0001679688-24-000021 | 10-K | XBRL Viewer

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Debt - Schedule of Future Minimum Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 0
2025	78,422
2026	300,000
2027	0
2028	0
Total	378,422	$ 578,422
Securitized financing facility
Debt Instrument [Line Items]
2024	0
2025	0
2026	300,000
2027	0
2028	0
Total	300,000
Exchangeable senior notes
Debt Instrument [Line Items]
2024	0
2025	78,422
2026	0
2027	0
2028	0
Total	$ 78,422

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Deferred Tax Asset Valuation Allowance Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance For Deferred Tax Assets [Roll Forward]
Beginning balance	$ 679,057	$ 12,766	$ 1,852
Addition	19,483	666,291	33,756
Utilization and/or reversal	(34,143)	0	(22,842)
Ending balance	$ 664,397	$ 679,057	$ 12,766

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands, € in Millions	1 Months Ended						12 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies [Line Items]
OP units to common stock, conversion ratio							1
Proceeds from sale of equity investments							$ 695,683	$ 522,337	$ 564,025
Gain on extinguishment of debt				$ (133,200)		$ 54,200	0	(133,173)	29,099
Total assets of consolidated private fund							3,562,550	11,028,503
Total liabilities of consolidated private fund							1,053,387	6,458,440
Principal investment income							145,448	56,731	86,023
Loss from continuing operations							365,623	(59,813)	(34,536)
Revenues							264,117	172,673	180,826
Revision of Prior Period, Reclassification, Adjustment \| BRSP
Summary of Significant Accounting Policies [Line Items]
Total assets of consolidated private fund								8,100,000
Total liabilities of consolidated private fund								5,300,000
Loss from continuing operations								(324,200)	(223,500)
Corporate and Other
Summary of Significant Accounting Policies [Line Items]
Principal investment income							141,225	52,610	83,419
Loss from continuing operations							$ 160,261	(245,897)	(125,451)
In-Place Lease
Summary of Significant Accounting Policies [Line Items]
Discount rate for projected net cash flow (as a percent)							6.80%
Useful life (in years)							15 years
TowerCo
Summary of Significant Accounting Policies [Line Items]
Purchase price		$ 791,300	€ 740.1
Debt assumed		326,100
Equity consideration transferred		278,100
TowerCo \| Corporate and Other
Summary of Significant Accounting Policies [Line Items]
Revenues								43,000
Depreciation								8,800
Amortization								9,900
TowerCo \| Investor
Summary of Significant Accounting Policies [Line Items]
Equity consideration transferred		$ 213,800
Investor relationships
Summary of Significant Accounting Policies [Line Items]
Discount rate for projected net cash flow (as a percent)							6.80%
Minimum \| Furniture, Fixtures, Equipment, And Capitalized Software
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives (in years)							3 years
Minimum \| Towers And Equipment
Summary of Significant Accounting Policies [Line Items]
Plant, property and equipment acquired, useful life (in years)							11 years
Minimum \| Investor relationships
Summary of Significant Accounting Policies [Line Items]
Useful life (in years)							19 years
Maximum \| Furniture, Fixtures, Equipment, And Capitalized Software
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives (in years)							7 years
Maximum \| Building
Summary of Significant Accounting Policies [Line Items]
Plant, property and equipment acquired, useful life (in years)							50 years
Maximum \| Site improvements
Summary of Significant Accounting Policies [Line Items]
Plant, property and equipment acquired, useful life (in years)							40 years
Maximum \| Data center infrastructure
Summary of Significant Accounting Policies [Line Items]
Plant, property and equipment acquired, useful life (in years)							30 years
Maximum \| Furniture, fixtures and equipment
Summary of Significant Accounting Policies [Line Items]
Plant, property and equipment acquired, useful life (in years)							8 years
Maximum \| Towers And Equipment
Summary of Significant Accounting Policies [Line Items]
Plant, property and equipment acquired, useful life (in years)							71 years
Maximum \| Investor relationships
Summary of Significant Accounting Policies [Line Items]
Useful life (in years)							45 years
NRF \| Discontinued Operations, Disposed of by Sale
Summary of Significant Accounting Policies [Line Items]
Transaction price					$ 281,000
Loan receivable relieved in exchange for equity investment acquired					$ 155,000
Write off of deferred debt issuance cost							$ 92,100
Impairment loss									251,700
BRSP
Summary of Significant Accounting Policies [Line Items]
Proceeds from sale of equity investments	$ 201,600
Adjustments for any impairment or observable price changes							$ 9,700
BRSP \| Revision of Prior Period, Reclassification, Adjustment
Summary of Significant Accounting Policies [Line Items]
Principal investment income								(37,300)	$ 41,200
BRSP \| Held for Disposition
Summary of Significant Accounting Policies [Line Items]
Equity method investments								$ 218,000

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Interest capitalized	$ 5,433	$ 3,206	$ 1,567

Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Related Party Disclosures

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


(In thousands)	December 31, 2023		December 31, 2022
Due from Affiliates
Investment vehicles and portfolio companies
Fee revenue	$	71,427	$	35,010
Cost reimbursements and recoverable expenses	14,388		7,031

Employees and other affiliates	—		3,319
	$	85,815	$	45,360
Due to Affiliates (Note 6)
Investment vehicles—Derivative obligation	$	—	$	11,793
Investment vehicles—InfraBridge (Note 3)	10,123		—
Employees and other affiliates	541		658
	$	10,664	$	12,451

Variable Interest Entities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 200.8	$ 94.7
Variable Interest Entity, Not Primary Beneficiary \| Company-Sponsored Private Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	1,860.0	$ 752.3
Variable Interest Entity, Not Primary Beneficiary \| Company Sponsored Funds
Variable Interest Entity [Line Items]
Unfunded lending commitment	$ 260.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 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	$ 50.3	$ 53.9	$ 68.3
Aggregate unrecognized compensation cost related to restricted stock granted	$ 36.0
Weighted average period of expected cost (in years)	1 year 9 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
PSUs \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Measurement period (in years)	3 years
PSUs \| Minimum \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (as a percent)	0.00%
PSUs \| Maximum \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued, percent of PSU granted (as a percent)	200.00%
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash settlement paid	$ 3.3
Aggregate unrecognized compensation cost related to restricted stock granted	$ 6.3
Weighted average period of expected cost (in years)	4 months
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance, annual increase (as a percent)	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

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule Lease, Cost

The following table summarizes total lease cost for operating leases on corporate offices, which are included in administrative expense.


	December 31,
(In thousands)	2023		2022	2021
Fixed lease expense	$	8,678		$	7,090	$	7,010
Variable lease expense	1,713			2,073		1,829
Total operating lease cost	$	10,391		$	9,163	$	8,839

Schedule of Future Fixed Lease Income

The table below presents the Company's future lease commitments for operating leases on corporate offices at December 31, 2023, determined using a weighted average discount rate of 5.7%:


Year Ending December 31,	(In thousands)
2024	$	9,435
2025	9,454
2026	10,141
2027	9,113
2028	7,067
2029 and thereafter	15,203
Total lease payments	60,413
Present value discount	(11,378)
Operating lease liability on corporate offices	$	49,035

Schedule of Finance Lease, Liability, Fiscal Year Maturity

The table below presents the Company's future lease commitments for operating leases on corporate offices at December 31, 2023, determined using a weighted average discount rate of 5.7%:


Year Ending December 31,	(In thousands)
2024	$	9,435
2025	9,454
2026	10,141
2027	9,113
2028	7,067
2029 and thereafter	15,203
Total lease payments	60,413
Present value discount	(11,378)
Operating lease liability on corporate offices	$	49,035

Fair Value - Schedule of Changes in Level 3 Fair Value (Details) - Level 3 - Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 17,700	$ 0
Purchases, originations, drawdowns and contributions	0	0
Transfer out of equity to liability		81,400
Change in accrued interest and capitalization of paid-in-kind interest		0
Paydowns	0	0
Transfer of warehoused loans to sponsored fund		0
Consolidation of sponsored funds	0	0
Business combination	0
Change in consolidated fund's share of equity investment	0
Unrealized gain (loss) in earnings, net	21,500	(63,700)
Deconsolidation of sponsored fund	0
Ending balance	39,200	17,700
Net unrealized gains (losses) in earnings on instruments held, liability	21,500	(63,700)
InfraBridge contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Purchases, originations, drawdowns and contributions	0	0
Transfer out of equity to liability		0
Change in accrued interest and capitalization of paid-in-kind interest		0
Paydowns	0	0
Transfer of warehoused loans to sponsored fund		0
Consolidation of sponsored funds	0	0
Business combination	10,874
Change in consolidated fund's share of equity investment	0
Unrealized gain (loss) in earnings, net	464	0
Deconsolidation of sponsored fund	0
Ending balance	11,338	0
Net unrealized gains (losses) in earnings on instruments held, liability	464	0
AFS Debt Securities
Level 3 Assets
Beginnning balance	50,927	0
Purchases, originations, drawdowns and contributions	0	50,927
Transfer out of equity to liability		0
Change in accrued interest and capitalization of paid-in-kind interest		0
Paydowns	0	0
Transfer of warehoused loans to sponsored fund		0
Consolidation of sponsored fund	0	0
Business combination	0
Change in consolidated fund's share of equity investment	0
Unrealized gain (loss) in earnings, net	0	0
Deconsolidation of sponsored fund	0
Ending balance	50,927	50,927
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held, asset	0	0
Loans Receivable
Level 3 Assets
Beginnning balance	133,307	78,607
Purchases, originations, drawdowns and contributions	0	370,496
Transfer out of equity to liability		0
Change in accrued interest and capitalization of paid-in-kind interest		5,814
Paydowns	0	(159,501)
Transfer of warehoused loans to sponsored fund		(123,312)
Consolidation of sponsored fund	0	0
Business combination	0
Change in consolidated fund's share of equity investment	0
Unrealized gain (loss) in earnings, net	(133,307)	(38,797)
Deconsolidation of sponsored fund	0
Ending balance	0	133,307
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held, asset	(133,307)	(28,706)
Equity Method Investments
Level 3 Assets
Beginnning balance	0	0
Purchases, originations, drawdowns and contributions	20,000	0
Transfer out of equity to liability		0
Change in accrued interest and capitalization of paid-in-kind interest		0
Paydowns	0	0
Transfer of warehoused loans to sponsored fund		0
Consolidation of sponsored fund	0	0
Business combination	0
Change in consolidated fund's share of equity investment	0
Unrealized gain (loss) in earnings, net	(13,300)	0
Deconsolidation of sponsored fund	0
Ending balance	6,700	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held, asset	(13,300)	0
Equity Investment of Consolidated Fund
Level 3 Assets
Beginnning balance	46,770	0
Purchases, originations, drawdowns and contributions	85,486	35,566
Transfer out of equity to liability		0
Change in accrued interest and capitalization of paid-in-kind interest		0
Paydowns	(8,109)	0
Transfer of warehoused loans to sponsored fund		0
Consolidation of sponsored fund	393,614	10,536
Business combination	0
Change in consolidated fund's share of equity investment	1,842
Unrealized gain (loss) in earnings, net	2,216	668
Deconsolidation of sponsored fund	(105,205)
Ending balance	416,614	46,770
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net unrealized gains (losses) in earnings on instruments held, asset	$ 0	$ 668

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 167	$ 3,986	$ 3,369
State and local	1,058	(786)	(19)
Foreign	(1,252)	(1,163)	0
Total current tax benefit (expense)	(27)	2,037	3,350
Deferred
Federal	(1,004)	(13,850)	15,615
State and local	124	(2,419)	2,498
Foreign	901	1,100	0
Total deferred tax benefit (expense)	21	(15,169)	18,113
Income tax benefit (expense) on continuing operations	$ (6)	$ (13,132)	$ 21,463

