0001679688-23-000049 | 10-Q | XBRL Viewer

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	19. 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.

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Corporate debt is presented within Corporate and Other, except that a portion of the securitized financing facility is allocated to the Investment Management and Operating segments consistent with the cash flows that service the debt and the underlying collateral that resides across the Company's various lines of business.


	March 31, 2023								December 31, 2022
(In thousands)	Investment Management		Operating		Corporate and Other		Total		Investment Management		Operating		Corporate and Other		Total
Corporate debt
Securitized financing facility	$	199,033	$	70,246	$	23,416	$	292,695	$	198,677	$	70,120	$	23,374	$	292,171
Convertible and exchangeable senior notes	—		—		277,076		277,076		—		—		276,741		276,741
	$	199,033	$	70,246	$	300,492	$	569,771	$	198,677	$	70,120	$	300,115	$	568,912

The components that make up the carrying value of corporate and investment-level debt are as follows.


	Corporate Debt
(In thousands)	Securitized Financing Facility		Convertible and Exchangeable Senior Notes		Total		Non-Recourse Investment-Level Debt
March 31, 2023
Debt at amortized cost
Principal	$	300,000	$	278,422	$	578,422	$	4,871,528
Premium (discount), net	—		(1,175)		(1,175)		(47,922)
Deferred financing costs	(7,305)		(171)		(7,476)		(71,556)
	$	292,695	$	277,076	$	569,771	$	4,752,050
December 31, 2022
Debt at amortized cost
Principal	$	300,000	$	278,422	$	578,422	$	4,634,235
Premium (discount), net	—		(1,293)		(1,293)		10,713
Deferred financing costs	(7,829)		(388)		(8,217)		(57,720)
	$	292,171	$	276,741	$	568,912	$	4,587,228

The following table summarizes certain key terms of corporate and investment-level 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)
March 31, 2023
Corporate debt
Recourse
Securitized financing facility(3)	$	300,000	3.93	%	3.5	$	—	NA		3.5	$	300,000	3.93	%	3.5
Convertible and exchangeable senior notes	278,422		5.21	%	0.7	—		NA		NA	278,422		5.21	%	0.7
	$	578,422				$	—				$	578,422

Investment-Level Secured Debt
Non-recourse
Operating segment	$	4,508,428	3.09	%	3.4	$	362,500	8.68	%	0.8	$	4,870,928	3.51	%	3.3
Corporate and Other—Consolidated fund	—		NA		NA	600		6.40	%	1.4	600		6.40	%	1.4
	$	4,508,428				$	363,100				$	4,871,528


	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
Corporate debt
Recourse
Securitized financing facility(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

Investment-Level Secured Debt
Non-recourse
Operating segment	$	3,640,235	2.43	%	3.1	$	993,500	8.41	%	2.6	$	4,633,735	3.71	%	3.0
Corporate and Other—Consolidated fund	—		NA		NA	500		5.96	%	1.6	500		5.96	%	1.6
	$	3,640,235				$	994,000				$	4,634,235

__________

(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.

Convertible Senior Notes Issued

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


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										March 31, 2023		December 31, 2022

Issued by DigitalBridge Group, Inc.
5.00% Convertible Senior Notes (2)	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	5.75	%	9.20		108.6956	8,524	July 21, 2023	78,422		78,422
										$	278,422	$	278,422

__________

(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.

(2) Fully repaid in April 2023.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt at March 31, 2023. 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 March 31, 2023 for extensions that are at the option of the respective borrower entities.

The $200 million outstanding principal of the 5% convertible senior notes that was due in April 2023 was fully repaid at maturity.


(In thousands)	Remaining 2023		2024		2025		2026		2027		2028 and thereafter		Total
Corporate debt
Securitized financing facility	$	—	$	—	$	—	$	300,000	$	—	$	—	$	300,000
Convertible and exchangeable senior notes	200,000		—		78,422		—		—		—		278,422
	$	200,000	$	—	$	78,422	$	300,000	$	—	$	—	$	578,422

Non-recourse investment-level secured debt
Operating segment	$	102,985	$	863,253	$	700,000	$	1,519,690	$	600,000	$	1,085,000	$	4,870,928
Corporate and Other—Consolidated fund	—		600		—		—		—		—		600
	$	102,985	$	863,853	$	700,000	$	1,519,690	$	600,000	$	1,085,000	$	4,871,528

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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:


	2023 PSU Grants	2022 PSU Grants	2021 PSU Grants
Expected volatility of the Company's class A common stock (1)	41.3%	32.4%	35.4%
Expected annual dividend yield (2)	0.3%	—%	—%
Risk-free rate (per annum) (3)	3.8%	2.0%	0.3%

__________

(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 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.

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 pursuant to DBRG's Equity Incentive Plan is included in the following line items on the consolidated statement of operations.


	Three Months Ended March 31,
(In thousands)	2023		2022

Compensation expense (including $0 and $37 expense related to dividend equivalent rights)	$	10,770	$	8,979


Administrative expense	228		88
	$	10,998	$	9,067

Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

Changes in unvested equity awards pursuant to DBRG's Equity Incentive Plan are summarized below.


							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, 2022	1,706,674	2,625,000	20,058	2,397,391	1,889,587	8,638,710	$	17.84	$	10.84
Granted	1,865,483	—	6,457	—	397,262	2,269,202	13.36		11.75
Vested	(532,399)	—	(6,439)	(599,348)	(635,926)	(1,774,112)	29.84		15.72
Forfeited	(822)	—	—	—	(424,065)	(424,887)	29.84		27.29
Unvested shares and units at March 31, 2023	3,038,936	2,625,000	20,076	1,798,043	1,226,858	8,708,913	6.02		10.33

__________

(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.

Fee Income (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

The following table presents the Company's fee income by type.


	Three Months Ended March 31,
(In thousands)		2023		2022
Management fees		$	57,158	$	42,191
Incentive fees		869		—
Other fees		1,099		646
Total fee income		$	59,126	$	42,837

Stockholders' Equity - Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	33,108	33,111
Par Value	$ 331
Preferred stock, liquidation preference	$ 827,711	$ 827,779
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	8,429
Par Value	$ 84
Preferred stock, liquidation preference	$ 210,731
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%
Preferred stock, shares outstanding (in shares)	12,988
Par Value	$ 130
Preferred stock, liquidation preference	$ 324,710
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Preferred stock, shares outstanding (in shares)	11,691
Par Value	$ 117
Preferred stock, liquidation preference	$ 292,270

Equity-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2023
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		8,638,710
Granted (in shares)		2,269,202
Vested (in shares)		(1,774,112)
Forfeited (in shares)		(424,887)
Unvested shares and units period end (in shares)		8,708,913
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 10.84
Granted (in dollars per share)		11.75
Vested (in dollars per share)		15.72
Forfeited (in dollars per share)		27.29
Unvested shares and units period end (in dollars per share)		$ 10.33
Restricted Stock
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		1,706,674
Granted (in shares)		1,865,483
Vested (in shares)		(532,399)
Forfeited (in shares)		(822)
Unvested shares and units period end (in shares)		3,038,936
LTIP Units
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,625,000
Granted (in shares)	2,500,000	0
Vested (in shares)		0
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)		20,058
Granted (in shares)		6,457
Vested (in shares)		(6,439)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		20,076
RSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,397,391
Granted (in shares)		0
Vested (in shares)		(599,348)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		1,798,043
PSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		1,889,587
Granted (in shares)		397,262
Vested (in shares)		(635,926)
Forfeited (in shares)		(424,065)
Unvested shares and units period end (in shares)		1,226,858
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 17.84
Granted (in dollars per share)		13.36
Vested (in dollars per share)		29.84
Forfeited (in dollars per share)		29.84
Unvested shares and units period end (in dollars per share)		$ 6.02

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	DigitalBridge Group, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	750 Park of Commerce Drive
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	570-4644
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.04 par value
Trading Symbol	DBRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		161,884,572
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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Carried interest allocation (reversal)	$ (54,756)	$ (31,079)
Principal investment income (loss)	3,562	6,454
Other Income	11,301	12,111
Total revenues	250,160	232,834
Expenses
Property operating expense	97,126	84,003
Interest expense	67,196	44,030
Investment expense	5,751	9,565
Transaction-related costs	8,527	165
Depreciation and amortization	141,574	128,567
Compensation expense—cash and equity-based	74,650	65,542
Compensation expense (reversal)—incentive fee and carried interest	(36,831)	(20,352)
Administrative expenses	26,506	27,885
Total expenses	384,499	339,405
Other gain (loss), net	(142,745)	(149,881)
Income (Loss) from continuing operations before income taxes	(277,084)	(256,452)
Income tax benefit (expense)	(1,042)	7,413
Income (Loss) from continuing operations	(278,126)	(249,039)
Income (Loss) from discontinued operations	(14,218)	(94,645)
Net income (loss)	(292,344)	(343,684)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	6,943	(11,220)
Investment entities	(84,828)	(63,045)
Operating Company	(16,662)	(22,862)
Net loss attributable to DigitalBridge Group, Inc.	(197,797)	(246,557)
Preferred stock dividends	14,676	15,759
Net income (loss) attributable to common stockholders	$ (212,473)	$ (262,316)
Income (Loss) per share—basic
Income (Loss) from continuing operations per common share - basic (in dollars per share)	$ (1.25)	$ (1.27)
Net income (loss) attributable to common stockholders per common share - basic (in dollars per share)	(1.34)	(1.84)
Income (Loss) per share—diluted
Income (Loss) from continuing operations per common share - diluted (in dollars per share)	(1.25)	(1.27)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share)	$ (1.34)	$ (1.84)
Weighted average number of shares
Basic (in shares)	158,446	142,485
Diluted (in shares)	158,446	142,485
Dividends declared per common share (in dollars per share)	$ 0.01	$ 0
Operating Segments \| Investment Management
Revenues
Carried interest allocation (reversal)	$ (54,756)	$ (31,079)
Principal investment income (loss)	318	17
Other Income	1,169	1,256
Total revenues	6,829	13,831
Expenses
Property operating expense	0	0
Interest expense	2,603	2,502
Investment expense	536	1,140
Transaction-related costs	5,192	0
Depreciation and amortization	6,409	5,276
Compensation expense—cash and equity-based	28,182	24,808
Compensation expense (reversal)—incentive fee and carried interest	(36,831)	(20,352)
Administrative expenses	6,407	4,171
Total expenses	12,498	17,545
Other gain (loss), net	3,082	(3,055)
Income (Loss) from continuing operations before income taxes	(2,587)	(6,769)
Income tax benefit (expense)	(217)	(2,374)
Income (Loss) from continuing operations	(2,804)	(9,143)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	418	(3,266)
Investment entities	(857)	2,349
Operating Company	(167)	(624)
Net loss attributable to DigitalBridge Group, Inc.	(2,198)	(7,602)
Operating Segments \| Operating
Revenues
Carried interest allocation (reversal)	0	0
Principal investment income (loss)	0	0
Other Income	737	11
Total revenues	231,664	202,522
Expenses
Property operating expense	97,126	84,003
Interest expense	59,984	36,184
Investment expense	5,203	8,016
Transaction-related costs	0	0
Depreciation and amortization	134,699	122,891
Compensation expense—cash and equity-based	27,179	19,956
Compensation expense (reversal)—incentive fee and carried interest	0	0
Administrative expenses	7,240	6,899
Total expenses	331,431	277,949
Other gain (loss), net	1,769	956
Income (Loss) from continuing operations before income taxes	(97,998)	(74,471)
Income tax benefit (expense)	56	330
Income (Loss) from continuing operations	(97,942)	(74,141)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	0	0
Investment entities	(86,254)	(60,196)
Operating Company	(899)	(1,121)
Net loss attributable to DigitalBridge Group, Inc.	(10,789)	(12,824)
Corporate and Other
Revenues
Carried interest allocation (reversal)	0	0
Principal investment income (loss)	3,244	6,437
Other Income	9,395	10,844
Total revenues	11,667	16,481
Expenses
Property operating expense	0	0
Interest expense	4,609	5,344
Investment expense	12	409
Transaction-related costs	3,335	165
Depreciation and amortization	466	400
Compensation expense—cash and equity-based	19,289	20,778
Compensation expense (reversal)—incentive fee and carried interest	0	0
Administrative expenses	12,859	16,815
Total expenses	40,570	43,911
Other gain (loss), net	(147,596)	(147,782)
Income (Loss) from continuing operations before income taxes	(176,499)	(175,212)
Income tax benefit (expense)	(881)	9,457
Income (Loss) from continuing operations	(177,380)	(165,755)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	6,525	(7,954)
Investment entities	1,766	977
Operating Company	(14,522)	(14,007)
Net loss attributable to DigitalBridge Group, Inc.	(171,149)	(144,771)
Fee income
Revenues
Income	59,126	42,837
Fee income \| Operating Segments \| Investment Management
Revenues
Income	60,098	43,637
Fee income \| Operating Segments \| Operating
Revenues
Income	0	0
Fee income \| Corporate and Other
Revenues
Income	(972)	(800)
Fee income \| Affiliated Entity
Revenues
Income	56,389	42,004
Property operating income
Revenues
Income	230,927	202,511
Property operating income \| Operating Segments \| Investment Management
Revenues
Income	0	0
Property operating income \| Operating Segments \| Operating
Revenues
Income	230,927	202,511
Property operating income \| Corporate and Other
Revenues
Income	0	0
Other income \| Affiliated Entity
Revenues
Income	$ 1,253	$ 3,379

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended					12 Months Ended
	Apr. 30, 2023 USD ($) $ / shares shares	Aug. 31, 2022	Apr. 30, 2015	Mar. 31, 2023 USD ($) votingRightPerShare director quarter $ / shares shares	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2022 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
Minimum period of dividend defaults providing preferred stockholders to voting rights \| quarter				6
Number of directors vote entitles \| director				2
Minimum affirmative vote required for changes to any series of preferred stock				66.67%
Dividends declared per common share (in dollars per share)				$ 0.01	$ 0.01	$ 0.01	$ 0
Reverse stock split conversion ratio		0.25
Stock repurchase, authorized amount \| $				$ 200,000
Treasury Stock, Preferred
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares				2,738					2,228,805
Value of shares repurchased \| $				$ 52,000					$ 52,600
Weighted average price per share (in dollars per share)				$ 18.89					$ 23.62
Treasury Stock, Preferred \| Subsequent Event
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares	232,485
Value of shares repurchased \| $	$ 4,700
Weighted average price per share (in dollars per share)	$ 20.20
Class A Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| votingRightPerShare				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 value (in dollars 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
Value of shares repurchased \| $									$ 54,900
Weighted average price per share (in dollars per share)									$ 13.09
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| votingRightPerShare				36.5
Common stock, par value (in dollars per share)				$ 0.04	$ 0.04				$ 0.04	$ 0.04	$ 0.01

Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Distributed carried interest subject to clawback	$ 75.6
Bank syndicated loans	232.7
Company sponsored funds
Schedule of Equity Method Investments [Line Items]
Unfunded lending commitment	126.5
Principal investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	567.3	$ 410.5
Other equity investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	103.7	$ 115.0
Secured Debt
Schedule of Equity Method Investments [Line Items]
Warehoused loans	172.5
Current And Former Employees
Schedule of Equity Method Investments [Line Items]
Distributed carried interest subject to clawback	$ 58.9

Equity-Based Compensation - Narrative (Details) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of units, conversion ratio (LTIP to common OP Unit)	1
Fair value of shares vested	$ 20,900	$ 33,400
Aggregate unrecognized compensation cost related to restricted stock granted	$ 55,500
Weighted average period of expected cost	2 years 2 months 12 days
Share-based compensation expenses (reversals)	$ 10,998	$ 9,067
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
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 1 month 6 days
Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period	3 years
Minimum \| Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted	0.00%
Maximum \| Class A Common Stock \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted	200.00%
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	24.5
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

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Nonrecourse
Debt Instrument [Line Items]
Principal	$ 4,871,528	$ 4,634,235
Secured Debt \| Nonrecourse \| Operating
Debt Instrument [Line Items]
Principal	4,870,928	4,633,735
Carrying Value
Debt Instrument [Line Items]
Long-term debt	569,771	568,912
Carrying Value \| Operating Segments \| Investment Management
Debt Instrument [Line Items]
Long-term debt	199,033	198,677
Carrying Value \| Operating Segments \| Operating
Debt Instrument [Line Items]
Long-term debt	70,246	70,120
Carrying Value \| Corporate and Other
Debt Instrument [Line Items]
Long-term debt	300,492	300,115
Carrying Value \| Nonrecourse
Debt Instrument [Line Items]
Long-term debt	4,752,050	4,587,228
Carrying Value \| Secured Debt
Debt Instrument [Line Items]
Principal	578,422	578,422
Premium (discount), net	(1,175)	(1,293)
Deferred financing costs	(7,476)	(8,217)
Long-term debt	569,771	568,912
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	(7,305)	(7,829)
Long-term debt	292,695	292,171
Carrying Value \| Secured Debt \| Series 2021-1 Notes \| Operating Segments \| Investment Management
Debt Instrument [Line Items]
Long-term debt	199,033	198,677
Carrying Value \| Secured Debt \| Series 2021-1 Notes \| Operating Segments \| Operating
Debt Instrument [Line Items]
Long-term debt	70,246	70,120
Carrying Value \| Secured Debt \| Series 2021-1 Notes \| Corporate and Other
Debt Instrument [Line Items]
Long-term debt	23,416	23,374
Carrying Value \| Secured Debt \| Nonrecourse
Debt Instrument [Line Items]
Principal	4,871,528	4,634,235
Premium (discount), net	(47,922)	10,713
Deferred financing costs	(71,556)	(57,720)
Carrying Value \| Convertible and Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal	278,422	278,422
Premium (discount), net	(1,175)	(1,293)
Deferred financing costs	(171)	(388)
Long-term debt	277,076	276,741
Carrying Value \| Convertible and Exchangeable Senior Notes \| Operating Segments \| Investment Management
Debt Instrument [Line Items]
Long-term debt	0	0
Carrying Value \| Convertible and Exchangeable Senior Notes \| Operating Segments \| Operating
Debt Instrument [Line Items]
Long-term debt	0	0
Carrying Value \| Convertible and Exchangeable Senior Notes \| Corporate and Other
Debt Instrument [Line Items]
Long-term debt	$ 277,076	$ 276,741

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

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 (loss) and other comprehensive income (loss) 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 represent 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 the OP primarily 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 GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Principles of Consolidation

The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing its interests in the VIE, the Company also considers interests held by its related parties, including de facto agents. Additionally, the Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment.

Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interests in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also

deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Noncontrolling Interests

Redeemable Noncontrolling Interests—This represents noncontrolling interests in sponsored open-end funds in the liquid securities strategy 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 were 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.

Segment Reporting

The Company conducts its business through two reportable segments: (i) Investment Management; and (ii) 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. 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 at the end of May 2022 (as discussed further in Note 10).

•Operating—This segment is composed of balance sheet equity interests in digital infrastructure and real estate co-investment 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 March 31, 2023 and December 31, 2022); and Vantage SDC, a stabilized hyperscale data center business (DBRG ownership of 13% at March 31, 2023 and December 31, 2022). 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 DigitalBridge Partners ("DBP") flagship funds, and seed investments in liquid securities

and other potential new strategies; and (ii) remaining non-digital investments. Outside of its general partner interests, which are presented in the Investment Management segment, 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 allocation 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 from sponsored funds. 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 principal investment income or losses and to a lesser extent, revenues in the form of interest income or dividend income from warehoused investments and consolidated investment vehicles.

•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.

The results of operations of the Company's reportable segments are presented in the supplemental schedule to the consolidated statements of operations and reconciled to the consolidated statements of operations as follows:


	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
(In thousands)	Investment Management		Operating		Corporate and Other		Total		Investment Management		Operating		Corporate and Other		Total
Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(2,198)	$	(10,789)	$	(171,149)	$	(184,136)	$	(7,602)	$	(12,824)	$	(144,771)	$	(165,197)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.							(13,661)								(81,360)
Net income (loss) attributable to DigitalBridge Group, Inc.							$	(197,797)							$	(246,557)

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 values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

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 earnings. 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 and Assets and Related Liabilities Held for Disposition

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.

In March 2023, the Company sold the entirety of its equity method investment in BrightSpire Capital, Inc. (NYSE: BRSP) of approximately 35.0 million shares for net proceeds totaling $201.6 million. The Company's investment in BRSP qualified as held for sale in March 2023 and its disposition represents a strategic shift that has major effects on the Company’s operations and financial results, meeting the criteria as discontinued operations as of March 2023. Accordingly, for all prior periods presented, the equity method investment in BRSP is presented as assets held for disposition on the consolidated balance sheets and equity method earnings (loss) from BRSP is presented as loss from discontinued operations on the consolidated statements of operations.

Discontinued operations in 2023 primarily reflect a $9.7 million impairment of BRSP shares prior to its disposition, and activities associated with equity investments excluded from the December 2021 bulk sale of the Company's non-digital investment portfolio.

In addition to the above equity investments, discontinued operations in 2022 also included two months of operations of the Wellness Infrastructure business, along with other non-core assets held by a subsidiary, NRF Holdco, LLC ("NRF Holdco"), prior to the sale of all of the equity of NRF Holdco in February 2022. 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 promissory 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 ("PIK") interest at 5.35% per annum (Note 11). The disposition of NRF Holdco resulted in a write-off of unamortized deferred financing costs on the Wellness Infrastructure debt assumed by the buyer of $92.1 million and additional impairment loss based upon final carrying value of the Wellness Infrastructure net assets.

Loss from discontinued operations is summarized as follows.


	Three Months Ended March 31,
(In thousands)	2023		2022





Revenues	$	1,970	$	80,281
Expenses	(5,770)		(201,155)







Other gain (loss)	(10,416)		24,117




Income tax benefit (expense)	(2)		2,112
Income (Loss) from discontinued operations	(14,218)		(94,645)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities	517		(6,175)
Operating Company	(1,074)		(7,110)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(13,661)	$	(81,360)

Assets and Related Liabilities Held for Disposition

At March 31, 2023 and December 31, 2022, all assets and related liabilities held for disposition relate to discontinued operations. 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.

Assets held for disposition of $11.3 million at March 31, 2023 consisted primarily of miscellaneous equity investments excluded from the December 2021 bulk sale of the Company's non-digital investment portfolio. Assets held for disposition of $275.5 million at December 31, 2022 also included the Company's shares in BRSP of $218.0 million that were sold in March 2023 and an equity method investment carried under the fair value option of $44.5 million prior to a sale of its underlying assets and a return of capital to the Company in January 2023.

Reclassifications

Reclassifications have been made in connection with discontinued operations, as discussed in "—Discontinued Operations." Additionally, the Company determined that principal investment income (loss) from its equity interest as general partner and general partner affiliate in its sponsored investment vehicles, and its entitlement to carried interest allocation, represent a core component of returns in its investment management business. Accordingly, beginning in 2023, principal investment income (loss) and carried interest allocation are presented within total revenues on the consolidated statements of operations. Prior periods have been reclassified to conform to current presentation.

Accounting Standards Adopted in 2023

Contractual Sale Restriction on Equity Securities

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement, 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 Topic 946, Financial Services—Investment Companies, 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 early adopted the ASU on January 1, 2023. At the time of adoption, the Company and its investment company subsidiaries do not have equity securities subject to contractual sale restrictions.

Acquisitions - Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Estimated fair value of contingent consideration	$ 10,874	$ 0
Goodwill	907,937	$ 761,368	$ 761,368	$ 761,368
TowerCo
Asset Acquisition [Line Items]
Cash			791,254
Estimated fair value of contingent consideration			0
Fair value of equity interest			791,254
Cash			0
Real estate			363,121
Intangible assets			673,218
Lease right-of-use ("ROU") and other assets			234,462
Deferred tax liabilities			(243,223)
Intangible, lease and other liabilities			(236,324)
Fair value of net assets acquired			791,254
Goodwill			0
DataBank And zColo United States
Asset Acquisition [Line Items]
Cash			706,514
Estimated fair value of contingent consideration			0
Fair value of equity interest			706,514
Cash			0
Real estate			627,474
Intangible assets			77,885
Lease right-of-use ("ROU") and other assets			3,994
Deferred tax liabilities			0
Intangible, lease and other liabilities			(2,839)
Fair value of net assets acquired			706,514
Goodwill			0
Vantage SDC Expansion Capacity
Asset Acquisition [Line Items]
Cash			161,302
Estimated fair value of contingent consideration			0
Fair value of equity interest			161,302
Cash			0
Real estate			140,140
Intangible assets			21,162
Lease right-of-use ("ROU") and other assets			0
Deferred tax liabilities			0
Intangible, lease and other liabilities			0
Fair value of net assets acquired			161,302
Goodwill			$ 0
InfraBridge
Business Acquisition [Line Items]
Cash	364,338
Estimated fair value of contingent consideration	10,874
Total consideration	375,212
Cash	51,174
Principal investments	130,810
Real estate	0
Intangible assets	50,800
Lease right-of-use ("ROU") and other assets	27,682
Deferred tax liabilities	(10,198)
Intangible, lease and other liabilities	(21,625)
Fair value of net assets acquired	228,643
Goodwill	$ 146,569

Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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 as follows:


	Three Months Ended March 31,
(In thousands)	2023		2022
Foreign currency contracts:




Realized and unrealized gain in earnings on non-designated contracts (1)	$	4,053	$	1,510
Interest rate contracts:




Realized and unrealized gain in earnings on non-designated contracts	—		61

__________

(1) Amount in 2023 relates to foreign currency contract entered into on behalf of a sponsored fund, which has no net impact to the Company's earnings, as discussed in Note 16.

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).


	Fair Value Option		Equity Investment of Consolidated Fund
(In thousands)	Loans Receivable









Fair value at December 31, 2021	$	82,930		$	—
Originations and drawdowns	360,990			—
Paydowns	(112,500)			—
Change in accrued interest and capitalization of paid-in-kind interest	(650)			—
Unrealized gain (loss) in earnings, net	(2,815)			—
Fair value at March 31, 2022	$	327,955		$	—

Net unrealized gain (loss) in earnings on instruments held at March 31, 2022	$	(2,815)		$	—

Fair value at December 31, 2022	$	137,945		$	46,770
Contributions	—			9,627
Change in consolidated fund's share of equity investment (1)	—			6,125
Paydowns of underlying loan assets held by equity investment of consolidated fund	—			(25)
Change in accrued interest and capitalization of paid-in-kind interest	545			—
Unrealized gain (loss) in earnings, net (2)	(131,686)			11
Fair value at March 31, 2023	$	6,804		$	62,508

Net unrealized gain (loss) in earnings on instruments held at March 31, 2023	$	(131,686)		$	11

__________

(1) Represents reallocation of investment value when relative ownership of the pooling entity across its fund owners change following additional capital contributions.

(2) With respect to equity investment of the consolidated fund, represents remeasurement of a foreign currency denominated loan asset held by the pooling entity of the consolidated fund.

Summary of Changes in Recurring Level 3 Fair Values

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).


	Fair Value Option		Equity Investment of Consolidated Fund
(In thousands)	Loans Receivable









Fair value at December 31, 2021	$	82,930		$	—
Originations and drawdowns	360,990			—
Paydowns	(112,500)			—
Change in accrued interest and capitalization of paid-in-kind interest	(650)			—
Unrealized gain (loss) in earnings, net	(2,815)			—
Fair value at March 31, 2022	$	327,955		$	—

Net unrealized gain (loss) in earnings on instruments held at March 31, 2022	$	(2,815)		$	—

Fair value at December 31, 2022	$	137,945		$	46,770
Contributions	—			9,627
Change in consolidated fund's share of equity investment (1)	—			6,125
Paydowns of underlying loan assets held by equity investment of consolidated fund	—			(25)
Change in accrued interest and capitalization of paid-in-kind interest	545			—
Unrealized gain (loss) in earnings, net (2)	(131,686)			11
Fair value at March 31, 2023	$	6,804		$	62,508

Net unrealized gain (loss) in earnings on instruments held at March 31, 2023	$	(131,686)		$	11

__________

(1) Represents reallocation of investment value when relative ownership of the pooling entity across its fund owners change following additional capital contributions.

(2) With respect to equity investment of the consolidated fund, represents remeasurement of a foreign currency denominated loan asset held by the pooling entity of the consolidated fund.

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
March 31, 2023
Liabilities
Corporate debt
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	292,695
Convertible and exchangeable senior notes	325,098		—		—		325,098		277,076
Non-recourse investment-level debt	—		4,134,916		363,488		4,498,404		4,752,050


December 31, 2022
Liabilities
Corporate debt
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	292,171
Convertible and exchangeable senior notes	304,513		—		—		304,513		276,741
Non-recourse investment-level debt	—		3,268,508		944,984		4,213,492		4,587,228

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule of Other Assets [Line Items]
Straight-line rents	$ 46,295,000	$ 42,721,000
Investment deposits and pending deal costs	15,192,000	1,377,000
Derivative assets	0	11,793,000
Prepaid taxes and deferred tax assets, net	13,440,000	8,709,000
Receivables from resolution of investment	350,000	14,923,000
Finance lease right-of-use asset—investment properties	117,349,000	120,261,000
Accounts receivable, net	59,366,000	66,059,000
Prepaid expenses	27,260,000	28,760,000
Other assets	19,466,000	15,798,000
Fixed assets, net	13,288,000	14,200,000
Total other assets	$ 642,451,000	$ 654,050,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Accumulated depreciation	$ 15,100,000	$ 17,900,000
Corporate Offices
Schedule of Other Assets [Line Items]
Operating lease right-of-use asset	$ 23,141,000	$ 23,689,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Investment Properties
Schedule of Other Assets [Line Items]
Operating lease right-of-use asset	$ 307,304,000	$ 305,760,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	$ (142,745)	$ (149,881)
Principal investment income (loss)	3,562	6,454
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Principal investment income (loss)	(296)	200
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	0	5,861
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	$ 1,051	$ 20,680

Goodwill, Deferred Leasing Costs and Other Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Deferred Leasing Costs and Other Intangibles

6. Goodwill, Deferred Leasing Costs and Other Intangibles

Goodwill

The following table presents changes in goodwill by reportable segment.


	Three Months Ended March 31,
	2023						2022
(In thousands)	Investment Management (1)		Operating		Total		Investment Management (1)		Operating		Total
Beginning balance	$	298,248	$	463,120	$	761,368	$	298,248	$	463,120	$	761,368
Business combination (Note 3)	146,569		—		146,569		—		—		—



Ending balance	$	444,817	$	463,120	$	907,937	$	298,248	$	463,120	$	761,368

__________

(1) Remaining goodwill deductible for income tax purposes was $119.7 million at March 31, 2023 and $122.4 million at December 31, 2022.

Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities

Deferred leasing costs and identifiable intangible assets and liabilities are as follows.


	March 31, 2023						December 31, 2022
(In thousands)	Carrying Amount (1)(2)		Accumulated Amortization(1)(2)		Net Carrying Amount(1)		Carrying Amount (1)		Accumulated Amortization(1)		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
Investment management intangibles (3)	$	208,917	$	(83,228)	$	125,689	$	164,189	$	(82,432)	$	81,757
Deferred leasing costs and lease-related intangible assets (4)	1,242,281		(432,532)		809,749		1,239,477		(397,975)		841,502
Customer relationships and service contracts (5)	218,154		(67,037)		151,117		218,154		(62,788)		155,366
Trade names	24,100		(14,454)		9,646		26,400		(15,656)		10,744
Other (6)	6,818		(4,499)		2,319		6,818		(4,020)		2,798
Total deferred leasing costs and intangible assets	$	1,700,270	$	(601,750)	$	1,098,520	$	1,655,038	$	(562,871)	$	1,092,167
Intangible Liabilities
Lease intangible liabilities (4)	$	46,636	$	(18,195)	$	28,441	$	46,636	$	(16,812)	$	29,824

__________

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

(2) Current period amounts exclude intangible assets and liabilities that were fully amortized in the preceding year.

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

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

(5) In connection with data center services provided in the colocation data center business.

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

Amortization of Intangible Assets and Liabilities

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


	Three Months Ended March 31,
(In thousands)	2023		2022



Net increase (decrease) to rental income (1)	$	209	$	(131)



Amortization expense
Investment management intangibles	$	6,090	$	5,055
Deferred leasing costs and lease-related intangibles	32,843		33,707
Customer relationships and service contracts	4,249		4,914
Trade name	1,098		1,098
Other	480		477
	$	44,760	$	45,251

__________

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

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


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



Net increase (decrease) to rental income	$	(869)	$	(1,838)	$	(1,740)	$	(1,691)	$	(1,016)	$	1,267	$	(5,887)







Amortization expense	123,110		137,433		120,610		107,698		95,914		479,427		1,064,192

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 761,368	$ 761,368
Business combination (Note 3)	146,569	0
Ending balance	907,937	761,368
Goodwill deductible for tax purposes	119,700		$ 122,400
Investment Management
Goodwill [Roll Forward]
Beginning balance	298,248	298,248
Business combination (Note 3)	146,569	0
Ending balance	444,817	298,248
Operating
Goodwill [Roll Forward]
Beginning balance	463,120	463,120
Business combination (Note 3)	0	0
Ending balance	$ 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

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred investment management fees	$ 7,555		$ 6,264
Other deferred income	65,782		55,188
Dividends payable	16,444	$ 15,759	16,491
Securities sold short—consolidated funds	45,628		40,928
Due to custodians—consolidated funds	29,129		35,458
Current and deferred income tax liability	9,396		98
Warrants issued to Wafra (Note 10)	22,200		17,700
Finance lease liability—investment properties	133,723		135,624
Accrued compensation	41,086		52,031
Accrued incentive fee and carried interest compensation	134,078		171,086
Accrued real estate and other taxes	15,886		21,580
Payable for Vantage SDC expansion capacity (3)	6,889		56,889
Accounts payable and accrued expenses	219,414		185,900
Due to affiliates (Note 16)	860		12,451
Other liabilities	1,179		6,423
Other liabilities	$ 1,133,568		$ 1,272,096
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities		Other liabilities
Deferred investment management fees recognized	$ 1,400	$ 2,400
InfraBridge
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contingent consideration payable—Wafra (Note 10)	10,938		$ 0
Wafra, Inc.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contingent consideration payable—Wafra (Note 10)	35,000		125,000
Corporate Debt
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Interest payable	5,807		4,431
Investment Level Debt
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Interest payable	5,889		5,624
Corporate Offices
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Operating lease liability	$ 39,535		$ 40,497
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities		Other liabilities
Investment Properties
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Operating lease liability	$ 287,150		$ 282,433
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities		Other liabilities
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period	3 years 9 months 18 days

Equity-Based Compensation

3 Months Ended

Mar. 31, 2023

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, but excluding employees of portfolio companies. 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 March 31, 2023, an aggregate 24.5 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:


	2023 PSU Grants	2022 PSU Grants	2021 PSU Grants
Expected volatility of the Company's class A common stock (1)	41.3%	32.4%	35.4%
Expected annual dividend yield (2)	0.3%	—%	—%
Risk-free rate (per annum) (3)	3.8%	2.0%	0.3%

__________

(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.

