cash and cash equivalents, ending balance	918,254	1,602,102	703,544
Restricted cash, ending balance	118,485	99,121	67,772
Restricted cash included in assets held for disposition, ending balance	0	65,022	191,692
Total cash, cash equivalents, and restricted cash	$ 1,036,739	$ 1,766,245	$ 963,008

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Available-For-Sale Debt 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)	(16,470)
Transfer of warehoused loans to sponsored fund	(123,312)
Consolidation of sponsored fund	0
Change in accounting method for equity interest		0
Change in accrued interest and capitalization of paid-in-kind interest	5,814	1,761
Realized and unrealized gain (loss) in earnings, net	(39,401)	(185)
Fair value, ending	137,945	82,930
Net unrealized gains (losses) in earnings on instruments held	(29,311)	(1,114)
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	35,566	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	668	0
Fair value, ending	46,770	0
Net unrealized gains (losses) in earnings on instruments held	$ 668	$ 0

Restricted Cash, Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 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)	December 31, 2022		December 31, 2021
Straight-line rents	$	42,721	$	25,516
Investment deposits and pending deal costs	1,377		22,238
Prefunded capital expenditures for Vantage SDC	—		24,293

Derivative assets	11,793		944
Prepaid taxes and deferred tax assets, net	8,709		29,347
Receivables from resolution of investment	14,923		10,463
Operating lease right-of-use asset, net	329,449		349,509
Finance lease right-of-use asset, net	120,261		131,909
Accounts receivable, net (1)	66,059		83,878
Prepaid expenses	28,760		20,303
Other assets	15,798		24,835
Fixed assets, net (2)	14,200		17,160
Total other assets	$	654,050	$	740,395

__________

(1) Includes primarily receivables from tenants.

(2) Net of accumulated depreciation of $17.9 million at December 31, 2022 and $19.2 million at December 31, 2021.

Accrued and Other Liabilities

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


(In thousands)	December 31, 2022		December 31, 2021
Deferred income (1)	$	61,452	$	37,143
Interest payable	10,055		14,870
Dividends payable	16,491		15,759


Securities sold short—consolidated funds	40,928		37,970
Current and deferred income tax liability	98		2,016
Contingent consideration payable (Note 10)	125,000		—
Warrants issued to Wafra (Note 10)	17,700		—
Operating lease liability	322,930		342,510
Finance lease liability	135,624		142,777
Accrued compensation	52,031		64,100
Accrued incentive fee and carried interest compensation	171,086		67,258
Accrued real estate and other taxes	21,580		10,523
Payable for Vantage SDC expansion capacity (Note 3)	56,889		55,896
Accounts payable and accrued expenses	185,900		121,931
Due to affiliates (Note 16)	12,451		—
Other liabilities	41,881		31,048
Accrued and other liabilities	$	1,272,096	$	943,801

__________

(1) Represents primarily prepaid rental income, upfront payment received for data center installation services, and deferred investment management fees. Deferred investment management fees of $6.3 million at December 31, 2022 and $6.0 million at December 31, 2021 are expected to be recognized as fee income over a weighted average period of 2.9 years and 3.2 years, respectively. Deferred investment management fees recognized as income of $3.4 million and $0.4 million in the years ended December 31, 2022 and 2021, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Assets and Related Liabilities Held for Disposition - Summary of N-Star CDO Bonds (Details) - USD ($) $ in Thousands	Dec. 31, 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

Fee Income - Summary of Fee Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Management fees
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 169,922	$ 168,618	$ 78,421
Other fees
Related Party Transaction [Line Items]
Revenue from contract with customer	2,751	5,034	4,899
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	172,673	180,826	83,355
Affiliated Entity \| Incentive fees
Related Party Transaction [Line Items]
Revenue from contract with customer	0	7,174	35
Affiliated Entity \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 167,733	$ 170,929	$ 83,294

- Definition

+ References

+ Details

Acquisitions - Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TowerCo
Asset Acquisition [Line Items]
Cash	$ 0
Real estate	363,121
Intangible assets	673,218
ROU and other assets	234,462
Debt	0
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]
Cash	0	$ 0
Real estate	627,474	38,500
Intangible assets	77,885	0
ROU and other assets	3,994	0
Debt	0	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]
Cash	0	0	$ 0
Real estate	140,140	479,587	2,720,870
Intangible assets	21,162	82,603	765,137
ROU and other assets	0	0	181,260
Debt	0	0	(2,060,307)
Deferred tax liabilities	0	0	0
Intangible, lease and other liabilities	0	(56,889)	(82,350)
Fair value of net assets acquired	$ 161,302	505,301	1,524,610
zColo France
Asset Acquisition [Line Items]
Cash		0
Real estate		26,083
Intangible assets		8,702
ROU and other assets		9,536
Debt		0
Deferred tax liabilities		0
Intangible, lease and other liabilities		(11,303)
Fair value of net assets acquired		$ 33,018
zColo Colocation Data Centers
Asset Acquisition [Line Items]
Cash			266
Real estate			882,327
Intangible assets			303,119
ROU and other assets			415,038
Debt			0
Deferred tax liabilities			0
Intangible, lease and other liabilities			(419,262)
Fair value of net assets acquired			$ 1,181,488

Schedule III - Real Estate and Accumulative Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2022


(Amounts in thousands)	Initial Cost				Costs Capitalized					Gross Cost Basis (2)								Accumulated Depreciation (3)		Net Carrying Amount (4)		Date of Acquisition or Construction
	Encumbrances		Land				Buildings and Improvements (1)				Land			Buildings and Improvements (1)			Total

Data Centers—Colocation
Owned
Atlanta, GA ATL 2 & 3	$	49,622	$	1,467	$	73,640		$	40,153			$	1,467		$	113,793		$	115,260	$	(12,970)	$	102,290	2020
Denver, CO DEN 1	29,136		2,405		41,695			10,754				2,405			52,449			54,854		(5,713)		49,141		2020
Westminster, CO DEN 4	9,433		992		13,286			642				992			13,928			14,920		(1,459)		13,461		2020
Denver, CO DEN 5(5)	9,775		1,690		13,106			12,524				1,690			25,630			27,320		—		27,320		2021
Dallas, TX DFW 4	31,666		1,896		46,034			2,294				1,896			48,328			50,224		(7,016)		43,208		2020
Washington, DC IAD 3(5)	8,336		12,618		—			166,584				12,618			166,584			179,202		—		179,202		2021
New York, NY LGA 3(5)	15,661		23,704		—			14,900				23,704			14,900			38,604		—		38,604		2021
Irvine, CA SNA 1	33,611		10,574		40,300			6,454				10,574			46,754			57,328		(6,007)		51,321		2020
Atlanta, GA ATL 1	80,528		—		75,594			17,451				—			93,045			93,045		(16,246)		76,799		2019
Atlanta, GA ATL 4(5)	—		2,728		—			9,443				2,728			9,443			12,171		—		12,171		2021
Denver, CO DEN 2	—		4,458		52,295			1,951				4,458			54,246			58,704		(7,168)		51,536		2022
Plano, TX DFW 3	202,538		12,039		58,097			29,345				12,039			87,442			99,481		(12,646)		86,835		2019
Minneapolis, MN MSP 3	—		5,116		—			50,057				5,116			50,057			55,173		(1,798)		53,375		2020
Overland Park, KS KC 2	50,553		453		58,394			2,163				453			60,557			61,010		(12,798)		48,212		2019
Lenexa, KS KC 3	70,547		884		15,089			15,243				884			30,332			31,216		(970)		30,246		2019
North Fayette, PA PIT 2	51,872		1,555		36,682			22,170				1,555			58,852			60,407		(10,937)		49,470		2019
Bluffdale, UT SLC 2	87,912		3,729		95,689			5,322				3,729			101,011			104,740		(20,899)		83,841		2019
Bluffdale, UT SLC 3	96,128		2,699		106,464			5,843				2,699			112,307			115,006		(23,329)		91,677		2019
Bluffdale, UT SLC 4	49,300		1,491		52,862			3,647				1,491			56,509			58,000		(10,983)		47,017		2019
Bluffdale, UT SLC 5	78,938		3,104		32,485			51,937				3,104			84,422			87,526		(12,243)		75,283		2019
Bluffdale, UT SLC 6	—		4,064		—			133,355				4,064			133,355			137,419		(1,203)		136,216		2019
Houston, TX HOU 1	102,595		6,443		230,441			1,328				6,443			231,769			238,212		(15,669)		222,543		2022
Houston, TX HOU 2	74,934		4,970		165,931			866				4,970			166,797			171,767		(9,224)		162,543		2022
Houston, TX HOU 3	60,492		15,260		120,274			778				15,260			121,052			136,312		(5,096)		131,216		2022
Houston, TX HOU 4	4,583		9,942		—			—				9,942			—			9,942		—		9,942		2022
Houston, TX HOU 5	19,895		5,898		39,189			307				5,898			39,496			45,394		(2,240)		43,154		2022
Leased
Waco, TX ACT 1	6,697		—		10,137			797				—			10,934			10,934		(1,798)		9,136		2020
Austin, TX AUS 1	2,298		—		3,478			471				—			3,949			3,949		(645)		3,304		2020
Boston, MA BOS 1	4,005		—		6,062			259				—			6,321			6,321		(1,061)		5,260		2020
Denver, CO DEN 3	12,081		—		18,286			894				—			19,180			19,180		(3,196)		15,984		2020
Dallas, TX DFW 5	7,091		—		10,733			1,316				—			12,049			12,049		(1,945)		10,104		2020
Dallas, TX DFW 6	4,333		—		6,559			252				—			6,811			6,811		(1,146)		5,665		2020
Dallas, TX DFW 7	6,697		—		10,137			803				—			10,940			10,940		(1,818)		9,122		2020


(Amounts in thousands)	Initial Cost		Costs Capitalized			Gross Cost Basis (2)						Accumulated Depreciation (3)	Net Carrying Amount (4)	Date of Acquisition or Construction
	Encumbrances	Land		Buildings and Improvements (1)			Land		Buildings and Improvements (1)		Total

Newark, NJ EWR 1	14,314	—	21,665		1,463			—		23,128		23,128	(3,850)	19,278	2020
Piscataway, NJ EWR 2	15,561	—	23,553		1,875			—		25,428		25,428	(4,122)	21,306	2020
Ashburn, VA IAD 1	62,376	—	94,412		9,468			—		103,880		103,880	(16,986)	86,894	2020
McLean, VA IAD 2	7,249	—	10,972		2,019			—		12,991		12,991	(2,031)	10,960	2020
Las Vegas, NV LAS 1	16,349	—	24,746		18,533			—		43,279		43,279	(6,242)	37,037	2020
Las Angeles, CA LAX 1	13,132	—	19,876		1,164			—		21,040		21,040	(3,474)	17,566	2020
New York, NY LGA 1	9,520	—	14,410		5,804			—		20,214		20,214	(2,901)	17,313	2020
New York, NY LGA 2	10,571	—	16,000		1,109			—		17,109		17,109	(2,823)	14,286	2020
Memphis, TN MEM 1	2,889	—	4,373		1,394			—		5,767		5,767	(877)	4,890	2020
Miami, FL MIA 1	9,652	—	14,609		5,164			—		19,773		19,773	(2,890)	16,883	2020
Minneapolis, MN MSP 4	4,530	—	6,857		80			—		6,937		6,937	(1,183)	5,754	2020
Chicago, IL ORD 1	7,879	—	11,926		1,377			—		13,303		13,303	(2,176)	11,127	2020
Chicago, IL ORD 2	12,081	—	18,286		828			—		19,114		19,114	(3,232)	15,882	2020
Mount Prospect, IL ORD 3	12,410	—	18,783		2,457			—		21,240		21,240	(3,410)	17,830	2020
Chicago, IL ORD 4	59,754	—	90,443		5,074			—		95,517		95,517	(15,969)	79,548	2020
Philadelphia, PA PHL 1	3,808	—	5,764		410			—		6,174		6,174	(1,026)	5,148	2020
Phoenix, AZ PHX 1,2 & 3	6,369	—	9,640		306			—		9,946		9,946	(1,677)	8,269	2020
San Diego, CA SAN 1	9,915	—	15,007		18,622			—		33,629		33,629	(3,327)	30,302	2020
San Diego, CA SAN 2	361	—	547		261			—		808		808	(114)	694	2020
Seattle, WA SEA 1	3,940	—	5,963		500			—		6,463		6,463	(1,068)	5,395	2020
Tukwila, WA SEA 2	6,041	—	9,143		3,736			—		12,879		12,879	(1,792)	11,087	2020
Santa Clara, CA SFO 1	20,420	—	30,907		925			—		31,832		31,832	(5,386)	26,446	2020
Irvine, CA SNA 2	22,652	—	34,286		35,236			—		69,522		69,522	(6,169)	63,353	2020
Feltham, UK LHR 1	20,551	—	31,106		93			—		31,199		31,199	(5,369)	25,830	2020
Paris, France PAR 1	6,970	—	10,549		1,365			—		11,914		11,914	(1,725)	10,189	2021
Saint-Denis, France PAR 2	2,217	—	3,356		—			—		3,356		3,356	(493)	2,863	2021
Vélizy-Villacoublay, France PAR 3	4,815	—	7,288		8,066			—		15,354		15,354	(1,567)	13,787	2021
Montpellier, France MPL 1	1,584	—	2,397		236			—		2,633		2,633	(380)	2,253	2021
Balma, France TLS 1	1,647	—	2,493		626			—		3,119		3,119	(448)	2,671	2021
Lenexa, KS KC 1	9,979	—	5,286		5,859			—		11,145		11,145	(1,628)	9,517	2019
Salt Lake City, UT SLC 1	16,705	—	9,144		9,297			—		18,441		18,441	(2,510)	15,931	2019
Baltimore, MD BWI 1	—	—	16,002		970			—		16,972		16,972	(4,789)	12,183	2019
Cleveland, OH CLE 1	8,273	—	10,348		194			—		10,542		10,542	(2,652)	7,890	2019
Dallas, TX DFW 1	78,881	—	93,453		6,880			—		100,333		100,333	(25,105)	75,228	2019
Richardson, TX DFW 2	25,852	—	28,756		3,853			—		32,609		32,609	(7,954)	24,655	2019


(Amounts in thousands)	Initial Cost				Costs Capitalized					Gross Cost Basis (2)								Accumulated Depreciation (3)		Net Carrying Amount (4)		Date of Acquisition or Construction
	Encumbrances		Land				Buildings and Improvements (1)				Land			Buildings and Improvements (1)			Total

Indianapolis, IN IND 1 & IND 2	58,715		—		19,747			13,219				—			32,966			32,966		(7,793)		25,173		2019
Edina, MN MSP 1	7,555		—		9,113			481				—			9,594			9,594		(2,389)		7,205		2019
Eagan, MN MSP 2	41,426		—		48,762			2,421				—			51,183			51,183		(11,675)		39,508		2019
Pittsburgh, PA PIT 1	31,988		—		37,128			2,951				—			40,079			40,079		(9,572)		30,507		2019
Data Centers—Hyperscale
Owned
Santa Clara, CA 11	346,568		30,327		445,334			5,736				30,327			451,070			481,397		(47,244)		434,153		2020
Santa Clara, CA 12	294,952		12,026		298,042			2,163				12,026			300,205			312,231		(36,821)		275,410		2020
Santa Clara, CA 13	98,317		10,276		115,031			2,302				10,275			117,334			127,609		(13,685)		113,924		2020
Santa Clara, CA 14	98,317		8,813		122,892			2,461				8,813			125,353			134,166		(14,756)		119,410		2020
Santa Clara, CA 15	270,372		15,459		409,419			16,136				15,459			425,555			441,014		(44,947)		396,067		2020
Santa Clara, CA 16	147,476		8,148		171,634			113				8,148			171,747			179,895		(21,169)		158,726		2020
Santa Clara, CA 21	322,542		11,394		326,807			4,283				11,394			331,090			342,484		(35,620)		306,864		2020
Santa Clara, CA 22	368,619		12,258		379,417			41				12,258			379,458			391,716		(20,049)		371,667		2021
Quincy, WA 11	94,021		1,742		151,754			3,302				1,742			155,056			156,798		(23,844)		132,954		2020
Quincy, WA 12	236,846		1,967		179,865			26,469				1,967			206,334			208,301		(21,355)		186,946		2020
Montreal, Canada 11	90,556		2,445		208,639			37,016				2,445			245,655			248,100		(18,748)		229,352		2020
Quebec City, Canada 21	125,470		900		136,277			6,755				900			143,032			143,932		(16,515)		127,417		2020
Quebec City, Canada 22	229,489		1,655		278,054			11,551				1,655			289,605			291,260		(30,688)		260,572		2020
Total real estate	$	4,633,733	$	257,589	$	5,493,200		$	902,947			$	257,588		$	6,396,148		$	6,653,736	$	(732,438)	$	5,921,298

__________

(1) Includes construction in progress and data center infrastructure.

(2) Presented net of impairment of real estate, where applicable.

(3) Depreciation is calculated using useful life ranging from 5 to 40 years for site improvements, 5 to 50 years for buildings, 5 to 40 years for building improvements, and 5 to 30 years for data center infrastructure.

(4) The aggregate gross cost of real estate for federal income tax purposes was approximately $3.8 billion at December 31, 2022.

(5) Represents construction or data center build-out that are in progress.

The following tables summarize the activity in real estate and accumulated depreciation:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Real Estate, at Gross Cost Basis
Balance at January 1	$	8,777,385	$	14,028,516	$	12,702,355
Asset acquisitions and business combinations	1,130,735		572,738		3,650,180
Measurement period adjustments for real estate acquired in business combinations	—		—		(8,405)
Foreclosures and exchanges of loans receivable for real estate	—		—		124,335
Improvements and capitalized costs (1)	523,049		325,281		180,787
Dispositions (2)	(3,720,789)		(5,744,919)		(869,776)
Impairment (Note 21)	(34,990)		(316,135)		(1,878,012)
Effect of changes in foreign exchange rates	(21,654)		(88,096)		127,052
Balance at December 31	6,653,736		8,777,385		14,028,516
Classified as held for disposition, net (3)	—		(3,413,018)		(9,458,467)
Balance at December 31, held for investment	$	6,653,736	$	5,364,367	$	4,570,049


	Year Ended December 31,
(In thousands)	2022		2021		2020
Accumulated Depreciation
Balance at January 1	$	725,685	$	1,397,627	$	1,042,422
Depreciation	350,732		345,769		420,209
Dispositions (2)	(339,460)		(1,010,599)		(74,692)
Effect of changes in foreign exchange rates	(4,519)		(7,112)		9,688
Balance at December 31	732,438		725,685		1,397,627
Classified as held for disposition, net (3)	—		(333,602)		(1,279,443)
Balance at December 31, held for investment	$	732,438	$	392,083	$	118,184

__________

(1) Includes transaction costs capitalized for asset acquisitions.

(2) Includes amounts classified as held for disposition during the year and disposed before the end of the year.

(3) Amounts classified as held for disposition during the year and remain as held for disposition at the end of the year. Includes amounts retrospectively classified as held for disposition in connection with discontinued operations.