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 378,422	$ 578,422
Premium (Discount), net	(810)	(1,293)
Deferred Financing Cost	(5,829)	(8,217)
Amortized Cost	371,783	568,912
Secured Debt
Debt Instrument [Line Items]
Principal	300,000
Exchangeable senior notes
Debt Instrument [Line Items]
Principal	78,422
Carrying Value \| Secured Debt
Debt Instrument [Line Items]
Principal	378,422	578,922
Premium (Discount), net	(810)	(1,293)
Deferred Financing Cost	(5,829)	(8,252)
Amortized Cost	371,783	569,377
Carrying Value \| Exchangeable senior notes
Debt Instrument [Line Items]
Principal	78,422	278,422
Premium (Discount), net	(810)	(1,293)
Deferred Financing Cost	(96)	(388)
Amortized Cost	77,516	276,741
Securitized financing facility \| Carrying Value \| Secured Debt
Debt Instrument [Line Items]
Principal	300,000	300,000
Premium (Discount), net	0	0
Deferred Financing Cost	(5,733)	(7,829)
Amortized Cost	294,267	292,171
Investment-level debt \| Carrying Value \| Secured Debt
Debt Instrument [Line Items]
Principal	0	500
Premium (Discount), net	0	0
Deferred Financing Cost	0	(35)
Amortized Cost	$ 0	$ 465

Equity-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

13. 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 December 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. RSUs are initially valued based upon the Company's class A common stock price on grant date and not subsequently remeasured for equity-classified awards, while liability-classified awards are remeasured at fair value at the end of each reporting period until the award is fully vested. Equity-based compensation expense is recognized over the vesting period when it becomes probable that the performance condition will be met. A liability classified award that met its performance

condition and became fully vested over the course of 2023 was settled in cash totaling $3.3 million. There was no cash settlement of awards in 2022 or 2021.

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.

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

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

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

LTIP Units—LTIP units are units in the Operating Company that are designated as profits interests for federal income tax purposes. Unvested LTIP units that are subject to market conditions do not accrue distributions. Each vested LTIP unit is convertible, at the election of the holder (subject to capital account limitation), into one common OP Unit and upon conversion, subject to the redemption terms of OP Units (Note 8).

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

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


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

__________

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

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

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

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

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

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


	Year Ended December 31,
(In thousands)		2023		2022		2021

Compensation expense (including $0, $(410) and $1,194 expense related to dividend equivalent rights)		$	55,597	$	31,281	$	35,428


Administrative expense		228		1,422		222
		$	55,825	$	32,703	$	35,650

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	$	16.28	$	10.84
Granted	2,468,842	—	70,887	—	413,172	2,952,901	11.98		12.24
Vested	(1,308,856)	—	(26,846)	(1,798,044)	(603,525)	(3,737,271)	7.88		13.95
Forfeited	(53,291)	—	—	—	(424,799)	(478,090)	7.92		13.83
Unvested shares and units at December 31, 2023	2,813,369	2,625,000	64,099	599,347	1,274,435	7,376,250	21.66		9.80

__________

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

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

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

Fair value of equity awards that vested, determined based upon their respective fair values at vesting date, totaled $50.3 million in 2023, $53.9 million in 2022 and $68.3 million in 2021.

At December 31, 2023, aggregate unrecognized compensation cost for all unvested equity awards pursuant to DBRG's Equity Incentive Plan was $36.0 million, which is expected to be recognized over a weighted average period of 1.8 years. This excludes $6.3 million of unvested RSUs that are not currently probable of achieving their performance condition and have a remaining performance measurement period of approximately four months.

Investments - Schedule of Available-for-sale Securities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Amortized Cost without Allowance for Credit Loss	$ 50,927
Allowance for Credit Loss	0
Gross cumulative unrealized gains	0
Gross cumulative unrealized losses	0
Fair Value	$ 50,927

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred investment management fees	$ 10,250	$ 6,265
Common and preferred stock dividends payable	16,477	16,491	$ 15,759
Securities sold short—consolidated funds	38,481	40,928
Due to custodians—consolidated funds	9,415	35,457
Current and deferred income tax liability	8,403	42
Warrants issued to Wafra (Note 9)	39,200	17,700
Accrued compensation	63,761	46,303
Accrued incentive fee and carried interest compensation	356,316	171,086
Accounts payable and accrued expenses	13,844	25,175
Other liabilities	681,451	546,923
Deferred investment management fees recognized	$ 3,300	$ 3,400
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 (in years)		2 years 10 months 24 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fee income, weighted-average recognition period (in years)	3 years
Related Party
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other liabilities	$ 10,664	$ 12,451
Nonrelated Party
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other liabilities	16,974	5,152
Corporate Offices
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Operating lease liability on corporate offices	$ 49,035	$ 40,497
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
InfraBridge contingent consideration
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contingent consideration payable	$ 11,338	$ 0
Warrants issued to Wafra
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contingent consideration payable	35,000	125,000
Corporate Debt
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Interest payable	$ 2,293	$ 4,376

Equity-Based Compensation - Schedule of Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2023
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		8,638,710
Granted (in shares)		2,952,901
Vested (in shares)		(3,737,271)
Forfeited (in shares)		(478,090)
Unvested shares and units period end (in shares)		7,376,250
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)		12.24
Vested (in dollars per share)		13.95
Forfeited (in dollars per share)		13.83
Unvested shares and units period end (in dollars per share)		$ 9.80
Restricted Stock
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		1,706,674
Granted (in shares)		2,468,842
Vested (in shares)		(1,308,856)
Forfeited (in shares)		(53,291)
Unvested shares and units period end (in shares)		2,813,369
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)		70,887
Vested (in shares)		(26,846)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		64,099
RSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,397,391
Granted (in shares)		0
Vested (in shares)		(1,798,044)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		599,347
PSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		1,889,587
Granted (in shares)		413,172
Vested (in shares)		(603,525)
Forfeited (in shares)		(424,799)
Unvested shares and units period end (in shares)		1,274,435
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 16.28
Granted (in dollars per share)		11.98
Vested (in dollars per share)		7.88
Forfeited (in dollars per share)		7.92
Unvested shares and units period end (in dollars per share)		$ 21.66

Summary of Significant Accounting Policies - Schedule of Assets and Liabilities of Discontinued Operations (Details) - Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 0	$ 62,690
Restricted cash	0	113,631
Real estate	0	5,921,298
Investments	1,342	280,019
Goodwill	0	463,120
Intangible assets	0	1,006,469
Other assets	356	573,368
Total assets held for disposition	1,698	8,420,595
Liabilities
Debt	0	4,586,765
Lease intangibles and other liabilities	153	755,377
Total liabilities related to assets held for disposition	$ 153	$ 5,342,142

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

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

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Activity of Preferred and Common Stock

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


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock
Shares outstanding at December 31, 2020	41,350	120,851	183
Redemption of preferred stock	(6,010)	—	—
Exchange of notes for class A common stock	—	18,341	—
Shares issued upon redemption of OP Units	—	501	—
Conversion of class B to class A common stock	—	17	(17)
Shares issued pursuant to settlement liability (1)	—	1,488	—
Equity-based compensation, net of forfeitures	—	1,645	—
Shares canceled for tax withholding on vested stock awards	—	(699)	—
Shares outstanding at December 31, 2021	35,340	142,144	166


Stock repurchases	(2,229)	(4,195)	—
Exchange of notes for class A common stock	—	6,389	—
Shares issued upon redemption of OP Units	—	100	—

Shares issued for redemption of redeemable noncontrolling interest (Note 9)	—	14,435	—
Equity awards issued, net of forfeitures	—	1,589	—
Shares canceled for tax withholding on vested equity awards	—	(699)	—


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



Stock repurchases	(235)	—	—

Shares issued upon redemption of OP Units	—	253	—


Equity awards issued, net of forfeitures	—	4,835	—
Shares canceled for tax withholding on vested equity awards	—	(1,642)	—
Shares outstanding at December 31, 2023	32,876	163,209	166

__________

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

The table below summarizes the preferred stock issued and outstanding at December 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	8,395	$	84	$	209,870	Currently redeemable
Series I	7.15	%	June 2017	12,867	129		321,668		Currently redeemable
Series J	7.125	%	September 2017	11,614	116		290,361		Currently redeemable
				32,876	$	329	$	821,899

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

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

Changes in Components of AOCI—Stockholders


(In thousands)	Company's Share in AOCI of Equity Method Investments		Unrealized Gain (Loss) on AFS Debt Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(12,386)		(211)		—		(35,001)		1,731		(45,867)
Amounts reclassified from AOCI	(2,998)		—		233		10,153		(39,779)		(32,391)
Deconsolidation of investment entities	—		—		—		(1,482)		—		(1,482)
AOCI at December 31, 2021	2,334		5,861		—		26,502		7,686		42,383
Other comprehensive income (loss) before reclassifications	(2,429)		—		—		(10,923)		8,396		(4,956)
Amounts reclassified from AOCI	(200)		(5,861)		—		(16,793)		(16,082)		(38,936)



AOCI at December 31, 2022	(295)		—		—		(1,214)		—		(1,509)
Other comprehensive income (loss) before reclassifications	(1)		—		—		2,906		—		2,905
Amounts reclassified from AOCI	296		—		—		(1,246)		—		(950)
Deconsolidation of investment entities	—		—		—		965		—		965
AOCI at December 31, 2023	$	—	$	—	$	—	$	1,411	$	—	$	1,411

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive income (loss) before reclassifications	—		(65,127)		—		(65,127)
Amounts reclassified from AOCI	1,030		(1,364)		(15,099)		(15,433)
Deconsolidation of investment entities	—		(6,297)		—		(6,297)
AOCI at December 31, 2021	—		11,057		—		11,057
Other comprehensive income (loss) before reclassifications	—		(4,571)		—		(4,571)
Amounts reclassified from AOCI	—		(9,501)		—		(9,501)



AOCI at December 31, 2022	—		(3,015)		—		(3,015)
Other comprehensive income (loss) before reclassifications	—		884		—		884
Amounts reclassified from AOCI	—		(468)		—		(468)
Deconsolidation of investment entities	—		2,550		—		2,550
AOCI at December 31, 2023	$	—	$	(49)	$	—	$	(49)

Schedule of Reclassification out of Accumulated Other Comprehensive Income

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


(In thousands)	Year Ended December 31,								Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings		2023			2022			2021

Relief of basis of AFS debt securities			$	—		$	5,861		$	—	Income (loss) from discontinued operations
Release of foreign currency cumulative translation adjustments			1,246			16,793			(10,153)		Other gain (loss), net Income (loss) from discontinued operations

Realized gain on net investment hedges			—			16,082			39,779		Other gain (loss), net Income (loss) from discontinued operations
Realized loss on cash flow hedges			—			—			(233)		Income (loss) from discontinued operations
Deconsolidation of investment entities			(965)			—			1,482		Income (loss) from discontinued operations
Release of AOCI of equity method investments			(296)			200			2,998		Income (loss) from discontinued operations