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

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

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

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


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

__________

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

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

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

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

Equity-based compensation cost pursuant to DBRG's Equity Incentive Plan is included in the following line items on the consolidated statement of operations.


	Three Months Ended March 31,
(In thousands)	2023		2022

Compensation expense (including $0 and $37 expense related to dividend equivalent rights)	$	10,770	$	8,979


Administrative expense	228		88
	$	10,998	$	9,067

Changes in unvested equity awards pursuant to DBRG's Equity Incentive Plan are summarized below.


							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, 2022	1,706,674	2,625,000	20,058	2,397,391	1,889,587	8,638,710	$	17.84	$	10.84
Granted	1,865,483	—	6,457	—	397,262	2,269,202	13.36		11.75
Vested	(532,399)	—	(6,439)	(599,348)	(635,926)	(1,774,112)	29.84		15.72
Forfeited	(822)	—	—	—	(424,065)	(424,887)	29.84		27.29
Unvested shares and units at March 31, 2023	3,038,936	2,625,000	20,076	1,798,043	1,226,858	8,708,913	6.02		10.33

__________

Fair value of equity awards that vested, as shown above, determined based upon their respective fair values at vesting date, was $20.9 million and $33.4 million for the three months ended March 31, 2023 and 2022, respectively.

At March 31, 2023, aggregate unrecognized compensation cost for all unvested equity awards pursuant to DBRG's Equity Incentive Plan was $55.5 million, which is expected to be recognized over a weighted average period of 2.2 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 1.1 years.

Fair Value - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value \| Secured Debt
Liabilities
Secured and unsecured debt	$ 4,498,404	$ 4,213,492
Fair Value \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	250,547	250,547
Fair Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	325,098	304,513
Carrying Value \| Secured Debt
Liabilities
Secured and unsecured debt	4,752,050	4,587,228
Carrying Value \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	292,695	292,171
Carrying Value \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	277,076	276,741
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	325,098	304,513
Level 2 \| Secured Debt
Liabilities
Secured and unsecured debt	4,134,916	3,268,508
Level 2 \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	250,547	250,547
Level 2 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Secured Debt
Liabilities
Secured and unsecured debt	363,488	944,984
Level 3 \| Secured Debt \| Series 2021-1 Notes
Liabilities
Secured and unsecured debt	0	0
Level 3 \| Convertible and exchangeable senior notes
Liabilities
Secured and unsecured debt	$ 0	$ 0

Fee Income

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Fee Income

14. Fee Income

The following table presents the Company's fee income by type.


	Three Months Ended March 31,
(In thousands)		2023		2022
Management fees		$	57,158	$	42,191
Incentive fees		869		—
Other fees		1,099		646
Total fee income		$	59,126	$	42,837

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 securities strategy.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its liquid securities strategy. Incentive fees are determined based upon the performance of the respective accounts, subject to the achievement of specified return thresholds in accordance with the terms set out in their respective governing agreements. A portion of the incentive fees earned by the Company is allocable to senior management, investment professionals, and certain other employees of the Company, included in carried interest and incentive fee compensation expense. Other Fee Income—Other fees include primarily service fees for information technology, facilities and operational support provided to portfolio companies, and on a non-recurring basis, loan origination fees.

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share Reconciliation

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


	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Net income (loss) allocated to common stockholders


Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(184,136)	$	(165,197)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,661)		(81,360)
Net income (loss) attributable to DigitalBridge Group, Inc.	(197,797)		(246,557)

Preferred dividends	(14,676)		(15,759)
Net income (loss) attributable to common stockholders	(212,473)		(262,316)
Net income (loss) allocated to participating securities	(31)		—
Net income (loss) allocated to common stockholders—basic	(212,504)		(262,316)
Interest expense attributable to convertible and exchangeable notes (1)	—		—
Net income (loss) allocated to common stockholders—diluted	$	(212,504)	$	(262,316)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	158,446		142,485
Weighted average effect of dilutive shares (1)(2)(3)	—		—
Weighted average number of common shares outstanding—diluted	158,446		142,485
Income (loss) per share—basic
Income (Loss) from continuing operations	$	(1.25)	$	(1.27)
(Income (Loss) from discontinued operations	(0.09)		(0.57)
Net income (loss) attributable to common stockholders per common share—basic	$	(1.34)	$	(1.84)
Income (loss) per share—diluted
Income (Loss) from continuing operations	$	(1.25)	$	(1.27)
(Income (Loss) from discontinued operations	(0.09)		(0.57)
Net income (loss) attributable to common stockholders per common share—diluted	$	(1.34)	$	(1.84)

__________

(1) With respect to the assumed conversion or exchange of the Company's outstanding senior notes, the following are excluded from the calculation of diluted earnings per share as their inclusion would be antidilutive: (a) for the three months ended March 31, 2023 and 2022, the effect of adding back interest expense of $4.0 million and $4.8 million, respectively, and 11,697,600 and 16,580,800 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 three months ended March 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 32,400 and 2,164,300 for the three months ended March 31, 2023 and 2022, respectively; and (b) class A common shares that are issuable to net settle the exercise of warrants (Note 10) with weighted average shares of 362,800 and 2,937,600 for the three months ended March 31, 2023 and 2022, 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 March 31, 2023 and 2022, 12,628,900 and 12,728,900 of OP Units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

Real Estate - Components of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 257,588	$ 257,588
Buildings and improvements	1,738,190	1,573,605
Data center infrastructure	4,510,678	4,427,150
Construction in progress	283,146	395,393
Real estate held for investment, gross	6,789,602	6,653,736
Less: Accumulated depreciation	(824,795)	(732,438)
Real estate assets, net	$ 5,964,807	$ 5,921,298

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

8. Debt

Corporate debt—This is composed of a securitized financing facility and senior notes issued by DigitalBridge Group, Inc. or its OP subsidiary and are recourse to the Company, as discussed further below. Corporate debt is presented within Corporate and Other, except that a portion of the securitized financing facility is allocated to the Investment Management and Operating segments consistent with the cash flows that service the debt and the underlying collateral that resides across the Company's various lines of business.


	March 31, 2023								December 31, 2022
(In thousands)	Investment Management		Operating		Corporate and Other		Total		Investment Management		Operating		Corporate and Other		Total
Corporate debt
Securitized financing facility	$	199,033	$	70,246	$	23,416	$	292,695	$	198,677	$	70,120	$	23,374	$	292,171
Convertible and exchangeable senior notes	—		—		277,076		277,076		—		—		276,741		276,741
	$	199,033	$	70,246	$	300,492	$	569,771	$	198,677	$	70,120	$	300,115	$	568,912

Investment-level debt—This represents non-recourse debt, including: (i) investment level financing in the Operating segment, and (ii) debt within consolidated funds and debt on warehoused investments, if any, in Corporate and Other.

The components that make up the carrying value of corporate and investment-level debt are as follows.


	Corporate Debt
(In thousands)	Securitized Financing Facility		Convertible and Exchangeable Senior Notes		Total		Non-Recourse Investment-Level Debt
March 31, 2023
Debt at amortized cost
Principal	$	300,000	$	278,422	$	578,422	$	4,871,528
Premium (discount), net	—		(1,175)		(1,175)		(47,922)
Deferred financing costs	(7,305)		(171)		(7,476)		(71,556)
	$	292,695	$	277,076	$	569,771	$	4,752,050
December 31, 2022
Debt at amortized cost
Principal	$	300,000	$	278,422	$	578,422	$	4,634,235
Premium (discount), net	—		(1,293)		(1,293)		10,713
Deferred financing costs	(7,829)		(388)		(8,217)		(57,720)
	$	292,171	$	276,741	$	568,912	$	4,587,228

The following table summarizes certain key terms of corporate and investment-level 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)
March 31, 2023
Corporate debt
Recourse
Securitized financing facility(3)	$	300,000	3.93	%	3.5	$	—	NA		3.5	$	300,000	3.93	%	3.5
Convertible and exchangeable senior notes	278,422		5.21	%	0.7	—		NA		NA	278,422		5.21	%	0.7
	$	578,422				$	—				$	578,422

Investment-Level Secured Debt
Non-recourse
Operating segment	$	4,508,428	3.09	%	3.4	$	362,500	8.68	%	0.8	$	4,870,928	3.51	%	3.3
Corporate and Other—Consolidated fund	—		NA		NA	600		6.40	%	1.4	600		6.40	%	1.4
	$	4,508,428				$	363,100				$	4,871,528


	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
Corporate debt
Recourse
Securitized financing facility(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

Investment-Level Secured Debt
Non-recourse
Operating segment	$	3,640,235	2.43	%	3.1	$	993,500	8.41	%	2.6	$	4,633,735	3.71	%	3.0
Corporate and Other—Consolidated fund	—		NA		NA	500		5.96	%	1.6	500		5.96	%	1.6
	$	3,640,235				$	994,000				$	4,634,235

__________

Corporate Debt—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 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 net investment management fees earned by subsidiaries of DBRG, equity interests in portfolio companies in the Operating segment and limited partnership interests in certain sponsored funds held 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 capacity 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.

Corporate Debt—Convertible and Exchangeable Senior Notes


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										March 31, 2023		December 31, 2022

Issued by DigitalBridge Group, Inc.
5.00% Convertible Senior Notes (2)	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	5.75	%	9.20		108.6956	8,524	July 21, 2023	78,422		78,422
										$	278,422	$	278,422

__________

(2) Fully repaid in April 2023.

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

There were no exchange transactions in the three months ended March 31, 2023.

In March 2022, DBRG and the OP completed separate privately negotiated exchange transactions with certain noteholders of the 5.75% exchangeable notes. The Company exchanged in aggregate $60.3 million of outstanding principal of the 5.75% exchangeable notes into 6,389,366 shares of the Company's class A common stock and paid $13.9 million of cash. The 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. The exchanges did not qualify as debt conversion and were treated as 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.

Non-Recourse Investment-Level Secured Debt

These are investment level financing that are non-recourse to DBRG and are primarily secured by data center portfolios held by subsidiaries in the Operating segment. At March 31, 2023, the subsidiaries in the Operating segment were in compliance with the financial covenants underlying their respective investment-level secured debt.

In 2023, subsidiaries in the Operating segment refinanced or raised additional debt through new securitization transactions, as follows. There were no securitization activities in 2022.

In February 2023, DataBank issued $715 million of securitized notes at fixed rate coupon of 5.12% per annum (7.07% per annum effective rate as the notes were issued at a discount) with a 5-year anticipated repayment date. In April 2023, DataBank secured an additional $350 million credit facility. Proceeds were applied principally to refinance the data center assets of its zColo subsidiary and to repay the outstanding balance on its variable funding notes.

In March 2023, Vantage SDC issued $370 million of securitized notes at a fixed rate coupon of 6.32% per annum with a 5-year anticipated repayment date. Proceeds were applied principally to repay previously issued securitized notes which had an anticipated repayment date in November 2023 and the outstanding balance on its variable funding notes.

These refinancing transactions resulted in a net loss from debt extinguishment totaling $9.4 million, representing prepayment penalty and accelerated amortization of deferred financing costs, debt discount and premium, recorded in interest expense

Future Minimum Principal Payments

The $200 million outstanding principal of the 5% convertible senior notes that was due in April 2023 was fully repaid at maturity.


(In thousands)	Remaining 2023		2024		2025		2026		2027		2028 and thereafter		Total
Corporate debt
Securitized financing facility	$	—	$	—	$	—	$	300,000	$	—	$	—	$	300,000
Convertible and exchangeable senior notes	200,000		—		78,422		—		—		—		278,422
	$	200,000	$	—	$	78,422	$	300,000	$	—	$	—	$	578,422

Non-recourse investment-level secured debt
Operating segment	$	102,985	$	863,253	$	700,000	$	1,519,690	$	600,000	$	1,085,000	$	4,870,928
Corporate and Other—Consolidated fund	—		600		—		—		—		—		600
	$	102,985	$	863,853	$	700,000	$	1,519,690	$	600,000	$	1,085,000	$	4,871,528

Restricted Cash, Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2023

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 subsidiaries in the Operating segment.

Other Assets

The following table summarizes the Company's other assets:


(In thousands)	March 31, 2023		December 31, 2022
Straight-line rents	$	46,295	$	42,721
Investment deposits and pending deal costs	15,192		1,377


Derivative assets	—		11,793
Prepaid taxes and deferred tax assets, net	13,440		8,709
Receivables from resolution of investment	350		14,923
Operating lease right-of-use asset—corporate offices	23,141		23,689
Operating lease right-of-use asset—investment properties	307,304		305,760
Finance lease right-of-use asset—investment properties	117,349		120,261
Accounts receivable, net (1)	59,366		66,059
Prepaid expenses	27,260		28,760
Other assets	19,466		15,798
Fixed assets, net (2)	13,288		14,200
Total other assets	$	642,451	$	654,050

__________

(1) Includes primarily receivables from tenants in the Operating segment.

(2) Net of accumulated depreciation of $15.1 million at March 31, 2023 and $17.9 million at December 31, 2022.

Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	March 31, 2023		December 31, 2022
Deferred investment management fees (1)	$	7,555	$	6,264
Other deferred income (2)	65,782		55,188
Interest payable—corporate debt	5,807		4,431
Interest payable—investment level debt	5,889		5,624
Dividends payable	16,444		16,491


Securities sold short—consolidated funds	45,628		40,928
Due to custodians—consolidated funds	29,129		35,458
Current and deferred income tax liability	9,396		98
Contingent consideration payable—InfraBridge (Note 10)	10,938		—
Contingent consideration payable—Wafra (Note 10)	35,000		125,000
Warrants issued to Wafra (Note 10)	22,200		17,700
Operating lease liability—corporate offices	39,535		40,497
Operating lease liability—investment properties	287,150		282,433
Finance lease liability—investment properties	133,723		135,624
Accrued compensation	41,086		52,031
Accrued incentive fee and carried interest compensation	134,078		171,086
Accrued real estate and other taxes	15,886		21,580
Payable for Vantage SDC expansion capacity (3)	6,889		56,889
Accounts payable and accrued expenses	219,414		185,900
Due to affiliates (Note 16)	860		12,451
Other liabilities	1,179		6,423
Other liabilities	$	1,133,568	$	1,272,096

__________

(1) Deferred investment management fees are expected to be recognized as fee income over a weighted average period of 3.8 years as of at March 31, 2023 and 2.9 years as of December 31, 2022. Deferred investment management fees recognized as income of $1.4 million and $2.4 million in the three months ended March 31, 2023 and 2022, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

(2) Represents primarily prepaid rental income and upfront payment received for data center installation services in the Operating segment.

(3) Represents deferred purchase consideration associated with a Vantage SDC add-on acquisition in 2021 that is to be paid upon future lease-up.