Commitments and Contingencies - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment Properties
Leases, Operating [Abstract]
Fixed lease expense	$ 69,292	$ 63,356	$ 18,456
Variable lease expense	13,981	14,897	5,612
Total operating lease cost	83,273	78,253	24,068
Finance leases:
Interest expense	8,519	8,936	414
Amortization of ROU lease asset	11,648	11,648	475
Total finance lease cost	20,167	20,584	889
Corporate Offices
Leases, Operating [Abstract]
Fixed lease expense	7,090	7,010	9,005
Variable lease expense	2,073	1,829	1,986
Total operating lease cost	$ 9,163	$ 8,839	$ 10,991

Schedule III - Real Estate and Accumulative Depreciation - Real Estate Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate, at Gross Cost Basis
Balance at January 1	$ 8,777,385	$ 14,028,516	$ 12,702,355
Asset acquisitions and business combinations	1,130,735	572,738	3,650,180
Measurement period adjustments for real estate acquired in business combinations	0	0	(8,405)
Foreclosures and exchanges of loans receivable for real estate	0	0	124,335
Improvements and capitalized costs	523,049	325,281	180,787
Dispositions	(3,720,789)	(5,744,919)	(869,776)
Impairment (Note 21)	(34,990)	(316,135)	(1,878,012)
Effect of changes in foreign exchange rates	(21,654)	(88,096)	127,052
Balance at December 31	6,653,736	8,777,385	14,028,516
Classified as held for disposition, net	0	(3,413,018)	(9,458,467)
SEC Schedule III, Real Estate, Held for Investment	$ 6,653,736	$ 5,364,367	$ 4,570,049

Equity-Based Compensation - Valuation Technique (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		1,526,405
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%

Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) lease	Mar. 31, 2022 USD ($)
Operating Leased Assets [Line Items]
Number of operating lease commitments \| lease	2
Operating lease not yet commenced, fixed payments	$ 21.4
Operating lease not yet commenced, fixed payments, lease term	9 years 8 months 12 days
Tenant allowance		$ 37.5
Investment Properties
Operating Leased Assets [Line Items]
Finance lease, remaining term	10 years 4 months 24 days
Operating lease, remaining term	9 years 8 months 12 days
Corporate Offices
Operating Leased Assets [Line Items]
Operating lease, remaining term	5 years 8 months 12 days

Debt - Investment-Level Secured Debt (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Nov. 30, 2021	Oct. 31, 2021	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2021
Secured Debt \| Operating \| Securitized Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 530,000	$ 332,000			$ 657,900
Maturity	5 years	5 years
Interest rate	2.17%	2.43%			2.32%
Debt instrument, refinance amount					$ 514,000
Senior Notes \| 5.75% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate				5.75%
Cash Paid			$ 13,887

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2022
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		9,707,558
Granted (in shares)		1,526,405
Vested (in shares)		(2,030,173)
Forfeited (in shares)		(565,080)
Unvested shares and units period end (in shares)		8,638,710
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)		24.52
Vested (in dollars per share)		18.28
Forfeited (in dollars per share)		26.03
Unvested shares and units period end (in dollars per share)		$ 10.84
Restricted Stock
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,047,566
Granted (in shares)		1,154,652
Vested (in shares)		(1,465,812)
Forfeited (in shares)		(29,732)
Unvested shares and units period end (in shares)		1,706,674
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)		61,079
Vested (in shares)		(66,458)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		20,058
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

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		33,111	35,340
Par Value		$ 331
Preferred stock, 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
Preferred stock, 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
Preferred stock, 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
Preferred stock, liquidation preference		$ 292,295

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	35,340,000
Preferred stock, ending balance, shares outstanding (in shares)	33,111,000	35,340,000
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	35,340,000	41,350,000	41,350,000
Redemption of preferred stock (in shares)		(6,010,000)
Stock repurchase (in shares)	(2,229,000)
Preferred stock, ending balance, shares outstanding (in shares)	33,111,000	35,340,000	41,350,000
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Stock repurchase (in shares)	(4,195,000)		(3,183,000)
Common stock, beginning balance, shares outstanding (in shares)	142,144,000	120,851,000	121,761,000
Exchange of notes for class A common stock (in shares)	6,389,000	18,341,000
Conversion of class B to class A common stock (in shares)		17,000
Shares issued pursuant to settlement liability (in shares)		1,488,000
Equity awards issued, net of forfeitures (in shares)	1,589,000	1,645,000	2,419,000
Shares canceled for tax withholding on vested stock awards (in shares)	(699,000)	(699,000)	(692,000)
Common stock, ending balance, shares outstanding (in shares)	159,763,000	142,144,000	120,851,000
Reissuance of shares (in shares)			964,160
Class A Common Stock \| OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Shares issued upon redemption of OP Units (in shares)	100,000	501,000	546,000
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)	14,435,000
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	166,000	183,000	183,000
Conversion of class B to class A common stock (in shares)		17,000
Common stock, ending balance, shares outstanding (in shares)	166,000	166,000	183,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment

Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Site improvements						5 to 40 years
Building						5 to 50 years

Building improvements						5 to 40 years
Tenant improvements						Lesser of useful life or remaining term of lease
Data center infrastructure						5 to 30 years
Furniture, fixtures and equipment						1 to 8 years

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Net decrease to rental income	$ 273	$ (2,471)	$ (1,989)
Amortization expense	207,301	246,943	118,358
Deferred leasing costs and lease-related intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	154,116	165,940	75,099
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	20,997	26,028	25,285
Customer relationships and service contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	25,885	31,040	13,297
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,392	22,053	4,503
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,911	$ 1,882	$ 174

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Net increase (decrease) to rental income
2023	$ (978)
2024	(1,701)
2025	(1,603)
2026	(1,623)
2027	(1,016)
2028 and thereafter	1,252
Total	(5,669)
Amortization expense
2023	153,861
2024	123,262
2025	111,393
2026	104,813
2027	93,913
2028 and thereafter	469,432
Finite-Lived Intangible Assets, Amortization	$ 1,056,674

Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

18. Segment Reporting

The Company conducts its business through two reportable segments: (i) Investment Management (formerly, Digital Investment Management); and (ii) Operating (formerly, Digital Operating), the Company's direct co-investment in digital infrastructure assets held by its portfolio companies.

•Investment Management —This segment represents the Company's global investment management platform, deploying and managing capital on behalf of a diverse base of global institutional investors. The Company's investment management platform is composed of a growing number of long-duration, private investment funds designed to provide institutional investors access to investments across different segments of the digital infrastructure ecosystem. In addition to its flagship value-add digital infrastructure equity offerings, the Company's investment offerings have expanded to include core equity, credit and liquid securities. The Company earns management fees based upon the assets or capital managed in investment vehicles, and may earn incentive fees and carried interest based upon the performance of such investment vehicles, subject to achievement of minimum return hurdles. The amount of incentive fees and carried interest recognized, a portion of which is allocated to employees, may be highly variable from period to period. Through the end of May 2022, earnings from the Investment Management segment were attributed 31.5% to Wafra prior to the Company's redemption of Wafra's interest in the investment management business (as discussed further in Note 10).

•Operating—This segment 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, an edge colocation data center business (DBRG ownership of 11% at December 31, 2022 and 20% at December 31, 2021); and Vantage SDC, a stabilized hyperscale data center business (DBRG ownership of 13% at December 31, 2022 and 2021). DataBank and Vantage SDC are portfolio companies managed by the Company under its Investment Management segment with respect to 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 liquid securities and other potential new strategies; 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 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 attribution, have been attributed 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 Investment Management segment from third party capital in investment vehicles managed by the Company and consolidated within the Operating segment and in Corporate and Other. Such adjustments amounted to $3.4 million, $6.6 million and $1.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Segment Results of Operations

The following table summarizes results of operations of the Company's reportable segments, including reconciliation to the consolidated statement of operations.


(In thousands)	Investment Management		Operating		Corporate and Other		Total
Year Ended December 31, 2022



Total revenues	$	182,045	$	884,874	$	77,653	$	1,144,572
Property operating expense	—		(376,255)		(13,190)		(389,445)
Interest expense	(10,872)		(159,409)		(28,217)		(198,498)
Investment expense and transaction costs	(9,007)		(24,338)		(10,671)		(44,016)
Depreciation and amortization	(22,155)		(532,640)		(22,116)		(576,911)

Compensation expense, including $202,286 of incentive fee and carried interest compensation	(303,719)		(90,505)		(53,319)		(447,543)

Administrative expense	(21,515)		(30,915)		(70,754)		(123,184)
Other loss, net	(3,341)		(808)		(166,406)		(170,555)
Equity method earnings, including carried interest	382,463		—		15,291		397,754
Income tax benefit (expense)	(7,815)		(335)		(5,317)		(13,467)

Income (loss) from continuing operations	186,084		(330,331)		(277,046)		(421,293)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	69,884		(53,178)		(228,410)		(211,704)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(110,093)
Net loss attributable to DigitalBridge Group, Inc.							$	(321,797)

Year Ended December 31, 2021



Total revenues	$	191,682	$	763,199	$	10,918	$	965,799
Property operating expense	—		(316,178)		—		(316,178)
Interest expense	(4,766)		(125,387)		(56,796)		(186,949)
Investment expense and transaction costs	(3,423)		(21,835)		(8,780)		(34,038)
Depreciation and amortization	(26,736)		(495,342)		(17,617)		(539,695)

Compensation expense, including $65,890 of incentive fee and carried interest compensation	(136,945)		(76,213)		(88,717)		(301,875)
Administrative expense	(21,683)		(36,867)		(50,940)		(109,490)
Other gain (loss), net	797		(1,293)		(20,916)		(21,412)
Equity method earnings, including carried interest	101,811		—		124,666		226,477
Income tax benefit (expense)	(9,822)		79,075		31,285		100,538
Income (loss) from continuing operations	90,915		(230,841)		(76,897)		(216,823)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	51,531		(36,664)		(87,506)		(72,639)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(237,458)
Net loss attributable to DigitalBridge Group, Inc.							$	(310,097)


(In thousands)	Investment Management		Operating		Corporate and Other		Total
Year Ended December 31, 2020



Total revenues	$	85,782	$	313,283	$	17,365	$	416,430
Property operating expense	—		(119,729)		(105)		(119,834)
Interest expense	—		(77,976)		(42,853)		(120,829)
Investment expense and transaction costs	(204)		(6,704)		(11,925)		(18,833)
Depreciation and amortization	(26,056)		(210,188)		(4,776)		(241,020)
Impairment loss	(3,832)		—		(21,247)		(25,079)
Compensation expense, including $1,906 of incentive fee and carried interest compensation	(47,959)		(37,005)		(93,094)		(178,058)

Administrative expense	(9,724)		(14,960)		(54,082)		(78,766)
Settlement and other gain (loss), net	169		(245)		(11,507)		(11,583)
Equity method earnings (losses), including carried interest	13,039		—		(273,618)		(260,579)
Income tax benefit (expense)	(60)		21,461		25,662		47,063
Income (loss) from continuing operations	11,155		(132,063)		(470,180)		(591,088)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	10,423		(20,903)		(425,268)		(435,748)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(2,240,011)
Net loss attributable to DigitalBridge Group, Inc.							$	(2,675,759)

Total assets and equity method investments of reportable segments, including reconciliation to the consolidated balance sheet, are summarized as follows:


	December 31, 2022				December 31, 2021
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Investment Management	$	875,422	$	393,414	$	655,152	$	140,027
Operating	8,149,171		—		7,608,451		—
Corporate and Other	1,946,384		576,840		2,257,598		533,069
	10,970,977		970,254		10,521,201		673,096
Assets held for disposition related to discontinued operations	57,526		54,495		3,676,615		182,552
	$	11,028,503	$	1,024,749	$	14,197,816	$	855,648

Geography

Geographic information about the Company's total income from continuing operations and long-lived assets, excluding assets held for disposition, are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Total income by geography:
United States		$	1,494,713	$	1,112,265	$	382,920
Europe		58,548		18,147		1,442
Other		45,090		51,679		17,126
Total (1)		$	1,598,351	$	1,182,091	$	401,488


(In thousands)	December 31, 2022		December 31, 2021
Long-lived assets by geography:
United States	$	6,566,576	$	5,792,711
Europe	95,217		109,555
Other	720,282		633,618
Total (2)	$	7,382,075	$	6,535,884

__________

(1) Total income includes the Company's share of earnings and losses from its equity method investments, including carried interest, but excludes the Company's impairment of equity method investments of $60.4 million in 2022 and $254.5 million in 2020 (no impairment in 2021). Total income excludes cost reimbursement income from affiliates (Note 16), presented within other income, and income from discontinued operations (Note 22).

(2) Long-lived assets include real estate held for investment, lease related intangible assets, operating lease right-of-use assets and fixed assets, and exclude financial instruments, goodwill, non-lease related intangible assets and assets held for disposition.

- 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
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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
-SubTopic 10
-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
-SubTopic 10
-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
-Topic 280
-SubTopic 10
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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
-Topic 280
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-Paragraph 15
-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
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-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
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Debt - Securitized Financing Facility Facility (Details) $ in Millions	1 Months Ended
	Apr. 30, 2022 USD ($)	Jul. 31, 2021 USD ($) extension	Dec. 31, 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

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Lease, Cost

The following table summarizes total lease cost for operating leases and finance leases, excluding leases on investment properties classified as discontinued operations.


	Year Ended December 31,
	2022				2021				2020
(In thousands)	Investment Properties		Corporate Offices		Investment Properties		Corporate Offices		Investment Properties		Corporate Offices
Operating leases: (1)
Fixed lease expense	$	69,292	$	7,090	$	63,356	$	7,010	$	18,456	$	9,005
Variable lease expense	13,981		2,073		14,897		1,829		5,612		1,986
Total operating lease cost	$	83,273	$	9,163	$	78,253	$	8,839	$	24,068	$	10,991

Finance leases:
Interest expense	$	8,519	NA		$	8,936	NA		$	414	NA
Amortization of ROU lease asset	11,648		NA		11,648		NA		475		NA
Total finance lease cost	$	20,167	NA		$	20,584	NA		$	889	NA

__________

(1) Total lease cost for operating leases is included in property operating expense for investment properties and administrative expense for corporate offices.

Future Fixed Lease Income

The table below presents the Company's future lease commitments at December 31, 2022, determined using weighted average discount rates of 6.2% for finance leases on investment properties, 6.6% for operating leases on investment properties, excluding properties held for disposition, and 4.9% for operating leases on corporate offices:


(In thousands)	Finance Leases		Operating Leases
Year Ending December 31,	Investment Properties		Investment Properties		Corporate Offices
2023	$	15,942	$	53,090	$	8,709
2024	16,332		51,519		8,934
2025	16,735		41,053		8,071
2026	17,312		37,711		7,346
2027	17,773		36,760		6,402
2028 and thereafter	101,782		232,882		7,423
Total lease payments	185,876		453,015		46,885
Present value discount	(50,252)		(167,082)		(6,388)
Finance / Operating lease liability	$	135,624	$	285,933	$	40,497

Finance Lease, Liability, Fiscal Year Maturity


(In thousands)	Finance Leases		Operating Leases
Year Ending December 31,	Investment Properties		Investment Properties		Corporate Offices
2023	$	15,942	$	53,090	$	8,709
2024	16,332		51,519		8,934
2025	16,735		41,053		8,071
2026	17,312		37,711		7,346
2027	17,773		36,760		6,402
2028 and thereafter	101,782		232,882		7,423
Total lease payments	185,876		453,015		46,885
Present value discount	(50,252)		(167,082)		(6,388)
Finance / Operating lease liability	$	135,624	$	285,933	$	40,497

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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.

Basis of Presentation

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. Noncontrolling interests represents predominantly the majority ownership held by third party investors in the Company's Operating segment, carried interest allocation to certain senior executives of the Company (Note 16), and membership interests in OP held by certain current and former employees of the Company.

To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance such as investment company accounting applied by the Company's consolidated sponsored funds, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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 interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon

deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Noncontrolling Interests

Redeemable Noncontrolling Interests—This represents noncontrolling interests in sponsored open-end funds in the Liquid Strategies that are consolidated by the Company. The limited partners of these funds have the ability to withdraw all or a portion of their interests from the funds in cash with advance notice.

Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be recognized in additional paid-in capital.

The redeemable noncontrolling interests in the Company's investment management business was redeemed in May 2022 (Note 10).

Noncontrolling Interests in Investment Entities—This represents predominantly the majority ownership held by third party investors in the Company's Operating segment and carried interest allocation to certain senior executives of the Company (Note 16). Excluding carried interests, allocation of net income or loss is generally based upon relative ownership interests.

Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain current and former employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based upon their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

Financial assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the exchange rate in effect at the balance sheet date, whereas non-financial assets and liabilities are remeasured using the exchange rate on the date the item was initially recognized (i.e., the historical rate), and the corresponding results of operations for such entities are remeasured using the average exchange rate in effect during the period. The resulting foreign currency remeasurement adjustments are recorded in other gain (loss) on the consolidated statements of operations. Disclosures of non-U.S. dollar amounts to be recorded in the future are translated using exchange rates in effect at the date of the most recent balance sheet presented.

Fair Value Measurement

Fair value is based on an exit price, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Where appropriate, the Company makes adjustments to estimated fair values to appropriately reflect counterparty credit risk as well as the Company's own credit-worthiness.

The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on 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.

Where the inputs used to measure the fair value of a financial instrument falls into different levels of the fair value hierarchy, the financial instrument is categorized within the hierarchy based on the lowest level of input that is significant to its fair value measurement.

Due to the inherently judgmental nature of Level 3 fair value, changes in assumptions or inputs applied as of reporting date could result in a higher or lower fair value, and realized value may differ from the estimated unrealized fair value.

Fair Value Option

The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs.

The Company has elected to account for all of its loans receivable and certain equity method investments at fair value.

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, except as discussed below. The excess of the consideration transferred over the value of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

With respect to contract assets and contract liabilities acquired in a business combination, these are not accounted for under the fair value basis at the time of acquisition. Instead, the Company determines the value of these revenue contracts as if it had originated the acquired contracts by evaluating the associated performance obligations, transaction price and relative stand-alone selling price at the original contract inception date or subsequent modification dates.

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, (iii) the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in March 2021, and (iv) the bulk and light industrial portfolios in December 2020 and December 2019, respectively, 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, September 2020, and June 2019, 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 21) and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (Note 22). Discontinued operations in prior periods include investments in the respective segments that have been disposed or otherwise resolved in those periods.

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits. Also included are unrestricted cash held by subsidiaries in third party accounts that have the general characteristics of demand deposits.

Restricted Cash

Restricted cash consists primarily of cash reserves maintained pursuant to the governing agreements of the various securitized debt of the Company and its subsidiaries.

Real Estate Assets

Real Estate Acquisitions

Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, site and building improvements, infrastructure, equipment, lease-related tangible and intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values, and tenant relationships. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost for a similar property, as appropriate. The fair value of site and tenant improvements and infrastructure assets are estimated based upon current market replacement costs and other relevant market rate information.

Real Estate Held for Investment

Real estate held for investment are carried at cost less accumulated depreciation.

Costs Capitalized or Expensed—Expenditures for ordinary repairs and maintenance are expensed as incurred, while expenditures for significant renovations that improve or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives.

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Site improvements						5 to 40 years
Building						5 to 50 years

Building improvements						5 to 40 years
Tenant improvements						Lesser of useful life or remaining term of lease
Data center infrastructure						5 to 30 years
Furniture, fixtures and equipment						1 to 8 years

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows approach, whichever is more appropriate under the circumstances. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property for the duration of the estimated hold period of each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, expected capitalization rates at exit, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses.

Real Estate Held for Disposition

Real estate is classified as held for disposition in the period when (i) management approves a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, subject only to usual and customary terms, (iii) a program is initiated to locate a buyer and actively market the asset for sale at a reasonable price, and (iv) completion of the sale is probable within one year.

Real estate held for disposition is stated at the lower of its carrying amount or estimated fair value less disposal cost, with any write-down to fair value less disposal cost recorded as an impairment loss. For any increase in fair value less disposal cost subsequent to classification as held for disposition, the impairment loss may be reversed, but only up to the amount of cumulative loss previously recognized. Depreciation is not recorded on assets classified as held for disposition. At the time a sale is consummated, the excess, if any, of sale price less selling costs over carrying value of the real estate is recognized as a gain.

If circumstances arise that were previously considered unlikely and, as a result, the Company decides not to sell the real estate asset previously classified as held for disposition, the real estate asset is reclassified as held for investment. Upon reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for disposition, adjusted for depreciation expense that would have been recognized had the real estate been continuously classified as held for investment, or (ii) its estimated fair value at the time the Company decides not to sell.

Foreclosed Properties

The Company may receive foreclosed properties in full or partial settlement of loans receivable by taking legal title or physical possession of the properties. Foreclosed properties are generally recognized at the time the real estate is received at foreclosure sale or upon execution of a deed in lieu of foreclosure. Foreclosed properties are initially measured at fair value. If the fair value of the property is lower than the carrying value of the loan, the difference is recognized as provision for loan loss and the cumulative loss allowance on the loan is charged off. The Company periodically evaluates foreclosed properties for subsequent decrease in fair value which is recorded as additional impairment loss. Fair value of foreclosed properties is generally based on third party appraisals, broker price opinions, comparable sales or a combination thereof.

Equity Investments

A noncontrolling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value ("NAV") practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income.

Fair value changes of equity method investments under the fair value option are recorded in earnings (losses) from equity method investments. Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss).

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity, but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company's share of the entity’s net income or loss as well as other comprehensive income or loss. The Company's share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. For certain equity method investments, the Company records its proportionate share of income on a one to three month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the statement of cash flows under the cumulative earnings approach.

Carried Interest—The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”).

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 primarily by changes in fair value of the underlying investments of the fund, which could be affected by various factors, including but not limited to the financial performance of the portfolio company, economic conditions, foreign exchange rates, comparable transactions in the market, and equity prices for publicly traded securities. Unrealized carried interest 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 (and, with respect to certain funds, periodically during the life of the fund), if it is determined that cumulative carried interest distributions have exceeded the final carried interest amount earned (or amount earned as of the calculation date), 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.

Impairment

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity

method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment ("OTTI") involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company's ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Investments that are other-than-temporarily impaired are written down to their estimated fair value. Impairment loss is recorded in equity method earnings for equity method investments and in other gain (loss) for investments under the measurement alternative.

Loans Receivable

Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Loans that the Company intends to sell or liquidate in the foreseeable future are classified as held for disposition.

Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming, with reversal of interest income and suspension of interest income recognition. Recognition of interest income may be restored when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured.

The Company has elected the fair value option for all loans receivable.

Loan fair values are generally determined either: by comparing the current yield to the estimated yield of newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment; or based upon discounted cash flow projections of principal and interest expected to be collected, which projections include, but are not limited to, consideration of the financial standing of the borrower or sponsor as well as operating results and/or value of the underlying collateral.

For loans that are nonperforming where recognition of interest income is suspended, any interest subsequently collected is recognized on a cash basis by crediting income when received.

Origination and other fees charged to the borrower are recognized immediately as interest income when earned. Costs to originate or purchase loans are expensed as incurred.

Debt Securities

Debt securities are recorded as of the trade date. Debt securities designated as available-for-sale (“AFS”) are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS debt securities, the cumulative gains or losses in other comprehensive income (loss) that are realized are recognized in other gain (loss), net, on the statement of operations based on specific identification.

Interest Income—Interest income from debt securities, including stated coupon interest payments and amortization of purchase premiums or discounts, is recognized using the effective interest method over the expected lives of the debt securities.

For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method.