- 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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-URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Fair Value - Narrative (Details)	1 Months Ended	12 Months Ended
Fair Value - Narrative (Details)	Jul. 31, 2020 security $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		$ 0	$ 11,793,000
Warrants issued to Wafra (Note 9)		$ 39,200,000	17,700,000
Discount rate (as a percent)		4.90%
InfraBridge contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration payable		$ 11,338,000	$ 0
Measurement Input, Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and rights outstanding, measurement input (as a percent)		0.378	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 (as a percent)		0.0411	0.0416
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 Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount			$ 321,100,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding balance			162,000,000
Equity method investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate for projected net cash flow (as a percent)		18.30%
Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securities		$ 66,297,000	139,076,000
Loans Receivable \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure			133,307,000
Level 1 \| Loans Receivable \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure			0
Level 3 \| Leased Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal capitalization rate (as a percent)		5.50%
Discount rate for projected net cash flow (as a percent)		10.40%
Level 3 \| Equity Investment of Consolidated Fund \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment		$ 416,614,000	46,770,000	$ 0
Level 3 \| Loans Receivable \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment		0	133,307,000	$ 78,607,000
Level 3 \| Loans Receivable \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure			133,307,000
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		$ 14,700,000	$ 34,500,000

Business Combinations - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023
AMP Capital Investors International Holdings Limited
Business Acquisition [Line Items]
Acquisition price	$ 314.3
Investment Management Contracts
Business Acquisition [Line Items]
Discount rate for projected net cash flow (as a percent)		8.00%
Investor relationships
Business Acquisition [Line Items]
Useful life (in years)		12 years
Discount rate for projected net cash flow (as a percent)		14.00%
Minimum \| Investment Management Contracts
Business Acquisition [Line Items]
Useful life (in years)		1 year
Maximum \| Investment Management Contracts
Business Acquisition [Line Items]
Useful life (in years)		4 years

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in Unconsolidated Ventures

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


(In thousands)	December 31, 2023		December 31, 2022
Equity method investments (1)
Principal investments	$	1,194,417	$	410,511
Carried interest allocation	676,421		341,749
Other equity investments	71,417		115,024
CLO subordinated notes	50,927		50,927
Loans receivable	—		133,307
	1,993,182		1,051,518
Equity investments of consolidated funds
Marketable equity securities	66,297		139,076
Other investments	416,614		46,769
	$	2,476,093	$	1,237,363

__________

(1) Equity method investments in the Investment Management segment are $726.1 million at December 31, 2023 and $393.4 million at December 31, 2022..

Schedule of 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 December 31, 2023 and 2022	$	50,927	$	—	$	—	$	—	$	50,927

Schedule of Equity Method Investments

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

Selected Combined Balance Sheet Information


(In thousands)	December 31, 2023		December 31, 2022
Total assets	$	38,062,830	$	22,507,463
Total liabilities	413,270		79,053
Owners' equity	37,649,560		22,428,410

Selected Combined Statements of Operations Information


	Year Ended December 31,
(In thousands)	2023		2022		2021
Total revenues	$	117,846	$	23,232	$	39,760
Net income (loss)	2,976,972		2,150,989		771,962

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Results

The following table summarizes results from continuing operations of the Company's reportable segments and reconciled to the consolidated statement of operations.


	Investment Management						Corporate and Other						Total
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Revenues
Fee revenue	$	267,181	$	176,061	$	187,379	$	(3,064)	$	(3,388)	$	(6,553)	$	264,117	$	172,673	$	180,826
Carried interest allocation	363,075		378,342		99,207		—		—		—		363,075		378,342		99,207
Principal investment income	4,223		4,121		2,604		141,225		52,610		83,419		145,448		56,731		86,023
Other income	11,405		5,984		4,303		37,338		81,041		17,471		48,743		87,025		21,774
Total revenues	645,884		564,508		293,493		175,499		130,263		94,337		821,383		694,771		387,830
Expenses
Interest expense	10,514		10,872		4,766		14,026		32,054		58,478		24,540		42,926		63,244
Investment-related expense	2,539		4,112		3,423		616		19,107		3,745		3,155		23,219		7,168
Transaction-related costs	6,973		4,895		—		3,850		5,234		5,515		10,823		10,129		5,515

Depreciation and amortization	35,259		22,155		26,736		1,392		22,116		17,617		36,651		44,271		44,353

Compensation expense
Cash and equity-based	154,442		101,433		71,055		52,450		53,319		88,717		206,892		154,752		159,772
Incentive fee and carried interest allocation	186,030		202,286		65,890		—		—		—		186,030		202,286		65,890
Administrative expense	40,544		21,515		21,683		43,238		72,607		56,085		83,782		94,122		77,768
Total expenses	436,301		367,268		193,553		115,572		204,437		230,157		551,873		571,705		423,710
Other income (loss)

Other gain (loss), net	(2,527)		(3,341)		797		98,646		(166,406)		(20,916)		96,119		(169,747)		(20,119)
Income (loss) from continuing operations before income taxes	207,056		193,899		100,737		158,573		(240,580)		(156,736)		365,629		(46,681)		(55,999)
Income tax benefit (expense)	(1,694)		(7,815)		(9,822)		1,688		(5,317)		31,285		(6)		(13,132)		21,463
Income (loss) from continuing operations	205,362		186,084		90,915		160,261		(245,897)		(125,451)		365,623		(59,813)		(34,536)
Income (loss) from continuing operations attributable to noncontrolling interests:
Redeemable noncontrolling interests	215		(3,175)		14,893		6,288		(23,603)		19,784		6,503		(26,778)		34,677
Investment entities	86,290		113,853		19,153		18,074		(834)		7,992		104,364		113,019		27,145
Operating Company	8,374		5,522		5,338		5,103		(21,998)		(21,384)		13,477		(16,476)		(16,046)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	110,483	$	69,884	$	51,531	$	130,796	$	(199,462)	$	(131,843)	$	241,279	$	(129,578)	$	(80,312)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.													(55,999)		(192,219)		(229,785)
Income (loss) attributable to DigitalBridge Group, Inc.													$	185,280	$	(321,797)	$	(310,097)

Schedule of Revenue by Geographic Areas

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Total income by geography:
United States	$	746,462	$	643,073	$	375,133
Europe	56,280		47,196		2,512
Other	8,241		165		—
Total (1)	$	810,983	$	690,434	$	377,645


(In thousands)	December 31, 2023		December 31, 2022
Long-lived assets by geography:
United States	$	22,294	$	27,588
Europe	17,868		3,997
Other	967		1,037
Total (2)	$	41,129	$	32,622

__________

(1) Total income excludes cost reimbursement income from affiliates (Note 16), presented within other income, and income from discontinued operations (Note 2).

(2) Long-lived assets include lease right-of-use assets and fixed assets. Long-lived assets exclude financial instruments, goodwill, non-lease related intangible assets and assets of discontinued operations.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 45,165	$ (569,997)	$ (816,911)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments	318	(2,867)	(17,048)
Available-for-sale debt securities	0	(6,373)	(331)
Foreign currency translation	2,279	(44,232)	(94,560)
Cash flow hedges	0	0	1,285
Net investment hedges	0	(8,368)	(57,291)
Other comprehensive income (loss)	2,597	(61,840)	(167,945)
Comprehensive income (loss)	47,762	(631,837)	(984,856)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	6,503	(26,778)	34,677
Comprehensive income (loss) attributable to stockholders	187,234	(365,818)	(389,210)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	(155,340)	(203,125)	(581,540)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	$ 9,365	$ (36,116)	$ (48,783)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of current and deferred tax benefit (expense) are as follows.


	Year Ended December 31,
(In thousands)	2023		2022		2021
Current
Federal	$	167	$	3,986	$	3,369
State and local	1,058		(786)		(19)
Foreign	(1,252)		(1,163)		—
Total current tax benefit (expense)	(27)		2,037		3,350
Deferred
Federal	(1,004)		(13,850)		15,615
State and local	124		(2,419)		2,498
Foreign	901		1,100		—
Total deferred tax benefit (expense)	21		(15,169)		18,113
Income tax benefit (expense) on continuing operations	$	(6)	$	(13,132)	$	21,463

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax asset and deferred tax liability are as follows.


(In thousands)	December 31, 2023		December 31, 2022
Deferred tax asset
Capital losses (1)	$	366,083	$	252,904
Net operating losses (2)	146,537		92,224
Investment in partnerships	131,828		317,048
Equity-based compensation	15,104		11,856
Intangible assets	5,013		5,959


Deferred income	2,576		2,086
Deferred interest expense	6,050		5,556
Lease liability—corporate offices	12,507		9,341
Lease liability—investment properties	—		6,789
Other	4,487		5,847
Gross deferred tax asset	690,185		709,610
Valuation allowance	(664,397)		(679,057)
Deferred tax asset, net of valuation allowance	25,788		30,553
Deferred tax liability


Intangible assets	23,382		13,725
ROU lease asset—corporate offices	8,527		5,350

ROU lease asset—investment properties	—		6,026
Other	1,909		3,408
Gross deferred tax liability	33,818		28,509
Net deferred tax asset (liability)	$	(8,030)	$	2,044

__________

(1) At December 31, 2023, deferred tax asset was recognized on capital losses of $1.38 billion, which expire between 2024 and 2028, with full valuation allowance established.

(2) At December 31, 2023 and 2022, deferred tax asset was recognized on NOL of $589.7 million and $378.7 million, respectively, for which full valuation allowance was established in both years. NOL, which is largely attributable to U.S. federal losses incurred after December 31, 2017, can be carried forward indefinitely.

Schedule of Valuation Allowance

Changes in the deferred tax asset valuation allowance are presented below:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Beginning balance	$	679,057	$	12,766	$	1,852
Addition	19,483		666,291		33,756


Utilization and/or reversal	(34,143)		—		(22,842)
Ending balance	664,397		$	679,057	$	12,766

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Income (Loss) from continuing operations before income taxes	$	365,629	$	(46,681)	$	(55,999)
Income (Loss) from continuing operations before income taxes attributable to pass-through subsidiaries	NA		NA		(5,905)
Income (Loss) from continuing operations before income taxes attributable to taxable subsidiaries	365,629		(46,681)		(61,904)
Federal income tax benefit (expense) at statutory tax rate (21%)	(76,782)		9,802		13,000
State and local income taxes, net of federal income tax benefit	(21,970)		5,559		1,930
Foreign income tax differential	36		782		—
Effect of change in income tax rate	34,684		—		—

Noncontrolling interests	(27,699)		(44,014)		—
Separately taxable subsidiaries of OP	15,213		21,226		—
Change in ownership of OP, including equity reallocation (Note 2)	—		(2,838)		—
Equity-based compensation	682		1,971		1,814
Valuation allowance (1)	76,087		(784)		1,852
Other, net	(257)		(4,836)		2,867
Income tax benefit (expense) on continuing operations	$	(6)	$	(13,132)	$	21,463

__________

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

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

15. 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 Funds

The Company sponsors 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 funds are established as limited partnerships or equivalent structures. Limited partners of the 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 funds being considered VIEs. The nature of the Company's involvement with its sponsored funds comprise fee arrangements and equity interests in its capacity as general partner and general partner affiliate. 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 Funds—The Company currently consolidates sponsored 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 fund and is therefore the primary beneficiary of the fund. The Company’s exposure is limited to its capital account balance in the consolidated funds of $200.8 million at December 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 funds. At December 31, 2023, the Company did not have any unfunded equity commitments to consolidated funds.