Deferred Income Taxes

The Company has significant deferred tax assets, related principally to capital loss carryforwards, outside basis difference in DBRG's interest in the OP, outside basis difference in investment in partnerships and net operating losses generated by a taxable U.S. subsidiary. As of March 31, 2023 and December 31, 2022, a full valuation allowance has been established as the realizability of these deferred tax assets did not meet the more-likely-than-not threshold. As a result, income tax expense for the three months ended March 31, 2023, generally reflects the income tax effect of foreign subsidiaries.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Investment entities	Operating Company	Class A Common Stock	Class A Common Stock Total Stockholders’ Equity	Class A Common Stock Additional Paid-in Capital	Class A Common Stock Operating Company
Beginning balance at Dec. 31, 2021	$ 4,912,390	$ 2,146,934	$ 854,232	$ 5,692	$ 7,820,807	$ (6,576,180)	$ 42,383	$ 2,653,173	$ 112,283
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(332,464)	(246,557)				(246,557)		(63,045)	(22,862)
Other comprehensive income (loss)	(44,312)	(29,705)					(29,705)	(12,011)	(2,596)
Exchange of notes for common stock (Note 8)	177,818	177,818		256	177,562
Adjustment of redeemable noncontrolling interest and warrants to fair value (Note 10)	(690,000)	(690,000)			(690,000)
Deconsolidation of investment entities	(176,856)							(176,856)
Redemption of OP Units for class A common stock	(32,076)							(32,076)		$ 0	$ 2	$ 2	$ (2)
Equity based compensation	18,625	14,336		50	14,286			2,734	1,555
Shares canceled for tax withholdings on vested equity awards	(11,410)	(11,410)		(17)	(11,393)
Contributions from noncontrolling interests	343,006							343,006
Distributions to noncontrolling interests	(26,018)							(26,018)
Preferred stock dividends	(15,760)	(15,760)				(15,760)
Reallocation of equity (Notes 2 and 10)	0	45,174			45,099		75		(45,174)
Ending balance at Mar. 31, 2022	4,122,943	1,390,832	854,232	5,981	7,356,363	(6,838,497)	12,753	2,688,907	43,204
Beginning balance at Dec. 31, 2022	4,469,489	1,660,698	800,355	6,397	7,818,068	(6,962,613)	(1,509)	2,743,896	64,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(299,287)	(197,797)				(197,797)		(84,828)	(16,662)
Other comprehensive income (loss)	87	33					33	35	19
Adjustment of redeemable noncontrolling interest and warrants to fair value (Note 10)	0
Common stock repurchases	(52)	(52)	(52)
Equity based compensation	16,612	11,029		99	10,930			5,542	41
Shares canceled for tax withholdings on vested equity awards	(4,863)	(4,863)		(16)	(4,847)
Contributions from noncontrolling interests	29,684							29,684
Distributions to noncontrolling interests	(43,562)							(43,436)	(126)
Preferred stock dividends	(14,676)	(14,676)				(14,676)
Common stock dividends declared ($0.01 per share)	(1,620)	(1,620)				(1,620)
Reallocation of equity (Notes 2 and 10)	0	(431)			(429)		(2)		431
Ending balance at Mar. 31, 2023	$ 4,151,812	$ 1,452,321	$ 800,303	$ 6,480	$ 7,823,722	$ (7,176,706)	$ (1,478)	$ 2,650,893	$ 48,598

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Operating Results


	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
(In thousands)	Investment Management		Operating		Corporate and Other		Total		Investment Management		Operating		Corporate and Other		Total
Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(2,198)	$	(10,789)	$	(171,149)	$	(184,136)	$	(7,602)	$	(12,824)	$	(144,771)	$	(165,197)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.							(13,661)								(81,360)
Net income (loss) attributable to DigitalBridge Group, Inc.							$	(197,797)							$	(246,557)

Schedule of Discontinued Operations, Net Income (Loss)

Loss from discontinued operations is summarized as follows.


	Three Months Ended March 31,
(In thousands)	2023		2022





Revenues	$	1,970	$	80,281
Expenses	(5,770)		(201,155)







Other gain (loss)	(10,416)		24,117




Income tax benefit (expense)	(2)		2,112
Income (Loss) from discontinued operations	(14,218)		(94,645)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities	517		(6,175)
Operating Company	(1,074)		(7,110)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(13,661)	$	(81,360)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Goodwill, Deferred Leasing Costs and Other Intangibles - Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	$ 1,700,270	$ 1,655,038
Accumulated Amortization	(601,750)	(562,871)
Net Carrying Amount	1,098,520	1,092,167
Intangible Liabilities
Carrying Amount (Net of Impairment)	46,636	46,636
Accumulated Amortization	(18,195)	(16,812)
Net Carrying Amount	28,441	29,824
Investment management intangibles
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	208,917	164,189
Accumulated Amortization	(83,228)	(82,432)
Net Carrying Amount	125,689	81,757
Deferred leasing costs and lease intangible assets
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	1,242,281	1,239,477
Accumulated Amortization	(432,532)	(397,975)
Net Carrying Amount	809,749	841,502
Customer relationships and service contracts
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	218,154	218,154
Accumulated Amortization	(67,037)	(62,788)
Net Carrying Amount	151,117	155,366
Trade name
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	24,100	26,400
Accumulated Amortization	(14,454)	(15,656)
Net Carrying Amount	9,646	10,744
Other
Deferred Leasing Costs and Intangible Assets
Carrying Amount (Net of Impairment)	6,818	6,818
Accumulated Amortization	(4,499)	(4,020)
Net Carrying Amount	$ 2,319	$ 2,798

Real Estate (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule of Components of Real Estates

The following table summarizes the Company's real estate which is held by subsidiaries in the Operating segment.


(In thousands)	March 31, 2023		December 31, 2022
Land	$	257,588	$	257,588
Buildings and improvements	1,738,190		1,573,605

Data center infrastructure	4,510,678		4,427,150


Construction in progress	283,146		395,393
	6,789,602		6,653,736
Less: Accumulated depreciation	(824,795)		(732,438)
Real estate assets, net	$	5,964,807	$	5,921,298

Schedule of Components of Property Operating Income

Components of property operating income are as follows.


	Three Months Ended March 31,
(In thousands)	2023		2022
Lease income:
Fixed lease income	$	177,420	$	160,324
Variable lease income	32,982		23,847
	210,402		184,171
Data center service revenue	20,525		18,340
	$	230,927	$	202,511

Debt - Components of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 578,422		$ 578,422
Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	4,871,528		4,634,235
Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	578,422		578,422
Fixed Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	4,508,428		3,640,235
Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	0		0
Variable Rate \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	363,100		994,000
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 6 months	3 years 8 months 12 days
Secured Debt \| Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 4,870,928		$ 4,633,735
Weighted Average Interest Rate (Per Annum)	3.51%		3.71%
Weighted Average Years Remaining to Maturity	3 years 3 months 18 days	3 years
Secured Debt \| Corporate and Other—Consolidated fund \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 600		$ 500
Weighted Average Interest Rate (Per Annum)	6.40%		5.96%
Weighted Average Years Remaining to Maturity	1 year 4 months 24 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 6 months	3 years 8 months 12 days
Secured Debt \| Fixed Rate \| Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 4,508,428		$ 3,640,235
Weighted Average Interest Rate (Per Annum)	3.09%		2.43%
Weighted Average Years Remaining to Maturity	3 years 4 months 24 days	3 years 1 month 6 days
Secured Debt \| Fixed Rate \| Corporate and Other—Consolidated fund \| 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 6 months	3 years 8 months 12 days
Secured Debt \| Variable Rate \| Operating \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 362,500		$ 993,500
Weighted Average Interest Rate (Per Annum)	8.68%		8.41%
Weighted Average Years Remaining to Maturity	9 months 18 days	2 years 7 months 6 days
Secured Debt \| Variable Rate \| Corporate and Other—Consolidated fund \| Non-recourse
Debt Instrument [Line Items]
Outstanding Principal	$ 600		$ 500
Weighted Average Interest Rate (Per Annum)	6.40%		5.96%
Weighted Average Years Remaining to Maturity	1 year 4 months 24 days	1 year 7 months 6 days
Convertible and Exchangeable Senior Notes \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 278,422		$ 278,422
Weighted Average Interest Rate (Per Annum)	5.21%		5.21%
Weighted Average Years Remaining to Maturity	8 months 12 days	10 months 24 days
Convertible and Exchangeable Senior Notes \| Fixed Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 278,422		$ 278,422
Weighted Average Interest Rate (Per Annum)	5.21%		5.21%
Weighted Average Years Remaining to Maturity	8 months 12 days	10 months 24 days
Convertible and Exchangeable Senior Notes \| Variable Rate \| Recourse Debt
Debt Instrument [Line Items]
Outstanding Principal	$ 0		$ 0

Debt - Securitized Financing Facility Facility (Details) $ in Millions	1 Months Ended
	Apr. 30, 2022 USD ($)	Jul. 31, 2021 USD ($) extension	Mar. 31, 2023 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

Restricted Cash, Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

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)	March 31, 2023		December 31, 2022
Straight-line rents	$	46,295	$	42,721
Investment deposits and pending deal costs	15,192		1,377


Derivative assets	—		11,793
Prepaid taxes and deferred tax assets, net	13,440		8,709
Receivables from resolution of investment	350		14,923
Operating lease right-of-use asset—corporate offices	23,141		23,689
Operating lease right-of-use asset—investment properties	307,304		305,760
Finance lease right-of-use asset—investment properties	117,349		120,261
Accounts receivable, net (1)	59,366		66,059
Prepaid expenses	27,260		28,760
Other assets	19,466		15,798
Fixed assets, net (2)	13,288		14,200
Total other assets	$	642,451	$	654,050

__________

(1) Includes primarily receivables from tenants in the Operating segment.

(2) Net of accumulated depreciation of $15.1 million at March 31, 2023 and $17.9 million at December 31, 2022.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	March 31, 2023		December 31, 2022
Deferred investment management fees (1)	$	7,555	$	6,264
Other deferred income (2)	65,782		55,188
Interest payable—corporate debt	5,807		4,431
Interest payable—investment level debt	5,889		5,624
Dividends payable	16,444		16,491


Securities sold short—consolidated funds	45,628		40,928
Due to custodians—consolidated funds	29,129		35,458
Current and deferred income tax liability	9,396		98
Contingent consideration payable—InfraBridge (Note 10)	10,938		—
Contingent consideration payable—Wafra (Note 10)	35,000		125,000
Warrants issued to Wafra (Note 10)	22,200		17,700
Operating lease liability—corporate offices	39,535		40,497
Operating lease liability—investment properties	287,150		282,433
Finance lease liability—investment properties	133,723		135,624
Accrued compensation	41,086		52,031
Accrued incentive fee and carried interest compensation	134,078		171,086
Accrued real estate and other taxes	15,886		21,580
Payable for Vantage SDC expansion capacity (3)	6,889		56,889
Accounts payable and accrued expenses	219,414		185,900
Due to affiliates (Note 16)	860		12,451
Other liabilities	1,179		6,423
Other liabilities	$	1,133,568	$	1,272,096

__________

(2) Represents primarily prepaid rental income and upfront payment received for data center installation services in the Operating segment.

(3) Represents deferred purchase consideration associated with a Vantage SDC add-on acquisition in 2021 that is to be paid upon future lease-up.

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	1. Business and Organization DigitalBridge Group, Inc. ("DBRG," and together with its consolidated subsidiaries, the "Company") is a leading global digital infrastructure investment manager. The Company deploys and manages capital on behalf of its investors and shareholders across the digital infrastructure ecosystem, including data centers, cell towers, fiber networks, small cells, and edge infrastructure. The Company's investment management platform is anchored by its flagship value-add digital infrastructure equity offerings, and has expanded to include offerings in core equity, credit 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 (Note 3). Organization The Company operates as a taxable C Corporation commencing with the taxable year ended December 31, 2022, except for certain subsidiaries in the Operating segment that have elected to be taxed as real estate investment trusts for U.S. federal income tax purposes. 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 March 31, 2023, 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.

Fee Income - Summary of Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Management fees
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 57,158	$ 42,191
Other fees
Related Party Transaction [Line Items]
Revenue from contract with customer	1,099	646
Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	59,126	42,837
Affiliated Entity \| Incentive fees
Related Party Transaction [Line Items]
Revenue from contract with customer	869	0
Affiliated Entity \| Total fee income
Related Party Transaction [Line Items]
Revenue from contract with customer	$ 56,389	$ 42,004

- 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)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Summary of Significant Accounting Policies - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations	$ (14,218)	$ (94,645)
Total assets held for disposition	11,300		$ 275,500
Held for disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	1,970	80,281
Expenses	(5,770)	(201,155)
Other gain (loss), net	(10,416)	24,117
Income tax benefit (expense)	(2)	2,112
Loss from discontinued operations	(14,218)	(94,645)
Loss from discontinued operations attributable to:	(13,661)	(81,360)
Held for disposition \| Investment entities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations attributable to:	517	(6,175)
Held for disposition \| Operating Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations attributable to:	$ (1,074)	$ (7,110)

Investments - Debt Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Amortized Cost without Allowance for Credit Loss	$ 50,927	$ 50,927
Allowance for Credit Loss	0	0
Gross cumulative unrealized gains	0	0
Gross cumulative unrealized loss	0	0
Fair Value	$ 50,927	$ 50,927

Business and Organization (Details) - DigitalBridge Operating Company	3 Months Ended
	Mar. 31, 2023
Certain Employees
Business Acquisition [Line Items]
Senior management ownership percent	7.00%
Parent
Business Acquisition [Line Items]
General partner ownership percent	93.00%

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fee income
Other income	$ 59,126	$ 42,837
Affiliated Entity \| Fee income
Other income	56,389	42,004
Affiliated Entity \| Other income
Other income	$ 1,253	$ 3,379

- Definition

+ References

+ Details

Variable Interest Entities

3 Months Ended

Mar. 31, 2023

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 $112.6 million at March 31, 2023 and $94.7 million at December 31, 2022. 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.

The following table presents the assets and liabilities of the consolidated funds, which are presented within Corporate and Other in the supplemental schedule to the consolidated balance sheets.


(In thousands)	March 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	82,906	$	86,433
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	211,758		185,845
Other assets	414		1,895
	$	295,078	$	274,173
Liabilities
Debt	$	350	$	465
Other liabilities
Securities sold short	45,629		40,928
Due to custodian	29,130		35,457
Other	1,059		2,734
	$	76,168	$	79,584

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 $853.8 million at March 31, 2023 and $752.3 million at December 31, 2022, included in equity investments, and $0.8 million at March 31, 2023 and $1.0 million at December 31, 2022, included within assets held for disposition.

Investments

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments

4. Investments

The Company's equity and debt investments are represented by the following:


(In thousands)	March 31, 2023		December 31, 2022
Investment Management
Equity method investments
Principal investments	$	54,626	$	51,665
Carried interest allocation	286,517		341,749
	341,143		393,414
Other equity investment	4,683		1,913
Total Investment Management	345,826		395,327

Operating
Debt investments—loan receivable	6,804		4,638

Corporate and Other
Equity method investments—Principal investments	512,649		358,846
Equity investments of consolidated funds	211,758		185,845
Other equity investments	98,988		113,111
Debt investments
CLO subordinated notes	50,927		50,927
Loan receivable	—		133,307
Total Corporate and Other	874,322		842,036

Total Investments	$	1,226,952	$	1,242,001

Equity Method Investments

Principal Investments

Principal investments totaling $567.3 million at March 31, 2023 and $410.5 million at December 31, 2022 represent investments in the Company's sponsored investment vehicles, accounted for as equity method investments as the Company exerts significant influence in its role as general partner. The Company typically has a small percentage interest in its sponsored funds as general partner (presented in the Investment Management segment). The Company also has additional investment as general partner affiliate alongside the funds' limited partners, primarily with respect to the Company's flagship value-add funds, DigitalBridge Partners, LP ("DBP I") and DigitalBridge Partners II, LP ("DBP II"), and the InfraBridge funds (presented within Corporate and Other).

The Company's proportionate share of net income (loss) from investments in its sponsored investment vehicles, which includes unrealized gain (loss) from changes in fair value of the underlying fund investments, is recorded in principal investment income (loss) on the consolidated statements of operations.

Carried Interest Allocation

Carried interest allocation represents a disproportionate allocation of returns to the Company, as general partner, based upon the extent to which cumulative performance of a sponsored fund exceeds minimum return hurdles. Carried interest allocation 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 allocation recognized is based upon the cumulative performance of the fund if it were liquidated as of the reporting date. Unrealized carried interest allocation is driven primarily by changes in fair value of the underlying investments of the fund, which may 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. For funds that have exceeded the minimum return hurdle but have not returned all capital to the limited partners, unrealized carried interest allocation may be subject to reversal over time as preferred returns continue to accrue on unreturned capital. Realization of carried interest allocation occurs upon disposition of all underlying investments of the fund, or in part with each disposition.

Generally, carried interest allocation 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 allocation distributed has exceeded the final carried interest allocation amount earned (or amount earned as of the calculation date), the Company is obligated to return the excess carried interest allocation received. Therefore, carried interest allocation distributed 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.

Carried interest allocation on the balance sheet date represents unrealized carried interest allocation in connection with sponsored funds that are currently in the early stage of their lifecycle. Carried interest allocation is presented gross of accrued carried interest compensation (Note 7).

Carried Interest Allocation Distributed

There was immaterial carried interest allocation distributed and recognized in revenues in the first quarter of 2023. No carried interest allocation was distributed in the first quarter of 2022.

Clawback Obligation

The Company did not have a liability for clawback obligations on carried interest allocation distributed as of March 31, 2023 and December 31, 2022.

With respect to funds that have distributed carried interest allocation, if in the event all of their investments are deemed to have no value, the likelihood of which is remote, carried interest allocation distributed of $75.6 million would be subject to clawback as of March 31, 2023, of which $58.9 million would be the responsibility of the employee and former employee recipients. For this purpose, a portion of the carried interest allocation is generally held back from these recipients at the time of distribution. The amount withheld resides in entities outside of the Company.