Impairment—The Company performs an assessment, at least quarterly, to determine whether its AFS debt securities are considered to be impaired; that is, if their fair value is less than their amortized cost basis.

If the Company intends to sell the impaired debt security or is more likely than not will be required to sell the debt security before recovery of its amortized cost, the entire impairment amount is recognized in earnings within other gain (loss) as a write-off of the amortized cost basis of the debt security.

If the Company does not intend to sell or is not more likely than not required to sell the debt security before recovery of its amortized cost, the credit component of the loss is recognized in earnings within other gain (loss) as an allowance for credit loss, which may be subject to reversal for subsequent recoveries in fair value. The non-credit loss component is recognized in other comprehensive income or loss ("OCI"). The allowance is charged off against the amortized cost basis of the security if in a subsequent period, the Company intends to or more likely than not will be required to sell the security, or if the Company deems the security to be uncollectible.

In assessing impairment and estimating future expected cash flows, factors considered include, but are not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security.

Identifiable Intangibles

In a business combination or asset acquisition, the Company may recognize identifiable intangibles that meet either or both the contractual legal criterion or the separability criterion. An indefinite-lived intangible is not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable, such as based upon expected cash flows; otherwise they are amortized on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life.

The Company's identifiable intangible assets are generally valued under the income approach, using an estimate of future net cash flows, discounted based upon risk-adjusted returns for similar underlying assets.

Lease-Related Intangibles—Identifiable intangibles recognized in acquisitions of operating real estate include in-place leases, deferred leasing costs, above- or below-market leases, and tenant relationships.

In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without a lease contract in place. Acquired in-place leases are valued as the forgone rental income had the property been acquired in an as if vacant state, using market data on comparable and recently signed leases. Deferred leasing costs represent leasing commissions and legal fees that would otherwise have been incurred if a lease was not in-place. Acquired in-place leases and deferred leasing costs are amortized on a straight-line basis to depreciation and amortization expense over the remaining term of the applicable leases. If an in-place lease is terminated, the unamortized portion is charged to depreciation and amortization expense.

The value of the above- or below-market component of acquired leases represents the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. This includes fixed rate renewal options in acquired leases that are assumed to be renewed if below market, which are amortized to increase rental income over the renewal period.

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 time it would take to execute a new lease or backfill a vacant space. Tenant relationships are amortized on a straight-line basis to depreciation and amortization expense over its estimated useful life.

Investment Management Intangibles—Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee income from in-place management contracts that is amortized based upon expected cash flows over the remaining term of the contracts; and investor relationships, which represent potential fee income generated from future reinvestment by existing investors that is amortized on a straight-line basis over its estimated useful life.

Other Intangible Assets—In addition to leasing activities, data center operators provide various data center services to their customers, largely in the colocation business, which give rise to customer service contract and customer relationship intangible assets in an acquisition of operating data centers. Customer service contracts are valued based upon an estimate of net cash flows from providing data center services that would have been forgone if these service contracts were not in place, taking into consideration the time it would take to execute a new contract. Customer service contracts are amortized on a straight-line basis over the remaining term of the respective contracts, and if the service contract is terminated, the remaining unamortized balance is charged off. Customer relationships represent incremental

net cash flows to the business that is attributable to these in-place relationships, and is amortized on a straight-line basis over its estimated useful life.

Trade names are recognized as a separate identifiable intangible asset to the extent the Company intends to continue using the trade name post-acquisition. Trade names are valued as the savings from royalty fees that would have otherwise been incurred. Trade names are amortized on a straight-line basis over the estimated useful life, or not amortized if they are determined to have an indefinite useful life.

Impairment

Identifiable intangible assets are reviewed periodically to determine if circumstances exist which may indicate a potential impairment. If such circumstances are considered to exist, the Company evaluates if carrying value of the intangible asset is recoverable based upon an undiscounted cash flow analysis. Impairment loss is recognized for the excess, if any, of carrying value over estimated fair value of the intangible asset. An impairment establishes a new basis for the intangible asset and any impairment loss recognized is not subject to subsequent reversal.

Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate. In evaluating investment management intangibles for impairment, such as management contracts and investor relationships, the Company considers various factors that may affect future fee income, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future investment vehicles. Indefinite life trade names are impaired if the Company determines that it no longer intends to use the trade name.

Goodwill

Goodwill is an unidentifiable intangible asset and is recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired, liabilities assumed and noncontrolling interests in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination.

Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value, including goodwill. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying value, including goodwill. If so, a quantitative assessment is performed to identify both the existence of impairment and the amount of impairment loss. The Company may bypass the qualitative assessment and proceed directly to performing a quantitative assessment to compare the fair value of a reporting unit with its carrying value, including goodwill. Impairment is measured as the excess of carrying value over fair value of the reporting unit, with the loss recognized limited to the amount of goodwill assigned to that reporting unit.

An impairment establishes a new basis for goodwill and any impairment loss recognized is not subject to subsequent reversal. Goodwill impairment tests require judgment, including identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.

Accounts Receivable and Related Allowance

Property Operating Income Receivables (excluding lease income receivables)—The Company periodically evaluates aged receivables and considers the collectability of unbilled receivables. The Company estimates allowance for doubtful accounts for specific accounts receivable balances based upon historical collection trends, age of outstanding accounts receivables and existing economic conditions associated with the receivables.

Cost Reimbursements and Recoverable Expenses—The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of investment vehicles sponsored by the Company, which include: (i) organization and offering costs associated with the formation and capital raising of the investment vehicles up to specified thresholds; (ii) costs incurred in performing investment due diligence; and (iii) direct and indirect operating costs associated with managing the operations of certain investment vehicles. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments that are borne by the Company are expensed as transaction-related costs in the consolidated statement of operations.

The Company assesses the collectability of such receivables and establishes an allowance for any balances considered not collectable.

Fixed Assets

Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of assets are capitalized and depreciated over their useful life. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets, which range between 3 and 7 years for furniture, fixtures, equipment and capitalized software, and over the shorter of the lease term or useful life for leasehold improvements.

Transfers of Financial Assets

Sale accounting for transfers of financial assets is limited to the transfer of an entire financial asset, a group of financial assets in its entirety, or a component of a financial asset which meets the definition of a participating interest with characteristics that are similar to the original financial asset.

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. If the Company has any continuing involvement, rights or obligations with the transferred financial asset (outside of standard representations and warranties), sale accounting requires that the transfer meets the following conditions: (1) the transferred asset has been legally isolated; (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred asset; and (3) the Company does not maintain effective control over the transferred asset through an agreement that provides for (a) both an entitlement and an obligation by the Company to repurchase or redeem the asset before its maturity, (b) the unilateral ability by the Company to reclaim the asset and a more than trivial benefit attributable to that ability, or (c) the transferee requiring the Company to repurchase the asset at a price so favorable to the transferee that it is probable the repurchase will occur.

If the criteria for sale accounting are met, the transferred financial asset is removed from the balance sheet and a net gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sale are accounted for as financing transactions.

Derivative Instruments and Hedging Activities

The Company may use derivative instruments to manage its interest rate risk and foreign currency risk. The Company does not use derivative instruments for speculative or trading purposes. All derivative instruments are recorded at fair value and included in other assets or other liabilities on a gross basis on the balance sheet. The accounting for changes in fair value of derivatives depends upon whether the derivative has been designated in a hedging relationship and qualifies for hedge accounting.

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss).

For designated accounting hedges, the relationships between hedging instruments and hedged items, risk management objectives and strategies for undertaking the accounting hedges as well as the methods to assess the effectiveness of the derivative prospectively and retrospectively, are formally documented at inception. Hedge effectiveness relates to the amount by which the gain or loss on the designated derivative instrument exactly offsets the change in the hedged item attributable to the hedged risk. If it is determined that a derivative is not expected to be or has ceased to be highly effective at hedging the designated exposure, hedge accounting is discontinued.

Cash Flow Hedges—The Company may use interest rate caps and swaps to hedge its exposure to interest rate fluctuations in forecasted interest payments on floating rate debt and may designate as cash flow hedges. Changes in fair value of the derivative is recorded in accumulated other comprehensive income (loss) or AOCI and reclassified into earnings when the hedged item affects earnings. If the derivative in a cash flow hedge is terminated or the hedge designation is removed, related amounts in AOCI are reclassified into earnings when the hedged item affects earnings.

Net Investment Hedges—The Company may use foreign currency hedges to protect the value of its net investments in foreign subsidiaries or equity investees whose functional currencies are not U.S. dollars. Changes in fair value of derivatives used as hedges of net investment in foreign operations are recorded in the cumulative translation adjustment account within AOCI.

At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as undesignated hedges.

Release of amounts in AOCI related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to earnings.

Leases

As lessee, the Company determines if an arrangement contains a lease and determines the classification of a leasing arrangement at its inception. A lease is classified as a finance lease, which represents a financed purchase of the leased asset, if the lease meets any of the following criteria: (a) asset ownership is transferred to lessee by end of lease term; (b) option to purchase asset is reasonably certain to be exercised by lessee; (c) the lease term is for a major part of the remaining economic life of the asset; (d) the present value of lease payments equals or exceeds substantially the fair value of the asset; or (e) the asset is of such a specialized nature that it is expected to have no alternative use at end of lease term. A lease is classified as an operating lease when none of the criteria are met. The Company also made the accounting policy election to treat lease and nonlease components in a lease contract as a single component.

The Company's leasing arrangements are composed primarily of finance and operating leases for data centers, operating ground leases for other investment properties, and operating leases for its corporate offices.

Short-term leases are not recorded on the balance sheet, with lease payments expensed on a straight-line basis over the lease term. Short-term leases are defined as leases which at commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

For leases with terms greater than 12 months, a lessee's rights to use the leased asset and obligation to make future lease payments are recognized on balance sheet at lease commencement date as a right-of-use ("ROU") lease asset and a lease liability, respectively. The lease liability is measured based upon the present value of future lease payments over the lease term, discounted at the incremental borrowing rate. Variable lease payments are excluded and are recognized as lease expense as incurred. Lease renewal or termination options are taken into account only if it is reasonably certain that the option would be exercised. As an implicit rate is not readily determinable in most leases, an estimated incremental borrowing rate is applied, which is the interest rate that the Company or its subsidiary, where applicable, would have to pay to borrow an amount equal to the lease payments, on a collateralized basis over the lease term. In estimating incremental borrowing rates, consideration is given to recent debt financing transactions by the Company or its subsidiaries as well as publicly available data for debt instruments with similar characteristics, adjusted for the lease term. The ROU lease asset is measured based upon the corresponding lease liability, reduced by any lease incentives and adjusted to include capitalized initial direct leasing costs.

The Company's ROU lease asset is presented within other assets and is amortized on a straight-line basis over the shorter of its useful life or remaining lease term. The Company's lease liability is presented within accrued and other liabilities. The lease liability is (a) reduced by lease payments made during the period; and (b) accreted to the balance as of the beginning of the period based upon the discount rate used at lease commencement. For finance leases, periodic lease payments are allocated between (i) interest expense, calculated based upon the incremental borrowing rate determined at commencement, to produce a constant periodic interest rate on the remaining balance of the lease liability, and (ii) reduction of lease liability. The combination of periodic interest expense and amortization expense on the ROU lease asset effectively reflects installment purchases on the financed leased asset, and results in a front-loaded expense recognition. Higher interest expense is recorded in the early periods as a constant interest rate is applied to the finance lease liability and the liability decreases over the lease term as cash payments are made. For operating leases, fixed lease expense is recognized over the lease term on a straight-line basis and variable lease expense is recognized in the period incurred.

A lease that is terminated before expiration of its lease term would result in a derecognition of the lease liability and ROU lease asset, with the difference recorded in the income statement, reflected as other gain (loss). If a plan has been committed to abandon an ROU lease asset at a future date before the end of its lease term, amortization of the ROU lease asset is accelerated based on its revised useful life. If an ROU lease asset is abandoned with immediate effect and the carrying value of the ROU lease asset is determined to be unrecoverable, an impairment loss is recognized on the ROU lease asset.

Financing Costs

Debt discounts and premiums as well as debt issuance costs (except for revolving credit arrangements) are presented net against the associated debt on the balance sheet and amortized into interest expense using the effective interest method over the contractual term or expected life of the debt instrument. Costs incurred in connection with revolving credit arrangements are recorded as deferred financing costs in other assets, and amortized on a straight-line basis over the expected term of the credit facility.

Property Operating Income

Property operating income includes the following:

Lease Income

The Company's lease income is composed of (i) fixed lease income for rents, and for interconnection services and a committed amount of power related to contracted data center leased space; and (ii) variable lease income for tenant reimbursements, installation services of Company-owned data center equipment and additional metered power reimbursements based upon usage by data center tenants at prevailing rates.

As lessor, the classification of a lease as a sales-type lease is similar to the criteria for a finance lease as lessee (discussed above). If none of the criteria are met, a lease may be classified as a direct financing lease if there is a residual value guarantee from an unrelated third party. Otherwise, all other leases are classified as operating, including leases with variable lease payments that are not based upon a rate or index where classification as sales-type or direct financing lease would result in a loss to the Company at lease commencement.

The Company's lease contracts contain lease components, such as leased data center space and equipment, and nonlease components, such as tenant reimbursements for net leases, interconnection services, installation services of Company-owned data center equipment and payments for power by data center tenants. As lessor, the Company made the accounting policy election to account for the lease components and nonlease components in its lease contracts as a single component in instances where the lease component is predominant, the timing and pattern of transfer for the lease and nonlease components are the same (i.e., provided on a consistent basis over the same time period), and the lease component, if accounted for separately, would be classified as an operating lease.

Rental Income and Tenant Reimbursements

Rental income is recognized on a straight-line basis over the noncancelable term of the related lease which includes the effects of minimum rent increases and rent abatements under the lease. Rents received in advance are deferred.

In net lease arrangements, the tenant is generally responsible for operating expenses relating to the property, including real estate taxes, property insurance, maintenance, repairs and improvements. Costs reimbursable from tenants and other recoverable costs are recognized as revenue in the period the recoverable costs are incurred. When the Company is the primary obligor with respect to purchasing goods and services for property operations and has discretion in selecting the supplier and retains credit risk, tenant reimbursement revenue and property operating expenses are presented on a gross basis in the statements of operations. For net leases where the lessee self-manages the property, hires its own service providers and retains credit risk for routine maintenance contracts, no reimbursement revenue and expense are recognized. For property taxes and insurance, amounts paid directly by lessees to third parties on behalf of the Company are not recognized in the statement of operations, while amounts paid by the Company and reimbursed by lessees are presented gross as property operating income and expenses. Also, sales and similar taxes assessed by a governmental authority that is imposed on specific lease income producing transactions are netted against related collections from lessees.

When it is determined that the Company is the owner of tenant improvements, the cost to construct the tenant improvements, including costs paid for or reimbursed from the tenants, is capitalized. For Company-owned tenant improvements, the amounts funded by or reimbursed from the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as additional rental income over the term of the related lease. Rental income recognition commences when the leased space is substantially ready for its intended use and the tenant takes possession of the leased space.

When it is determined that the tenant is the owner of tenant improvements, the Company's contribution towards those improvements is recorded as a lease incentive, included in deferred leasing costs and intangible assets on the balance sheet, and amortized as a reduction to rental income on a straight-line basis over the term of the lease. Rental income recognition commences when the tenant takes possession of the lease space.

Collectability—The Company evaluates collectability of lease payments based upon the creditworthiness of the lessee and recognizes lease income only to the extent collection of all amounts due over the life of the lease is determined to be probable. If collection is subsequently determined to no longer be probable, any previously accrued lease income that has not been collected is subject to reversal. If collection is subsequently determined to be probable, lease income and corresponding receivable would be reestablished to an amount that would have been recognized if collection had always been deemed to be probable.

Costs to Execute Lease—Only incremental costs of obtaining a lease, such as leasing commissions, qualify as initial direct leasing costs to be capitalized. Indirect costs such as allocated overhead, certain legal fees and negotiation costs are expensed as incurred.

Resident Fee Income

Resident fee income, presented within discontinued operations, was earned from senior housing operating facilities that operate through management agreements with independent third-party operators. Resident fee income related to independent living and assisted living facilities was recorded when services were rendered based on terms of their respective lease agreements. The Company's healthcare business was sold in February 2022.

Data Center Service Revenue

The Company earns data center service revenue, primarily composed of cloud services, data storage, data protection, network services, software licensing, other services related to installation of customer equipment, and other related information technology services, which are recognized as services are provided to data center customers.

Hotel Operating Income

Hotel operating income, presented within discontinued operations, included room revenue, food and beverage sales and other ancillary services. Revenue was recognized upon occupancy of rooms, consummation of sales and provision of services. The Company's hotel business was sold in March 2021, with one remaining portfolio that was in receivership sold by the lender in September 2021.

Fee Income

Fee income consists primarily of the following:

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, which constitute a series of distinct services satisfied over time. Management fees are recognized over the life of the investment vehicle as services are provided.

The governing documents of the investment vehicles may provide for certain fee credits or offsets to management fees. Such amounts include primarily organizational costs of the investment vehicle in excess of prescribed thresholds, termination or similar fees paid in connection with unconsummated investments that are reimbursable by the investment vehicle, and directors' fees paid by portfolio companies to employees of the Company in their capacity as non-management directors. These fee credits or offsets represent a component of the transaction price for the Company's provision of investment management services and are applied to reduce management fees payable to the Company.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its Liquid Strategies. 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. Incentive fees take the form of a contractual fee arrangement, and unlike carried interests, do not represent an allocation of returns among equity holders of an investment vehicle. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period.

Management fees and incentive fees earned from consolidated funds and other investment vehicles are eliminated in consolidation. However, because the fees are funded by and earned from third party investors in these consolidated vehicles who represent noncontrolling interests, the Company's allocated share of net income from the consolidated funds and other vehicles is increased by the amount of fees that are eliminated. Accordingly, the elimination of these fees does not affect net income (loss) attributable to DBRG.

Other Income

Recurring other income includes primarily the following:

Cost Reimbursements from Affiliates—For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on expenses that are directly attributable to providing those services and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period the services are rendered and costs are incurred.

Equity Awards Granted by Managed Companies—These were equity awards granted to the Company to be granted

to its employees or granted directly to its employees by BrightSpire Capital, Inc. ("BRSP"), a publicly-traded REIT previously managed by the Company (prior to termination of its management agreement in April 2021). The initial grant was recorded as an other asset and deferred income liability on the balance sheet. The liability was amortized on a straight-line basis to other income over the initial vesting period of the award and equity-based compensation expense was recognized as the award vested to the recipient employee. Compensation expense related to equity awards granted by managed companies is presented within discontinued operations.

Compensation

Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, benefits, severance payments, and equity-based compensation. Bonus is accrued over the employment period to which it relates.

Carried Interest and Incentive Fee Compensation—This represents a portion of carried interest and incentive fees earned by the Company that are allocated to senior management, investment professionals and certain other employees of the Company. Carried interest and incentive fee compensation are generally recorded as the related carried interest and incentive fees are recognized in earnings by the Company. Carried interest compensation amounts may be reversed if there is a decline in the cumulative carried interest amounts previously recognized by the Company. Carried interest and incentive fee compensation are generally not paid to management or other employees until the related carried interest and incentive fee amounts are distributed by the investment vehicles 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.

Equity-Based Compensation—Equity-classified stock awards granted to employees and non-employees that have a service condition and/or a market or performance condition are measured at fair value at date of grant.

A modification in the terms or conditions of an award, unless the change is non-substantive, represents an exchange of the original award for a new award. The modified award is revalued and incremental compensation cost is recognized for the excess, if any, between fair value of the award upon modification and fair value of the award immediately prior to modification. Total compensation cost recognized for a modified award, however, cannot be less than its grant date fair value, unless at the time of modification, the service or performance condition of the original award was not expected to be satisfied. An award that is probable of vesting both before and after modification will result in incremental compensation cost only if terms affecting its estimate of fair value have been modified.

Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

Compensation expense is recognized on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. For awards with a performance condition, compensation expense is recognized only if and when it becomes probable that the performance condition will be met, with a cumulative adjustment from service inception date, and conversely, compensation cost is reversed to the extent it is no longer probable that the performance condition will be met. For awards with a market condition, compensation cost is not reversed if a market condition is not met so long as the requisite service has been rendered, as a market condition does not represent a vesting condition. Compensation expense is adjusted for actual forfeitures upon occurrence.

Income Taxes

Provision for income taxes consists of a current and deferred component. Current income taxes represent income tax to be paid or refunded for the current period. The Company uses the asset and liability method to provide for income taxes, which requires that the Company's income tax provision reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for financial reporting versus for income tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on enacted tax rates that the Company expects to be in effect upon realization of the underlying amounts when they become deductible or taxable and the differences reverse. A deferred tax asset is also recognized for NOL, capital loss and tax credit carryforwards. A valuation allowance for deferred tax assets is established if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized based upon the weight of all available positive and negative evidence. Realization of deferred tax assets is dependent upon the adequacy of future expected taxable income from all

sources, including reversal of taxable temporary differences, forecasted earnings and prudent and feasible tax planning strategies. An established valuation allowance may be reversed in a future period if the Company subsequently determines it is more likely than not that all or some portion of the deferred tax asset will become realizable.