The following table presents the assets and liabilities of the consolidated funds:


(In thousands)	December 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	69,654	$	86,433
Investments (Note 4)	482,911		185,845
Other assets	576		1,895
	$	553,141	$	274,173
Liabilities
Debt	$	—	$	465
Other liabilities
Securities sold short	38,482		40,928
Due to custodian	9,415		35,457
Other	16,313		2,734
	$	64,210	$	79,584

Unconsolidated Company-Sponsored Funds—The Company does not consolidate its sponsored funds where it has insignificant equity interests in these funds as general partner. As such interests absorb insignificant variability from the fund, the Company is considered to be acting in the capacity of an agent of the fund and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated funds under the equity method. The Company's maximum exposure to loss is limited to the outstanding balance of its investment in the unconsolidated funds (Note 4) of $1.86 billion at December 31, 2023 and $752.3 million at December 31, 2022. The Company also has receivables from its unconsolidated funds for fee revenue and reimbursable or recoverable costs, as discussed in Note 16. At December 31, 2023, the Company's unfunded equity commitments to its unconsolidated funds as general partner and general partner affiliate totaled $260.4 million. 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.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Total Stockholders’ Equity	Total Stockholders’ Equity Class A Common Stock	Preferred Stock	Common Stock	Common Stock Class A Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Class A Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Noncontrolling Interests in Operating Company Class A Common Stock
Beginning balance at Dec. 31, 2020	$ 6,984,590		$ 2,501,471		$ 999,490	$ 4,841		$ 7,570,473		$ (6,195,456)	$ 122,123	$ 4,327,372	$ 155,747
Net income (loss)	(851,588)		(310,097)							(310,097)		(500,980)	(40,511)
Other comprehensive income (loss)	(167,945)		(79,113)								(79,113)	(80,560)	(8,272)
Redemption of preferred stock (Note 8)	(150,250)		(150,250)		(145,258)			(4,992)
Vantage SDC expansion capacity funded through equity, net of liability settlement (Note 9)	0
Exchange of notes for common stock (Note 8)	182,207		182,207			734		181,473
Adjustment of redeemable noncontrolling interest and warrants to fair value (Note 9)	0
Shares issued pursuant to settlement liability	47,042		47,042			60		46,982
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interest in investment entities (Note 9)	0
Deconsolidation of investment entities (Note 2 and 10)	(1,079,660)		474					1,956			(1,482)	(1,080,134)
Redemptions of stock		$ 0		$ 4,647			$ 20		$ 4,627					$ (4,647)
Equity-based compensation	58,029		51,290			66		51,224				2,841	3,898
Shares canceled for tax withholdings on vested equity awards	(19,360)		(19,360)			(29)		(19,331)
Contributions from noncontrolling interests	202,471											202,471
Distributions to noncontrolling interests	(222,519)											(222,519)
Preferred stock dividends	(70,627)		(70,627)							(70,627)
Reallocation of equity (Notes 2 and 9)	0		(10,750)					(11,605)			855	4,682	6,068
Ending balance at Dec. 31, 2021	$ 4,912,390		2,146,934		854,232	5,692		7,820,807		(6,576,180)	42,383	2,653,173	112,283
Dividends declared per common share (in dollars per share)	$ 0
Net income (loss)	$ (543,219)		(321,797)							(321,797)		(189,053)	(32,369)
Other comprehensive income (loss)	(61,840)		(44,021)								(44,021)	(14,072)	(3,747)
Stock repurchases (Note 9)	(107,785)		(107,785)		(53,877)	(168)		(53,740)
Cost of DataBank recapitalization	(34,369)		(13,122)					(13,122)				(21,247)
DataBank recapitalization (Note 9)	0		230,238					230,238				(230,238)
Vantage SDC expansion capacity funded through equity, net of liability settlement (Note 9)	0
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 9)	(725,026)		(725,026)					(725,026)
Shares issued for redemption of redeemable noncontrolling interest (Note 9)	348,759		348,759			577		348,182
Transaction costs incurred in connection with redemption of redeemable noncontrolling interest	(7,137)		(7,137)					(7,137)
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interest in investment entities (Note 9)	4,087											4,087
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest (Note 9)	5,200		5,200					5,200
Deconsolidation of investment entities (Note 2 and 10)	(376,177)											(376,177)
Redemptions of stock	32,076	0		341			4		337			32,076		(341)
Equity-based compensation	55,328		39,996			63		39,933				12,834	2,498
Shares canceled for tax withholdings on vested equity awards	(18,239)		(18,239)			(27)		(18,212)
Issuance of OP Units in connection with business combinations	0
Contributions from noncontrolling interests	2,613,962											2,613,962
Distributions to noncontrolling interests	(1,677,551)											(1,677,297)	(254)
Preferred stock dividends	(61,401)		(61,401)							(61,401)
Common stock dividends declared	(3,235)		(3,235)							(3,235)
Reallocation of equity (Notes 2 and 9)	0		13,175					13,046			129		(13,175)
Ending balance at Dec. 31, 2022	$ 4,469,489		1,660,698		800,355	6,397		7,818,068		(6,962,613)	(1,509)	2,743,896	64,895
Dividends declared per common share (in dollars per share)	$ 0.02
Net income (loss)	$ 38,662		185,280							185,280		(155,756)	9,138
Other comprehensive income (loss)	2,597		1,954								1,954	416	227
Stock repurchases (Note 9)	(4,758)		(4,758)		(5,685)			927
Change in common stock par value (Note 8)	0					(4,862)		4,862
DataBank recapitalization (Note 9)	18,210		(14,791)					(14,791)				33,001
Vantage SDC expansion capacity funded through equity, net of liability settlement (Note 9)	109,562		12,255					12,255				97,307
Adjustment of redeemable noncontrolling interest and warrants to fair value (Note 9)	0
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interest in investment entities (Note 9)	0
Deconsolidation of investment entities (Note 2 and 10)	(2,136,854)		965								965	(2,137,819)
Redemptions of stock		$ 0		$ 984			$ 3		$ 981					$ (984)
Equity-based compensation	67,639		53,465			122		53,343				14,010	164
Shares canceled for tax withholdings on vested equity awards	(18,680)		(18,680)			(26)		(18,654)
Contributions from noncontrolling interests	115,781											115,781
Distributions to noncontrolling interests	(105,178)											(104,681)	(497)
Preferred stock dividends	(58,656)		(58,656)							(58,656)
Common stock dividends declared	(6,513)		(6,513)							(6,513)
Reallocation of equity (Notes 2 and 9)	0		(1,148)					(1,149)			1	(844)	1,992
Ending balance at Dec. 31, 2023	$ 2,491,301		$ 1,811,055		$ 794,670	$ 1,634		$ 7,855,842		$ (6,842,502)	$ 1,411	$ 605,311	$ 74,935
Dividends declared per common share (in dollars per share)	$ 0.04

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, fair value	$ 572,749	$ 421,393
Other assets, fair value	0	11,793
Other liabilities, fair value	$ 124,019	$ 183,628
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 821,899	$ 827,779
Preferred stock, shares authorized (in shares)	250,000,000	250,000,000
Preferred stock, shares issued (in shares)	32,876,000	33,111,000
Preferred stock, shares outstanding (in shares)	32,876,000	33,111,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.04
Common stock, shares authorized (in shares)	237,250,000	237,250,000
Common stock, shares issued (in shares)	163,209,000	159,763,000
Common stock, shares outstanding (in shares)	163,209,000	159,763,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.04
Common stock, shares authorized (in shares)	250,000	250,000
Common stock, shares issued (in shares)	166,000	166,000
Common stock, shares outstanding (in shares)	166,000	166,000

Fair Value - Schedule of Quantitative Level 3 Recurring Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	$ 124,019	$ 183,628
Recurring \| Loans Receivable
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		133,307
Recurring \| Other assets—derivative assets
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		11,793
Level 1 \| Recurring \| Loans Receivable
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		0
Level 1 \| Recurring \| Other assets—derivative assets
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		0
Level 2 \| Recurring \| Loans Receivable
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		0
Level 2 \| Recurring \| Other assets—derivative assets
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		11,793
Level 3 \| Recurring \| Loans Receivable
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		133,307
Level 3 \| Recurring \| Other assets—derivative assets
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure		0
Other equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	71,417	115,024
Other equity investments \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	17,487	16,790
Other equity investments \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	17,487	16,790
Other equity investments \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	0	0
Other equity investments \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	0	0
CLO subordinated notes \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	50,927	50,927
CLO subordinated notes \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	0	0
CLO subordinated notes \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	0	0
CLO subordinated notes \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	50,927	50,927
Equity investments of consolidated funds \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	482,911	185,845
Equity investments of consolidated funds \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	66,297	139,075
Equity investments of consolidated funds \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	0	0
Equity investments of consolidated funds \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	416,614	46,770
InfraBridge contingent consideration \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	11,338
InfraBridge contingent consideration \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0
InfraBridge contingent consideration \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0
InfraBridge contingent consideration \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	11,338
Warrants Issued To Wafra \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	39,200	17,700
Warrants Issued To Wafra \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0	0
Warrants Issued To Wafra \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0	0
Warrants Issued To Wafra \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	39,200	17,700
Securities of consolidated funds sold short \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	38,481	40,928
Securities of consolidated funds sold short \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	38,481	40,928
Securities of consolidated funds sold short \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0	0
Securities of consolidated funds sold short \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0	$ 0
Fair Value Investment Option \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	6,700
Fair Value Investment Option \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	0
Fair Value Investment Option \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	0
Fair Value Investment Option \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 6,700

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

The Company conducts its business through its one reportable segment of Investment Management. The Operating segment was discontinued following full deconsolidation of the portfolio companies in the Operating segment on December 31, 2023, as discussed in Note 9, at which time, the activities thereof qualified as discontinued operations (Note 2).

•The Investment Management 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 and former employees, may be highly variable from period to period. Through the end of May 2022, earnings from the Investment Management segment were attributed 31.5% to Wafra prior to the Company's redemption of Wafra's interest in the investment management business (Note 9).

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

•Other investment activities are composed primarily of the Company's equity interests as general partner affiliate in its sponsored investment vehicles, the largest of which are the DBP flagship funds, InfraBridge funds, DataBank and Vantage SDC post-deconsolidation, and seed investments in liquid securities and other potential new strategies. 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. The Company's remaining non-digital investments consisted, for the most part, of shares in BRSP that were disposed in March 2023. The Company's other investment activities generate largely principal investment income, driven by fair value changes of underlying investments held by its investment vehicles, and to a lesser extent, interest income or dividend income from warehoused investments and investments of 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 corporate use, compensation expense not directly attributable to reportable segments, and corporate level administrative and overhead costs. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic attribution, have been attributed to reportable segments. As segment results are presented before elimination of intercompany fees, elimination adjustment is made with respect to fee revenue earned by the Investment Management segment from third party capital in managed investment vehicles consolidated in Corporate and Other.

Segment Results of Operations

The following table summarizes results from continuing operations of the Company's reportable segments and reconciled to the consolidated statement of operations.