Equity Investments of Consolidated Funds

The Company consolidates sponsored funds in which it has more than an insignificant equity interest in the fund as general partner, as discussed in Note 12. Equity investments of consolidated funds are composed of predominantly marketable equity securities held by funds in the liquid securities strategy, and an equity interest held by a credit fund in a pooling entity that invests in loan assets. Equity investments of consolidated funds are carried at fair value with changes in fair value recorded in other gain (loss) on the consolidated statements of operations.

Other Equity Investments

Other equity investments totaling $103.7 million at March 31, 2023 and $115.0 million at December 31, 2022 include investments warehoused potentially for future sponsored funds, a marketable equity security and investment in a non-traded REIT (Note 11) (presented within Corporate and Other), as well as an investment in a managed account (presented in the Investment Management segment). These investments are generally carried at fair value or under the measurement alternative which is at cost, adjusted for impairment and observable price changes. Dividends or other distributions from these investments are recorded in other income while changes in the value of these investments are recorded in other gain (loss) on the consolidated statements of operations.

Debt Investments

Debt investments are composed of subordinated notes in a third party collateralized loan obligation ("CLO") and loans receivable. Interest income from debt investments are recorded in other income.

CLO Subordinated Notes

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 CLO securities. The corresponding warehouse facility of $172.5 million was concurrently repaid. The CLO is sponsored and managed by the third party. The Company acquired all of the subordinated notes of the CLO, which are classified as available-for-sale ("AFS") debt securities. The CLO has a stated legal final maturity of 2035.

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
At March 31, 2023 and December 31, 2022	$	50,927	$	—	$	—	$	—	$	50,927

In estimating fair value of the CLO subordinated notes, the Company used a benchmarking approach by looking to the implied credit spreads derived from observed prices on comparable CLO issuances in the first quarter of 2023, and also considering the current size and diversification of the CLO collateral pool and projected return on the subordinated notes. Based upon these data points, the Company determined that the issued price of the subordinated notes in September 2022 was a reasonable representation of their fair value at March 31, 2023 and December 31, 2022, classified as Level 3 of the fair value hierarchy.

Loans Receivable

The Company elected fair value option for its loans receivable, which consisted of two unsecured promissory notes, one in connection with the sale of NRF Holdco (Note 2) and one held by DataBank at March 31, 2023 and December 31, 2022. The DataBank loan receivable was fully repaid in April 2023. Changes in fair value and valuation methodology is discussed further in Note 11.

Investment Commitments

Sponsored Funds—At March 31, 2023, the Company had unfunded commitments to its sponsored funds as general partner and general partner affiliate totaling $126.5 million, including commitments to a consolidated fund. Generally, the timing for funding of these commitments is not known and the commitments are callable on demand at any time prior to their respective expirations.

Transactions with Affiliates

3 Months Ended

Mar. 31, 2023

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:


(In thousands)	March 31, 2023		December 31, 2022
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	58,076	$	35,010
Cost reimbursements and recoverable expenses	7,111		7,031
Other	964		—
Employees and other affiliates	1,134		3,319
	$	67,285	$	45,360
Due to Affiliates (Note 7)
Investment vehicles—Derivative obligation	$	—	$	11,793
Investment vehicles, employees and other affiliates	860		658
	$	860	$	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. Substantially all fee income are from affiliates, except for management fees and incentive fee from sub-advisory accounts and generally, other fee income.

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 $1.3 million and $3.4 million for the three months ended March 31, 2023 and 2022, respectively.

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.

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. 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; accordingly, there was no net effect to the Company's earnings resulting from these foreign currency contracts. Upon the novation of the contracts to the fund in January 2023, the Company de-recognized the derivative asset and the corresponding payable in due to affiliate.

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

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

Carried Interest Allocation from Sponsored Investment Vehicles—With respect to investment vehicles sponsored by the Company for which Messrs. Ganzi and Jenkins are invested in their capacity as former owners of DBH, and not in their capacity as employees of the Company, any carried interest entitlement attributed to such investments by Messrs. Ganzi and Jenkins as general partner are not subject to continuing vesting provisions and do not represent compensatory arrangements to the Company. Such carried interest allocation to Messrs. Ganzi and Jenkins that are unrealized or realized but unpaid are included in noncontrolling interests on the balance sheet, in the amount of $71.8 million at March 31, 2023 and $70.4 million at December 31, 2022. Carried interest allocated is recorded as net income attributable to noncontrolling interests totaling $2.2 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively. Additionally, in connection with the DataBank recapitalization (Note 10) in the second half of 2022, 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 $18.3 million at March 31, 2023 and $17.7 million at December 31, 2022, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. Their share of net income (loss) was $0.6 million for the three months ended March 31, 2023 and immaterial for the three months ended March 31, 2022. Such 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 $1.8 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.

Advancement of Expenses—Effective April 1, 2021, Thomas J. Barrack stepped down as Executive Chairman of the Company and in July 2021, resigned as a member of the Company's Board of Directors. In October 2021, the Company entered into an Agreement Regarding Advancement of Certain Expenses ("Advancement Agreement") with Mr. Barrack, which is generally consistent with the Company’s obligations and Mr. Barrack’s rights regarding advancement of expenses under the terms of a January 2017 Indemnification Agreement between the Company and Mr. Barrack, and under the Company’s Bylaws. The Advancement Agreement (a) memorializes the parties’ disagreement as to the Company’s obligations and Mr. Barrack’s rights under the earlier Indemnification Agreement and the 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 $0.3 million and $5.6 million in the three months ended March 31, 2023 and 2022, respectively, and $33.5 million since inception of the arrangement in 2021.

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$ (184,136)	$ (165,197)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.	(13,661)	(81,360)
Net loss attributable to DigitalBridge Group, Inc.	(197,797)	(246,557)
Preferred dividends	(14,676)	(15,759)
Net income (loss) attributable to common stockholders	(212,473)	(262,316)
Net income (loss) allocated to participating securities	(31)	0
Net income (loss) allocated to common stockholders—basic	(212,504)	(262,316)
Interest expense attributable to convertible and exchangeable notes	0	0
Net income (loss) allocated to common stockholders—diluted	$ (212,504)	$ (262,316)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	158,446,000	142,485,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	158,446,000	142,485,000
Income (loss) per share—basic
Income (Loss) from continuing operations (in dollars per share) \| $ / shares	$ (1.25)	$ (1.27)
Income (Loss) from discontinued operations (in dollars per share) \| $ / shares	(0.09)	(0.57)
Net loss attributable to common stockholders per common share - basic (in dollars per share) \| $ / shares	(1.34)	(1.84)
Income (loss) per share—diluted
Income (Loss) from continuing operations (in dollars per share) \| $ / shares	(1.25)	(1.27)
Income (Loss) from discontinued operations (in dollars per share) \| $ / shares	(0.09)	(0.57)
Net loss attributable to common stockholders per common share - diluted (in dollars per share) \| $ / shares	$ (1.34)	$ (1.84)
Conversion ratio	1
Convertible Debt Securities
Income (loss) per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 4,000	$ 4,800
Weighted average dilutive common share (in shares) \| shares	11,697,600	16,580,800
Debt extinguishment loss excluded from diluted EPS		$ 133,200
Performance Shares
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	32,400	2,164,300
Common Stock Warrants
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	362,800	2,937,600
OP Units
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	12,628,900	12,728,900

Variable Interest Entities - Supplemental Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 668,524	$ 918,254	$ 1,117,688	$ 1,602,102
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	1,226,952	1,242,001
Other assets	642,451	654,050
Total assets	10,743,429	11,028,503
Due to custodian	29,129	35,458
Other	1,179	6,423
Other liabilities	1,133,568	1,272,096
Corporate and Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	546,484	812,716
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	874,322	842,036
Other assets	44,637	67,465
Total assets	1,472,888	1,728,390
Other liabilities	193,537	204,164
Corporate and Other \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	82,906	86,433
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	211,758	185,845
Other assets	414	1,895
Total assets	295,078	274,173
Debt	350	465
Due to custodian	29,130	35,457
Other	1,059	2,734
Other liabilities	76,168	79,584
Corporate and Other \| Variable Interest Entity, Primary Beneficiary \| Equity Securities \| Short
Variable Interest Entity [Line Items]
Securities sold short	$ 45,629	$ 40,928

Noncontrolling Interests - Narrative (Details) $ in Thousands			1 Months Ended					3 Months Ended			6 Months Ended	12 Months Ended
	May 23, 2022 USD ($) shares	May 22, 2022	May 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Jul. 31, 2020 USD ($) security	Mar. 31, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022	Mar. 30, 2022
Noncontrolling Interest [Line Items]
Payments to acquire noncontrolling interest								$ 0		$ 32,076
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest (Note 10)			$ 5,200
Equity based compensation								$ 16,612		18,625
OP units to common stock, conversion ratio								1
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
DataBank recapitalization (Note 10)											$ 230,200
Equity based compensation								$ 10,930		14,286
Investment entities
Noncontrolling Interest [Line Items]
DataBank recapitalization (Note 10)											$ (230,200)
Equity based compensation								$ 5,542		$ 2,734
DataBank
Noncontrolling Interest [Line Items]
Assets acquisition, balance sheet investment, equity interest percentage				21.80%						21.80%	11.00%	11.00%	20.00%
Proceeds from sale of investment											$ 2,000,000
Equity based compensation									$ 10,000
DataBank \| Investment entities
Noncontrolling Interest [Line Items]
Equity based compensation									$ 7,800
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
OP Units
Noncontrolling Interest [Line Items]
OP units to common stock, conversion ratio												1
OP units redeemed (in shares) \| shares								100,220
Common Stock Warrants \| Class A Common Stock
Noncontrolling Interest [Line Items]
Number of warrants issued \| security							5
Aggregate percentage of common stock							5.00%
Maximum \| Common Stock Warrants \| Class A Common Stock
Noncontrolling Interest [Line Items]
Aggregate percentage of common stock			9.80%
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%
Payable to Wafra								$ 90,000
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

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		5 Months Ended
	Mar. 31, 2023 USD ($) shares	Feb. 28, 2022 USD ($)	Mar. 31, 2023 USD ($) portfolioCompany segment	Mar. 31, 2022 USD ($)	May 31, 2022	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of companies in which the company has equity interest \| portfolioCompany			2
OP units to common stock, conversion ratio			1
Number of reportable segments \| segment			2
Proceeds from sale of equity investments			$ 308,254	$ 194,524
Seller Note received in sale of NRF Holdco equity				$ 154,992
Held for disposition \| Level 3
Summary of Significant Accounting Policies [Line Items]
Equity method investments						$ 44,500
NRF
Summary of Significant Accounting Policies [Line Items]
Interest sold (in percent)		100.00%
NRF \| Discontinued Operations, Disposed of by Sale
Summary of Significant Accounting Policies [Line Items]
Transaction price		$ 281,000
Proceeds from divestiture of business		126,000
Seller Note received in sale of NRF Holdco equity		$ 155,000
Maturity		5 years
Write off of deferred debt issuance cost		$ 92,100
NRF \| Discontinued Operations, Disposed of by Sale \| Debt Instrument, Interest Rate Period One \| Sellers Note
Summary of Significant Accounting Policies [Line Items]
Interest rate		5.35%
BRSP
Summary of Significant Accounting Policies [Line Items]
Equity method investment, shares sold (in shares) \| shares	35.0
Proceeds from sale of equity investments	$ 201,600
Adjustments for any impairment or observable price changes			$ 9,700
BRSP \| Held for disposition
Summary of Significant Accounting Policies [Line Items]
Equity method investments						$ 218,000
Operating \| DataBank
Summary of Significant Accounting Policies [Line Items]
Ownership percentage	11.00%		11.00%			11.00%
Operating \| Vantage SDC Expansion Capacity
Summary of Significant Accounting Policies [Line Items]
Ownership percentage	13.00%		13.00%			13.00%
Investor \| Investment Management
Summary of Significant Accounting Policies [Line Items]
Revenue, percentage of earnings					31.50%

Fee Income - Narrative (Details) - Base Management Fees - Private funds - Fee income	3 Months Ended
	Mar. 31, 2023
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%

Transactions with Affiliates - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from affiliates	$ 67,285	$ 45,360
Due to Affiliates (Note 7)	860	12,451
Fee income
Related Party Transaction [Line Items]
Due from affiliates	58,076	35,010
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	7,111	7,031
Other
Related Party Transaction [Line Items]
Due from affiliates	964	0
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,134	3,319
Due to Affiliates (Note 7)	860	658
Investment vehicles—Derivative obligation
Related Party Transaction [Line Items]
Due to Affiliates (Note 7)	$ 0	$ 11,793

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss)	$ (292,344)	$ (343,684)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments	318	2
Available-for-sale debt securities	0	(6,373)
Foreign currency translation	(231)	(37,941)
Other comprehensive income (loss)	87	(44,312)
Comprehensive income (loss)	(292,257)	(387,996)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	6,943	(11,220)
Comprehensive income (loss) attributable to stockholders	(197,764)	(276,262)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	(84,793)	(75,056)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	$ (16,643)	$ (25,458)

Summary of Significant Accounting Policies - Summary of Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$ (184,136)	$ (165,197)
Loss from discontinued operations attributable to DigitalBridge Group, Inc.	(13,661)	(81,360)
Net loss attributable to DigitalBridge Group, Inc.	(197,797)	(246,557)
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(2,198)	(7,602)
Net loss attributable to DigitalBridge Group, Inc.	(2,198)	(7,602)
Operating Segments \| Operating
Segment Reporting Information [Line Items]
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(10,789)	(12,824)
Net loss attributable to DigitalBridge Group, Inc.	(10,789)	(12,824)
Corporate and Other
Segment Reporting Information [Line Items]
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(171,149)	(144,771)
Net loss attributable to DigitalBridge Group, Inc.	$ (171,149)	$ (144,771)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0

Real Estate

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Real Estate

5. Real Estate

The following table summarizes the Company's real estate which is held by subsidiaries in the Operating segment.


(In thousands)	March 31, 2023		December 31, 2022
Land	$	257,588	$	257,588
Buildings and improvements	1,738,190		1,573,605

Data center infrastructure	4,510,678		4,427,150


Construction in progress	283,146		395,393
	6,789,602		6,653,736
Less: Accumulated depreciation	(824,795)		(732,438)
Real estate assets, net	$	5,964,807	$	5,921,298

Real Estate Depreciation

Depreciation of real estate held for investment was $92.4 million and $79.1 million for the three months ended March 31, 2023 and 2022, respectively.

Property Operating Income

Components of property operating income are as follows.


	Three Months Ended March 31,
(In thousands)	2023		2022
Lease income:
Fixed lease income	$	177,420	$	160,324
Variable lease income	32,982		23,847
	210,402		184,171
Data center service revenue	20,525		18,340
	$	230,927	$	202,511

For the three months ended March 31, 2023 and 2022, property operating income from a single customer accounted for approximately 21% and 20%, respectively, of the Company's total revenues from continuing operations, or approximately 15% for both periods of the Company's share of total revenues from continuing operations, net of amounts attributable to noncontrolling interests in investment entities.

Commitment for 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. No amounts have been funded by DataBank to-date.

Debt - Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal	$ 278,422	$ 278,422
Corporate Debt
Debt Instrument [Line Items]
Remaining 2023	200,000
2024	0
2025	78,422
2026	300,000
2027	0
2028 and thereafter	0
Total	578,422
Nonrecourse
Debt Instrument [Line Items]
Remaining 2023	102,985
2024	863,853
2025	700,000
2026	1,519,690
2027	600,000
2028 and thereafter	1,085,000
Total	4,871,528	4,634,235
Secured Debt \| Corporate Debt
Debt Instrument [Line Items]
Remaining 2023	0
2024	0
2025	0
2026	300,000
2027	0
2028 and thereafter	0
Total	300,000
Secured Debt \| Nonrecourse \| Operating
Debt Instrument [Line Items]
Remaining 2023	102,985
2024	863,253
2025	700,000
2026	1,519,690
2027	600,000
2028 and thereafter	1,085,000
Total	4,870,928	4,633,735
Secured Debt \| Nonrecourse \| Corporate and Other—Consolidated fund
Debt Instrument [Line Items]
Remaining 2023	0
2024	600
2025	0
2026	0
2027	0
2028 and thereafter	0
Total	600	500
Convertible and Exchangeable Senior Notes \| 5.00% Convertible Senior Notes
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal	$ 200,000	$ 200,000
Interest rate	5.00%
Convertible and Exchangeable Senior Notes \| Corporate Debt
Debt Instrument [Line Items]
Remaining 2023	$ 200,000
2024	0
2025	78,422
2026	0
2027	0
2028 and thereafter	0
Total	$ 278,422

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Net increase (decrease) to rental income
Remaining 2023	$ (869)
2024	(1,838)
2025	(1,740)
2026	(1,691)
2027	(1,016)
2028 and thereafter	1,267
Total	(5,887)
Amortization expense
Remaining 2023	123,110
2024	137,433
2025	120,610
2026	107,698
2028	95,914
2029 and thereafter	479,427
Finite-Lived Intangible Assets, Amortization	$ 1,064,192

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

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, 2021	35,340	142,144	166


Exchange of notes for class A common stock	—	6,389	—




Equity awards issued, net of forfeitures	—	1,248	—
Shares canceled for tax withholding on vested equity awards	—	(411)	—
Shares outstanding at March 31, 2022	35,340	149,370	166

Shares outstanding at December 31, 2022	33,111	159,763	166



Stock repurchases	(3)	—	—




Equity awards issued, net of forfeitures	—	2,486	—
Shares canceled for tax withholding on vested equity awards	—	(415)	—
Shares outstanding at March 31, 2023	33,108	161,834	166

Preferred Stock

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

The table below summarizes the preferred stock issued and outstanding at March 31, 2023:


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	8,429	$	84	$	210,731	Currently redeemable
Series I	7.15	%	June 2017	12,988	130		324,710		Currently redeemable
Series J	7.125	%	September 2017	11,691	117		292,270		Currently redeemable
				33,108	$	331	$	827,711

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 in this Quarterly Report on Form 10-Q to give effect to the reverse stock split.