Uncertain Tax Positions

Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return results in an unrecognized tax benefit. The Company evaluates on a quarterly basis whether it is more likely than not that its uncertain tax positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations. The evaluation of uncertain tax positions is based upon various factors including, but not limited to, changes in tax law, measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity, and changes in facts or circumstances related to a tax position.

Income tax related interests and penalties, if any, are included as a component of income tax benefit (expense).

Earnings Per Share

The Company calculates basic earnings per share ("EPS") using the two-class method which defines unvested share based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines EPS for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. EPS is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period.

Diluted EPS is based on the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents include shares to be issued upon the assumed conversion of the Company's outstanding convertible notes, which are included under the if-converted method when dilutive. The earnings allocated to common shareholders is adjusted to add back the after-tax amount of interest expense associated with the convertible notes, except when doing so would be antidilutive.

In circumstances where discontinued operations are reported, income from continuing operations is used as the benchmark to determine whether including potential common shares in diluted EPS computation would be antidilutive. Accordingly, if there is a loss from continuing operations and potential common shares would be antidilutive due to the loss, but there is net income after adjusting for discontinued operations, the potential common shares would be excluded from diluted EPS computation even though the effect on net income would be dilutive, because income from continuing operations is used as the benchmark.

Reclassifications

Certain prior period amounts disclosed within the notes to the consolidated financial statements have been reclassified to conform to current period presentation. These reclassifications did not affect the Company's financial position, results of operations or cash flows.

Adjustments to Beginning Equity

On January 1, 2020, upon adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—

Credit Losses, the Company recorded a $5.1 million decrease to beginning equity, composed of: (i) an $8.4 million decrease to beginning equity, representing the Company's share of the cumulative effect adjustment of adopting the lifetime current expected credit loss ("CECL") model by its equity method investee, BRSP; partially offset by (ii) a $3.3 million increase to beginning equity, reflecting the cumulative effect adjustment of the Company's election of the fair value option for all of its then outstanding loans receivable.

Accounting Standards Adopted in 2022

Amendment to Lessor Accounting

In July 2021, the Financial Accounting Standards Board ("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 a prospective basis 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 with no impact upon adoption.

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.

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax asset
Capital losses	$ 252,904		$ 0
Net operating losses	92,224		21,552
Investment in partnerships	317,048		0
Equity-based compensation	11,856		11,486
Real estate, leases and related intangible liabilities	3,987		14,853
Deferred income	2,086		535
Deferred interest expense	5,556		1,799
Lease liability—corporate offices	16,130		19,295
Other	5,847		0
Gross deferred tax asset	707,638		69,520
Valuation allowance	(679,057)	$ (400,200)	(12,766)	$ (1,852)	$ 0
Deferred tax asset, net of valuation allowance	28,581		56,754
Deferred tax liability
Investment in partnerships	0		22,399
Real estate, leases and related intangible assets	3,026		0
Other intangible assets	11,754		5,528
ROU lease asset—corporate offices	11,376		14,274
Other	381		7,857
Gross deferred tax liability	26,537		50,058
Net deferred tax asset	2,044		6,696
Domestic Tax Authority \| Net operating loss
Deferred tax asset
Net operating losses	378,700		$ 89,800
Domestic Tax Authority \| Capital loss
Deferred tax asset
Capital losses	$ 1,000,000

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net loss	$ (569,997)	$ (816,911)	$ (3,790,410)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments	(2,867)	(17,048)	9,292
Available-for-sale debt securities	(6,373)	(331)	(1,964)
Cash flow hedges	0	1,285	(30)
Foreign currency translation	(44,232)	(94,560)	160,008
Net investment hedges	(8,368)	(57,291)	21,001
Other comprehensive income (loss)	(61,840)	(167,945)	188,307
Comprehensive loss	(631,837)	(984,856)	(3,602,103)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(26,778)	34,677	616
Comprehensive loss attributable to stockholders	(365,818)	(389,210)	(2,601,768)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	(203,125)	(581,540)	(706,374)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	$ (36,116)	$ (48,783)	$ (294,577)

Real Estate (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Schedule of Components of Real Estates

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


(In thousands)	December 31, 2022		December 31, 2021
Land	$	257,588	$	206,588
Buildings and improvements	1,573,605		1,235,334

Data center infrastructure	4,427,150		3,845,431


Construction in progress	395,393		77,014
	6,653,736		5,364,367
Less: Accumulated depreciation	(732,438)		(392,083)
Real estate assets, net	$	5,921,298	$	4,972,284

Schedule of Components of Property Operating Income

Components of property operating income are as follows.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Lease income:
Fixed lease income		$	729,503	$	609,005	$	226,478
Variable lease income		120,442		92,701		38,913
		849,945		701,706		265,391
Data center service revenue		77,561		61,044		47,537
		$	927,506	$	762,750	$	312,928

Future Fixed Lease Income

At December 31, 2022, future fixed lease payments receivable under noncancelable operating leases for real estate held for investment in the Operating segment were as follows. These operating leases have expiration dates through 2041, excluding month-to-month leases, and renewal options and early termination rights at the lessee's election unless such options or rights are reasonably certain to be exercised.


Year Ending December 31,	(In thousands)
2023	$	549,020
2024	418,984
2025	367,996
2026	325,024
2027	284,522
2028 and thereafter	1,480,010
Total	$	3,425,556

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 918,254	$ 1,602,102
Restricted cash	118,485	99,121
Real estate, net	5,921,298	4,972,284
Equity and debt investments ($506,081 and $201,912 at fair value)	1,322,050	935,153
Loans receivable (at fair value)	137,945	173,921
Goodwill	761,368	761,368
Deferred leasing costs and intangible assets, net	1,092,167	1,187,627
Other assets ($11,793 and $944 at fair value)	654,050	740,395
Due from affiliates	45,360	49,230
Assets held for disposition	57,526	3,676,615
Total assets	11,028,503	14,197,816
Liabilities
Debt, net	5,156,140	4,860,402
Accrued and other liabilities ($183,628 and $37,970 at fair value)	1,272,096	943,801
Intangible liabilities, net	29,824	33,301
Liabilities related to assets held for disposition	380	3,088,699
Total liabilities	6,458,440	8,926,203
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests	100,574	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	7,818,068	7,820,807
Accumulated deficit	(6,962,613)	(6,576,180)
Accumulated other comprehensive income (loss)	(1,509)	42,383
Total stockholders’ equity	1,660,698	2,146,934
Noncontrolling interests in investment entities	2,743,896	2,653,173
Noncontrolling interests in Operating Company	64,895	112,283
Total equity	4,469,489	4,912,390
Total liabilities, redeemable noncontrolling interests and equity	11,028,503	14,197,816
Class A Common Stock
Stockholders’ equity:
Common stock, $0.04 par value per share	6,390	5,685
Class B Common Stock
Stockholders’ equity:
Common stock, $0.04 par value per share	$ 7	$ 7

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value \| Secured Debt
Liabilities
Secured and unsecured debt	$ 4,213,492	$ 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	304,513	716,970
Carrying Value \| Secured Debt
Liabilities
Secured and unsecured debt	4,587,228	4,234,744
Carrying Value \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	292,171	291,394
Carrying Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	276,741	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	304,513	716,970
Level 2 \| Secured Debt
Liabilities
Secured and unsecured debt	3,268,508	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	944,984	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

Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 3,935	$ 3,355	$ (3,019)
State and local	(1,143)	(20)	(104)
Foreign	(864)	(347)	(327)
Total current tax benefit (expense)	1,928	2,988	(3,450)
Deferred
Federal	(13,734)	94,659	41,603
State and local	(2,405)	2,491	8,910
Foreign	744	400	0
Total deferred tax benefit (expense)	(15,395)	97,550	50,513
Income tax benefit (expense) on continuing operations	$ (13,467)	$ 100,538	$ 47,063

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

21. Assets and Related Liabilities Held for Disposition


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

Assets
Restricted cash	$	—	$	65,022
Real estate, net	—		3,079,416
Loans receivable	—		55,878
Equity and debt investments	57,387		250,246
Deferred leasing costs and other intangible assets, net	—		118,300
Other assets	139		100,720
Due from affiliates	—		7,033
Total assets held for disposition	$	57,526	$	3,676,615

Liabilities
Debt, net (1)	$	—	$	2,869,360
Lease intangibles and other liabilities	380		219,339
Total liabilities related to assets held for disposition	$	380	$	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 December 31, 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	10,049		19,070		8
Paydowns, distributions and sales	(1,569)		(440,646)		(12,594)
Change in accrued interest and capitalization of paid-in-kind interest	—		5,801		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(92,701)		(29,961)
Deconsolidation of investment entities (Note 20)	—		(647,218)		(27,402)
Other	—		(7,088)		—
Other comprehensive loss (1)	(331)		(39,879)		(4,001)
Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309

Net unrealized gains (losses) on instruments held at December 31, 2021
In earnings	$	—	$	—	$	(28,216)
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)		(10,183)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(19,845)

Other comprehensive loss (1)	—		—		(4,822)
Fair value at December 31, 2022	$	—	$	—	$	44,459

Net unrealized gains (losses) on instruments held at December 31, 2022
In earnings	$	—	$	—	$	(19,845)
In other comprehensive loss	$	—	N/A		N/A

__________

22. Discontinued Operations

Discontinued operations represent the following:

Income (loss) from discontinued operations is presented below.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Revenues
Property operating income		$	69,202	$	737,282	$	1,217,236
Fee income		9,797		58,197		94,399
Interest income		1,075		19,143		73,345
Other income		10,338		29,037		29,450
Revenues from discontinued operations		90,412		843,659		1,414,430
Expenses
Property operating expense		36,669		462,896		799,850
Interest expense		112,947		256,567		353,577
Transaction-related costs and investment expense		21,540		38,820		70,993
Depreciation and amortization		2,339		96,860		337,262
Impairment loss		35,985		317,405		2,556,051
Compensation and administrative expense		38,704		109,620		100,011
Expenses from discontinued operations		248,184		1,282,168		4,217,744
Other income (loss)
Gain on sale of real estate		—		49,429		41,922
Other gain (loss), net		14,490		72,617		(194,860)
Equity method losses		(8,170)		(233,725)		(203,399)
Loss from discontinued operations before income taxes		(151,452)		(550,188)		(3,159,651)
Income tax benefit (expense)		2,748		(49,900)		(39,671)
Loss from discontinued operations		(148,704)		(600,088)		(3,199,322)
Loss from discontinued operations attributable to:
Noncontrolling interests in investment entities		(29,145)		(337,685)		(712,771)
Noncontrolling interests in Operating Company		(9,466)		(24,945)		(246,540)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.		$	(110,093)	$	(237,458)	$	(2,240,011)

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt


(In thousands)	Securitized Financing Facility		Convertible and Exchangeable Senior Notes		Investment-Level Secured Debt		Total Debt
December 31, 2022
Debt at amortized cost
Principal	$	300,000	$	278,422	$	4,634,235	$	5,212,657
Premium (discount), net	—		(1,293)		10,713		9,420
Deferred financing costs	(7,829)		(388)		(57,720)		(65,937)
	$	292,171	$	276,741	$	4,587,228	$	5,156,140
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)
December 31, 2022
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	3.7	$	—	NA		3.7	$	300,000	3.93	%	3.7
Convertible and exchangeable senior notes	278,422		5.21	%	0.9	—		NA		NA	278,422		5.21	%	0.9


	578,422					—					578,422
Non-recourse
Investment-Level Secured Debt
Operating segment	3,640,235		2.43	%	3.1	993,500		8.41	%	2.6	4,633,735		3.71	%	3.0

Other	—		NA		NA	500		5.96	%	1.6	500		5.96	%	1.6
	3,640,235					994,000					4,634,235
	$	4,218,657				$	994,000				$	5,212,657
December 31, 2021
Recourse
Secured Fund Fee Revenue Notes (3)	$	300,000	3.93	%	4.7	$	—	NA		4.7	$	300,000	3.93	%	4.7
Convertible and exchangeable senior notes (4)	338,739		5.31	%	2.2	—		NA		NA	338,739		5.31	%	2.2
	638,739					—					638,739
Non-recourse
Investment-Level Secured Debt
Operating segment	3,646,466		2.44	%	4.1	571,017		5.74	%	4.0	4,217,483		2.88	%	4.1
Other	—		NA		NA	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 21) and subsequently assumed by the acquirer in February 2022.

Convertible Senior Notes Issued


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
										December 31, 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

__________

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

Future Minimum Principal Payments


	Year Ending December 31,
(In thousands)	2023		2024		2025		2026		2027		Total
Secured fund fee revenue notes	$	—	$	—	$	—	$	300,000	$	—	$	300,000
Convertible and exchangeable senior notes	200,000		—		78,422		—		—		278,422
Investment-level secured debt
Operating segment	228,792		879,003		1,175,250		1,750,690		600,000		4,633,735
Other	—		500		—		—		—		500
Total	$	428,792	$	879,503	$	1,253,672	$	2,050,690	$	600,000	$	5,212,657

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.01	$ 0.02	$ 0.44

Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 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 21):


(In thousands)	December 31, 2022		December 31, 2021
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	35,010	$	41,859
Cost reimbursements and recoverable expenses	7,031		7,317


Employees and other affiliates	3,319		54
	$	45,360	$	49,230
Due to Affiliates (Note 7)
Investment vehicles—Derivative obligation	$	11,793	$	—
Employees and other affiliates	658		—
	$	12,451	$	—

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.2
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement with respect to its 2022 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the Company’s fiscal year ended December 31, 2022 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
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		159,856,764
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

Business and Organization (Details) - DigitalBridge Operating Company	12 Months Ended
	Dec. 31, 2022
Certain Employees
Business Acquisition [Line Items]
Senior management ownership percent	7.00%
Parent
Business Acquisition [Line Items]
General partner ownership percent	93.00%

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total assets of consolidated private fund	$ 11,028,503	$ 14,197,816
Total liabilities of consolidated private fund	6,458,440	8,926,203
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	94,700	53,100
Total assets of consolidated private fund	274,200	230,600
Total liabilities of consolidated private fund	79,600	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	748,400	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	$ 1,000	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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Interest income	$ 30,107	$ 8,791	$ 7,206
Total revenues	1,144,572	965,799	416,430
Expenses
Property operating expense	389,445	316,178	119,834
Interest expense	198,498	186,949	120,829
Investment expense	33,887	28,257	13,551
Transaction-related costs	10,129	5,781	5,282
Depreciation and amortization	576,911	539,695	241,020
Impairment loss	0	0	25,079
Compensation expense—cash and equity-based	245,257	235,985	176,152
Compensation expense—incentive fee and carried interest	202,286	65,890	1,906
Administrative expenses	123,184	109,490	78,766
Settlement loss	0	0	5,090
Total expenses	1,779,597	1,488,225	787,509
Other income (loss)
Other losses, net	(170,555)	(21,412)	(6,493)
Equity method earnings (losses)	19,412	127,270	(273,288)
Equity method earnings—carried interest	378,342	99,207	12,709
Loss from continuing operations before income taxes	(407,826)	(317,361)	(638,151)
Income tax benefit (expense)	(13,467)	100,538	47,063
Loss from continuing operations	(421,293)	(216,823)	(591,088)
Loss from discontinued operations	(148,704)	(600,088)	(3,199,322)
Net loss	(569,997)	(816,911)	(3,790,410)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	(26,778)	34,677	616
Investment entities	(189,053)	(500,980)	(812,547)
Operating Company	(32,369)	(40,511)	(302,720)
Net loss attributable to DigitalBridge Group, Inc.	(321,797)	(310,097)	(2,675,759)
Preferred stock repurchases/redemptions (Note 9)	(1,098)	4,992	0
Preferred stock dividends	61,567	70,627	75,023
Net loss attributable to common stockholders	$ (382,266)	$ (385,716)	$ (2,750,782)
Loss per share—basic
Loss from continuing operations per common share - basic (in dollars per share)	$ (1.76)	$ (1.21)	$ (4.33)
Net loss attributable to common stockholders per common share - basic (in dollars per share)	(2.47)	(3.14)	(23.25)
Loss per share—diluted
Loss from continuing operations per common share - diluted (in dollars per share)	(1.76)	(1.21)	(4.33)
Net loss attributable to common stockholders per common share - diluted (in dollars per share)	$ (2.47)	$ (3.14)	$ (23.25)
Weighted average number of shares
Basic (in shares)	154,495	122,864	118,389
Diluted (in shares)	154,495	122,864	118,389
Property operating income
Revenues
Income	$ 927,506	$ 762,750	$ 312,928
Fee income
Revenues
Income	172,673	180,826	83,355
Fee income \| Affiliated Entity
Revenues
Income	167,733	170,929	83,294
Other income
Revenues
Income	14,286	13,432	12,941
Other income \| Affiliated Entity
Revenues
Income	$ 4,337	$ 10,185	$ 8,828

Assets and Related Liabilities Held for Disposition (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

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


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

Assets
Restricted cash	$	—	$	65,022
Real estate, net	—		3,079,416
Loans receivable	—		55,878
Equity and debt investments	57,387		250,246
Deferred leasing costs and other intangible assets, net	—		118,300
Other assets	139		100,720
Due from affiliates	—		7,033
Total assets held for disposition	$	57,526	$	3,676,615

Liabilities
Debt, net (1)	$	—	$	2,869,360
Lease intangibles and other liabilities	380		219,339
Total liabilities related to assets held for disposition	$	380	$	3,088,699

__________

Available-for-sale Securities

The balance of the CLO subordinated notes 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, 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				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	—		(16,470)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,761		—		—
Realized and unrealized gain (loss) in earnings, net	—		(185)		8,260		—
Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—

Net unrealized loss in earnings on instruments held at December 31, 2021	$	—	$	(1,114)	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		35,566
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—

Realized and unrealized gain (loss) in earnings, net	—		(39,401)		—		668
Fair value at December 31, 2022	$	50,927	$	137,945	$	—	$	46,770

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(29,311)	$	—	$	668


			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	10,049		19,070		8
Paydowns, distributions and sales	(1,569)		(440,646)		(12,594)
Change in accrued interest and capitalization of paid-in-kind interest	—		5,801		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(92,701)		(29,961)
Deconsolidation of investment entities (Note 20)	—		(647,218)		(27,402)
Other	—		(7,088)		—
Other comprehensive loss (1)	(331)		(39,879)		(4,001)
Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309

Net unrealized gains (losses) on instruments held at December 31, 2021
In earnings	$	—	$	—	$	(28,216)
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)		(10,183)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(19,845)

Other comprehensive loss (1)	—		—		(4,822)
Fair value at December 31, 2022	$	—	$	—	$	44,459

Net unrealized gains (losses) on instruments held at December 31, 2022
In earnings	$	—	$	—	$	(19,845)
In other comprehensive loss	$	—	N/A		N/A

__________

Summary of Changes in Recurring Level 3 Fair Values


			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	—		(16,470)		(9,174)		—
Change in accounting method for equity interest	—		—		(27,626)		—
Change in accrued interest and capitalization of paid-in-kind interest	—		1,761		—		—
Realized and unrealized gain (loss) in earnings, net	—		(185)		8,260		—
Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—

Net unrealized loss in earnings on instruments held at December 31, 2021	$	—	$	(1,114)	$	—	$	—

Fair value at December 31, 2021	$	—	$	82,930	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		371,415		—		35,566
Paydowns, distributions and sales	—		(159,501)		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—
Consolidation of sponsored fund	—		—		—		10,536
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—

Realized and unrealized gain (loss) in earnings, net	—		(39,401)		—		668
Fair value at December 31, 2022	$	50,927	$	137,945	$	—	$	46,770

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(29,311)	$	—	$	668


			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	10,049		19,070		8
Paydowns, distributions and sales	(1,569)		(440,646)		(12,594)
Change in accrued interest and capitalization of paid-in-kind interest	—		5,801		—
Allowance for credit losses	(194)		—		—
Realized and unrealized losses in earnings, net	—		(92,701)		(29,961)
Deconsolidation of investment entities (Note 20)	—		(647,218)		(27,402)
Other	—		(7,088)		—
Other comprehensive loss (1)	(331)		(39,879)		(4,001)
Fair value at December 31, 2021	$	36,531	$	55,878	$	79,309

Net unrealized gains (losses) on instruments held at December 31, 2021
In earnings	$	—	$	—	$	(28,216)
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)		(10,183)
Change in accrued interest and capitalization of paid-in-kind interest	—		(1,013)		—

Realized and unrealized losses in earnings, net	—		(375)		(19,845)

Other comprehensive loss (1)	—		—		(4,822)
Fair value at December 31, 2022	$	—	$	—	$	44,459

Net unrealized gains (losses) on instruments held at December 31, 2022
In earnings	$	—	$	—	$	(19,845)
In other comprehensive loss	$	—	N/A		N/A

__________

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	12. 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, earnings (losses), and cash flows of OP represent substantially all of the total consolidated assets and liabilities, earnings (losses), and cash flows 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 $94.7 million at December 31, 2022 and $53.1 million at December 31, 2021. The liabilities of the consolidated funds may only be settled using assets of the consolidated funds, and the Company, as general partner, is not obligated to provide any financial support to the consolidated private funds. At December 31, 2022 and December 31, 2021, the consolidated private funds had total assets of $274.2 million and $230.6 million, respectively, and total liabilities of $79.6 million and $63.0 million, respectively, made up primarily of cash, marketable equity securities, unsettled trades, and other equity investment. 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 $748.4 million at December 31, 2022 and $382.7 million at December 31, 2021, included in equity investments, and $1.0 million at December 31, 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 collateralized debt obligations ("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 December 31, 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 21). 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 21)

Supplemental Disclosure of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Year Ended December 31,
(In thousands)	2022		2021		2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $3,206, $1,567 and $852	$	219,851	$	444,365	$	392,004
Cash received, net of cash paid, for income taxes	11,747		5,927		39,151
Operating lease payments	72,891		66,858		31,138
Finance lease payments	15,672		15,346		889
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	(10,599)	$	175,782	$	106,696
Net cash provided by (used in) investing activities of discontinued operations	(23,375)		1,021,239		1,029,647
Net cash used in financing activities of discontinued operations	(18,706)		(658,831)		(940,441)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	16,491	$	15,759	$	18,516
Improvements in operating real estate in accrued and other liabilities	76,832		17,926		27,096
Receivable from loan repayments and asset sales	16,824		14,045		1,858
Operating lease right-of-use assets and lease liabilities established	28,328		31,032		262,169
Finance lease right-of-use assets and lease liabilities established	—		—		148,974

Redemption of OP Units for common stock	341		4,647		7,757
Redemption of redeemable noncontrolling interest for common stock	348,759		—		—

Exchange of notes into shares of Class A common stock	60,317		161,261		—
Assets and liabilities of investment entities liquidated or conveyed to lender (1)	—		—		172,927
Assets consolidated from real estate acquisitions, net of cash and restricted cash	—		—		5,399,611
Liabilities assumed in real estate acquisitions	—		—		1,854,760
Noncontrolling interests assumed in real estate acquisitions	—		—		366,136


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	4,689,188		5,263,443		395,351
Liabilities disposed in sale of equity of investment entities or sale by receiver	3,948,016		4,291,557		235,425
Assets of investment entities deconsolidated (2)	—		351,022		80,921
Liabilities of investment entities deconsolidated (1)	—		—		—
Noncontrolling interests of investment entities sold or deconsolidated (2)	415,098		1,080,134		—

__________

(1) The Company indirectly conveyed the equity of certain of its wellness infrastructure borrower subsidiaries to an affiliate of the lender, which released the Company from all rights and obligations with respect to the assets and previously defaulted debt of these subsidiaries..