	Investment Management						Corporate and Other						Total
	Year Ended December 31,						Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Revenues
Fee revenue	$	267,181	$	176,061	$	187,379	$	(3,064)	$	(3,388)	$	(6,553)	$	264,117	$	172,673	$	180,826
Carried interest allocation	363,075		378,342		99,207		—		—		—		363,075		378,342		99,207
Principal investment income	4,223		4,121		2,604		141,225		52,610		83,419		145,448		56,731		86,023
Other income	11,405		5,984		4,303		37,338		81,041		17,471		48,743		87,025		21,774
Total revenues	645,884		564,508		293,493		175,499		130,263		94,337		821,383		694,771		387,830
Expenses
Interest expense	10,514		10,872		4,766		14,026		32,054		58,478		24,540		42,926		63,244
Investment-related expense	2,539		4,112		3,423		616		19,107		3,745		3,155		23,219		7,168
Transaction-related costs	6,973		4,895		—		3,850		5,234		5,515		10,823		10,129		5,515

Depreciation and amortization	35,259		22,155		26,736		1,392		22,116		17,617		36,651		44,271		44,353

Compensation expense
Cash and equity-based	154,442		101,433		71,055		52,450		53,319		88,717		206,892		154,752		159,772
Incentive fee and carried interest allocation	186,030		202,286		65,890		—		—		—		186,030		202,286		65,890
Administrative expense	40,544		21,515		21,683		43,238		72,607		56,085		83,782		94,122		77,768
Total expenses	436,301		367,268		193,553		115,572		204,437		230,157		551,873		571,705		423,710
Other income (loss)

Other gain (loss), net	(2,527)		(3,341)		797		98,646		(166,406)		(20,916)		96,119		(169,747)		(20,119)
Income (loss) from continuing operations before income taxes	207,056		193,899		100,737		158,573		(240,580)		(156,736)		365,629		(46,681)		(55,999)
Income tax benefit (expense)	(1,694)		(7,815)		(9,822)		1,688		(5,317)		31,285		(6)		(13,132)		21,463
Income (loss) from continuing operations	205,362		186,084		90,915		160,261		(245,897)		(125,451)		365,623		(59,813)		(34,536)
Income (loss) from continuing operations attributable to noncontrolling interests:
Redeemable noncontrolling interests	215		(3,175)		14,893		6,288		(23,603)		19,784		6,503		(26,778)		34,677
Investment entities	86,290		113,853		19,153		18,074		(834)		7,992		104,364		113,019		27,145
Operating Company	8,374		5,522		5,338		5,103		(21,998)		(21,384)		13,477		(16,476)		(16,046)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	110,483	$	69,884	$	51,531	$	130,796	$	(199,462)	$	(131,843)	$	241,279	$	(129,578)	$	(80,312)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.													(55,999)		(192,219)		(229,785)
Income (loss) attributable to DigitalBridge Group, Inc.													$	185,280	$	(321,797)	$	(310,097)

Of the Company's total assets of $3.6 billion at December 31, 2023 and $11.0 billion at December 31, 2022, $1.48 billion and $875.4 million reside in the Investment Management segment, respectively.

Geography


	Year Ended December 31,
(In thousands)	2023		2022		2021
Total income by geography:
United States	$	746,462	$	643,073	$	375,133
Europe	56,280		47,196		2,512
Other	8,241		165		—
Total (1)	$	810,983	$	690,434	$	377,645


(In thousands)	December 31, 2023		December 31, 2022
Long-lived assets by geography:
United States	$	22,294	$	27,588
Europe	17,868		3,997
Other	967		1,037
Total (2)	$	41,129	$	32,622

__________

(1) Total income excludes cost reimbursement income from affiliates (Note 16), presented within other income, and income from discontinued operations (Note 2).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.01	$ 0.04	$ 0.02	$ 0

Goodwill and Intangibles Assets - Schedule of Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 298,248
Ending balance (1)	465,991	$ 298,248
Goodwill deductible for tax purposes	111,800	122,400
Investment Management
Goodwill [Roll Forward]
Beginning balance	298,248	298,248
Business combination (Note 3)	167,743	0
Ending balance (1)	$ 465,991	$ 298,248

- 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

Investments

12 Months Ended

Dec. 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)	December 31, 2023		December 31, 2022
Equity method investments (1)
Principal investments	$	1,194,417	$	410,511
Carried interest allocation	676,421		341,749
Other equity investments	71,417		115,024
CLO subordinated notes	50,927		50,927
Loans receivable	—		133,307
	1,993,182		1,051,518
Equity investments of consolidated funds
Marketable equity securities	66,297		139,076
Other investments	416,614		46,769
	$	2,476,093	$	1,237,363

__________

(1) Equity method investments in the Investment Management segment are $726.1 million at December 31, 2023 and $393.4 million at December 31, 2022..

Equity Method Investments

Principal Investments

Principal investments 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 or special limited 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, InfraBridge funds and funds invested in DataBank (presented within Corporate and Other).

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

Carried Interest Allocation

Carried interest allocation represents a disproportionate allocation of returns to the Company, as general partner or special limited partner (which may be paid to the special limited partner entity owned by the Company in place of the general partner entity), 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 management allocation.

Carried Interest Distributed

Carried interest of $28.4 million in 2023 and $152.5 million in 2022 was distributed and recognized in carried interest allocation on the consolidated statement of operations. Of the distributed carried interest, $0.8 million in 2023 and $119.8 million in 2022 was allocated to current and former employees and to Wafra (Note 9), recorded as either carried interest compensation, other loss, or amounts attributable to noncontrolling interests (Note 16). There was no carried interest distribution in 2021.

Clawback Obligation

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

With respect to funds that have distributed carried interest, if in the event all of their investments are deemed to have no value, the likelihood of which is remote, all of the carried interest distributed to-date of $180.9 million would be subject to clawback as of December 31, 2023, of which $120.6 million would be the responsibility of the employee/former employee recipients and Wafra. For this purpose, a portion of carried interest distributed is generally held back from employees and former employees at the time of distribution. The amount withheld resides in entities outside of the Company. Generally, the Company, through the OP, has guaranteed the clawback obligation of its subsidiaries that act as general partner or special limited partner of its respective sponsored funds, for the benefit of these funds and their limited partners.

Other Equity Investments

Other equity investments include investments warehoused potentially for future sponsored funds, a marketable equity security and equity interest in a non-traded REIT (Note 10), as well as an investment in a managed account. 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 at December 31, 2022, 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 AFS debt securities. The CLO has a stated legal final maturity of 2035.

Following the end of the non-call period in October 2024, the subordinated notes may be redeemed by the Company (in whole, not in part) upon redemption of the secured notes by secured noteholders (in whole, not in part), if there is sufficient proceeds from sale of collateral assets, including payment of expenses therewith. The redemption price for the subordinated notes is equal to its share of excess interest and principal proceeds payable.

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 December 31, 2023 and 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 recent comparable CLO issuances, 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 its fair value at December 31, 2023 and 2022, classified as Level 3 of the fair value hierarchy.

Loans Receivable

At December 31, 2023, there was no outstanding balance on loans receivable. Activities in the loans receivable balance is discussed in Note 10.

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 15. Equity investments of consolidated funds are composed primarily of marketable equity securities held by funds in the liquid securities strategy and investment in Vantage SDC post-deconsolidation. 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.

Combined Financial Information of Equity Method Investees

Selected Combined Balance Sheet Information


(In thousands)	December 31, 2023		December 31, 2022
Total assets	$	38,062,830	$	22,507,463
Total liabilities	413,270		79,053
Owners' equity	37,649,560		22,428,410

Selected Combined Statements of Operations Information


	Year Ended December 31,
(In thousands)	2023		2022		2021
Total revenues	$	117,846	$	23,232	$	39,760
Net income (loss)	2,976,972		2,150,989		771,962

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax asset
Capital losses	$ 366,083	$ 252,904
Net operating losses	146,537	92,224
Investment in partnerships	131,828	317,048
Equity-based compensation	15,104	11,856
Intangible assets	5,013	5,959
Deferred income	2,576	2,086
Deferred interest expense	6,050	5,556
Other	4,487	5,847
Gross deferred tax asset	690,185	709,610
Valuation allowance	(664,397)	(679,057)	$ (400,200)	$ (12,766)	$ (1,852)
Deferred tax asset, net of valuation allowance	25,788	30,553
Deferred tax liability
Intangible assets	23,382	13,725
Other	1,909	3,408
Gross deferred tax liability	33,818	28,509
Net deferred tax liability	(8,030)
Net deferred tax asset (liability)		2,044
Corporate Offices
Deferred tax asset
Lease liability—corporate offices	12,507	9,341
Deferred tax liability
ROU lease asset—corporate offices	8,527	5,350
Investment Properties
Deferred tax asset
Lease liability—corporate offices	0	6,789
Deferred tax liability
ROU lease asset—corporate offices	0	6,026
Domestic Tax Authority \| Capital loss
Deferred tax asset
Capital losses	1,380,000
Domestic Tax Authority \| Net operating loss
Deferred tax asset
Net operating losses	$ 589,700	$ 378,700

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

Litigation

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

Leases

As lessee, the Company's leasing arrangements are generally limited to operating leases for its corporate offices.

The weighted average remaining lease term based upon outstanding lease liability balances at December 31, 2023 was 6.3 years for operating leases on corporate offices.

The following table summarizes total lease cost for operating leases on corporate offices, which are included in administrative expense.


	December 31,
(In thousands)	2023		2022	2021
Fixed lease expense	$	8,678		$	7,090	$	7,010
Variable lease expense	1,713			2,073		1,829
Total operating lease cost	$	10,391		$	9,163	$	8,839

In 2022, the Company also had operating leases on tower assets that were temporarily warehoused from June to December 2022, with total lease cost, generally fixed, of $7.6 million (Note 2).

Lease Commitments

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

The table below presents the Company's future lease commitments for operating leases on corporate offices at December 31, 2023, determined using a weighted average discount rate of 5.7%:


Year Ending December 31,	(In thousands)
2024	$	9,435
2025	9,454
2026	10,141
2027	9,113
2028	7,067
2029 and thereafter	15,203
Total lease payments	60,413
Present value discount	(11,378)
Operating lease liability on corporate offices	$	49,035

Commitments on Future Leases

At December 31, 2023, the Company had an operating lease commitment on an office space expected to commence in 2025 with fixed lease payments (undiscounted) totaling $57.1 million over a ten year lease term.

Stockholders' Equity - Narrative (Details)		1 Months Ended		3 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details)	May 31, 2023 USD ($) $ / shares shares	Aug. 31, 2022 $ / shares	Apr. 30, 2015	Sep. 30, 2022 $ / shares	Dec. 31, 2023 USD ($) votingRightPerShare quarter director $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	May 01, 2023 $ / shares	Aug. 01, 2022 $ / shares
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) \| $ / shares					$ 25.00
Minimum period of dividend defaults providing preferred stockholders to voting rights \| quarter					6
Number of directors vote entitles \| director					2
Change in common stock par value (Note 8)					$ 0
Stock repurchase, authorized amount								$ 200,000,000
Minimum affirmative vote required for changes to any series of preferred stock					66.67%
Dividends declared per common share (in dollars per share) \| $ / shares				$ 0.01	$ 0.04	$ 0.02	$ 0
Reverse stock split conversion ratio		0.25
Redemption of preferred stock					$ 4,758,000	$ 52,779,000	$ 150,250,000
Additional Paid-in Capital
Class of Stock [Line Items]
Change in common stock par value (Note 8)	$ 4,900,000				(4,862,000)
Common Stock
Class of Stock [Line Items]
Change in common stock par value (Note 8)	$ (4,900,000)				$ 4,862,000
Treasury Stock, Preferred
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares					235,223	2,228,805
Value of shares repurchased					$ 4,700,000	$ 52,600,000
Weighted average price per share (in dollars per share) \| $ / shares					$ 20.18	$ 23.62
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) \| $ / shares	$ 0.01	$ 0.04			$ 0.01	$ 0.04			$ 0.04	$ 0.01
Common stock, shares authorized (in shares) \| shares	237,250,000				237,250,000	237,250,000
Class A Common Stock \| Treasury Stock, Common
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares						4,195,020
Value of shares repurchased						$ 54,900,000
Weighted average price per share (in dollars per share) \| $ / shares						$ 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) \| $ / shares	$ 0.01	$ 0.04			$ 0.01	$ 0.04			$ 0.04	$ 0.01
Common stock, shares authorized (in shares) \| shares	250,000				250,000	250,000
Series H
Class of Stock [Line Items]
Dividend rate per annum (as a percent)					7.125%		7.125%
Redemption of preferred stock							$ 64,400,000
Redemption of preferred stock (in shares) \| shares							2,560,000
Series G Preferred Stock
Class of Stock [Line Items]
Redemption amount per share (in dollars per share) \| $ / shares							$ 25.00
Dividend rate per annum (as a percent)							7.50%
Redemption of preferred stock							$ 86,800,000

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration and Allocation to Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of cash consideration to TowerCo assets acquired and liabilities assumed, including capitalized transaction costs, in 2022.