Stock Repurchases

Pursuant to a $200 million stock repurchase program announced in July 2022, during the three months ended March 31, 2023, the Company repurchased 2,738 shares in aggregate across Series H, I and J preferred stock for approximately $52,000, or a weighted average price of $18.89 per share. In April 2023, an additional 232,485 shares of preferred stock were repurchased for $4.7 million, or a weighted average price of $20.20 per share. In 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. The stock repurchase program expires on June 30, 2023 and may be extended, modified, or discontinued at any time by the Company's Board of Directors.

The excess or deficit of the repurchase 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		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total




AOCI at December 31, 2021	$	2,334	$	5,861	$	26,502	$	7,686	$	42,383
Other comprehensive income (loss) before reclassifications	217		—		(3,131)		25		(2,889)
Amounts reclassified from AOCI	(200)		(5,861)		(20,680)		—		(26,741)

AOCI at March 31, 2022	$	2,351	$	—	$	2,691	$	7,711	$	12,753

AOCI at December 31, 2022	$	(295)	$	—	$	(1,214)	$	—	$	(1,509)
Other comprehensive income (loss) before reclassifications	(1)		—		787		—		786
Amounts reclassified from AOCI	296		—		(1,051)		—		(755)

AOCI at March 31, 2023	$	—	$	—	$	(1,478)	$	—	$	(1,478)

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Foreign Currency Translation Gain (Loss)



AOCI at December 31, 2021	$	11,057
Other comprehensive loss before reclassifications	(2,184)
Amounts reclassified from AOCI	(9,827)

AOCI at March 31, 2022	$	(954)

AOCI at December 31, 2022	$	(3,015)
Other comprehensive loss before reclassifications	503
Amounts reclassified from AOCI	(468)

AOCI at March 31, 2023	$	(2,980)

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)	Three Months Ended March 31,
Component of AOCI reclassified into earnings	2023		2022

Relief of basis of AFS debt securities	$	—	$	5,861
Release of foreign currency cumulative translation adjustments	1,051		20,680




Release of AOCI of equity method investments	(296)		200

- 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.

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-Paragraph 14
-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
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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
-Paragraph 13
-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
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-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
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 14
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 16
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Debt - Non-Recourse Investment-Level Secured Debt (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 133,200	$ 0	$ 133,173
Securitized Notes \| Secured Debt \| Operating
Debt Instrument [Line Items]
Debt instrument, face amount	$ 370,000	$ 715,000		$ 370,000
Interest rate	6.32%	5.12%		6.32%
Effective rate		7.07%
Maturity	5 years	5 years
Loss on extinguishment of debt				$ 9,400
Securitized Notes \| Secured Debt \| Operating \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount						$ 350,000

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity and debt investments, fair value disclosure	$ 320,757	$ 426,032
Other assets, fair value	0	11,793
Accrued and other liabilities, at fair value	$ 113,766	$ 183,628
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 827,711	$ 827,779
Preferred stock, shares authorized (in shares)	250,000	250,000
Preferred stock, shares issued (in shares)	33,108	33,111
Preferred stock, shares outstanding (in shares)	33,108	33,111
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)	161,834	159,763
Common stock, shares outstanding (in shares)	161,834	159,763
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

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Ventures

The Company's equity and debt investments are represented by the following:


(In thousands)	March 31, 2023		December 31, 2022
Investment Management
Equity method investments
Principal investments	$	54,626	$	51,665
Carried interest allocation	286,517		341,749
	341,143		393,414
Other equity investment	4,683		1,913
Total Investment Management	345,826		395,327

Operating
Debt investments—loan receivable	6,804		4,638

Corporate and Other
Equity method investments—Principal investments	512,649		358,846
Equity investments of consolidated funds	211,758		185,845
Other equity investments	98,988		113,111
Debt investments
CLO subordinated notes	50,927		50,927
Loan receivable	—		133,307
Total Corporate and Other	874,322		842,036

Total Investments	$	1,226,952	$	1,242,001

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
At March 31, 2023 and December 31, 2022	$	50,927	$	—	$	—	$	—	$	50,927

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Balance Sheet, Supplemental Disclosures

The following table presents the assets and liabilities of the consolidated funds, which are presented within Corporate and Other in the supplemental schedule to the consolidated balance sheets.


(In thousands)	March 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	82,906	$	86,433
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	211,758		185,845
Other assets	414		1,895
	$	295,078	$	274,173
Liabilities
Debt	$	350	$	465
Other liabilities
Securities sold short	45,629		40,928
Due to custodian	29,130		35,457
Other	1,059		2,734
	$	76,168	$	79,584

Transactions with Affiliates (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Related Party Disclosures

Amounts due from and due to affiliates consist of the following:


(In thousands)	March 31, 2023		December 31, 2022
Due from Affiliates
Investment vehicles, portfolio companies and unconsolidated ventures
Fee income	$	58,076	$	35,010
Cost reimbursements and recoverable expenses	7,111		7,031
Other	964		—
Employees and other affiliates	1,134		3,319
	$	67,285	$	45,360
Due to Affiliates (Note 7)
Investment vehicles—Derivative obligation	$	—	$	11,793
Investment vehicles, employees and other affiliates	860		658
	$	860	$	12,451

Fair Value - Changes in Level 3 Fair Value (Details) - Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loans held for investment, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 137,945	$ 82,930
Originations and drawdowns	0	360,990
Change in consolidated fund's share of equity investment	0
Paydowns	0	(112,500)
Change in accrued interest and capitalization of paid-in-kind interest	545	(650)
Unrealized gain (loss) in earnings, net	(131,686)	(2,815)
Fair value, ending balance	6,804	327,955
Net unrealized gains (losses) in earnings on instruments held	(131,686)	(2,815)
Equity Investment of Consolidated Fund
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	46,770	0
Originations and drawdowns	9,627	0
Change in consolidated fund's share of equity investment	6,125
Paydowns	(25)	0
Change in accrued interest and capitalization of paid-in-kind interest	0	0
Unrealized gain (loss) in earnings, net	11	0
Fair value, ending balance	62,508	0
Net unrealized gains (losses) in earnings on instruments held	$ 11	$ 0

Transactions with Affiliates - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		21 Months Ended
	Aug. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Redeemable noncontrolling interests		$ 6,943,000	$ (11,220,000)
Noncontrolling Interest Net Income
Related Party Transaction [Line Items]
Carried interest allocation		2,200,000	800,000
Former Owner
Related Party Transaction [Line Items]
Noncontrolling interest, carried interest allocation		71,800,000		$ 71,800,000	$ 70,400,000
DataBank recapitalization (Note 10)	$ 86,100,000
Affiliated Entity \| Redeemable Noncontrolling interests And Noncontrolling Interests \| Investment vehicles—Derivative obligation
Related Party Transaction [Line Items]
Investments		18,300,000		18,300,000	$ 17,700,000
Redeemable noncontrolling interests		600,000	0
Former Employee
Related Party Transaction [Line Items]
Advanced expenses		300,000	5,600,000	$ 33,500,000
Cost reimbursements \| Chief Executive Officer
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost		1,800,000	200,000
Cost reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenue from contract with customer		$ 1,300,000	$ 3,400,000

Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,469,489	$ 4,912,390
Ending balance	4,151,812	4,122,943
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,509)	42,383
Other comprehensive loss before reclassifications	786	(2,889)
Amounts reclassified from AOCI	(755)	(26,741)
Ending balance	(1,478)	12,753
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(295)	2,334
Other comprehensive loss before reclassifications	(1)	217
Amounts reclassified from AOCI	296	(200)
Ending balance	0	2,351
Unrealized Gain (Loss) on AFS Debt Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	5,861
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from AOCI	0	(5,861)
Ending balance	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,214)	26,502
Other comprehensive loss before reclassifications	787	(3,131)
Amounts reclassified from AOCI	(1,051)	(20,680)
Ending balance	(1,478)	2,691
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	7,686
Other comprehensive loss before reclassifications	0	25
Amounts reclassified from AOCI	0	0
Ending balance	0	7,711
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,015)	11,057
Other comprehensive loss before reclassifications	503	(2,184)
Amounts reclassified from AOCI	(468)	(9,827)
Ending balance	$ (2,980)	$ (954)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Litigation The Company may be involved in litigation in the ordinary course of business. As of March 31, 2023, 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.

Real Estate - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fixed lease income
Revenue from External Customer [Line Items]
Income	$ 177,420	$ 160,324
Variable lease income
Revenue from External Customer [Line Items]
Income	32,982	23,847
Lease income:
Revenue from External Customer [Line Items]
Income	210,402	184,171
Data center service revenue
Revenue from External Customer [Line Items]
Income	20,525	18,340
Property operating income
Revenue from External Customer [Line Items]
Income	$ 230,927	$ 202,511

- Definition

+ References

+ Details

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 112.6	$ 94.7
Company-Sponsored Private Funds \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	853.8	752.3
Company-Sponsored Private Funds \| Discontinued Operations \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 0.8	$ 1.0

Fair Value - Narrative (Details)	1 Months Ended	3 Months Ended
Fair Value - Narrative (Details)	Jul. 31, 2020 security $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities sold short—consolidated funds		$ 45,628,000	$ 40,928,000
Derivative assets		0	11,793,000
Warrants issued to Wafra (Note 10)		22,200,000	17,700,000
Decrease in fair value of warrants		$ 4,500,000
Discount rate		4.90%
InfraBridge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration payable—Wafra (Note 10)		$ 10,938,000	0
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
Common Stock Warrants \| Class A Common Stock \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strike price (in dollars per share) \| $ / shares	$ 9.72
Common Stock Warrants \| Class A Common Stock \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Strike price (in dollars per share) \| $ / shares	$ 24.00
Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount			$ 321,100,000
Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input		0.444	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		0.0378	0.0416
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding balance		$ 168,800,000	$ 167,800,000
Level 1 \| Equity Securities \| Long
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		166,000,000	155,900,000
Level 1 \| Equity Securities \| Short
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		45,600,000	$ 40,900,000
Level 3 \| Discount rate \| Minimum \| Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.100
Level 3 \| Discount rate \| Maximum \| Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input			0.105
Level 3 \| Equity Investment of Consolidated Fund \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Investment		62,508,000	$ 46,770,000	$ 0	$ 0
Level 3 \| Loans Receivable \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Investment		6,804,000	$ 137,945,000	$ 327,955,000	$ 82,930,000
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

Noncontrolling Interests

3 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interests

10. Noncontrolling Interests

Redeemable Noncontrolling Interests

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


	Three Months Ended March 31,
(In thousands)	2023		2022
Redeemable noncontrolling interests
Balance at January 1	$	100,574	$	359,223
Contributions	—		10,150
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(104)		(9,414)
Net income (loss)	6,943		(11,220)
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	—		690,000




Balance at March 31	$	107,413	$	1,038,739

Redeemable Noncontrolling Interest in Investment Management

On May 23, 2022, the Company redeemed the 31.5% noncontrolling interest in its investment management business held by affiliates of Wafra, Inc. (collectively, "Wafra"), a private investment firm, pursuant to a purchase and sale agreement ("PSA") entered into in April 2022.

In connection with Wafra's initial investment in the Company's investment management business in July 2020, Wafra had assumed directly and also indirectly through a participation interest $124.9 million of the Company's commitments to DBP I, and has a $125.0 million commitment to DBP II that has been partially funded to-date. 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.

Pursuant to the PSA, Wafra’s entitlement to carried interest in DBP II was reduced from 12.6% to 7%, and 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 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 up to $125 million if the Company raises fee earning equity under management (as defined in the PSA) up to $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. The Company paid Wafra in cash $90 million of the contingent amount 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.

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.

Additionally, in July 2020, the Company had also 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), as described further in Note 11. In connection with the redemption, the terms of the warrants 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.

The Company's redemption of Wafra's interest in May 2022 also resulted in the assumption of $5.2 million of deferred tax asset that now accrues to the Company.

Noncontrolling Interests in Investment Entities

DataBank Additional Investment in 2022

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 in 2022

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 received its share of proceeds from the sale of $425.5 million in the third and fourth quarters of 2022, 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 totaling $230.2 million in the third and fourth quarters of 2022.

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 the third quarter of 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—No OP Units were redeemed in the three months ended March 31, 2023. The Company redeemed 100,220 OP Units during the year ended December 31, 2022 through the issuance of an equal number of shares of class A common stock on a one-for-one basis.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

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

Supplemental Schedules to Consolidated Balance Sheets and Consolidated Statements of Operations

Beginning in 2023, the financial position and financial results of the Company's reportable segments of Investment Management and Operating, and its remaining investment activities and corporate level activities ("Corporate and Other") are presented in supplemental schedules to the consolidated balance sheets and consolidated statements of operations. The Company's reportable segments and Corporate and Other are described below under "—Segment Reporting."

The disaggregated presentation in the supplemental schedules enhances transparency and provides meaningful information to investors in understanding the Company's consolidated financial statements, specifically:

•Segregation of the Investment Management segment allows for more clarity and visibility into the financial performance and financial position of the Company's core business; and

•The Operating segment represents the consolidation of two data center portfolio companies for which the Company has direct co-investments of 13% and 11%, respectively, at both March 31, 2023 and December 31, 2022. Although the Operating segment makes up a majority of the balances and activities on a consolidated basis, DBRG's exposure and entitlement are limited to its 13% and 11% interest in the two portfolio companies in the Operating segment. The liabilities of the Operating segment are obligations of the respective portfolio companies of the Operating segment and may only be settled using assets of these respective portfolio companies.

The supplemental schedule to the consolidated balance sheets excludes assets and liabilities held for disposition, stockholders' equity and noncontrolling interests in OP, which are not specifically attributable to reportable segments.

The supplemental schedule to the consolidated statements of operations present by reportable segment the results from continuing operations attributable to DBRG, excluding discontinued operations and results attributable to common stockholders. Additionally, fee income in the Investment Management segment is presented prior to elimination of fees earned from the Company's sponsored investment vehicles that are consolidated within the Operating segment and in Corporate and Other. The elimination of intercompany fees is presented in Corporate and Other.

Use of Estimates

Principles of Consolidation

Noncontrolling Interests

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

Segment Reporting

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


	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
(In thousands)	Investment Management		Operating		Corporate and Other		Total		Investment Management		Operating		Corporate and Other		Total
Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(2,198)	$	(10,789)	$	(171,149)	$	(184,136)	$	(7,602)	$	(12,824)	$	(144,771)	$	(165,197)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.							(13,661)								(81,360)
Net income (loss) attributable to DigitalBridge Group, Inc.							$	(197,797)							$	(246,557)

Business Combinations

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 earnings. 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

Loss from discontinued operations is summarized as follows.