(2) Represents deconsolidation of noncontrolling interests upon sale of the Company's equity interests in investment entities (Note 22).

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Total goodwill	$ 761,368	$ 761,368
Goodwill deductible for tax purposes	122,400	133,000
Investment Management
Goodwill [Line Items]
Total goodwill	298,248	298,248
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

Fair Value - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign exchange contracts \| Net Investment Hedging \| Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) transferred from AOCI to earnings	$ 0	$ 0	$ 1,485
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	17,334	58,727	414
Foreign exchange contracts \| Net Investment Hedging \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss) in earnings	17,092	889	(2,727)
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	(1,328)	0
Realized and unrealized loss in earnings	11,533	(213)	(209)
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	$ 20	$ 24

Acquisitions - Narrative (Details) $ in Thousands, € in Millions, $ in Millions	1 Months Ended												3 Months Ended		12 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2023 AUD ($)	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 ($)	Sep. 30, 2021 USD ($) building	Feb. 28, 2021 USD ($) dataCenter	Dec. 31, 2020 USD ($) dataCenter	Oct. 31, 2020 USD ($) dataCenter	Mar. 31, 2022 USD ($) dataCenter	Sep. 30, 2021 USD ($) building	Dec. 31, 2022 USD ($) tenantLease	Dec. 31, 2021 USD ($) tenantLease	Dec. 31, 2020 USD ($) dataCenter
Business Acquisition [Line Items]
Contributions from noncontrolling interests															$ 2,613,962	$ 202,471	$ 1,832,740
Forecast \| AMP Capital Investors International Holdings Limited
Business Acquisition [Line Items]
Acquisition price	$ 316,000
Consideration transferred including working capital	$ 323,500
Post-closing adjustment period	90 days	90 days
Business combination, contingent consideration	$ 129,000	$ 180
Trade name
Business Acquisition [Line Items]
Discount rate for projected net cash flow															10.00%
Useful life															1 year
Discount rate for projected future royalty fees															1.00%
Assembled Workforce
Business Acquisition [Line Items]
Useful life															3 years
Customer relationships and service contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow															6.80%
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															30 years
Minimum \| Site improvements
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															5 years
Minimum \| Towers And Equipment
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															11 years
Minimum \| Data center infrastructure
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															11 years
Minimum \| Furniture, fixtures and equipment
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															1 year
Minimum \| Customer Contracts
Business Acquisition [Line Items]
Useful life															1 year
Minimum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life															19 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															15 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															40 years
Maximum \| Towers And Equipment
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															71 years
Maximum \| Data center infrastructure
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															20 years
Maximum \| Furniture, fixtures and equipment
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life															5 years
Maximum \| Customer Contracts
Business Acquisition [Line Items]
Useful life															15 years
Maximum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life															45 years
Affiliated Entity
Business Acquisition [Line Items]
Number of tenant leases \| tenantLease															15	11
Vantage SDC Expansion Capacity
Business Acquisition [Line Items]
Purchase price									$ 404,500			$ 1,360,000
Percentage of voting interest acquired												90.00%
Number of data centers acquired \| dataCenter												12
Liabilities incurred												$ 2,000,000
Balance sheet investment												$ 200,000
Assets acquisition, balance sheet investment, equity interest percentage												13.00%
Asset acquisition, contingent consideration															$ 198,000
Vantage SDC Expansion Capacity \| Affiliated Entity
Business Acquisition [Line Items]
Purchase price													$ 100,800		$ 161,300
zColo Colocation Data Centers
Business Acquisition [Line Items]
Purchase price										$ 33,000
Number of data centers acquired \| dataCenter										5	39						39
Balance sheet investment											$ 145,000						$ 145,000
Cash											1,200,000
Contributions from noncontrolling interests											$ 500,000
zColo Colocation Data Centers \| Customer relationships and service contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow															10.00%
Useful life															12 years
Vantage SDC Santa Clara
Business Acquisition [Line Items]
Asset acquisition, contingent consideration									$ 56,900
DataBank Data Centers
Business Acquisition [Line Items]
Purchase price						$ 88,700	$ 17,600	$ 32,000
Number of data centers acquired \| dataCenter						4							4
DataBank Data Centers \| DataBank
Business Acquisition [Line Items]
Purchase price					$ 10,900	$ 678,000
Debt assumed						262,500
Equity consideration transferred						$ 415,500
DataBank And zColo United States
Business Acquisition [Line Items]
Purchase price														$ 38,500
Number of buildings acquired \| building									1					1
TowerCo
Business Acquisition [Line Items]
Purchase price			$ 791,300	€ 740.1
Debt assumed			326,100
Equity consideration transferred			278,100
TowerCo \| Investor
Business Acquisition [Line Items]
Equity consideration transferred			$ 213,800

Assets and Related Liabilities Held for Disposition - Discontinued Operations (Details) - USD ($)	Dec. 31, 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	57,387,000		250,246,000
Deferred leasing costs and other intangible assets, net	0		118,300,000
Other assets	139,000		100,720,000
Due from affiliates	0		7,033,000
Total assets held for disposition	57,526,000		3,676,615,000
Liabilities
Debt, net	0		2,869,360,000
Lease intangibles and other liabilities	380,000		219,339,000
Total liabilities related to assets held for disposition	$ 380,000		$ 3,088,699,000
Senior Notes 5.375 Percent Due June 2033 \| Senior Notes
Liabilities
Interest rate		5.375%	5.375%

Debt - Schedule of Convertible and Exchangeable Senior Notes (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Nov. 30, 2021	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal of 5.75% Exchangeable Notes Exchanged				$ 60,317	$ 161,261	$ 0
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

Real Estate - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Real Estate - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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%	17.00%	0.00%
Property operating income \| Held for investment
Real Estate [Line Items]
Depreciation	$ 350.7	$ 275.8	$ 117.1

Summary of Significant Accounting Policies - Schedule of Depreciation (Details)	12 Months Ended
	Dec. 31, 2022
Maximum \| Site improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Maximum \| Building
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Maximum \| Building improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Maximum \| Data center infrastructure
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Maximum \| Furniture, Fixtures, Equipment, And Capitalized Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Minimum \| Site improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum \| Building
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum \| Building improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum \| Data center infrastructure
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum \| Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	1 year
Minimum \| Furniture, Fixtures, Equipment, And Capitalized Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

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


	Year Ended December 31,
(In thousands)	2022		2021		2020
Redeemable noncontrolling interests
Beginning balance	$	359,223	$	305,278	$	6,107
Contributions	11,650		42,514		307,414
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(20,784)		(23,246)		(8,859)
Net income (loss)	(26,778)		34,677		616
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	$	100,574	$	359,223	$	305,278

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Principles of Consolidation

deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Noncontrolling Interests

The redeemable noncontrolling interests in the Company's investment management business was redeemed in May 2022 (Note 10).

Foreign Currency

Fair Value Measurement

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

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.

Fair Value Option

The Company has elected to account for all of its loans receivable and certain equity method investments at fair value.

Business Combinations

Discontinued Operations

Cash and Cash Equivalents

Cash and Cash EquivalentsShort-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits. Also included are unrestricted cash held by subsidiaries in third party accounts that have the general characteristics of demand deposits.

Restricted Cash

Restricted cash consists primarily of cash reserves maintained pursuant to the governing agreements of the various securitized debt of the Company and its subsidiaries.

Real Estate Assets

Real Estate Acquisitions

Real Estate Held for Investment

Real estate held for investment are carried at cost less accumulated depreciation.

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:


Real Estate Assets						Term
Site improvements						5 to 40 years
Building						5 to 50 years

Building improvements						5 to 40 years
Tenant improvements						Lesser of useful life or remaining term of lease
Data center infrastructure						5 to 30 years
Furniture, fixtures and equipment						1 to 8 years

Real Estate Held for Disposition

Foreclosed Properties

Equity Investments

Marketable equity securities are recorded as of trade date. Dividend income is recognized on the ex-dividend date and is included in other income.

Equity Method Investments

Impairment

method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

Loans Receivable

The Company has elected the fair value option for all loans receivable.

For loans that are nonperforming where recognition of interest income is suspended, any interest subsequently collected is recognized on a cash basis by crediting income when received.

Origination and other fees charged to the borrower are recognized immediately as interest income when earned. Costs to originate or purchase loans are expensed as incurred.

Debt Securities

Identifiable Intangibles and Goodwill

Identifiable Intangibles

net cash flows to the business that is attributable to these in-place relationships, and is amortized on a straight-line basis over its estimated useful life.

Impairment

Goodwill

Accounts Receivable and Related Allowance

The Company assesses the collectability of such receivables and establishes an allowance for any balances considered not collectable.

Fixed Assets

Transfers of Financial Assets

Derivative Instruments and Hedging Activities

Changes in fair value of derivatives not designated as accounting hedges are recorded in the statement of operations in other gain (loss).

Leases

Financing Costs

Property Operating Income

Property operating income includes the following:

Lease Income

Rental Income and Tenant Reimbursements

Resident Fee Income

Data Center Service Revenue

Hotel Operating Income

Fee Income

Fee income consists primarily of the following:

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, which constitute a series of distinct services satisfied over time. Management fees are recognized over the life of the investment vehicle as services are provided.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its Liquid Strategies. 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. Incentive fees take the form of a contractual fee arrangement, and unlike carried interests, do not represent an allocation of returns among equity holders of an investment vehicle. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period.

Other Income

Recurring other income includes primarily the following:

Equity Awards Granted by Managed Companies—These were equity awards granted to the Company to be granted

Compensation

Liability-classified stock awards are remeasured at fair value at the end of each reporting period until the award is fully vested.

Income Taxes

Uncertain Tax Positions

Income tax related interests and penalties, if any, are included as a component of income tax benefit (expense).

Earnings Per Share

Reclassifications

Adjustments to Beginning Equity

On January 1, 2020, upon adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—

Accounting Standards Adopted in 2022 and Future Accounting Standards

Accounting Standards Adopted in 2022

Amendment to Lessor Accounting

Acquired Contracts with Customers

Future Accounting Standards

Contractual Sale Restriction on Equity Securities

The Company and its investment company subsidiaries do not currently have equity securities subject to contractual sale restrictions.

Real Estate

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Real Estate

4. Real Estate

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


(In thousands)	December 31, 2022		December 31, 2021
Land	$	257,588	$	206,588
Buildings and improvements	1,573,605		1,235,334

Data center infrastructure	4,427,150		3,845,431


Construction in progress	395,393		77,014
	6,653,736		5,364,367
Less: Accumulated depreciation	(732,438)		(392,083)
Real estate assets, net	$	5,921,298	$	4,972,284

Real Estate Depreciation

Depreciation of real estate held for investment was $350.7 million, $275.8 million and $117.1 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Property Operating Income

Components of property operating income are as follows.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Lease income:
Fixed lease income		$	729,503	$	609,005	$	226,478
Variable lease income		120,442		92,701		38,913
		849,945		701,706		265,391
Data center service revenue		77,561		61,044		47,537
		$	927,506	$	762,750	$	312,928

For the years ended December 31, 2022 and 2021, property operating income from a single customer accounted for approximately 18% and 17%, 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. There was no similar tenant concentration in 2020.

Future Fixed Lease Income


Year Ending December 31,	(In thousands)
2023	$	549,020
2024	418,984
2025	367,996
2026	325,024
2027	284,522
2028 and thereafter	1,480,010
Total	$	3,425,556

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 257,588	$ 206,588
Buildings and improvements	1,573,605	1,235,334
Data center infrastructure	4,427,150	3,845,431
Construction in progress	395,393	77,014
Real estate held for investment, gross	6,653,736	5,364,367
Less: Accumulated depreciation	(732,438)	(392,083)
Real estate assets, net	$ 5,921,298	$ 4,972,284

Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2023	$ 428,792
2024	879,503
2025	1,253,672
2026	2,050,690
2027	600,000
Total	5,212,657	$ 4,922,722
Recourse Debt
Debt Instrument [Line Items]
Total	578,422	638,739
Nonrecourse
Debt Instrument [Line Items]
Total	4,634,235	4,283,983
Secured Debt \| Recourse Debt
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	300,000
2027	0
Total	300,000	300,000
Secured Debt \| Nonrecourse \| Operating
Debt Instrument [Line Items]
2023	228,792
2024	879,003
2025	1,175,250
2026	1,750,690
2027	600,000
Total	4,633,735	4,217,483
Secured Debt \| Nonrecourse \| Other
Debt Instrument [Line Items]
2023	0
2024	500
2025	0
2026	0
2027	0
Total	500	66,500
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
2023	200,000
2024	0
2025	78,422
2026	0
2027	0
Total	278,422
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
Total	$ 278,422	$ 338,739

Discontinued Operations (Details) $ in Thousands	1 Months Ended		12 Months Ended
Discontinued Operations (Details) $ in Thousands	Feb. 28, 2022 USD ($)	Mar. 31, 2021 security	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Other income (loss)
Loss from discontinued operations			$ (148,704)	$ (600,088)	$ (3,199,322)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.			(110,093)	$ (237,458)	(2,240,011)
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			69,202	$ 737,282	1,217,236
Fee income			9,797	58,197	94,399
Interest income			1,075	19,143	73,345
Other income			10,338	29,037	29,450
Revenues from discontinued operations			90,412	843,659	1,414,430
Expenses
Property operating expense			36,669	462,896	799,850
Interest expense			112,947	256,567	353,577
Transaction-related costs and investment expense			21,540	38,820	70,993
Depreciation and amortization			2,339	96,860	337,262
Impairment loss			35,985	317,405	2,556,051
Compensation and administrative expense			38,704	109,620	100,011
Expenses from discontinued operations			248,184	1,282,168	4,217,744
Other income (loss)
Gain on sale of real estate			0	49,429	41,922
Other gain (loss), net			14,490	72,617	(194,860)
Equity method losses			(8,170)	(233,725)	(203,399)
Loss from discontinued operations before income taxes			(151,452)	(550,188)	(3,159,651)
Income tax benefit (expense)			2,748	(49,900)	(39,671)
Loss from discontinued operations			(148,704)	(600,088)	(3,199,322)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.			(110,093)	(237,458)	(2,240,011)
Noncontrolling Interests in Investment Entities \| Held for disposition
Other income (loss)
Loss from discontinued operations attributable to:			(29,145)	(337,685)	(712,771)
Noncontrolling Interests in Operating Company \| Held for disposition
Other income (loss)
Loss from discontinued operations attributable to:			$ (9,466)	$ (24,945)	$ (246,540)
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
Seller Note received in sale of NRF Holdco equity	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]
Seller Note received in sale of NRF Holdco equity	$ 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]
Seller Note received in sale of NRF Holdco equity	$ 293,700
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

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 34,863	$ 38,490	$ 22,892
Compensation expense (including $(410) net reversal, $1,194 and $568 expense related to dividend equivalent rights)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	33,441	38,268	22,892
Amortization of fair value of dividend equivalent right	(410)	1,194	568
Administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 1,422	$ 222	$ 0

Goodwill, Deferred Leasing Costs and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Carrying value		$ 1,092,167	$ 1,187,627
Investment management contracts
Goodwill [Line Items]
Intangible asset impairment	$ 3,800
Carrying value	$ 4,000

Equity-Based Compensation - Narrative (Details) $ in Thousands, shares in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 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		$ 53,900	$ 68,300	$ 17,900
Aggregate unrecognized compensation cost related to restricted stock granted		$ 39,500
Weighted average period of expected cost		1 year 7 months 6 days
Share-based compensation expenses (reversals)		$ 34,863	38,490	22,892
Cumulative effect of adoption of new accounting pronouncement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses (reversals)		$ (3,300)
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)			$ 5,300	$ 2,100
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate unrecognized compensation cost related to restricted stock granted		$ 18,800
Weighted average period of expected cost		1 year 4 months 24 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%
Common stock, shares reserved for future issuance (in shares) \| shares		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

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,912,390	$ 6,984,590	$ 8,926,415
Deconsolidation of investment entities (Note 20)	(376,177)	(1,079,660)	(80,921)
Ending balance	4,469,489	4,912,390	6,984,590
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	42,383	122,123	47,668
Other comprehensive loss before reclassifications	(4,956)	(45,867)	78,750
Amounts reclassified from AOCI	(38,936)	(32,391)	(4,295)
Deconsolidation of investment entities (Note 20)		(1,482)
Ending balance	(1,509)	42,383	122,123
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	9,281
Other comprehensive loss before reclassifications	(2,429)	(12,386)	8,437
Amounts reclassified from AOCI	(200)	(2,998)
Deconsolidation of investment entities (Note 20)		0
Ending balance	(295)	2,334	17,718
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	7,823
Other comprehensive loss before reclassifications	0	(211)	1,844
Amounts reclassified from AOCI	(5,861)	0	(3,595)
Deconsolidation of investment entities (Note 20)		0
Ending balance	0	5,861	6,072
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(233)	(226)
Other comprehensive loss before reclassifications	0	0	(7)
Amounts reclassified from AOCI	0	233
Deconsolidation of investment entities (Note 20)		0
Ending balance	0	0	(233)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	26,502	52,832	139
Other comprehensive loss before reclassifications	(10,923)	(35,001)	52,468
Amounts reclassified from AOCI	(16,793)	10,153	225
Deconsolidation of investment entities (Note 20)		(1,482)
Ending balance	(1,214)	26,502	52,832
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	30,651
Other comprehensive loss before reclassifications	8,396	1,731	16,008
Amounts reclassified from AOCI	(16,082)	(39,779)	(925)
Deconsolidation of investment entities (Note 20)		0
Ending balance	0	7,686	45,734
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	(8,259)
Other comprehensive loss before reclassifications	(4,571)	(65,127)	107,141
Amounts reclassified from AOCI	(9,501)	(15,433)	(968)
Deconsolidation of investment entities (Note 20)		(6,297)
Ending balance	(3,015)	11,057	97,914
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(1,030)	(1,005)
Other comprehensive loss before reclassifications	0	0	(25)
Amounts reclassified from AOCI	0	1,030	0
Deconsolidation of investment entities (Note 20)		0
Ending balance	0	0	(1,030)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	11,057	83,845	(17,913)
Other comprehensive loss before reclassifications	(4,571)	(65,127)	101,853
Amounts reclassified from AOCI	(9,501)	(1,364)	(95)
Deconsolidation of investment entities (Note 20)		(6,297)
Ending balance	(3,015)	11,057	83,845
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	15,099	10,659
Other comprehensive loss before reclassifications	0	0	5,313
Amounts reclassified from AOCI	0	(15,099)	(873)
Deconsolidation of investment entities (Note 20)		0
Ending balance	$ 0	$ 0	$ 15,099

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

17. Income Taxes

As discussed in Note 1, commencing with the taxable year ended December 31, 2022, the Company is taxed as a C Corporation, except for subsidiaries that have elected or anticipate electing REIT status. Given the availability of significant capital loss and NOL carryforwards, the Company’s transition from a REIT to a taxable C Corporation, in and of itself, did not result in significant incremental current income tax expense in 2022. The Company's primary source of income subject to tax remains its investment management business, which was already subject to tax previously through its TRS.

Income Tax Benefit (Expense)

The components of current and deferred tax benefit (expense), excluding amounts related to discontinued operations (Note 22), are as follows.