	(In thousands)




Real estate	$	363,121

Intangible assets	673,218
ROU and other assets	234,462

Deferred tax liabilities	(243,223)
Lease and other liabilities	(236,324)
Fair value of net assets acquired	$	791,254

The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed. The initial cash consideration was determined, in part, based upon estimated net working capital of the acquired entities at closing. The purchase price allocation is provisional and will be finalized through the one year measurement period. Subsequent to the acquisition, certain adjustments were identified that affected the provisional accounting, as presented below. These were adjustments to net working capital and to the value of acquired interest in an InfraBridge fund based upon a revised NAV of the fund, applying new information about facts and circumstances that existed at the time of acquisition.


(In thousands)	As Reported At March 31, 2023		Measurement Period Adjustments		As Revised At December 31, 2023
Consideration
Cash	$	364,338	$	1,102	$	365,440
Estimated fair value of contingent consideration	10,874		—		10,874
	$	375,212			$	376,314
Assets acquired and liabilities assumed
Cash	51,174		—		51,174
Principal investments	130,810		(18,500)		112,310
Intangible assets	50,800		—		50,800
Other assets	27,682		7,017		34,699
Deferred tax liabilities	(10,198)		—		(10,198)
Other liabilities	(21,625)		(8,589)		(30,214)
Fair value of net assets acquired	228,643				208,571
Goodwill	146,569		21,174		167,743
	$	375,212			$	376,314

Noncontrolling Interests - Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 100,574	$ 359,223	$ 305,278
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(105,178)	(1,677,551)	(222,519)
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	0	725,026	0
Redemption of Wafra's interest		32,076
Reclassification of warrants held by Wafra to liability in May 2022 (Note 6)	0	(81,400)	0
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022	0	(4,087)	0
Ending balance	17,862	100,574	359,223
Redeemable Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	300	11,650	42,514
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(89,515)	(20,784)	(23,246)
Net income (loss)	6,503	(26,778)	34,677
Redemption of Wafra's interest	$ 0	$ (862,276)	$ 0

Segment Reporting - Schedule of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 264,117	$ 172,673	$ 180,826
Carried interest allocation	363,075	378,342	99,207
Principal investment income	145,448	56,731	86,023
Other income	48,743	87,025	21,774
Total revenues	821,383	694,771	387,830
Interest expense	24,540	42,926	63,244
Investment-related expense	3,155	23,219	7,168
Transaction-related costs	10,823	10,129	5,515
Depreciation and amortization	36,651	44,271	44,353
Compensation expense—cash and equity-based	206,892	154,752	159,772
Compensation expense—incentive fee and carried interest allocation	186,030	202,286	65,890
Administrative expense	83,782	94,122	77,768
Total expenses	551,873	571,705	423,710
Other gain (loss), net	96,119	(169,747)	(20,119)
Income (loss) from continuing operations before income taxes	365,629	(46,681)	(55,999)
Income tax benefit (expense)	(6)	(13,132)	21,463
Income (loss) from continuing operations	365,623	(59,813)	(34,536)
Redeemable noncontrolling interests	6,503	(26,778)	34,677
Investment entities	104,364	113,019	27,145
Operating Company	13,477	(16,476)	(16,046)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	241,279	(129,578)	(80,312)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(55,999)	(192,219)	(229,785)
Income (loss) attributable to DigitalBridge Group, Inc.	185,280	(321,797)	(310,097)
Fee Income
Segment Reporting Information [Line Items]
Revenues	264,117	172,673	180,826
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Carried interest allocation	363,075	378,342	99,207
Principal investment income	4,223	4,121	2,604
Other income	11,405	5,984	4,303
Total revenues	645,884	564,508	293,493
Interest expense	10,514	10,872	4,766
Investment-related expense	2,539	4,112	3,423
Transaction-related costs	6,973	4,895	0
Depreciation and amortization	35,259	22,155	26,736
Compensation expense—cash and equity-based	154,442	101,433	71,055
Compensation expense—incentive fee and carried interest allocation	186,030	202,286	65,890
Administrative expense	40,544	21,515	21,683
Total expenses	436,301	367,268	193,553
Other gain (loss), net	(2,527)	(3,341)	797
Income (loss) from continuing operations before income taxes	207,056	193,899	100,737
Income tax benefit (expense)	(1,694)	(7,815)	(9,822)
Income (loss) from continuing operations	205,362	186,084	90,915
Redeemable noncontrolling interests	215	(3,175)	14,893
Investment entities	86,290	113,853	19,153
Operating Company	8,374	5,522	5,338
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	110,483	69,884	51,531
Operating Segments \| Investment Management \| Fee Income
Segment Reporting Information [Line Items]
Revenues	267,181	176,061	187,379
Corporate and Other
Segment Reporting Information [Line Items]
Carried interest allocation	0	0	0
Principal investment income	141,225	52,610	83,419
Other income	37,338	81,041	17,471
Total revenues	175,499	130,263	94,337
Interest expense	14,026	32,054	58,478
Investment-related expense	616	19,107	3,745
Transaction-related costs	3,850	5,234	5,515
Depreciation and amortization	1,392	22,116	17,617
Compensation expense—cash and equity-based	52,450	53,319	88,717
Compensation expense—incentive fee and carried interest allocation	0	0	0
Administrative expense	43,238	72,607	56,085
Total expenses	115,572	204,437	230,157
Other gain (loss), net	98,646	(166,406)	(20,916)
Income (loss) from continuing operations before income taxes	158,573	(240,580)	(156,736)
Income tax benefit (expense)	1,688	(5,317)	31,285
Income (loss) from continuing operations	160,261	(245,897)	(125,451)
Redeemable noncontrolling interests	6,288	(23,603)	19,784
Investment entities	18,074	(834)	7,992
Operating Company	5,103	(21,998)	(21,384)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	130,796	(199,462)	(131,843)
Corporate and Other \| Fee Income
Segment Reporting Information [Line Items]
Revenues	$ (3,064)	$ (3,388)	$ (6,553)

Commitments and Contingencies - Schedule of Lease Expense (Details) - Office Leases - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases, Operating [Abstract]
Fixed lease expense	$ 8,678	$ 7,090	$ 7,010
Variable lease expense	1,713	2,073	1,829
Total operating lease cost	$ 10,391	$ 9,163	$ 8,839

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

The Company's corporate debt is composed of a securitized financing facility and senior notes issued by DigitalBridge Group, Inc. or the OP that are recourse to the Company, as discussed further below. The Company may also have investment level financings that are non-recourse to DBRG such as debt within consolidated funds and secured debt on warehoused investments. There was no investment-level debt at December 31, 2023.


	December 31, 2023								December 31, 2022
(In thousands)	Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost		Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost
Corporate debt
Securitized financing facility	$	300,000	—		(5,733)		$	294,267	$	300,000	—		(7,829)		$	292,171
Convertible and exchangeable senior notes	78,422		(810)		(96)		77,516		278,422		(1,293)		(388)		276,741
	378,422		(810)		(5,829)		371,783		578,422		(1,293)		(8,217)		568,912
Investment-level debt	—		—		—		—		500		—		(35)		465
	$	378,422	$	(810)	$	(5,829)	$	371,783	$	578,922	$	(1,293)	$	(8,252)	$	569,377

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.

Convertible and Exchangeable Senior Notes

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


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										December 31, 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
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
										$	78,422	$	278,422

__________

(1) The conversion or exchange ratio 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 senior notes. The ratios are presented in shares of common stock per $1,000 principal of each senior note.

(2) Fully repaid in April 2023.

The senior notes mature on their due dates, unless earlier redeemed, repurchased, or exchanged. The outstanding senior notes are exchangeable at any time by holders of such notes into shares of the Company’s common stock at the applicable 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 issuer in whole or in part for cash at any time on or after their 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 issuer to purchase all or part of such holder's senior notes for cash in accordance with terms of the governing documents of the senior notes.

Exchange of Senior Notes For Common Stock and Cash

There were no exchange transactions in 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.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt at December 31, 2023. Future debt principal payments are presented based upon anticipated repayment dates for notes issued under securitization financing.


(In thousands)	2024		2025		2026		2027		2028		Total
Corporate debt
Securitized financing facility	$	—	$	—	$	300,000	$	—	$	—	$	300,000
Exchangeable senior notes	—		78,422		—		—		—		78,422
	$	—	$	78,422	$	300,000	$	—	$	—	$	378,422

Transactions with Affiliates

12 Months Ended

Dec. 31, 2023

Transactions with Affiliates

16. Transactions with Affiliates

Affiliates include (i) investment vehicles that the Company sponsors and/or manages, and in which the Company may have an equity interest; (ii) portfolio companies of sponsored funds; (iii) the Company's other equity investments outside of sponsored funds; and (iv) directors and employees of the Company (collectively, "employees").

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


(In thousands)	December 31, 2023		December 31, 2022
Due from Affiliates
Investment vehicles and portfolio companies
Fee revenue	$	71,427	$	35,010
Cost reimbursements and recoverable expenses	14,388		7,031

Employees and other affiliates	—		3,319
	$	85,815	$	45,360
Due to Affiliates (Note 6)
Investment vehicles—Derivative obligation	$	—	$	11,793
Investment vehicles—InfraBridge (Note 3)	10,123		—
Employees and other affiliates	541		658
	$	10,664	$	12,451

Significant transactions with affiliates include the following:

Fee Revenue—Fee revenue earned from investment vehicles that the Company manages and/or sponsors, and may have an equity interest, are presented in Note 12. Substantially all fee revenue are from affiliates, except for management fees and incentive fee from sub-advisory accounts and generally, other fee revenue.

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 formation and capital raising of the investment vehicles up to specified thresholds; (ii) professional fees incurred in performing investment due diligence; and (iii) direct and indirect operating costs for managing the operations of certain investment vehicles.

To the extent the Company determines it acts in the capacity of principal in the incurrence of such costs, the related reimbursements and recoverable expenses are included in other income, which totaled $10.4 million, $4.3 million and $10.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. To the extent the Company determines that it acts in the capacity of an agent, the cost reimbursement is presented on a net basis in the consolidated statements of operations.

Warehoused Investments—The Company may acquire and temporarily warehouse investments on behalf of prospective sponsored investment vehicles that are actively fundraising (Note 4). 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 and 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 10). 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 9) and the acquisition of additional interest in DataBank from an existing investor in January 2022.

Carried Interest Allocation from Sponsored Investment Vehicles—With respect to investment vehicles sponsored by the Company for which Messrs. Ganzi and Jenkins are invested in their capacity as former owners of DBH, and not in their capacity as employees of the Company, any carried interest entitlement attributed to such investments by Messrs. Ganzi and Jenkins as general partner are not subject to continuing vesting provisions and do not represent compensatory arrangements to the Company. Such carried interest allocation to Messrs. Ganzi and Jenkins that are unrealized or distributed but unpaid are included in noncontrolling interests on the balance sheet in the Investment Management segment, in the amount of $112.2 million at December 31, 2023 and $70.4 million at December 31, 2022. Carried interest allocated is recorded as net income attributable to noncontrolling interests in the Investment Management segment totaling $42.5 million, $65.0 million and $17.6 million for the years ended December 31, 2023, 2022 and 2021 respectively. Additionally, in connection with the DataBank recapitalization (Note 9) in the second half of 2022, Messrs. Ganzi and Jenkins received distributed carried interest in the form of equity interest in vehicles that invest in DataBank, of which $86.1 million in aggregate was not deemed a compensatory arrangement. Such equity interest represent ownership 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, certain employees may invest on a discretionary basis in investment vehicles sponsored by the Company, either directly in the vehicle or indirectly through the Company's general partner entity. These investments are generally not subject to management fees or carried interest, 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 $22.7 million at December 31, 2023 and $17.7 million at December 31, 2022, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet in the Investment Management segment. The employees' share of net income was $4.9 million, $2.2 million and $2.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Such amounts are reflected in net income (loss) attributable to noncontrolling interests on the consolidated statement of operations in the Investment Management segment and exclude their share of carried interest allocation, which is reflected in incentive fee and carried interest compensation expense.