	Three Months Ended March 31,
(In thousands)	2023		2022





Revenues	$	1,970	$	80,281
Expenses	(5,770)		(201,155)







Other gain (loss)	(10,416)		24,117




Income tax benefit (expense)	(2)		2,112
Income (Loss) from discontinued operations	(14,218)		(94,645)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities	517		(6,175)
Operating Company	(1,074)		(7,110)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(13,661)	$	(81,360)

Assets and Related Liabilities Held for Disposition

Reclassifications

Accounting Standards Adopted in 2023

Contractual Sale Restriction on Equity Securities

Real Estate - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Real Estate - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Line Items]
Tenant allowance		$ 37.5
Revenue Benchmark \| Customer Concentration Risk \| Parent
Real Estate [Line Items]
Tenant concentration	15.00%	15.00%
Tenant \| Revenue Benchmark \| Customer Concentration Risk
Real Estate [Line Items]
Tenant concentration	21.00%	20.00%
Property operating income \| Held for investment
Real Estate [Line Items]
Depreciation	$ 92.4	$ 79.1

Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

13. Earnings per Share

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


	Three Months Ended March 31,
(In thousands, except per share data)	2023		2022
Net income (loss) allocated to common stockholders


Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(184,136)	$	(165,197)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,661)		(81,360)
Net income (loss) attributable to DigitalBridge Group, Inc.	(197,797)		(246,557)

Preferred dividends	(14,676)		(15,759)
Net income (loss) attributable to common stockholders	(212,473)		(262,316)
Net income (loss) allocated to participating securities	(31)		—
Net income (loss) allocated to common stockholders—basic	(212,504)		(262,316)
Interest expense attributable to convertible and exchangeable notes (1)	—		—
Net income (loss) allocated to common stockholders—diluted	$	(212,504)	$	(262,316)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	158,446		142,485
Weighted average effect of dilutive shares (1)(2)(3)	—		—
Weighted average number of common shares outstanding—diluted	158,446		142,485
Income (loss) per share—basic
Income (Loss) from continuing operations	$	(1.25)	$	(1.27)
(Income (Loss) from discontinued operations	(0.09)		(0.57)
Net income (loss) attributable to common stockholders per common share—basic	$	(1.34)	$	(1.84)
Income (loss) per share—diluted
Income (Loss) from continuing operations	$	(1.25)	$	(1.27)
(Income (Loss) from discontinued operations	(0.09)		(0.57)
Net income (loss) attributable to common stockholders per common share—diluted	$	(1.34)	$	(1.84)

__________

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Consideration and Allocation to Assets Acquired and Liabilities Assumed

The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. In an asset acquisition, the cost of assets acquired, which includes capitalized transaction costs, is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. With respect to business combinations, the estimated fair values and allocation of the consideration are subject to adjustments during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed at time of acquisition.


	Business Combination		Asset Acquisitions
	2023		2022
(In thousands)	InfraBridge		TowerCo		Acquisitions by DataBank		Vantage SDC Expansion Capacity
Consideration
Cash	$	364,338	$	791,254	$	706,514	$	161,302
Estimated fair value of contingent consideration	10,874		—		—		—
	375,212		791,254		706,514		161,302
Assets acquired and liabilities assumed
Cash	51,174		—		—		—
Principal investments	130,810		—		—		—
Real estate	—		363,121		627,474		140,140

Intangible assets	50,800		673,218		77,885		21,162
Lease right-of-use ("ROU") and other assets	27,682		234,462		3,994		—

Deferred tax liabilities	(10,198)		(243,223)		—		—
Intangible, lease and other liabilities	(21,625)		(236,324)		(2,839)		—
Fair value of net assets acquired	228,643		791,254		706,514		161,302

Goodwill	$	146,569	$	—	$	—	$	—

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents changes in goodwill by reportable segment.


	Three Months Ended March 31,
	2023						2022
(In thousands)	Investment Management (1)		Operating		Total		Investment Management (1)		Operating		Total
Beginning balance	$	298,248	$	463,120	$	761,368	$	298,248	$	463,120	$	761,368
Business combination (Note 3)	146,569		—		146,569		—		—		—



Ending balance	$	444,817	$	463,120	$	907,937	$	298,248	$	463,120	$	761,368

__________

(1) Remaining goodwill deductible for income tax purposes was $119.7 million at March 31, 2023 and $122.4 million at December 31, 2022.

Schedule of Deferred Leasing Costs and Other Intangibles

Deferred leasing costs and identifiable intangible assets and liabilities are as follows.


	March 31, 2023						December 31, 2022
(In thousands)	Carrying Amount (1)(2)		Accumulated Amortization(1)(2)		Net Carrying Amount(1)		Carrying Amount (1)		Accumulated Amortization(1)		Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
Investment management intangibles (3)	$	208,917	$	(83,228)	$	125,689	$	164,189	$	(82,432)	$	81,757
Deferred leasing costs and lease-related intangible assets (4)	1,242,281		(432,532)		809,749		1,239,477		(397,975)		841,502
Customer relationships and service contracts (5)	218,154		(67,037)		151,117		218,154		(62,788)		155,366
Trade names	24,100		(14,454)		9,646		26,400		(15,656)		10,744
Other (6)	6,818		(4,499)		2,319		6,818		(4,020)		2,798
Total deferred leasing costs and intangible assets	$	1,700,270	$	(601,750)	$	1,098,520	$	1,655,038	$	(562,871)	$	1,092,167
Intangible Liabilities
Lease intangible liabilities (4)	$	46,636	$	(18,195)	$	28,441	$	46,636	$	(16,812)	$	29,824

__________

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

(2) Current period amounts exclude intangible assets and liabilities that were fully amortized in the preceding year.

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

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

(5) In connection with data center services provided in the colocation data center business.

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

Schedule of Amortization of Intangible Assets and Liabilities

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


	Three Months Ended March 31,
(In thousands)	2023		2022



Net increase (decrease) to rental income (1)	$	209	$	(131)



Amortization expense
Investment management intangibles	$	6,090	$	5,055
Deferred leasing costs and lease-related intangibles	32,843		33,707
Customer relationships and service contracts	4,249		4,914
Trade name	1,098		1,098
Other	480		477
	$	44,760	$	45,251

__________

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

Schedule of Estimated Annual Amortization Expense


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



Net increase (decrease) to rental income	$	(869)	$	(1,838)	$	(1,740)	$	(1,691)	$	(1,016)	$	1,267	$	(5,887)







Amortization expense	123,110		137,433		120,610		107,698		95,914		479,427		1,064,192

- Definition

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

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+ Details

Equity-Based Compensation - Valuation Technique (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		2,269,202
2023 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		41.30%
Expected annual dividend yield		0.30%
Risk-free rate (per annum)		3.80%
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%
LTIP Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)	2,500,000	0
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%

Acquisitions - Narrative (Details) $ in Thousands, € in Millions	1 Months Ended								3 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Feb. 28, 2023 USD ($)	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 ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) tenantLease
Investment management contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow									8.00%
Investor Relationships
Business Acquisition [Line Items]
Discount rate for projected net cash flow									14.00%
Customer relationships and service contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow									6.80%
Minimum \| Investment management contracts
Business Acquisition [Line Items]
Useful life									1 year
Minimum \| In-Place Lease
Business Acquisition [Line Items]
Useful life									1 year
Discount rate for projected net cash flow									4.75%
Minimum \| Above and Below Market Lease
Business Acquisition [Line Items]
Useful life									1 year
Discount rate for projected net cash flow									6.00%
Minimum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life									5 years
Discount rate for projected net cash flow									4.75%
Minimum \| Building
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life									35 years
Minimum \| Site improvements
Business Acquisition [Line Items]
Plant, property and equipment acquired, useful life									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 \| 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 \| Investment management contracts
Business Acquisition [Line Items]
Useful life									4 years
Maximum \| Investor Relationships
Business Acquisition [Line Items]
Useful life									12 years
Maximum \| In-Place Lease
Business Acquisition [Line Items]
Useful life									15 years
Discount rate for projected net cash flow									6.80%
Maximum \| Above and Below Market Lease
Business Acquisition [Line Items]
Useful life									4 years
Discount rate for projected net cash flow									11.25%
Maximum \| Customer relationships and service contracts
Business Acquisition [Line Items]
Useful life									15 years
Discount rate for projected net cash flow									11.25%
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									15 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 \| Customer Contracts
Business Acquisition [Line Items]
Useful life									6 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
Vantage SDC Expansion Capacity
Business Acquisition [Line Items]
Asset acquisition, contingent consideration									$ 185,000
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Principal investments									0
Vantage SDC Expansion Capacity \| Affiliated Entity
Business Acquisition [Line Items]
Purchase price										$ 161,300
Vantage SDC Expansion Capacity \| Forecast
Business Acquisition [Line Items]
Asset acquisition, contingent consideration	$ 122,000
DataBank Data Centers
Business Acquisition [Line Items]
Purchase price						$ 88,700	$ 17,600	$ 32,000
Number of data centers acquired \| dataCenter						4
DataBank Data Centers \| DataBank
Business Acquisition [Line Items]
Purchase price					$ 10,900	$ 678,000
Debt assumed						262,500
Equity consideration transferred						$ 415,500
TowerCo
Business Acquisition [Line Items]
Purchase price			$ 791,300	€ 740.1
Debt assumed			326,100
Equity consideration transferred			278,100
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Principal investments									0
TowerCo \| Investor
Business Acquisition [Line Items]
Equity consideration transferred			$ 213,800
DataBank And zColo United States
Business Acquisition [Line Items]
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Principal investments									$ 0
AMP Capital Investors International Holdings Limited
Business Acquisition [Line Items]
Acquisition price		$ 313,200

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

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, 2021	35,340	142,144	166


Exchange of notes for class A common stock	—	6,389	—




Equity awards issued, net of forfeitures	—	1,248	—
Shares canceled for tax withholding on vested equity awards	—	(411)	—
Shares outstanding at March 31, 2022	35,340	149,370	166

Shares outstanding at December 31, 2022	33,111	159,763	166



Stock repurchases	(3)	—	—




Equity awards issued, net of forfeitures	—	2,486	—
Shares canceled for tax withholding on vested equity awards	—	(415)	—
Shares outstanding at March 31, 2023	33,108	161,834	166

The table below summarizes the preferred stock issued and outstanding at March 31, 2023:


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	8,429	$	84	$	210,731	Currently redeemable
Series I	7.15	%	June 2017	12,988	130		324,710		Currently redeemable
Series J	7.125	%	September 2017	11,691	117		292,270		Currently redeemable
				33,108	$	331	$	827,711

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		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total




AOCI at December 31, 2021	$	2,334	$	5,861	$	26,502	$	7,686	$	42,383
Other comprehensive income (loss) before reclassifications	217		—		(3,131)		25		(2,889)
Amounts reclassified from AOCI	(200)		(5,861)		(20,680)		—		(26,741)

AOCI at March 31, 2022	$	2,351	$	—	$	2,691	$	7,711	$	12,753

AOCI at December 31, 2022	$	(295)	$	—	$	(1,214)	$	—	$	(1,509)
Other comprehensive income (loss) before reclassifications	(1)		—		787		—		786
Amounts reclassified from AOCI	296		—		(1,051)		—		(755)

AOCI at March 31, 2023	$	—	$	—	$	(1,478)	$	—	$	(1,478)

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Foreign Currency Translation Gain (Loss)



AOCI at December 31, 2021	$	11,057
Other comprehensive loss before reclassifications	(2,184)
Amounts reclassified from AOCI	(9,827)

AOCI at March 31, 2022	$	(954)

AOCI at December 31, 2022	$	(3,015)
Other comprehensive loss before reclassifications	503
Amounts reclassified from AOCI	(468)

AOCI at March 31, 2023	$	(2,980)

Reclassification out of Accumulated Other Comprehensive Income


(In thousands)	Three Months Ended March 31,
Component of AOCI reclassified into earnings	2023		2022

Relief of basis of AFS debt securities	$	—	$	5,861
Release of foreign currency cumulative translation adjustments	1,051		20,680




Release of AOCI of equity method investments	(296)		200

- 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.

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+ Details

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	33,111
Preferred stock, ending balance, shares outstanding (in shares)	33,108
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	33,111	35,340
Stock repurchase (in shares)	(3)
Preferred stock, ending balance, shares outstanding (in shares)	33,108	35,340
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	159,763	142,144
Stock repurchase (in shares)	0
Exchange of notes for class A common stock (in shares)		6,389
Equity awards issued, net of forfeitures (in shares)	2,486	1,248
Shares canceled for tax withholding on vested equity awards (in shares)	(415)	(411)
Common stock, ending balance, shares outstanding (in shares)	161,834	149,370
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	166	166
Common stock, ending balance, shares outstanding (in shares)	166	166

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

Business Combination in 2023

InfraBridge

In February 2023, the Company acquired the global infrastructure equity investment management business of AMP Capital Investors International Holdings Limited, which was rebranded as InfraBridge at closing. Consideration for the acquisition consisted of a $313.2 million upfront cash consideration (net of cash assumed), subject to customary post-closing working capital adjustments, plus a contingent amount based upon achievement of future fundraising targets for InfraBridge's new global infrastructure funds. The estimated fair value of the contingent consideration is subject to remeasurement each reporting period, as discussed in Note 11.

Asset Acquisitions in 2022

Vantage SDC Hyperscale Data Centers

In connection with the Company's acquisition of Vantage SDC in July 2020 and an additional data center in September 2021, the Company and its co-investors 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 March 31, 2023, the remaining consideration for the incremental lease-up acquisitions is estimated to be approximately $185 million, of which $122 million is due by September 2024. Most, if not all, of the cost of the expansion capacity has been or is expected to be funded by Vantage SDC from borrowings under its credit facilities and/or cash from operations. Pursuant to this arrangement, Vantage SDC had 15 new tenant leases related to a portion of the expansion capacity that commenced during 2022 for aggregate consideration of $161.3 million. All of these payments were made to the previous owners of Vantage SDC and are treated as asset acquisitions. There were no new tenant leases that commenced in the first quarter of 2023.

DataBank

Acquisitions by DataBank in 2022 were as follows:

•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.

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


	Business Combination		Asset Acquisitions
	2023		2022
(In thousands)	InfraBridge		TowerCo		Acquisitions by DataBank		Vantage SDC Expansion Capacity
Consideration
Cash	$	364,338	$	791,254	$	706,514	$	161,302
Estimated fair value of contingent consideration	10,874		—		—		—
	375,212		791,254		706,514		161,302
Assets acquired and liabilities assumed
Cash	51,174		—		—		—
Principal investments	130,810		—		—		—
Real estate	—		363,121		627,474		140,140

Intangible assets	50,800		673,218		77,885		21,162
Lease right-of-use ("ROU") and other assets	27,682		234,462		3,994		—

Deferred tax liabilities	(10,198)		(243,223)		—		—
Intangible, lease and other liabilities	(21,625)		(236,324)		(2,839)		—
Fair value of net assets acquired	228,643		791,254		706,514		161,302

Goodwill	$	146,569	$	—	$	—	$	—

•Principal investments represent acquired interests in InfraBridge funds, valued at their most recent net asset value ("NAV").

•Real estate was valued based upon (i) current replacement cost for buildings in an as-vacant state and improvements, estimated using construction cost guidelines; (ii) current replacement cost for data center infrastructure by applying an estimated cost per kilowatt based upon current capacity of each location and also considering the associated indirect costs such as design, engineering, construction and installation; (iii) current replacement cost for towers in consideration of their remaining economic life; and (iv) recent comparable sales or current listings for land. Useful lives of real estate acquired range from 35 to 50 years for buildings and improvements, 5 to 15 years for site improvements, 11 to 71 years for towers and related equipment, and 11 to 20 years for data center infrastructure.

•The investment management intangible assets of InfraBridge were composed of the following:

•Management contracts are valued based upon estimated net cash flows expected to be generated from the contracts, with remaining term of the contracts ranging between 1 and 4 years, discounted at 8.0%.

•Investor relationships represent the fair value of potential investment management fees, net of operating costs, to be generated from repeat InfraBridge investors in future sponsored vehicles, with a weighted average estimated useful life of 12 years, discounted at 14.0%.

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

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

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

•Tenant relationships represent the estimated net cash flows attributable to the likelihood of lease renewal by an existing tenant relative to the cost of obtaining a new lease, taking into consideration the estimated time it would require to execute a new lease or backfill a vacant space, discounted at rates between 4.75% and 11.25%, 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 6 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.

•Deferred tax liabilities were recognized for the book-to-tax basis differences associated with the acquisitions of InfraBridge and TowerCo, net of deferred tax assets assumed where applicable.

•Other assets acquired and liabilities assumed include primarily lease ROU assets associated with leasehold 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. Included in the InfraBridge acquisition were also management fee receivable and compensation payable associated with the pre-acquisition period.

•Goodwill is the value of the business acquired that is not already captured in identifiable assets, largely represented by the synergies from combining the capital raising resources of DBRG and the mid-market infrastructure specialization of the InfraBridge team.