	Year Ended December 31,
(In thousands)	2022		2021		2020
Current
Federal	$	3,935	$	3,355	$	(3,019)
State and local	(1,143)		(20)		(104)
Foreign	(864)		(347)		(327)
Total current tax benefit (expense)	1,928		2,988		(3,450)
Deferred
Federal	(13,734)		94,659		41,603
State and local	(2,405)		2,491		8,910
Foreign	744		400		—
Total deferred tax benefit (expense)	(15,395)		97,550		50,513
Income tax benefit (expense) on continuing operations	$	(13,467)	$	100,538	$	47,063

The Company has no income tax benefits recognized for uncertain tax positions.

Deferred Income Tax Asset and Liability

Deferred tax asset and deferred tax liability are presented within other assets, and accrued and other liabilities, respectively.

The components of deferred tax asset and deferred tax liability are as follows, excluding amounts in connection with assets held for disposition.


(In thousands)	December 31, 2022		December 31, 2021
Deferred tax asset
Capital losses (1)	$	252,904	$	—
Net operating losses (2)	92,224		21,552
Investment in partnerships	317,048		—
Equity-based compensation	11,856		11,486
Real estate, leases and related intangible liabilities	3,987		14,853


Deferred income	2,086		535
Deferred interest expense	5,556		1,799
Lease liability—corporate offices	16,130		19,295
Other	5,847		—
Gross deferred tax asset	707,638		69,520
Valuation allowance	(679,057)		(12,766)
Deferred tax asset, net of valuation allowance	28,581		56,754
Deferred tax liability
Investment in partnerships	—		22,399
Real estate, leases and related intangible assets	3,026		—
Other intangible assets	11,754		5,528
ROU lease asset—corporate offices	11,376		14,274

Other	381		7,857
Gross deferred tax liability	26,537		50,058
Net deferred tax asset	$	2,044	$	6,696

__________

(1) At December 31, 2022, deferred tax asset was recognized on capital losses of $1.0 billion, which expire between 2024 and 2027, with full valuation allowance established.

(2) At December 31, 2022 and 2021, deferred tax asset was recognized on NOL of $378.7 million and $89.8 million, respectively, for which full valuation allowance was established in 2022 and partial in 2021. NOL, which is largely attributable to U.S. federal losses incurred after December 31, 2017, can be carried forward indefinitely.

Valuation Allowance

Changes in the deferred tax asset valuation allowance are presented below, which include activities classified as continuing and discontinued operations:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Beginning balance	$	12,766	$	1,852	$	—
Addition	666,291		33,756		1,852


Utilization, expiration and/or reversal	—		(22,842)		—
Ending balance	$	679,057	$	12,766	$	1,852

In 2022, significant deferred tax assets were recognized with an offsetting valuation allowance. As a result of the Company's transition to a taxable C Corporation, $400.2 million of deferred tax asset was recognized as of January 1, 2022 related principally to capital loss carryforwards and outside basis difference in DBRG's interest in the OP, and $134.2 million was recorded during the year related to changes in DBRG’s interest in the OP that were treated as equity transactions. Outside basis difference in investment in partnerships along with NOL generated by a subsidiary during the year further contributed to the deferred tax asset balance in 2022. At December 31, 2022, it was determined that the realizability of these deferred tax assets did not meet the more-likely-than-not threshold, and consequently, a full valuation allowance was established against these deferred tax assets. In assessing realizability, the Company determined that there were no prudent and feasible tax planning strategies that the Company could employ to reasonably assure the future realizability of its carryforward losses and other deferred tax assets. In the absence of tax planning strategies and given the Company’s history of cumulative operating losses, which was largely a product of the recent transition in the Company's business, it was difficult to overcome the resulting uncertainties over the Company’s ability to generate future taxable income to realize these deferred tax assets. In future periods, if the realizability of all or some portion of these deferred tax assets becomes more likely than not, the associated valuation allowance would be reversed as a deferred tax benefit.

Foreign Subsidiary Earnings

The Company has evaluated all unremitted earnings of its foreign subsidiaries, which may be repatriated at the Company’s election, and has not recorded any deferred tax liability as no material taxes are expected to be due if and when these amounts are repatriated.

Effective Income Tax

The Company's income tax benefit attributable to continuing operations varied from the amount computed by applying the statutory income tax rate to loss from continuing operations before income taxes. The following table presents a reconciliation of the statutory U.S. income tax to the Company's effective income tax attributable to continuing operations:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Loss from continuing operations before income taxes	$	(407,826)	$	(317,361)	$	(638,151)
Loss from continuing operations before income taxes attributable to pass-through subsidiaries	NA		198,180		386,352
Loss from continuing operations before income taxes attributable to taxable subsidiaries	(407,826)		(119,181)		(251,799)
Federal income tax benefit at statutory tax rate (21%)	85,643		25,028		52,878
State and local income taxes, net of federal income tax benefit	23,944		3,721		3,008
Foreign income tax differential	782		(86)		—

Noncontrolling interests	(44,014)		—		—
Separately taxable subsidiaries of OP	21,226		—		—
Change in ownership of OP, including equity reallocation (Note 2)	(2,838)		—		—
Equity-based compensation	1,971		1,814		(4,121)
DataBank REIT election	—		79,547		—
Valuation allowance (1)	(95,344)		(10,914)		(1,852)
Other, net	(4,837)		1,428		(2,850)
Income tax benefit (expense) on continuing operations	$	(13,467)	$	100,538	$	47,063

__________

(1) Excludes changes in valuation allowance related to the Company's transition to taxable C Corporation as of January 1, 2022, outside basis difference in changes in DBRG’s interest in the OP that were treated as equity transactions, and other activities associated with discontinued operations.

In 2021, the Company's DataBank subsidiary completed a restructuring of its operations to qualify as a REIT and elected REIT status for U.S. federal income tax purposes for the 2021 taxable year. As a result, DataBank recorded a net deferred tax benefit of $66.8 million in 2021, reflecting principally the write-off of its deferred tax liabilities. As a REIT, DataBank is generally not subject to U.S. federal income taxes on its taxable income to the extent that it annually distributes such taxable income to its stockholders and maintains certain asset and income requirements. However, DataBank continues to be subject to U.S. federal income taxes on income earned by its taxable subsidiaries.

Tax Examinations

The Company is no longer subject to new income tax examinations by tax authorities for years prior to 2018.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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




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

__________

(1) Remaining goodwill deductible for income tax purposes was $122.4 million at December 31, 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.


	December 31, 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)	$	1,239,477	$	(397,975)	$	841,502	$	1,148,441	$	(256,987)	$	891,454
Investment management intangibles (3)	164,189		(82,432)		81,757		164,189		(61,435)		102,754
Customer relationships and service contracts (4)	218,154		(62,788)		155,366		218,064		(44,496)		173,568
Trade names	26,400		(15,656)		10,744		26,400		(11,266)		15,134
Other (5)	6,818		(4,020)		2,798		6,818		(2,101)		4,717
Total deferred leasing costs and intangible assets	$	1,655,038	$	(562,871)	$	1,092,167	$	1,563,912	$	(376,285)	$	1,187,627
Intangible Liabilities
Lease intangible liabilities (2)	$	46,636	$	(16,812)	$	29,824	$	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:


	Year Ended December 31,
(In thousands)		2022		2021		2020



Net increase (decrease) to rental income (1)		$	273	$	(2,471)	$	(1,989)



Amortization expense
Deferred leasing costs and lease-related intangibles		$	154,116	$	165,940	$	75,099
Investment management intangibles		20,997		26,028		25,285
Customer relationships and service contracts		25,885		31,040		13,297
Trade name		4,392		22,053		4,503
Other		1,911		1,882		174
		$	207,301	$	246,943	$	118,358

__________

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

Schedule of Estimated Annual Amortization Expense


	Year Ending December 31,
(In thousands)	2023		2024		2025		2026		2027		2028 and thereafter		Total



Net increase (decrease) to rental income	$	(978)	$	(1,701)	$	(1,603)	$	(1,623)	$	(1,016)	$	1,252	$	(5,669)







Amortization expense	153,861		123,262		111,393		104,813		93,913		469,432		1,056,674

- Definition

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

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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 reconciliation to the consolidated statement of operations.


(In thousands)	Investment Management		Operating		Corporate and Other		Total
Year Ended December 31, 2022



Total revenues	$	182,045	$	884,874	$	77,653	$	1,144,572
Property operating expense	—		(376,255)		(13,190)		(389,445)
Interest expense	(10,872)		(159,409)		(28,217)		(198,498)
Investment expense and transaction costs	(9,007)		(24,338)		(10,671)		(44,016)
Depreciation and amortization	(22,155)		(532,640)		(22,116)		(576,911)

Compensation expense, including $202,286 of incentive fee and carried interest compensation	(303,719)		(90,505)		(53,319)		(447,543)

Administrative expense	(21,515)		(30,915)		(70,754)		(123,184)
Other loss, net	(3,341)		(808)		(166,406)		(170,555)
Equity method earnings, including carried interest	382,463		—		15,291		397,754
Income tax benefit (expense)	(7,815)		(335)		(5,317)		(13,467)

Income (loss) from continuing operations	186,084		(330,331)		(277,046)		(421,293)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	69,884		(53,178)		(228,410)		(211,704)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(110,093)
Net loss attributable to DigitalBridge Group, Inc.							$	(321,797)

Year Ended December 31, 2021



Total revenues	$	191,682	$	763,199	$	10,918	$	965,799
Property operating expense	—		(316,178)		—		(316,178)
Interest expense	(4,766)		(125,387)		(56,796)		(186,949)
Investment expense and transaction costs	(3,423)		(21,835)		(8,780)		(34,038)
Depreciation and amortization	(26,736)		(495,342)		(17,617)		(539,695)

Compensation expense, including $65,890 of incentive fee and carried interest compensation	(136,945)		(76,213)		(88,717)		(301,875)
Administrative expense	(21,683)		(36,867)		(50,940)		(109,490)
Other gain (loss), net	797		(1,293)		(20,916)		(21,412)
Equity method earnings, including carried interest	101,811		—		124,666		226,477
Income tax benefit (expense)	(9,822)		79,075		31,285		100,538
Income (loss) from continuing operations	90,915		(230,841)		(76,897)		(216,823)

Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	51,531		(36,664)		(87,506)		(72,639)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(237,458)
Net loss attributable to DigitalBridge Group, Inc.							$	(310,097)


(In thousands)	Investment Management		Operating		Corporate and Other		Total
Year Ended December 31, 2020



Total revenues	$	85,782	$	313,283	$	17,365	$	416,430
Property operating expense	—		(119,729)		(105)		(119,834)
Interest expense	—		(77,976)		(42,853)		(120,829)
Investment expense and transaction costs	(204)		(6,704)		(11,925)		(18,833)
Depreciation and amortization	(26,056)		(210,188)		(4,776)		(241,020)
Impairment loss	(3,832)		—		(21,247)		(25,079)
Compensation expense, including $1,906 of incentive fee and carried interest compensation	(47,959)		(37,005)		(93,094)		(178,058)

Administrative expense	(9,724)		(14,960)		(54,082)		(78,766)
Settlement and other gain (loss), net	169		(245)		(11,507)		(11,583)
Equity method earnings (losses), including carried interest	13,039		—		(273,618)		(260,579)
Income tax benefit (expense)	(60)		21,461		25,662		47,063
Income (loss) from continuing operations	11,155		(132,063)		(470,180)		(591,088)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	10,423		(20,903)		(425,268)		(435,748)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.							(2,240,011)
Net loss attributable to DigitalBridge Group, Inc.							$	(2,675,759)

Assets and Equity Method Investments of Reportable Segments

Total assets and equity method investments of reportable segments, including reconciliation to the consolidated balance sheet, are summarized as follows:


	December 31, 2022				December 31, 2021
(In thousands)	Total Assets		Equity Method Investments		Total Assets		Equity Method Investments
Investment Management	$	875,422	$	393,414	$	655,152	$	140,027
Operating	8,149,171		—		7,608,451		—
Corporate and Other	1,946,384		576,840		2,257,598		533,069
	10,970,977		970,254		10,521,201		673,096
Assets held for disposition related to discontinued operations	57,526		54,495		3,676,615		182,552
	$	11,028,503	$	1,024,749	$	14,197,816	$	855,648

Revenue by Geographic Areas


	Year Ended December 31,
(In thousands)		2022		2021		2020
Total income by geography:
United States		$	1,494,713	$	1,112,265	$	382,920
Europe		58,548		18,147		1,442
Other		45,090		51,679		17,126
Total (1)		$	1,598,351	$	1,182,091	$	401,488


(In thousands)	December 31, 2022		December 31, 2021
Long-lived assets by geography:
United States	$	6,566,576	$	5,792,711
Europe	95,217		109,555
Other	720,282		633,618
Total (2)	$	7,382,075	$	6,535,884

__________

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative effect of adoption of new accounting pronouncement	Total Stockholders’ Equity	Total Stockholders’ Equity Cumulative effect of adoption of new accounting pronouncement	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative effect of adoption of new accounting pronouncement	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Investment Entities Cumulative effect of adoption of new accounting pronouncement	Noncontrolling Interests in Operating Company	Noncontrolling Interests in Operating Company Cumulative effect of adoption of new accounting pronouncement	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, 2019	$ 8,926,415	$ (5,113)	$ 5,216,043	$ (3,187)	$ 999,490	$ 4,878	$ 7,553,599	$ (3,389,592)	$ (3,187)	$ 47,668	$ 3,254,188	$ (1,577)	$ 456,184	$ (349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,791,026)		(2,675,759)					(2,675,759)			(812,547)		(302,720)
Other comprehensive income (loss)	188,307		73,991							73,991	106,173		8,143
Fair value of noncontrolling interests assumed in acquisitions	366,136										366,136
Deconsolidation of investment entities (Note 20)	(80,921)										(80,921)
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
Common stock repurchases	(24,749)		(24,749)			(127)	(24,622)
Redemption of OP Units for common stock															$ 0	$ 7,757	$ 22	$ 7,735	$ (7,757)
Equity awards issued, net of forfeitures	39,206		35,361			96	35,265				1,172		2,673
Shares canceled for tax withholdings on vested equity awards	(7,749)		(7,749)			(28)	(7,721)
Costs of noncontrolling interests	(6,707)		(6,707)				(6,707)
Warrant issuance (Note 10)	20,240		20,240				20,240
Contributions from noncontrolling interests	1,832,740										1,832,740
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(345,271)										(339,414)		(5,857)
Preferred stock dividends	(74,064)		(74,064)					(74,064)
Common stock dividend declared ($0.01 per share)	(52,854)		(52,854)					(52,854)
Reallocation of equity (Notes 2 and 10)	0		(6,852)				(7,316)			464	1,422		5,430
Ending 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 loss	(851,588)		(310,097)					(310,097)			(500,980)		(40,511)
Other comprehensive income (loss)	(167,945)		(79,113)							(79,113)	(80,560)		(8,272)
Deconsolidation of investment entities (Note 20)	(1,079,660)		474				1,956			(1,482)	(1,080,134)
Redemption of preferred stock (Note 9)	(150,250)		(150,250)		(145,258)		(4,992)
Exchange of notes for common stock (Note 8)	182,207		182,207			734	181,473
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
Shares issued pursuant to settlement liability	47,042		47,042			60	46,982
Redemption of OP Units for common stock															0	4,647	20	4,627	(4,647)
Equity awards issued, net of forfeitures	58,029		51,290			66	51,224				2,841		3,898
Shares canceled for tax withholdings on vested equity awards	(19,360)		(19,360)			(29)	(19,331)
Contributions from noncontrolling interests	202,471										202,471
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(222,519)										(222,519)
Preferred stock dividends	(70,627)		(70,627)					(70,627)
Reallocation of equity (Notes 2 and 10)	0		(10,750)				(11,605)			855	4,682		6,068
Ending 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 loss	(543,219)		(321,797)					(321,797)			(189,053)		(32,369)
Other comprehensive income (loss)	(61,840)		(44,021)							(44,021)	(14,072)		(3,747)
Deconsolidation of investment entities (Note 20)	(376,177)										(376,177)
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)	(725,026)		(725,026)				(725,026)
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
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest (Note 10)	5,200		5,200				5,200
Common stock repurchases	(107,785)		(107,785)		(53,877)	(168)	(53,740)
Cost of DataBank recapitalization	(34,369)		(13,122)				(13,122)				(21,247)
DataBank recapitalization (Note 10)	0		230,238				230,238				(230,238)
Redemption of OP Units for common stock	(32,076)										(32,076)				$ 0	$ 341	$ 4	$ 337	$ (341)
Equity awards issued, net of forfeitures	55,328		39,996			63	39,933				12,834		2,498
Shares canceled for tax withholdings on vested equity awards	(18,239)		(18,239)			(27)	(18,212)
Contributions from noncontrolling interests	2,613,962										2,613,962
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(1,677,551)										(1,677,297)		(254)
Preferred stock dividends	(61,401)		(61,401)					(61,401)
Common stock dividend declared ($0.01 per share)	(3,235)		(3,235)					(3,235)
Reallocation of equity (Notes 2 and 10)	0		13,175				13,046			129			(13,175)
Ending balance at Dec. 31, 2022	$ 4,469,489		$ 1,660,698		$ 800,355	$ 6,397	$ 7,818,068	$ (6,962,613)		$ (1,509)	$ 2,743,896		$ 64,895

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 359,223	$ 305,278	$ 6,107
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(1,677,551)	(222,519)	(345,271)
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	725,026	0	0
Redemption of Wafra's interest	(32,076)
Reclassification of warrants held by Wafra to liability in May 2022 (Note 7)	(81,400)	0	0
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022	(4,087)	0	0
Ending balance	100,574	359,223	305,278
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	11,650	42,514	307,414
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(20,784)	(23,246)	(8,859)
Net income (loss)	(26,778)	34,677	616
Redemption of Wafra's interest	$ (862,276)	$ 0	$ 0

Fair Value - Narrative (Details)	1 Months Ended			12 Months Ended
Fair Value - Narrative (Details)	Jun. 30, 2021 USD ($) shares	Jul. 31, 2020 security $ / shares shares	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold short—consolidated funds				$ 40,928,000	$ 37,970,000
CLO subordinated notes				50,927,000	0
Derivative assets				11,793,000	944,000
Fair value of warrants				17,700,000	0
Decrease in fair value of warrants				63,700,000
Loans 90 days ore more past due				0	0
Loans on nonaccrual, fair value				4,600,000
Loans on nonaccrual				5,800,000
Equity method investments				$ 970,254,000	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				0.408
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					173,500,000
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 11)
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				40,900,000	38,000,000
Level 1 \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities				155,866,000	201,912,000
Level 1 \| Equity Securities \| Long
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities				155,900,000	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				0.105
Level 3 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans receivable, fair value				$ 137,900,000	$ 82,900,000
Principal Amount Outstanding of Loans Held-in-portfolio				167,800,000
Level 3 \| Recurring \| Equity Investment of Consolidated Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Investment				$ 46,770,000	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				0.101
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				$ 34,500,000	44,600,000
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount				$ 321,100,000	182,300,000
Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount					$ 2,000,000,000

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	$ 1,655,038	$ 1,563,912
Accumulated Amortization	(562,871)	(376,285)
Net Carrying Amount	1,092,167	1,187,627
Intangible Liabilities
Carrying Amount (Net of Impairment)	46,636	44,076
Accumulated Amortization	(16,812)	(10,775)
Net Carrying Amount	29,824	33,301
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	1,239,477	1,148,441
Accumulated Amortization	(397,975)	(256,987)
Net Carrying Amount	841,502	891,454
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	164,189	164,189
Accumulated Amortization	(82,432)	(61,435)
Net Carrying Amount	81,757	102,754
Customer relationships and service contracts
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	218,154	218,064
Accumulated Amortization	(62,788)	(44,496)
Net Carrying Amount	155,366	173,568
Trade name
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	26,400	26,400
Accumulated Amortization	(15,656)	(11,266)
Net Carrying Amount	10,744	15,134
Other
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	6,818	6,818
Accumulated Amortization	(4,020)	(2,101)
Net Carrying Amount	$ 2,798	$ 4,717

Fee Income - Narrative (Details) - Base Management Fees - Private funds - Fee income	12 Months Ended
	Dec. 31, 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%

Segment Reporting - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 11,028,503	$ 14,197,816
Equity Method Investments	970,254	673,096
Equity Method Investments, including discontinued operations	1,024,749	855,648
Held for disposition
Segment Reporting Information [Line Items]
Total Assets	57,526	3,676,615
Equity Method Investments	54,495	182,552
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	875,422	655,152
Equity Method Investments	393,414	140,027
Operating Segments \| Operating
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	8,149,171	7,608,451
Equity Method Investments	0	0
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	1,946,384	2,257,598
Equity Method Investments	576,840	533,069
Operating Segments And Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Assets, excluding discontinued operations	10,970,977	10,521,201
Equity Method Investments	$ 970,254	$ 673,096

Earnings per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Net income (loss) allocated to common stockholders
Loss from continuing operations	$ (421,293)	$ (216,823)	$ (591,088)
Loss from continuing operations attributable to noncontrolling interests	209,589	144,184	155,340
Loss from continuing operations attributable to DigitalBridge Group, Inc.	(211,704)	(72,639)	(435,748)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.	(110,093)	(237,458)	(2,240,011)
Preferred stock repurchases/redemptions (Note 9)	1,098	(4,992)	0
Preferred dividends	(61,567)	(70,627)	(75,023)
Net loss attributable to common stockholders	(382,266)	(385,716)	(2,750,782)
Net income allocated to participating securities	(34)	0	(1,250)
Net loss allocated to common stockholders—basic	(382,300)	(385,716)	(2,752,032)
Interest expense attributable to convertible and exchangeable notes	0	0	0
Net loss allocated to common stockholders—diluted	$ (382,300)	$ (385,716)	$ (2,752,032)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	154,495,000	122,864,000	118,389,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	154,495,000	122,864,000	118,389,000
Income (loss) per share—basic
Loss from continuing operations (in dollars per share) \| $ / shares	$ (1.76)	$ (1.21)	$ (4.33)
Loss from discontinued operations (in dollars per share) \| $ / shares	(0.71)	(1.93)	(18.92)
Net loss attributable to common stockholders per common share - basic (in dollars per share) \| $ / shares	(2.47)	(3.14)	(23.25)
Income (loss) per share—diluted
Loss from continuing operations (in dollars per share) \| $ / shares	(1.76)	(1.21)	(4.33)
Loss from discontinued operations (in dollars per share) \| $ / shares	(0.71)	(1.93)	(18.92)
Net loss attributable to common stockholders per common share - diluted (in dollars per share) \| $ / shares	$ (2.47)	$ (3.14)	$ (23.25)
Conversion ratio	1
Convertible Debt Securities
Income (loss) per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 16,600	$ 54,700	$ 29,900
Weighted average dilutive common share (in shares) \| shares	12,901,700	33,849,100	21,869,600
Debt extinguishment loss excluded from diluted EPS	$ 133,200
Performance Shares
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	1,298,900	2,712,700	1,444,200
Common Stock Warrants
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	1,742,800	2,659,400	215,500
OP Units
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	12,628,900	12,613,800	12,769,200

Transactions with Affiliates

12 Months Ended

Dec. 31, 2022

Transactions with Affiliates

16. 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 21):


(In thousands)	December 31, 2022		December 31, 2021
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	35,010	$	41,859
Cost reimbursements and recoverable expenses	7,031		7,317


Employees and other affiliates	3,319		54
	$	45,360	$	49,230
Due to Affiliates (Note 7)
Investment vehicles—Derivative obligation	$	11,793	$	—
Employees and other affiliates	658		—
	$	12,451	$	—

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 14, except for amounts included within discontinued operations (Note 22) and assets held for disposition (Note 21). Substantially all fee income are from affiliates, other than primarily fees from sub-advisory accounts.