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 $4.7 million, $2.7 million and $3.0 million for the years ended December 31, 2023, 2022 and 2021 respectively.

Investment Venture—Pursuant to an investment agreement entered into between a subsidiary of the Company and Thomas J. Barrack, the Company's former Executive Chairman, effective April 1, 2021, the Company invested $26.0 million in Mr. Barrack's newly formed investment entity (the “Venture”), which entitles the Company to a portion of carried interest payable to Mr. Barrack from the Venture. Following subsequent events which significantly reduced the likelihood that fundraising by the Venture will sufficiently support its value, the Company determined that its investment would likely not be recoverable and wrote off its investment as of June 30, 2021. In 2023, the investment agreement was terminated and both parties agreed to a dissolution of the Venture.

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’ agreement as to the Company’s obligations and Mr. Barrack’s rights under the earlier Indemnification Agreement and the Company's Bylaws, and (b) obligates Mr. Barrack to reimburse the Company for such advanced expenses under certain circumstances. Pursuant to the Advancement Agreement, the Company expensed $27.6 million and $5.6 million in the years ended December 31, 2022 and 2021, respectively, with immaterial expenses in 2023. The Company believes it has met all of its financial obligations under the Advancement Agreement and does not expect to make any further advances to Mr. Barrack thereunder.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Fair Value - Schedule of Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Secured Debt \| Fair Value
Liabilities
Secured and unsecured debt		$ 465
Secured Debt \| Carrying Value
Liabilities
Secured and unsecured debt		465
Exchangeable senior notes \| Fair Value
Liabilities
Secured and unsecured debt	$ 152,296	304,513
Exchangeable senior notes \| Carrying Value
Liabilities
Secured and unsecured debt	77,516	276,741
Level 1 \| Secured Debt
Liabilities
Secured and unsecured debt		0
Level 1 \| Exchangeable senior notes
Liabilities
Secured and unsecured debt	0
Level 2 \| Secured Debt
Liabilities
Secured and unsecured debt		0
Level 2 \| Exchangeable senior notes
Liabilities
Secured and unsecured debt	152,296	304,513
Level 3 \| Secured Debt
Liabilities
Secured and unsecured debt		465
Level 3 \| Exchangeable senior notes
Liabilities
Secured and unsecured debt	0	0
Securitized financing facility \| Secured Debt \| Fair Value
Liabilities
Secured and unsecured debt	250,547	250,547
Securitized financing facility \| Secured Debt \| Carrying Value
Liabilities
Secured and unsecured debt	294,267	292,171
Securitized financing facility \| Level 1 \| Secured Debt
Liabilities
Secured and unsecured debt	0	0
Securitized financing facility \| Level 2 \| Secured Debt
Liabilities
Secured and unsecured debt	250,547	250,547
Securitized financing facility \| Level 3 \| Secured Debt
Liabilities
Secured and unsecured debt	$ 0	$ 0

Goodwill and Intangibles Assets - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net [Abstract]
2024	$ 30,931
2025	25,241
2026	17,641
2027	11,987
2028	7,892
2029 and thereafter	10,058
Total	103,750
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
2024	24,739
2025	19,049
2026	11,449
2027	6,460
2028	3,480
2029 and thereafter	834
Total	66,011
Investor relationships
Finite-Lived Intangible Assets, Net [Abstract]
2024	5,610
2025	5,610
2026	5,610
2027	4,945
2028	3,830
2029 and thereafter	8,777
Total	34,382
Trade name
Finite-Lived Intangible Assets, Net [Abstract]
2024	430
2025	430
2026	430
2027	430
2028	430
2029 and thereafter	243
Total	2,393
Other
Finite-Lived Intangible Assets, Net [Abstract]
2024	152
2025	152
2026	152
2027	152
2028	152
2029 and thereafter	204
Total	$ 964

Fee Revenue

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Fee Revenue

12. Fee Revenue

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


	Year Ended December 31,
(In thousands)		2023		2022		2021
Management fees		$	258,288	$	169,922	$	168,618
Incentive fees		3,229		—		7,174
Other fees		2,600		2,751		5,034
Total fee revenue		$	264,117	$	172,673	$	180,826

Management Fees—Management fees for equity funds are calculated at contractual rates between 0.64% per annum to 1.60% per annum of investors' committed capital during the commitment period, and thereafter, contributed or invested capital (subject to certain reductions for NAV write-downs); at contractual rates between 0.25% per annum and 1.10% per annum of invested capital from inception for Credit and co-investment vehicles; and at contractual rates between 0.30% per annum and 1.25% per annum based upon NAV for vehicles in the Liquid Strategies and gross asset value for certain Infrabridge co-investment vehicles. Also, certain co-investment vehicles charge a one-time fee upfront at contractual rates between 0.15% and 2.00% of committed capital, generally to be paid in tranches, but with recognition of fee revenue over the life of the vehicle.

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 incentive fees earned by the Company is allocable to certain employees and former employees, included in carried interest and incentive fee compensation expense.

Other Fee Revenue—Other fees include primarily service fees for information technology, facilities and operational support provided to certain portfolio companies, and on a non-recurring basis, loan origination fees from co-investors.

Revenue Concentration

For the year ended December 31, 2023, revenues from three funds, including fee revenue, principal investment income and carried interest allocation, accounted for approximately 24%, 20%, and 15% of the Company's total revenues.

Stockholders' Equity - Schedule of Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022
Class of Stock [Line Items]
Shares Outstanding (in shares)	32,876		33,111
Par Value	$ 329
Liquidation Preference	$ 821,899		$ 827,779
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Shares Outstanding (in shares)	8,395
Par Value	$ 84
Liquidation Preference	$ 209,870
Series I
Class of Stock [Line Items]
Dividend Rate Per Annum	7.15%
Shares Outstanding (in shares)	12,867
Par Value	$ 129
Liquidation Preference	$ 321,668
Series J
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%
Shares Outstanding (in shares)	11,614
Par Value	$ 116
Liquidation Preference	$ 290,361

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Goodwill and Intangibles Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles Assets

5. Goodwill and Intangible Assets

Goodwill

The following table presents changes in goodwill assigned to the Investment Management reportable segment.


	Year Ended December 31,
(In thousands)	2023		2022
Beginning balance	$	298,248	$	298,248
Business combination (Note 3)	167,743		—

Ending balance (1)	$	465,991	$	298,248

__________

(1) Remaining goodwill deductible for income tax purposes was $111.8 million at December 31, 2023 and $122.4 million at December 31, 2022.

Based on its qualitative assessment, the Company determined that there were no indicators of impairment to goodwill in 2023 and 2022.

Intangible Assets

Investment management intangible assets are composed of the following:


	December 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)
Investment management contracts	$	150,835	$	(84,824)	$	66,011	$	126,868	$	(68,739)	$	58,129
Investor relationships	53,572		(19,190)		34,382		37,321		(13,693)		23,628
Trade name	4,300		(1,907)		2,393		4,300		(1,476)		2,824
Other (3)	1,518		(554)		964		1,518		(401)		1,117
	$	210,225	$	(106,475)	$	103,750	$	170,007	$	(84,309)	$	85,698

__________

(1) Presented net of impairments and write-offs, if any.

(2) Exclude intangible assets that were fully amortized in prior years.

(3) Represents primarily the value of an acquired domain name.

The following table summarizes amortization of finite-lived intangible assets:


	Year Ended December 31,
(In thousands)		2023		2022		2021
Investment management contracts		$	28,512	$	16,741	$	21,773
Investor relationships		5,474		4,256		4,256
Trade name		430		430		15,904
Other		152		152		114
		$	34,568	$	21,579	$	42,047

There was no impairment on identifiable intangible assets in the periods presented.

Future Amortization of Intangible Assets

The following table presents the expected future amortization of finite-lived intangible assets.


	Year Ending December 31,
(In thousands)	2024		2025		2026		2027		2028		2029 and thereafter		Total
Investment management contracts	$	24,739	$	19,049	$	11,449	$	6,460	$	3,480	$	834	$	66,011
Investor relationships	5,610		5,610		5,610		4,945		3,830		8,777		34,382
Trade name	430		430		430		430		430		243		2,393
Other	152		152		152		152		152		204		964
	$	30,931	$	25,241	$	17,641	$	11,987	$	7,892	$	10,058	$	103,750

Equity-Based Compensation - Schedule of Valuation Technique (Details) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2019	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		2,952,901
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%

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Redeemable noncontrolling interests
Beginning balance	$	100,574	$	359,223	$	305,278
Contributions	300		11,650		42,514
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(89,515)		(20,784)		(23,246)
Net income (loss)	6,503		(26,778)		34,677
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	—		725,026		—
Redemption of Wafra's interest	—		(862,276)		—
Reclassification of warrants held by Wafra to liability in May 2022 (Note 6)	—		(81,400)		—
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022	—		(4,087)		—

Ending balance	$	17,862	$	100,574	$	359,223

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other income	$ 264,117	$ 172,673	$ 180,826
Fee Income
Other income	264,117	172,673	180,826
Affiliated Entity \| Fee Income
Other income	254,429	167,733	170,929
Affiliated Entity \| Other Income
Other income	$ 10,400	$ 4,337	$ 10,185

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Fee revenue ($254,429, $167,733 and $170,929 from affiliates)	$ 264,117	$ 172,673	$ 180,826
Carried interest allocation	363,075	378,342	99,207
Principal investment income	145,448	56,731	86,023
Other income ($10,400, $4,337 and $10,185 from affiliates)	48,743	87,025	21,774
Total revenues	821,383	694,771	387,830
Expenses
Interest expense	24,540	42,926	63,244
Investment-related expense	3,155	23,219	7,168
Transaction-related costs	10,823	10,129	5,515
Depreciation and amortization	36,651	44,271	44,353
Compensation expense—cash and equity-based	206,892	154,752	159,772
Compensation expense—incentive fee and carried interest allocation	186,030	202,286	65,890
Administrative expense	83,782	94,122	77,768
Total expenses	551,873	571,705	423,710
Other gain (loss), net	96,119	(169,747)	(20,119)
Income (loss) from continuing operations before income taxes	365,629	(46,681)	(55,999)
Income tax benefit (expense)	(6)	(13,132)	21,463
Income (loss) from continuing operations	365,623	(59,813)	(34,536)
Income (loss) from discontinued operations	(320,458)	(510,184)	(782,375)
Net income (loss)	45,165	(569,997)	(816,911)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	6,503	(26,778)	34,677
Investment entities	(155,756)	(189,053)	(500,980)
Operating Company	9,138	(32,369)	(40,511)
Net income (loss) attributable to DigitalBridge Group, Inc.	185,280	(321,797)	(310,097)
Preferred stock dividends	58,656	61,567	70,627
Preferred stock repurchases	(927)	(1,098)	4,992
Net income (loss) attributable to common stockholders	$ 127,551	$ (382,266)	$ (385,716)
Income (loss) per share—basic
Income (loss) from continuing operations per common share - basic (in dollars per share)	$ 1.13	$ (1.23)	$ (1.27)
Net income (loss) attributable to common stockholders per common share - basic (in dollars per share)	0.78	(2.47)	(3.14)
Income (loss) per share—diluted
Income (Loss) from continuing operations per common share - diluted (in dollars per share)	1.10	(1.23)	(1.27)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share)	$ 0.77	$ (2.47)	$ (3.14)
Weighted average number of shares
Basic (in shares)	159,868	154,495	122,864
Diluted (in shares)	169,720	154,495	122,864
Dividends declared per common share (in dollars per share)	$ 0.04	$ 0.02	$ 0