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest


	Three Months Ended March 31,
(In thousands)	2023		2022
Redeemable noncontrolling interests
Balance at January 1	$	100,574	$	359,223
Contributions	—		10,150
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(104)		(9,414)
Net income (loss)	6,943		(11,220)
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	—		690,000




Balance at March 31	$	107,413	$	1,038,739

Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $595 and $78	$ 53,375	$ 70,065
Interest capitalized	595	78
Cash received (paid) for income taxes	1,463	(328)
Operating lease payments	15,246	15,650
Finance lease payments	3,961	3,916
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	95	(5,488)
Net cash provided by (used in) investing activities of discontinued operations	253,875	(86,387)
Net cash provided by (used in) financing activities of discontinued operations	(28,956)	(12,653)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	16,444	15,759	$ 16,491
Improvements in operating real estate included in other liabilities	39,351	9,910
Receivables from asset sales	2,282	14,009
Operating lease right-of-use assets and lease liabilities established	11,693	1,498
Contingent consideration for acquisition of InfraBridge	10,874	0
Preferred stock repurchase payable	52	0
Exchange of notes into shares of Class A common stock	0	60,317
Seller Note received in sale of NRF Holdco equity	0
Redemption of OP Units for common stock	0	2
Assets disposed in sale of equity of investment entities	0	3,420,783
Liabilities disposed in sale of equity of investment entities	0	3,144,700
Noncontrolling interests of investment entities sold or deconsolidated	$ 0	215,777
Seller Note received in sale of NRF Holdco equity		$ 154,992

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ (292,344)	$ (343,684)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Paid-in-kind interest added to loan principal, net of interest received	(544)	(1,144)
Straight-line rent income	(1,944)	(6,701)
Amortization of above- and below-market lease values, net	245	(132)
Amortization of deferred financing costs and debt discount and premium, net	12,182	96,279
Carried interest (allocation) reversal	54,756	31,079
Principal investment (income) loss	(3,562)	(6,454)
Other equity method (earnings) losses	10,609	(24,741)
Distributions of income from equity method investments	557	0
Impairment of real estate and related intangibles and right-of-use asset	0	23,802
Depreciation and amortization	141,574	130,906
Equity-based compensation	16,612	18,719
Deferred income tax (benefit) expense	881	(9,040)
Loss on extinguishment of debt	0	133,173
Other gain (loss), net	142,644	17,332
Other adjustments, net	182	(986)
(Increase) decrease in other assets and due from affiliates	23,486	(4,186)
Increase (decrease) in accrued and other liabilities and due to affiliates	(85,149)	(52,965)
Net cash provided by (used in) operating activities	20,185	1,257
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(140,998)	(215,040)
Return of capital from equity method investments	52,259	11,829
Proceeds from sale of equity investments	308,254	194,524
Acquisition of loans receivable and debt securities	0	(101,607)
Proceeds from paydown and maturity of debt securities	0	566
Net disbursements on originated loans	0	(205,507)
Repayments of loans receivable	0	15,845
Proceeds from sales of loans receivable and debt securities	0	126,644
Acquisition of and additions to real estate, related intangibles and leasing commissions	(162,918)	(836,061)
Proceeds from sales of real estate, net of property level cash transferred to buyer	0	96,660
Cash and restricted cash assumed by buyer in sales of real estate investment holding entities	0	(189,453)
Investment deposits	(5,704)	326
Net receipts on settlement of derivatives	3,401	0
Acquisition of InfraBridge, net of cash acquired (Note 3)	(313,164)	0
Other investing activities, net	0	(875)
Net cash provided by (used in) investing activities	(258,870)	(1,102,149)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(14,766)	(15,760)
Dividends paid to common stockholders	(1,599)	0
Repayments of corporate debt, including repurchase of senior notes	0	(14,237)
Borrowings from investment-level debt	1,241,890	326,500
Repayments of investment-level debt	(1,060,239)	(3,894)
Payment of deferred financing costs and prepayment penalties on investment level debt	(29,482)	(6,999)
Contributions from noncontrolling interests	29,684	353,156
Distributions to and redemptions of noncontrolling interests	(43,839)	(35,962)
Payment of contingent consideration to Wafra (Note 10)	(90,000)	0
Shares canceled for tax withholdings on vested equity awards	(4,863)	(11,410)
Acquisition of noncontrolling interest	0	(32,076)
Net cash provided by (used in) financing activities	26,786	559,318
Effect of exchange rates on cash, cash equivalents and restricted cash	(626)	(651)
Net increase (decrease) in cash, cash equivalents and restricted cash	(212,525)	(542,225)
Cash, cash equivalents and restricted cash—beginning of period	1,036,739	1,766,245
Cash, cash equivalents and restricted cash—end of period	824,214	1,224,020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning balance	918,254	1,602,102
Restricted cash, beginning balance	118,485	99,121
Restricted cash included in assets held for disposition, beginning balance	0	65,022
Cash and cash equivalents, ending balance	668,524	1,117,688
Restricted cash, ending balance	155,690	106,332
Total cash, cash equivalents, and restricted cash	$ 824,214	$ 1,224,020

Fair Value - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign exchange contracts \| Net Investment Hedging \| Non-Designated Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain in earnings on non-designated contracts	$ 4,053	$ 1,510
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain in earnings on non-designated contracts	$ 0	$ 61

Supplemental Disclosure of Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow Information

18. Supplemental Disclosure of Cash Flow Information


	Three Months Ended March 31,
(In thousands)	2023		2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $595 and $78	$	53,375	$	70,065
Cash received (paid) for income taxes	1,463		(328)
Operating lease payments	15,246		15,650
Finance lease payments	3,961		3,916
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	95	$	(5,488)
Net cash provided by (used in) investing activities of discontinued operations	253,875		(86,387)
Net cash provided by (used in) financing activities of discontinued operations	(28,956)		(12,653)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	16,444	$	15,759
Improvements in operating real estate included in other liabilities	39,351		9,910
Receivables from asset sales	2,282		14,009
Operating lease right-of-use assets and lease liabilities established	11,693		1,498


Contingent consideration for acquisition of InfraBridge	10,874		—

Preferred stock repurchase payable	52		—
Exchange of notes into shares of Class A common stock	—		60,317







Seller Note received in sale of NRF Holdco equity	—		154,992




Redemption of OP Units for common stock	—		2

Assets disposed in sale of equity of investment entities	—		3,420,783
Liabilities disposed in sale of equity of investment entities	—		3,144,700


Noncontrolling interests of investment entities sold or deconsolidated (1)	—		215,777

__________

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

Supplemental Disclosure of Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Three Months Ended March 31,
(In thousands)	2023		2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized of $595 and $78	$	53,375	$	70,065
Cash received (paid) for income taxes	1,463		(328)
Operating lease payments	15,246		15,650
Finance lease payments	3,961		3,916
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$	95	$	(5,488)
Net cash provided by (used in) investing activities of discontinued operations	253,875		(86,387)
Net cash provided by (used in) financing activities of discontinued operations	(28,956)		(12,653)
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	$	16,444	$	15,759
Improvements in operating real estate included in other liabilities	39,351		9,910
Receivables from asset sales	2,282		14,009
Operating lease right-of-use assets and lease liabilities established	11,693		1,498


Contingent consideration for acquisition of InfraBridge	10,874		—

Preferred stock repurchase payable	52		—
Exchange of notes into shares of Class A common stock	—		60,317







Seller Note received in sale of NRF Holdco equity	—		154,992




Redemption of OP Units for common stock	—		2

Assets disposed in sale of equity of investment entities	—		3,420,783
Liabilities disposed in sale of equity of investment entities	—		3,144,700


Noncontrolling interests of investment entities sold or deconsolidated (1)	—		215,777

__________

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

Debt - Convertible and Exchangeable Senior Notes (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2022 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal		$ 278,422,000		$ 278,422,000
Exchange of notes into shares of Class A common stock		0	$ 60,317,000
Loss on extinguishment of debt	$ 133,200,000	$ 0	$ 133,173,000
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		3,174,000
Convertible and exchangeable senior notes, outstanding principal		$ 200,000,000		200,000,000
Convertible and Exchangeable Senior Notes \| 5.75% Exchangeable Senior Notes
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%	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		8,524,000
Convertible and exchangeable senior notes, outstanding principal		$ 78,422,000		$ 78,422,000
Conversion ratio	108.696
Convertible and Exchangeable Senior Notes \| 5.75% Exchangeable Senior Notes \| March 2022 Exchange
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock			$ 60,300,000
Exchange of notes for class A common stock (in shares) \| shares	6,389,366
Repayments of convertible debt			$ 13,900,000
Convertible and exchangeable senior notes
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock		$ 1,000

Fair Value

3 Months Ended

Mar. 31, 2023

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, as follows.

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

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

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

Marketable Equity Securities

Marketable equity securities with long positions of $166.0 million at March 31, 2023 and $155.9 million at December 31, 2022, included within equity investments of Corporate and Other (Note 4), and short positions of $45.6 million at March 31, 2023 and $40.9 million at December 31, 2022, included in other liabilities (Note 7), consist of

publicly traded equity securities held predominantly by sponsored liquid strategy funds 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 primarily 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.

Equity Investment of Consolidated Fund

A consolidated credit fund has equity interest in a pooling entity, invested alongside other affiliated managed funds, that holds a portfolio of loans. The fund's equity interest in the pooling entity had a fair value of $62.5 million at March 31, 2023 and $46.8 million at December 31, 2022, classified as Level 3 of the fair value hierarchy. Fair value of the fund's equity interest in the pooling entity is based upon its share of expected cash flows from the loan assets held by the pooling entity. In estimating the fair value of its underlying loans, the pooling entity considered the prevailing market yields at which a third party might expect to receive on equivalent loans with similar credit risk. Based upon the comparison to market yields, it was determined that the transacted price on the loans held by the pooling entity approximate their fair value at March 31, 2023 and at December 31, 2022.

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.

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.

The Company had no outstanding derivatives at March 31, 2023. At December 31, 2022, the fair value of derivative assets was $11.8 million, included in other assets, and there were no derivatives in a liability position. All derivative positions were non-designated hedges. Derivative notional amounts for foreign exchange contracts aggregated to the equivalent of $321.1 million at December 31, 2022, and there were no outstanding interest rate contracts.

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


	Three Months Ended March 31,
(In thousands)	2023		2022
Foreign currency contracts:




Realized and unrealized gain in earnings on non-designated contracts (1)	$	4,053	$	1,510
Interest rate contracts:




Realized and unrealized gain in earnings on non-designated contracts	—		61

__________

(1) Amount in 2023 relates to foreign currency contract entered into on behalf of a sponsored fund, which has no net impact to the Company's earnings, as discussed in Note 16.

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 had issued five warrants to Wafra in July 2020. 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 other gain (loss) on the consolidated statements of operations. The warrants were valued at $22.2 million at March 31, 2023 and $17.7 million at December 31, 2022 using a Black-Scholes option pricing model, applying the following inputs: (a) estimated volatility for DBRG's class A common stock of 44.4% (40.8% at December 31, 2022); (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 3.78% per annum (4.16% per annum at December 31, 2022), 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 warrant liability, classified as Level 3 fair value, increased $4.5 million during the three months ended March 31, 2023.

Contingent Consideration

In connection with the acquisition of InfraBridge, contingent consideration is payable if prescribed fundraising targets for InfraBridge's new global infrastructure funds are met. In measuring the contingent consideration, the Company applied a probability-weighted approach to the likelihood of meeting various fundraising targets and discounted the estimated future contingent consideration payment at 4.9% to derive a present value amount. The contingent consideration of $10.9 million at March 31, 2023 is classified as Level 3 of the fair value hierarchy, with changes in fair value recorded in other gain (loss).

Fair Value Option

Loans Receivable

Loans receivable are carried at fair value under the fair value option, which consisted of two unsecured promissory notes, one in connection with the 2022 sale of the Company's Wellness Infrastructure business (Note 2) and one held by DataBank, presented within Corporate and Other and in the Operating segment, respectively. Both loans receivable have a bullet repayment of principal and accrue PIK interest. Accrued interest forms part of the fair value of loans receivable and is recorded in other income. Changes in fair value of loans receivable are recorded in other gain (loss).

At March 31, 2023, fair value of loans receivable was $6.8 million ($137.9 million at December 31, 2022), with unpaid principal balance, inclusive of PIK interest, of $168.8 million ($167.8 million at December 31, 2022), classified as Level 3 in the fair value hierarchy. At March 31, 2023, the Wellness Infrastructure note was fully written down, taking into consideration an impending foreclosure of certain assets within the Wellness Infrastructure portfolio by its mezzanine lender. The DataBank note was carried at par plus accrued PIK interest as it was fully repaid in April 2023. At December 31, 2022, loan fair values were based upon a discounted cash flow projection of principal and interest expected to be collected, applying discount rates of 10.0% and 10.5%.

Changes in 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).


	Fair Value Option		Equity Investment of Consolidated Fund
(In thousands)	Loans Receivable









Fair value at December 31, 2021	$	82,930		$	—
Originations and drawdowns	360,990			—
Paydowns	(112,500)			—
Change in accrued interest and capitalization of paid-in-kind interest	(650)			—
Unrealized gain (loss) in earnings, net	(2,815)			—
Fair value at March 31, 2022	$	327,955		$	—

Net unrealized gain (loss) in earnings on instruments held at March 31, 2022	$	(2,815)		$	—

Fair value at December 31, 2022	$	137,945		$	46,770
Contributions	—			9,627
Change in consolidated fund's share of equity investment (1)	—			6,125
Paydowns of underlying loan assets held by equity investment of consolidated fund	—			(25)
Change in accrued interest and capitalization of paid-in-kind interest	545			—
Unrealized gain (loss) in earnings, net (2)	(131,686)			11
Fair value at March 31, 2023	$	6,804		$	62,508

Net unrealized gain (loss) in earnings on instruments held at March 31, 2023	$	(131,686)		$	11

__________

(1) Represents reallocation of investment value when relative ownership of the pooling entity across its fund owners change following additional capital contributions.

(2) With respect to equity investment of the consolidated fund, represents remeasurement of a foreign currency denominated loan asset held by the pooling entity of the consolidated fund.

Investment Carried at Fair Value Using Net Asset Value

The Company holds an investment in a non-traded healthcare REIT, valued at $34.5 million at March 31, 2023 and at December 31, 2022, presented within Corporate and Other in Note 4. The Company has no commitment for any further investment in the non-traded REIT in the future. The investment is valued based upon NAV beginning October 2021 when the investee, a healthcare real estate investor/manager, was acquired in conjunction with a merger of its co-sponsored non-traded REITs. The transaction diluted the Company's equity interest in the investee, which was previously accounted for as an equity method investment. Redemption of the Company's partnership interest in the non-traded healthcare REIT is restricted until the earliest of (1) the second anniversary of the issuance to the Company of such partnership units, (2) change in control of the general partner, and (3) initial public offering of the equity of the non-traded healthcare REIT, which may be subject to further restriction on redemption by the underwriters.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis: (i) on the acquisition date for business combinations; and (ii) 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.

Other than the assets and liabilities acquired in the InfraBridge business combination discussed in Note 3, there were no assets held for investment carried at nonrecurring fair value at March 31, 2023 and December 31, 2022.

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
March 31, 2023
Liabilities
Corporate debt
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	292,695
Convertible and exchangeable senior notes	325,098		—		—		325,098		277,076
Non-recourse investment-level debt	—		4,134,916		363,488		4,498,404		4,752,050


December 31, 2022
Liabilities
Corporate debt
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	292,171
Convertible and exchangeable senior notes	304,513		—		—		304,513		276,741
Non-recourse investment-level debt	—		3,268,508		944,984		4,213,492		4,587,228

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

Noncontrolling Interests - Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1	$ 100,574	$ 359,223
Distributions to noncontrolling interests	(43,562)	(26,018)
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	0	690,000
Balance at March 31	107,413	1,038,739
Redeemable noncontrolling interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	0	10,150
Distributions to noncontrolling interests	(104)	(9,414)
Net income (loss)	$ 6,943	$ (11,220)

Goodwill, Deferred Leasing Costs and Other Intangibles - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Net increase (decrease) to rental income	$ 209	$ (131)
Amortization expense	44,760	45,251
Investment management intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	6,090	5,055
Deferred leasing costs and lease-related intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization expense	32,843	33,707
Customer relationships and service contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,249	4,914
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization expense	1,098	1,098
Other
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 480	$ 477

Equity-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 10,998	$ 9,067
Compensation expense (including $0 and $37 expense related to dividend equivalent rights)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	10,770	8,979
Amortization of fair value of dividend equivalent right	0	37
Administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 228	$ 88

Investments - Summary of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	$ 1,226,952	$ 1,242,001
Principal investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	567,300	410,500
Other equity investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	103,700	115,000
Operating Segments \| Investment Management
Schedule of Equity Method Investments [Line Items]
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	345,826	395,327
Operating Segments \| Operating
Schedule of Equity Method Investments [Line Items]
Debt Securities	6,804	4,638
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	6,804	4,638
Corporate and Other
Schedule of Equity Method Investments [Line Items]
Investments—marketable equity securities and equity interest in credit pooling entity (Note 11)	874,322	842,036
Corporate and Other \| CLO Subordinated Notes
Schedule of Equity Method Investments [Line Items]
Debt Securities	50,927	50,927
Corporate and Other \| Loans Receivable
Schedule of Equity Method Investments [Line Items]
Debt Securities	0	133,307
Corporate and Other \| Principal investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	512,649	358,846
Corporate and Other \| Other equity investment
Schedule of Equity Method Investments [Line Items]
Equity method investments	98,988	113,111
Corporate and Other \| Equity investments of consolidated funds
Schedule of Equity Method Investments [Line Items]
Equity method investments	211,758	185,845
Investment Management \| Investment Management
Schedule of Equity Method Investments [Line Items]
Equity method investments	345,826	395,327
Investment Management \| Principal investments \| Investment Management
Schedule of Equity Method Investments [Line Items]
Equity method investments	54,626	51,665
Investment Management \| Carried interest allocation \| Investment Management
Schedule of Equity Method Investments [Line Items]
Equity method investments	286,517	341,749
Investment Management \| Funds and Retail Companies \| Investment Management
Schedule of Equity Method Investments [Line Items]
Equity method investments	341,143	393,414
Investment Management \| Other equity investment \| Investment Management
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 4,683	$ 1,913