Cost Reimbursements and Recoverable Expenses —The Company receives reimbursements and recovers certain costs paid on behalf of investment vehicles sponsored by the Company, which include: (i) organization and offering costs related to the formation and capital raising of the investment vehicles up to specified thresholds; (ii) costs incurred in performing investment due diligence; and (iii) direct and indirect operating costs for managing the operations of certain investment vehicles.

Such cost reimbursements and recoverable expenses, included in other income, totaled $4.3 million in 2022, $10.2 million in 2021 and $8.8 million in 2020.

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 were reflected in other income within discontinued operations (Note 22).

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.

In the second half of 2022, the Company transferred all of its warehoused loans and the investment in TowerCo to its new sponsored funds and received an aggregate return of capital of $413.2 million, inclusive of holding fees.

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 11). 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 novation of the contracts to the fund, which occurred in January 2023. At December 31, 2022, the foreign currency contracts were in an unrealized gain position. The Company recorded a payable in due to affiliates to reflect the fund's obligation to assume the resulting asset from the foreign currency contracts, with a corresponding loss 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.

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 $70.4 million at December 31, 2022 and $20.8 million at December 31, 2021. Carried interest allocated is recorded as net income attributable to noncontrolling interests totaling $65.0 million in 2022, $17.6 million in 2021 and $3.2 million in 2020. 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. Such investments in consolidated investment vehicles and general partner entities totaled $17.7 million at December 31, 2022 and $19.5 million at December 31, 2021, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income was $2.2 million in 2022, $2.1 million in 2021 and $0.8 million in 2020. 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 $2.7 million in 2022, $3.0 million in 2021 and $1.8 million in 2020.

Investment Venture—Pursuant to an investment agreement entered into between a subsidiary of the Company and Thomas J. Barrack, the Company's former Executive Chairman, effective April 1, 2021, the Company invested $26.0 million in Mr. Barrack's newly formed investment entity (the “Venture”), which entitles the Company to a portion of carried interest payable to Mr. Barrack from the Venture. Following subsequent events which significantly reduced the likelihood that fundraising by the Venture will sufficiently support its value, the Company determined that its investment would likely not be recoverable and wrote off its investment as of June 30, 2021.

Advancement of Expenses—Effective April 1, 2021, Mr. 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 Company's 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 $27.6 million in 2022 and $5.6 million in 2021.

Debt - Components of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 5,212,657	$ 4,922,722
Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	578,422	638,739
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	4,634,235	4,283,983
Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal	4,218,657	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	3,640,235	3,646,466
Variable Rate
Debt Instrument [Line Items]
Outstanding Principal	994,000	637,517
Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	0	0
Variable Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	994,000	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	3 years 8 months 12 days	4 years 8 months 12 days
Secured Debt \| Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 4,633,735	$ 4,217,483
Weighted Average Interest Rate (Per Annum)	3.71%	2.88%
Weighted Average Years Remaining to Maturity	3 years	4 years 1 month 6 days
Secured Debt \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 500	$ 66,500
Weighted Average Interest Rate (Per Annum)	5.96%	1.31%
Weighted Average Years Remaining to Maturity	1 year 7 months 6 days	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	3 years 8 months 12 days	4 years 8 months 12 days
Secured Debt \| Fixed Rate \| Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 3,640,235	$ 3,646,466
Weighted Average Interest Rate (Per Annum)	2.43%	2.44%
Weighted Average Years Remaining to Maturity	3 years 1 month 6 days	4 years 1 month 6 days
Secured Debt \| Fixed Rate \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Secured Debt \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0
Weighted Average Years Remaining to Maturity	3 years 8 months 12 days	4 years 8 months 12 days
Secured Debt \| Variable Rate \| Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 993,500	$ 571,017
Weighted Average Interest Rate (Per Annum)	8.41%	5.74%
Weighted Average Years Remaining to Maturity	2 years 7 months 6 days	4 years
Secured Debt \| Variable Rate \| Other \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 500	$ 66,500
Weighted Average Interest Rate (Per Annum)	5.96%	1.31%
Weighted Average Years Remaining to Maturity	1 year 7 months 6 days	1 year 7 months 6 days
Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	$ 278,422
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	10 months 24 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	10 months 24 days	2 years 2 months 12 days
Convertible and Exchangeable Senior Notes \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0	$ 0

Fee Income (Tables)

12 Months Ended

Dec. 31, 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 22).


	Year Ended December 31,
(In thousands)		2022		2021		2020
Management fees		$	169,922	$	168,618	$	78,421
Incentive fees		—		7,174		35
Other fees		2,751		5,034		4,899
Total fee income		$	172,673	$	180,826	$	83,355

Supplemental Disclosure of Cash Flow Information

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information

20. Supplemental Disclosure of Cash Flow Information


	Year Ended December 31,
(In thousands)	2022		2021		2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $3,206, $1,567 and $852	$	219,851	$	444,365	$	392,004
Cash received, net of cash paid, for income taxes	11,747		5,927		39,151
Operating lease payments	72,891		66,858		31,138
Finance lease payments	15,672		15,346		889
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	(10,599)	$	175,782	$	106,696
Net cash provided by (used in) investing activities of discontinued operations	(23,375)		1,021,239		1,029,647
Net cash used in financing activities of discontinued operations	(18,706)		(658,831)		(940,441)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	16,491	$	15,759	$	18,516
Improvements in operating real estate in accrued and other liabilities	76,832		17,926		27,096
Receivable from loan repayments and asset sales	16,824		14,045		1,858
Operating lease right-of-use assets and lease liabilities established	28,328		31,032		262,169
Finance lease right-of-use assets and lease liabilities established	—		—		148,974

Redemption of OP Units for common stock	341		4,647		7,757
Redemption of redeemable noncontrolling interest for common stock	348,759		—		—

Exchange of notes into shares of Class A common stock	60,317		161,261		—
Assets and liabilities of investment entities liquidated or conveyed to lender (1)	—		—		172,927
Assets consolidated from real estate acquisitions, net of cash and restricted cash	—		—		5,399,611
Liabilities assumed in real estate acquisitions	—		—		1,854,760
Noncontrolling interests assumed in real estate acquisitions	—		—		366,136


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	4,689,188		5,263,443		395,351
Liabilities disposed in sale of equity of investment entities or sale by receiver	3,948,016		4,291,557		235,425
Assets of investment entities deconsolidated (2)	—		351,022		80,921
Liabilities of investment entities deconsolidated (1)	—		—		—
Noncontrolling interests of investment entities sold or deconsolidated (2)	415,098		1,080,134		—

__________

(2) Represents deconsolidation of noncontrolling interests upon sale of the Company's equity interests in investment entities (Note 22).

Equity and Debt Investments - Combined Financial Information of Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets	$ 11,028,503	$ 14,197,816
Total liabilities	6,458,440	8,926,203
Owners' equity	1,660,698	2,146,934
Income Statement [Abstract]
Total revenues	1,144,572	965,799	$ 416,430
Net income (loss)	(569,997)	(816,911)	(3,790,410)
Net income (loss) attributable to owners	(321,797)	(310,097)	(2,675,759)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets	27,257,852	19,383,775
Total liabilities	3,440,418	5,500,143
Owners' equity	23,816,178	13,847,605
Noncontrolling interests	1,256	36,027
Income Statement [Abstract]
Total revenues	246,585	264,237	345,053
Net income (loss)	2,197,778	667,381	(323,058)
Net income (loss) attributable to noncontrolling interests	1,001	(3,535)	(34,602)
Net income (loss) attributable to owners	$ 2,196,777	$ 670,916	$ (288,456)

Stockholders' Equity

12 Months Ended

Dec. 31, 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, 2019	41,350	121,761	183

Shares issued upon redemption of OP Units	—	546	—

Repurchase of common stock, net (1)	—	(3,183)	—
Equity-based compensation, net of forfeitures	—	2,419	—
Shares canceled for tax withholding on vested stock awards	—	(692)	—
Shares outstanding at December 31, 2020	41,350	120,851	183

Redemption of preferred stock	(6,010)	—	—
Exchange of notes for class A common stock	—	18,341	—
Shares issued upon redemption of OP Units	—	501	—

Conversion of class B to class A common stock	—	17	(17)
Shares issued pursuant to settlement liability (2)	—	1,488	—
Equity awards issued, net of forfeitures	—	1,645	—
Shares canceled for tax withholding on vested equity awards	—	(699)	—
Shares outstanding at December 31, 2021	35,340	142,144	166





Stock repurchases	(2,229)	(4,195)	—
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	—	1,589	—
Shares canceled for tax withholding on vested equity awards	—	(699)	—
Shares outstanding at December 31, 2022	33,111	159,763	166

__________

(1) Shares repurchased in 2020 are presented net of reissuance of 964,160 shares of class A common stock in connection with a settlement liability. In 2021, the liability was settled through the reissuance of some of the repurchased shares that were held in a subsidiary (Note 11). Shares repurchased and not reissued were cancelled.

(2) In 2021, the settlement liability was settled through the reissuance of some of the shares previously repurchased and held in a subsidiary (Note 11). Shares of class A common stock repurchased and not reissued in the settlement of the liability were subsequently cancelled.

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 December 31, 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 at $0.01 per share beginning the third quarter of 2022, having previously suspended common stock dividends from the second quarter of 2020 through the second quarter of 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

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. 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.

Stock Repurchases and Redemptions

Pursuant to a $200 million stock repurchase program announced in July 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) 4,195,020 shares of class A common stock for $54.9 million, or a weighted average price of $13.09 per share, in the third and fourth quarters of 2022. The program expires on June 30, 2023 and may be extended, modified, or discontinued at any time by the Company's Board of Directors.

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.

In January 2020, the Company settled the December 2019 redemption of its outstanding Series B and Series E preferred stock for $402.9 million. During the first quarter of 2020, pursuant to a $300 million stock repurchase program that expired in May 2020, the Company repurchased 3,183,301 shares of class A common stock for $24.6 million, or a weighted average price of $7.73 per share.

With respect to 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.

Accumulated Other Comprehensive Income (Loss)

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, 2019	$	9,281	$	7,823	$	(226)	$	139	$	30,651	$	47,668

Other comprehensive income (loss) before reclassifications	8,437		1,844		(7)		52,468		16,008		78,750
Amounts reclassified from AOCI			(3,595)				225		(925)		(4,295)
AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(12,386)		(211)		—		(35,001)		1,731		(45,867)
Amounts reclassified from AOCI	(2,998)		—		233		10,153		(39,779)		(32,391)
Deconsolidation of investment entities	—		—		—		(1,482)		—		(1,482)
AOCI at December 31, 2021	$	2,334	$	5,861	$	—	$	26,502	$	7,686	$	42,383


Other comprehensive income (loss) before reclassifications	(2,429)		—		—		(10,923)		8,396		(4,956)
Amounts reclassified from AOCI	(200)		(5,861)		—		(16,793)		(16,082)		(38,936)

AOCI at December 31, 2022	$	(295)	$	—	$	—	$	(1,214)	$	—	$	(1,509)

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, 2019	$	(1,005)	$	(17,913)	$	10,659	$	(8,259)
Other comprehensive income (loss) before reclassifications	(25)		101,853		5,313		107,141
Amounts reclassified from AOCI	—		(95)		(873)		(968)
AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive loss before reclassifications	—		(65,127)		—		(65,127)
Amounts reclassified from AOCI	1,030		(1,364)		(15,099)		(15,433)
Deconsolidation of investment entities	—		(6,297)		—		(6,297)
AOCI at December 31, 2021	$	—	$	11,057	$	—	$	11,057


Other comprehensive loss before reclassifications	—		(4,571)		—		(4,571)
Amounts reclassified from AOCI	—		(9,501)		—		(9,501)

AOCI at December 31, 2022	$	—	$	(3,015)	$	—	$	(3,015)

Reclassifications out of AOCI—Stockholders

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)	Year Ended December 31,								Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings		2022			2021			2020

Relief of basis of AFS debt securities			$	5,861		$	—		$	3,595	Other gain (loss), net
Release of foreign currency cumulative translation adjustments			16,793			(10,153)			(225)		Other gain (loss), net
Unrealized gain on dedesignated net investment hedges			—			—			552		Other gain (loss), net
Realized gain on net investment hedges			16,082			39,779			373		Other gain (loss), net
Realized loss on cash flow hedges			—			(233)			—		Other gain (loss), net
Deconsolidation of investment entities			—			1,482			—		Other gain (loss), net
Release of equity in AOCI of equity method investments			200			2,998			—		Equity method earnings (losses)

- 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
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-Subparagraph (g)
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 14: 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=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Equity and Debt Investments - Summary of Investments and Debt Securities (Details) $ in Thousands, unit in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) unit shares
Equity method investments
Equity method investments	$ 970,254	$ 673,096
Other equity investments
Total equity investments	1,271,123	935,153
CLO subordinated notes	50,927	0
Equity and debt investments	1,322,050	935,153
Marketable securities (Note 11) \| Level 1
Other equity investments
Marketable securities (Note 11)	155,866	201,912
BRSP
Equity method investments
Equity method investments	$ 217,994	$ 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	$ 406,624	$ 270,737
Company-sponsored private funds—carried interest
Equity method investments
Equity method investments	341,749	111,957
Other
Equity method investments
Equity method investments	3,887	5,417
Other equity investments
Private funds and non-traded REIT	108,567	10,570
Private funds and non-traded REIT
Other equity investments
Private funds and non-traded REIT	$ 36,436	$ 49,575

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash, Other Assets And Other Liabilities [Abstract]
Straight-line rents	$ 42,721	$ 25,516
Investment deposits and pending deal costs	1,377	22,238
Prefunded capital expenditures for Vantage SDC	0	24,293
Derivative assets	11,793	944
Prepaid taxes and deferred tax assets, net	8,709	29,347
Receivables from resolution of investment	14,923	10,463
Operating lease right-of-use asset, net	329,449	349,509
Finance lease right-of-use asset, net	120,261	131,909
Accounts receivable, net	66,059	83,878
Prepaid expenses	28,760	20,303
Other assets	15,798	24,835
Fixed assets, net	14,200	17,160
Total other assets	$ 654,050	$ 740,395
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Accumulated depreciation	$ 17,900	$ 19,200

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

19. Commitments and Contingencies

Litigation

The Company may be involved in litigation in the ordinary course of business. As of December 31, 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.

Leases

As lessee, the Company's leasing arrangements are composed of (i) leases on investment properties, consisting primarily of finance and operating leases on powered shell spaces for data centers, an air rights operating lease, lease on data center equipment, and operating ground leases; and (ii) operating leases for corporate offices.

The weighted average remaining lease term based upon outstanding lease liability balances at December 31, 2022, excluding leases on investment properties held for disposition, was 10.4 years for finance leases on investment properties, 9.7 years for operating leases on investment properties and 5.7 years for operating leases on corporate offices.

The following table summarizes total lease cost for operating leases and finance leases, excluding leases on investment properties classified as discontinued operations.


	Year Ended December 31,
	2022				2021				2020
(In thousands)	Investment Properties		Corporate Offices		Investment Properties		Corporate Offices		Investment Properties		Corporate Offices
Operating leases: (1)
Fixed lease expense	$	69,292	$	7,090	$	63,356	$	7,010	$	18,456	$	9,005
Variable lease expense	13,981		2,073		14,897		1,829		5,612		1,986
Total operating lease cost	$	83,273	$	9,163	$	78,253	$	8,839	$	24,068	$	10,991

Finance leases:
Interest expense	$	8,519	NA		$	8,936	NA		$	414	NA
Amortization of ROU lease asset	11,648		NA		11,648		NA		475		NA
Total finance lease cost	$	20,167	NA		$	20,584	NA		$	889	NA

__________

(1) Total lease cost for operating leases is included in property operating expense for investment properties and administrative expense for corporate offices.

Lease Commitments

Finance and operating lease liabilities take into consideration renewal or termination options when such options are deemed reasonably certain to be exercised by the Company and exclude variable lease payments which are expensed as incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation, and/or (ii) nonlease services, such as common area maintenance and operating expenses, primarily for power, in data center leases.


(In thousands)	Finance Leases		Operating Leases
Year Ending December 31,	Investment Properties		Investment Properties		Corporate Offices
2023	$	15,942	$	53,090	$	8,709
2024	16,332		51,519		8,934
2025	16,735		41,053		8,071
2026	17,312		37,711		7,346
2027	17,773		36,760		6,402
2028 and thereafter	101,782		232,882		7,423
Total lease payments	185,876		453,015		46,885
Present value discount	(50,252)		(167,082)		(6,388)
Finance / Operating lease liability	$	135,624	$	285,933	$	40,497

Commitments on Future Leases

At December 31, 2022, the Company had operating lease commitments on two corporate office spaces commencing in 2023, including one assumed through the acquisition of InfraBridge in February 2023. The fixed lease payments (undiscounted) total $21.4 million over a 9.7 year weighted average lease term.

Tenant Allowance

In connection with DataBank’s acquisition of a data center portfolio in March 2022 (Note 3), DataBank and the seller concurrently entered into a master lease agreement which provides that the seller leases from DataBank land acquired in the transaction. If the seller does not exercise its rights to early terminate the lease, the seller is obligated to develop a data center facility on a portion of the acquired land and DataBank is committed to provide the seller a tenant allowance of up to $37.5 million to finance the construction. In December 2022, the seller waived its right to terminate the lease with respect to the portion of the land subject to development. The seller will be responsible for undertaking the construction and any resulting overages. Title to the to-be constructed building, improvements and fixtures will be vested in the seller for the duration of the lease and transfers to DataBank thereafter. The timing of funding of DataBank’s commitment to the seller will be based on agreed upon milestones, with construction to be completed no later than January 1, 2026. DataBank expects to fund its commitment through future debt drawdowns.

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fixed lease income
Revenue from External Customer [Line Items]
Income	$ 729,503	$ 609,005	$ 226,478
Variable lease income
Revenue from External Customer [Line Items]
Income	120,442	92,701	38,913
Lease income:
Revenue from External Customer [Line Items]
Income	849,945	701,706	265,391
Data center service revenue
Revenue from External Customer [Line Items]
Income	77,561	61,044	47,537
Property operating income
Revenue from External Customer [Line Items]
Income	$ 927,506	$ 762,750	$ 312,928

- Definition

+ References

+ Details

Segment Reporting - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total income by geography	$ 1,598,351	$ 1,182,091	$ 401,488
Long-lived assets by geography	7,382,075	6,535,884
BRSP
Segment Reporting Information [Line Items]
Adjustments for any impairment or observable price changes	60,400		254,500
UNITED STATES
Segment Reporting Information [Line Items]
Total income by geography	1,494,713	1,112,265	382,920
Long-lived assets by geography	6,566,576	5,792,711
Europe
Segment Reporting Information [Line Items]
Total income by geography	58,548	18,147	1,442
Long-lived assets by geography	95,217	109,555
Other
Segment Reporting Information [Line Items]
Total income by geography	45,090	51,679	$ 17,126
Long-lived assets by geography	$ 720,282	$ 633,618

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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


	Year Ended December 31,
(In thousands, except per share data)		2022		2021		2020
Net income (loss) allocated to common stockholders
Loss from continuing operations		$	(421,293)	$	(216,823)	$	(591,088)
Loss from continuing operations attributable to noncontrolling interests		209,589		144,184		155,340
Loss from continuing operations attributable to DigitalBridge Group, Inc.		(211,704)		(72,639)		(435,748)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.		(110,093)		(237,458)		(2,240,011)

Preferred stock repurchases/redemptions (Note 9)		1,098		(4,992)		—
Preferred dividends		(61,567)		(70,627)		(75,023)
Net loss attributable to common stockholders		(382,266)		(385,716)		(2,750,782)
Net income allocated to participating securities		(34)		—		(1,250)
Net loss allocated to common stockholders—basic		(382,300)		(385,716)		(2,752,032)
Interest expense attributable to convertible and exchangeable notes (1)		—		—		—
Net loss allocated to common stockholders—diluted		$	(382,300)	$	(385,716)	$	(2,752,032)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic		154,495		122,864		118,389
Weighted average effect of dilutive shares (1)(2)(3)		—		—		—
Weighted average number of common shares outstanding—diluted		154,495		122,864		118,389
Income (loss) per share—basic
Loss from continuing operations		$	(1.76)	$	(1.21)	$	(4.33)
Loss from discontinued operations		(0.71)		(1.93)		(18.92)
Net loss attributable to common stockholders per common share—basic		$	(2.47)	$	(3.14)	$	(23.25)
Income (loss) per share—diluted
Loss from continuing operations		$	(1.76)	$	(1.21)	$	(4.33)
Loss from discontinued operations		(0.71)		(1.93)		(18.92)
Net loss attributable to common stockholders per common share—diluted		$	(2.47)	$	(3.14)	$	(23.25)

__________

Noncontrolling Interests

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interests

10. Noncontrolling Interests

Redeemable Noncontrolling Interests


	Year Ended December 31,
(In thousands)	2022		2021		2020
Redeemable noncontrolling interests
Beginning balance	$	359,223	$	305,278	$	6,107
Contributions	11,650		42,514		307,414
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(20,784)		(23,246)		(8,859)
Net income (loss)	(26,778)		34,677		616
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	$	100,574	$	359,223	$	305,278

Redeemable Noncontrolling Interest in Investment Management

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 investment management business. The investment entitled Wafra to participate in approximately 31.5% of the net management fees and carried interest generated by the investment management 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 DigitalBridge Partners, LP ("DBP I"), and has a $125.0 million commitment to DigitalBridge Partners II, LP ("DBP II") that has been partially funded to-date. These are the Company's flagship value-add equity infrastructure funds. Wafra had also agreed to make commitments to the Company's future funds and investment vehicles on a pro rata basis with the Company based on Wafra's percentage interest in the investment management 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 investment management business and for the warrants. As previously agreed, Wafra paid additional consideration of $29.9 million in April 2021 based upon the investment management 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 incentive 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, adjusted as necessary to correspond to the actual 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 investment management 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 its investment management 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) Wafra's 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 for portion earned in 2022 and March 2024 for any remaining portion earned in 2023, with up to 50% payable in shares of the Company's Class A common stock at the Company's election. Based upon the capital raised by the Company in 2022, $90 million is payable to Wafra in March 2023.

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 11).

The Company's redemption of Wafra's interest also resulted in the assumption of $5.2 million of deferred tax asset that now accrues to the Company.

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% (prior to recapitalization as discussed below).

DataBank Recapitalization

DataBank was partially recapitalized in the second half of 2022 through multiple sales of equity interest to new investors totaling $2.0 billion in cash. The Company's ownership interest in DataBank decreased from 21.8% (as noted above) to 11.0%. The Company's share of proceeds from the sale was $425.5 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. 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 $230.2 million.

The recapitalization transaction triggered an accelerated vesting of certain profits interest units that had been issued by DataBank to its employees. As a result of the accelerated vesting, $10 million of additional equity based compensation was recorded in 2022 based upon DataBank's original grant date fair value of these awards, of which $7.8 million was attributable 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 in 2022 and 501,341 OP Units in 2021 through the issuance of an equal number of shares of class A common stock on a one-for-one basis

Segment Reporting - Summary of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 1,144,572	$ 965,799	$ 416,430
Property operating expense	(389,445)	(316,178)	(119,834)
Interest expense	(198,498)	(186,949)	(120,829)
Investment expense and transaction costs	(44,016)	(34,038)	(18,833)
Depreciation and amortization	(576,911)	(539,695)	(241,020)
Impairment loss	0	0	(25,079)
Compensation expense—incentive fee and carried interest	202,286	65,890	1,906
Compensation expense, including incentive fee and carried interest compensation	(447,543)	(301,875)	(178,058)
Administrative expense	(123,184)	(109,490)	(78,766)
Settlement and other gain (loss), net			(11,583)
Other loss, net	(170,555)	(21,412)	(6,493)
Equity method earnings (losses), including carried interest	397,754	226,477	(260,579)
Income tax benefit (expense)	(13,467)	100,538	47,063
Income (loss) from continuing operations	(421,293)	(216,823)	(591,088)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(211,704)	(72,639)	(435,748)
Net loss from discontinued operations attributable to DigitalBridge Group, Inc.	(110,093)	(237,458)	(2,240,011)
Net loss attributable to DigitalBridge Group, Inc.	(321,797)	(310,097)	(2,675,759)
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total revenues	182,045	191,682	85,782
Property operating expense	0	0	0
Interest expense	(10,872)	(4,766)	0
Investment expense and transaction costs	(9,007)	(3,423)	(204)
Depreciation and amortization	(22,155)	(26,736)	(26,056)
Impairment loss			(3,832)
Compensation expense, including incentive fee and carried interest compensation	(303,719)	(136,945)	(47,959)
Administrative expense	(21,515)	(21,683)	(9,724)
Settlement and other gain (loss), net			169
Other loss, net	(3,341)	797
Equity method earnings (losses), including carried interest	382,463	101,811	13,039
Income tax benefit (expense)	(7,815)	(9,822)	(60)
Income (loss) from continuing operations	186,084	90,915	11,155
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	69,884	51,531	10,423
Operating Segments \| Operating
Segment Reporting Information [Line Items]
Total revenues	884,874	763,199	313,283
Property operating expense	(376,255)	(316,178)	(119,729)
Interest expense	(159,409)	(125,387)	(77,976)
Investment expense and transaction costs	(24,338)	(21,835)	(6,704)
Depreciation and amortization	(532,640)	(495,342)	(210,188)
Impairment loss			0
Compensation expense, including incentive fee and carried interest compensation	(90,505)	(76,213)	(37,005)
Administrative expense	(30,915)	(36,867)	(14,960)
Settlement and other gain (loss), net			(245)
Other loss, net	(808)	(1,293)
Equity method earnings (losses), including carried interest	0	0	0
Income tax benefit (expense)	(335)	79,075	21,461
Income (loss) from continuing operations	(330,331)	(230,841)	(132,063)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(53,178)	(36,664)	(20,903)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total revenues	77,653	10,918	17,365
Property operating expense	(13,190)	0	(105)
Interest expense	(28,217)	(56,796)	(42,853)
Investment expense and transaction costs	(10,671)	(8,780)	(11,925)
Depreciation and amortization	(22,116)	(17,617)	(4,776)
Impairment loss			(21,247)
Compensation expense, including incentive fee and carried interest compensation	(53,319)	(88,717)	(93,094)
Administrative expense	(70,754)	(50,940)	(54,082)
Settlement and other gain (loss), net			(11,507)
Other loss, net	(166,406)	(20,916)
Equity method earnings (losses), including carried interest	15,291	124,666	(273,618)
Income tax benefit (expense)	(5,317)	31,285	25,662
Income (loss) from continuing operations	(277,046)	(76,897)	(470,180)
Net income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$ (228,410)	$ (87,506)	$ (425,268)

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 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, 2019	41,350	121,761	183

Shares issued upon redemption of OP Units	—	546	—

Repurchase of common stock, net (1)	—	(3,183)	—
Equity-based compensation, net of forfeitures	—	2,419	—
Shares canceled for tax withholding on vested stock awards	—	(692)	—
Shares outstanding at December 31, 2020	41,350	120,851	183

Redemption of preferred stock	(6,010)	—	—
Exchange of notes for class A common stock	—	18,341	—
Shares issued upon redemption of OP Units	—	501	—

Conversion of class B to class A common stock	—	17	(17)
Shares issued pursuant to settlement liability (2)	—	1,488	—
Equity awards issued, net of forfeitures	—	1,645	—
Shares canceled for tax withholding on vested equity awards	—	(699)	—
Shares outstanding at December 31, 2021	35,340	142,144	166





Stock repurchases	(2,229)	(4,195)	—
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	—	1,589	—
Shares canceled for tax withholding on vested equity awards	—	(699)	—
Shares outstanding at December 31, 2022	33,111	159,763	166

__________

The table below summarizes the preferred stock issued and outstanding at December 31, 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

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, 2019	$	9,281	$	7,823	$	(226)	$	139	$	30,651	$	47,668

Other comprehensive income (loss) before reclassifications	8,437		1,844		(7)		52,468		16,008		78,750
Amounts reclassified from AOCI			(3,595)				225		(925)		(4,295)
AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(12,386)		(211)		—		(35,001)		1,731		(45,867)
Amounts reclassified from AOCI	(2,998)		—		233		10,153		(39,779)		(32,391)
Deconsolidation of investment entities	—		—		—		(1,482)		—		(1,482)
AOCI at December 31, 2021	$	2,334	$	5,861	$	—	$	26,502	$	7,686	$	42,383


Other comprehensive income (loss) before reclassifications	(2,429)		—		—		(10,923)		8,396		(4,956)
Amounts reclassified from AOCI	(200)		(5,861)		—		(16,793)		(16,082)		(38,936)

AOCI at December 31, 2022	$	(295)	$	—	$	—	$	(1,214)	$	—	$	(1,509)

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, 2019	$	(1,005)	$	(17,913)	$	10,659	$	(8,259)
Other comprehensive income (loss) before reclassifications	(25)		101,853		5,313		107,141
Amounts reclassified from AOCI	—		(95)		(873)		(968)
AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive loss before reclassifications	—		(65,127)		—		(65,127)
Amounts reclassified from AOCI	1,030		(1,364)		(15,099)		(15,433)
Deconsolidation of investment entities	—		(6,297)		—		(6,297)
AOCI at December 31, 2021	$	—	$	11,057	$	—	$	11,057


Other comprehensive loss before reclassifications	—		(4,571)		—		(4,571)
Amounts reclassified from AOCI	—		(9,501)		—		(9,501)

AOCI at December 31, 2022	$	—	$	(3,015)	$	—	$	(3,015)

Reclassification out of Accumulated Other Comprehensive Income


(In thousands)	Year Ended December 31,								Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings		2022			2021			2020

Relief of basis of AFS debt securities			$	5,861		$	—		$	3,595	Other gain (loss), net
Release of foreign currency cumulative translation adjustments			16,793			(10,153)			(225)		Other gain (loss), net
Unrealized gain on dedesignated net investment hedges			—			—			552		Other gain (loss), net
Realized gain on net investment hedges			16,082			39,779			373		Other gain (loss), net
Realized loss on cash flow hedges			—			(233)			—		Other gain (loss), net
Deconsolidation of investment entities			—			1,482			—		Other gain (loss), net
Release of equity in AOCI of equity method investments			200			2,998			—		Equity method earnings (losses)

- 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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+ Details

Debt - Convertible and Exchangeable Senior Notes (Details) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal		$ 338,739,000		$ 278,422,000	$ 338,739,000
Exchange of notes into shares of Class A common stock				60,317,000	161,261,000	$ 0
Loss on extinguishment of exchangeable notes	$ 133,200,000			$ 133,173,000	25,088,000	$ 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	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	$ 138,739,000
Exchange of notes into shares of Class A common stock			$ 221,578,000
Conversion ratio	108.696
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

Equity-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

15. 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 December 31, 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 that coincides with the recipients' term of service. 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.

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

(3) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the 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%

__________

(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 was zero for the June 2022 award as common dividends were suspended beginning the second quarter of 2020 and reinstated in the third 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 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.

Equity-based compensation cost, excluding amounts related to businesses presented as discontinued operations (Note 22), is included in the following line items on the consolidated statement of operations. Separately, additional compensation expense was also recorded in connection with the DataBank recapitalization transaction, as described in Note 10.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Compensation expense (including $(410) net reversal, $1,194 and $568 expense related to dividend equivalent rights)		$	33,441	$	38,268	$	22,892


Administrative expense		1,422		222		—
		$	34,863	$	38,490	$	22,892

In 2022, the amended employment agreements for certain senior executives provided for continued vesting of their outstanding equity awards notwithstanding the expiration of their employment term. This modification resulted in a revaluation of their equity awards, which decreased cumulative compensation expense recognized by $3.3 million. There were no equity award modifications in connection with continuing operations in 2021 and 2020.

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	1,154,652	125,000	61,079	—	185,674	1,526,405	30.48		24.52
Vested	(1,465,812)	(115,314)	(66,458)	—	(382,589)	(2,030,173)	17.48		18.28
Forfeited	(29,732)	—	—	—	(535,348)	(565,080)	7.31		26.03
Unvested shares and units at December 31, 2022	1,706,674	2,625,000	20,058	2,397,391	1,889,587	8,638,710	17.84		10.84

__________

(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.

Fair value of equity awards that vested, determined based upon their respective fair values at vesting date, was $53.9 million in 2022, $68.3 million in 2021 and $17.9 million in 2020.

At December 31, 2022, aggregate unrecognized compensation cost for all unvested equity awards was $39.5 million, which is expected to be recognized over a weighted average period of 1.6 years. This excludes $18.8 million of unvested RSUs that are not currently probable of achieving their performance conditions and have a remaining performance measurement period of 1.4 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 and $2.1 million in 2020, with a corresponding amount recognized in other income, all of which were reflected in discontinued operations (Note 22).

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equity and debt investments, fair value disclosure	$ 506,081	$ 201,912
Other assets, fair value	11,793	944
Accrued and other liabilities, at fair value	$ 183,628	$ 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)	159,763	142,144
Common stock, shares outstanding (in shares)	159,763	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

Equity and Debt Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended	12 Months Ended
	Aug. 31, 2021	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investments				$ 522,337	$ 564,025	$ 287,899
Distributed carried interest			$ 152,500
Distributed carried interest subject to clawback			75,100	75,100
Bank syndicated loans			232,700	232,700
Current And Former Employees
Schedule of Equity Method Investments [Line Items]
Distributed carried interest subject to clawback			58,400	58,400
Current And Former Employees, And Wafra, Inc.
Schedule of Equity Method Investments [Line Items]
Distributed carried interest			119,800
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			2,700	$ 2,700
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
Adjustments for any impairment or observable price changes				$ 60,400
Adjustments for any impairment or observable price changes						274,700
Proportionate share of loan loss provisions and impairments not recognized				17,000	$ 110,300	83,900
Basis difference			$ 210,700	$ 210,700
BRSP \| BRSP
Schedule of Equity Method Investments [Line Items]
Ownership percentage			27.10%	27.10%	29.00%
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment			$ 112,200	$ 112,200
BRSP
Schedule of Equity Method Investments [Line Items]
Adjustments for any impairment or observable price changes				$ 60,400		$ 254,500

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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.

(3) Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the 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%

__________

(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.


	Year Ended December 31,
(In thousands)		2022		2021		2020
Compensation expense (including $(410) net reversal, $1,194 and $568 expense related to dividend equivalent rights)		$	33,441	$	38,268	$	22,892


Administrative expense		1,422		222		—
		$	34,863	$	38,490	$	22,892

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	1,154,652	125,000	61,079	—	185,674	1,526,405	30.48		24.52
Vested	(1,465,812)	(115,314)	(66,458)	—	(382,589)	(2,030,173)	17.48		18.28
Forfeited	(29,732)	—	—	—	(535,348)	(565,080)	7.31		26.03
Unvested shares and units at December 31, 2022	1,706,674	2,625,000	20,058	2,397,391	1,889,587	8,638,710	17.84		10.84

__________

Restricted Cash, Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 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)	December 31, 2022		December 31, 2021
Straight-line rents	$	42,721	$	25,516
Investment deposits and pending deal costs	1,377		22,238
Prefunded capital expenditures for Vantage SDC	—		24,293

Derivative assets	11,793		944
Prepaid taxes and deferred tax assets, net	8,709		29,347
Receivables from resolution of investment	14,923		10,463
Operating lease right-of-use asset, net	329,449		349,509
Finance lease right-of-use asset, net	120,261		131,909
Accounts receivable, net (1)	66,059		83,878
Prepaid expenses	28,760		20,303
Other assets	15,798		24,835
Fixed assets, net (2)	14,200		17,160
Total other assets	$	654,050	$	740,395

__________

(1) Includes primarily receivables from tenants.

(2) Net of accumulated depreciation of $17.9 million at December 31, 2022 and $19.2 million at December 31, 2021.

Schedule of Accrued and Other Liabilities

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


(In thousands)	December 31, 2022		December 31, 2021
Deferred income (1)	$	61,452	$	37,143
Interest payable	10,055		14,870
Dividends payable	16,491		15,759


Securities sold short—consolidated funds	40,928		37,970
Current and deferred income tax liability	98		2,016
Contingent consideration payable (Note 10)	125,000		—
Warrants issued to Wafra (Note 10)	17,700		—
Operating lease liability	322,930		342,510
Finance lease liability	135,624		142,777
Accrued compensation	52,031		64,100
Accrued incentive fee and carried interest compensation	171,086		67,258
Accrued real estate and other taxes	21,580		10,523
Payable for Vantage SDC expansion capacity (Note 3)	56,889		55,896
Accounts payable and accrued expenses	185,900		121,931
Due to affiliates (Note 16)	12,451		—
Other liabilities	41,881		31,048
Accrued and other liabilities	$	1,272,096	$	943,801

__________

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of current and deferred tax benefit (expense), excluding amounts related to discontinued operations (Note 22), are as follows.


	Year Ended December 31,
(In thousands)	2022		2021		2020
Current
Federal	$	3,935	$	3,355	$	(3,019)
State and local	(1,143)		(20)		(104)
Foreign	(864)		(347)		(327)
Total current tax benefit (expense)	1,928		2,988		(3,450)
Deferred
Federal	(13,734)		94,659		41,603
State and local	(2,405)		2,491		8,910
Foreign	744		400		—
Total deferred tax benefit (expense)	(15,395)		97,550		50,513
Income tax benefit (expense) on continuing operations	$	(13,467)	$	100,538	$	47,063

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax asset and deferred tax liability are as follows, excluding amounts in connection with assets held for disposition.


(In thousands)	December 31, 2022		December 31, 2021
Deferred tax asset
Capital losses (1)	$	252,904	$	—
Net operating losses (2)	92,224		21,552
Investment in partnerships	317,048		—
Equity-based compensation	11,856		11,486
Real estate, leases and related intangible liabilities	3,987		14,853


Deferred income	2,086		535
Deferred interest expense	5,556		1,799
Lease liability—corporate offices	16,130		19,295
Other	5,847		—
Gross deferred tax asset	707,638		69,520
Valuation allowance	(679,057)		(12,766)
Deferred tax asset, net of valuation allowance	28,581		56,754
Deferred tax liability
Investment in partnerships	—		22,399
Real estate, leases and related intangible assets	3,026		—
Other intangible assets	11,754		5,528
ROU lease asset—corporate offices	11,376		14,274

Other	381		7,857
Gross deferred tax liability	26,537		50,058
Net deferred tax asset	$	2,044	$	6,696

__________

(1) At December 31, 2022, deferred tax asset was recognized on capital losses of $1.0 billion, which expire between 2024 and 2027, with full valuation allowance established.

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the statutory U.S. income tax to the Company's effective income tax attributable to continuing operations:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Loss from continuing operations before income taxes	$	(407,826)	$	(317,361)	$	(638,151)
Loss from continuing operations before income taxes attributable to pass-through subsidiaries	NA		198,180		386,352
Loss from continuing operations before income taxes attributable to taxable subsidiaries	(407,826)		(119,181)		(251,799)
Federal income tax benefit at statutory tax rate (21%)	85,643		25,028		52,878
State and local income taxes, net of federal income tax benefit	23,944		3,721		3,008
Foreign income tax differential	782		(86)		—

Noncontrolling interests	(44,014)		—		—
Separately taxable subsidiaries of OP	21,226		—		—
Change in ownership of OP, including equity reallocation (Note 2)	(2,838)		—		—
Equity-based compensation	1,971		1,814		(4,121)
DataBank REIT election	—		79,547		—
Valuation allowance (1)	(95,344)		(10,914)		(1,852)
Other, net	(4,837)		1,428		(2,850)
Income tax benefit (expense) on continuing operations	$	(13,467)	$	100,538	$	47,063

__________

Summary of Valuation Allowance

Changes in the deferred tax asset valuation allowance are presented below, which include activities classified as continuing and discontinued operations:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Beginning balance	$	12,766	$	1,852	$	—
Addition	666,291		33,756		1,852


Utilization, expiration and/or reversal	—		(22,842)		—
Ending balance	$	679,057	$	12,766	$	1,852