Summary of Significant Accounting Policies - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from discontinued operations	$ (320,458)	$ (510,184)	$ (782,375)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(55,999)	(192,219)	(229,785)
Held for Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property operating income	774,226	953,727	1,500,032
Other income	8,895	21,559	106,826
Revenues from discontinued operations	783,121	975,286	1,606,858
Property operating expense	329,762	412,924	779,074
Interest expense	174,722	268,519	380,272
Depreciation and amortization	448,900	534,979	592,202
Compensation and other expenses	136,097	203,669	277,730
Impairment loss	0	35,985	317,405
Equity method earnings (losses)	(15,188)	(45,489)	(192,478)
Other gain (loss), net	2,671	13,682	120,753
Loss from discontinued operations before income taxes	(318,877)	(512,597)	(811,550)
Income tax benefit (expense)	(1,581)	2,413	29,175
Income (Loss) from discontinued operations	(320,458)	(510,184)	(782,375)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(55,999)	(192,219)	(229,785)
Held for Disposition \| Investment entities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from discontinued operations attributable to noncontrolling interests:	(260,120)	(302,072)	(528,125)
Held for Disposition \| Operating Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from discontinued operations attributable to noncontrolling interests:	$ (4,339)	$ (15,893)	$ (24,465)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 345,335	$ 855,564
Restricted cash	4,915	4,854
Investments ($572,749 and $421,393 at fair value)	2,476,093	1,237,363
Goodwill	465,991	298,248
Intangible assets	103,750	85,698
Other assets ($0 and $11,793 at fair value)	78,953	80,821
Due from affiliates	85,815	45,360
Assets of discontinued operations	1,698	8,420,595
Total assets	3,562,550	11,028,503
Liabilities
Debt	371,783	569,375
Other liabilities ($124,019 and $183,628 at fair value)	681,451	546,923
Liabilities of discontinued operations	153	5,342,142
Total liabilities	1,053,387	6,458,440
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests	17,862	100,574
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $821,899 and $827,779 liquidation preference; 250,000 shares authorized; 32,876 and 33,111 shares issued and outstanding	794,670	800,355
Additional paid-in capital	7,855,842	7,818,068
Accumulated deficit	(6,842,502)	(6,962,613)
Accumulated other comprehensive income (loss)	1,411	(1,509)
Total stockholders’ equity	1,811,055	1,660,698
Noncontrolling interests in investment entities	605,311	2,743,896
Noncontrolling interests in Operating Company	74,935	64,895
Total equity	2,491,301	4,469,489
Total liabilities, redeemable noncontrolling interests and equity	3,562,550	11,028,503
Class A Common Stock
Stockholders’ equity:
Common stock, $0.01 and $0.04 par value per share	1,632	6,390
Class B Common Stock
Stockholders’ equity:
Common stock, $0.01 and $0.04 par value per share	$ 2	$ 7

Summary of Significant Accounting Policies

12 Months Ended

Dec. 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

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. Noncontrolling interests represents predominantly the majority ownership held by third party investors in the Company's former Operating segment, carried interest allocation to certain senior executives of the Company (Note 16), and membership interests in OP held by certain current and former employees of the Company.

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

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Principles of Consolidation

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

Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and

future fair value of the assets held by the VIE and financial performance of the VIE. In assessing its interests in the VIE, the Company also considers interests held by its related parties, including de facto agents. Additionally, the Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment.

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

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

Noncontrolling Interests

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

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

Prior to full redemption in May 2022, there was also redeemable noncontrolling interests in the Company's investment management business, as discussed in Note 9.

Noncontrolling Interests in Investment Entities—This represents predominantly carried interest allocation to certain senior executives of the Company (Note 16). Excluding carried interests, allocation of net income or loss is generally based upon relative ownership interests.

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

Foreign Currency

Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the exchange rate in effect at the balance sheet date and the corresponding results of operations for such entities are translated using the average exchange rate in effect during the period. The resulting foreign currency

translation adjustments are recorded as a component of accumulated other comprehensive income or loss in stockholders’ equity. Upon sale, complete or substantially complete liquidation of a foreign subsidiary, or upon partial sale of a foreign equity method investment, the translation adjustment associated with the foreign subsidiary or investment, or a proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings.

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

Fair Value Measurement

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

The estimated fair value of financial assets and financial liabilities are categorized into a three tier hierarchy, prioritized based on the level of transparency in inputs used in the valuation techniques, as follows:

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

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

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

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

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

Fair Value Option

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

The Company has elected fair value option to account for certain equity method investments and loans receivable.

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.

Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity are recognized and measured at their estimated fair values, except as discussed below. The excess

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

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

The estimated fair values and allocation of 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.

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.

Cash and Cash Equivalents

Short-term, highly liquid investments with original maturities of three months or less are considered to be cash equivalents. The Company's cash and cash equivalents are held with major financial institutions and may at times exceed federally insured limits.

Restricted Cash

Restricted cash consists primarily of cash reserves maintained pursuant to the governing agreement of the securitized debt of the Company and prior to December 31, 2023, securitized debt of portfolio companies in the Operating segment.

Investments

Equity Investments

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

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

The Company's share of earnings (losses) from equity method investments in its sponsored funds and fair value changes of equity method investments under the fair value option are recorded in principal investment income (loss). Fair value changes of other equity investments, including adjustments for observable price changes under the measurement alternative, are recorded in other gain (loss).

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

Carried Interest—The Company's equity method investments include its interests as general partner or equivalent in investment vehicles that it sponsors. The Company recognizes earnings based on its proportionate share of results from these investment vehicles and a disproportionate allocation of returns based on the extent to which cumulative performance exceeds minimum return hurdles pursuant to terms of their respective governing agreements (“carried interests”). Carried interest is discussed further in Note 4.

Impairment—Evaluation of impairment applies to equity method investments for which fair value option has not been elected and equity investments under the measurement alternative. If indicators of impairment exist, the Company will first estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee's underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.

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

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

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

Debt Securities

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

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

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

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

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

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

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

Loans Receivable

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

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

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

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

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

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

Goodwill

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

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

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

Identifiable Intangibles

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

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

Identifiable intangibles recognized in acquisition of an investment management business generally include management contracts, which represent contractual rights to future fee revenue from in-place management contracts that

are amortized based upon expected cash flows over the remaining term of the contracts; and investor relationships, which represent potential fee revenue generated from future reinvestment by existing investors that is amortized on a straight-line basis over its estimated useful life.

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

Impairment

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

In evaluating investment management intangibles for impairment, such as management contracts and investor relationships, the Company considers various factors that may affect future fee revenue, including but not limited to, changes in fee basis, amendments to contractual fee terms, and projected capital raising for future investment vehicles. Indefinite life trade names are impaired if the Company determines that it no longer intends to use the trade name.

Accounts Receivable and Related Allowance

Cost Reimbursements and Recoverable Expenses—The Company is entitled to reimbursements and/or recovers certain costs paid on behalf of investment vehicles sponsored by the Company, which include: (i) organization and offering costs associated with the formation and capital raising of the investment vehicles up to specified thresholds; (ii) costs incurred in performing investment due diligence; and (iii) direct and indirect operating costs associated with managing the operations of certain investment vehicles. Indirect operating costs are recorded as expenses of the Company when incurred and amounts allocated and reimbursable are recorded as other income in the consolidated statements of operations on a gross basis to the extent the Company determines that it acts in the capacity of a principal in the incurrence of such costs. The Company facilitates the payments of organization and offering costs, due diligence costs to the extent the related investments are consummated and direct operating costs, all of which are recorded as due from affiliates on the consolidated balance sheets, until such amounts are repaid. Due diligence costs related to unconsummated investments that are borne by the Company are expensed as transaction-related costs in the consolidated statement of operations. The Company assesses the collectability of such receivables and establishes an allowance for any balances considered not collectable.

Fixed Assets

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

Derivative Instruments and Hedging Activities

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

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

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

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

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

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

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

Leases

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

The Company's leasing arrangements are composed primarily of operating ground leases for investment properties, operating leases for its corporate offices and, prior to the deconsolidation of the subsidiaries in the Operating Segment, finance and operating leases for data centers.

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

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

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

lease liability and the liability decreases over the lease term as cash payments are made. For operating leases, fixed lease expense is recognized over the lease term on a straight-line basis and variable lease expense is recognized in the period incurred.

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

Financing Costs

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

Fee Revenue

Fee revenue consists primarily of the following:

Management Fees—The Company earns management fees for providing investment management services to its sponsored private funds and other investment vehicles, portfolio companies and managed accounts, which constitute a series of distinct services satisfied over time. Management fees are recognized over the life of the investment vehicle as services are provided.

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

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its Liquid Strategies. Incentive fees are determined based upon the performance of the respective accounts, subject to the achievement of specified return thresholds in accordance with the terms set out in their respective governing agreements. Incentive fees take the form of a contractual fee arrangement, and unlike carried interests, do not represent an allocation of returns among equity holders of an investment vehicle. Incentive fees are a form of variable consideration and are recognized when it is probable that a significant reversal of the cumulative revenue will not occur, which is generally at the end of the performance measurement period.

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

Other Income

Other income includes primarily the following:

Cost Reimbursements from Affiliates—For various services provided to certain affiliates, including managed investment vehicles, the Company is entitled to receive reimbursements of expenses incurred, generally based on expenses that are directly attributable to providing those services and/or a portion of overhead costs. To the extent the Company determines that it acts in the capacity of a principal in the incurrence of such costs on behalf of the managed investment vehicle, the cost reimbursement is presented on a gross basis in other income and the expense in either investment-related expense or administrative expense in the consolidated statements of operations in the period the costs are incurred. To the extent the Company determines that it acts in the capacity of an agent, the cost reimbursement is presented on a net basis in the consolidated statements of operations.

Property Operating Income—2022 included lease income from a tower portfolio, acquired in June 2022 as a warehoused investment and transferred to a core equity fund in December 2022.

Compensation

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

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

If the related carried interest distributions received by the Company are subject to clawback, the previously distributed carried interest compensation would be similarly subject to clawback from employees. The Company generally withholds a portion of the distribution of carried interest compensation to employees to satisfy their potential clawback obligation. The amount withheld resides in entities outside of the Company.

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

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

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

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

Income Taxes

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

Uncertain Tax Positions

Income tax benefits are recognized for uncertain tax positions that are more likely than not to be sustained based solely on their technical merits. Such uncertain tax positions are measured as the largest amount of benefit that is more

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

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

Earnings Per Share

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

Diluted EPS is based upon the weighted-average number of common shares and the effect of potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents represent the assumed issuance of common shares in settlement of certain arrangements if determined to be dilutive, generally based upon the more dilutive of the two-class method or the treasury stock method, or based upon the if-converted method for the assumed conversion of the Company's outstanding convertible notes. The earnings allocated to common shareholders is adjusted to add back the income or loss associated with the potentially dilutive instruments that are assumed to result in the issuance of common shares if determined to be dilutive, such as interest expense on the Company's convertible notes.

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

Discontinued Operations

If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations.

A business or asset group acquired in connection with a business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criterion.

The Company's discontinued operations in the periods presented herein represent: (i) the operations of digital infrastructure portfolio companies previously consolidated in the Company's former Operating segment; and (ii) the Company's former real estate investment and operations as a Real Estate Investment Trust ("REIT"), along with an adjacent investment management business, which have since been disposed as part of the Company's transformation into an investment manager with a digital infrastructure focus. These former businesses comprised the following.

•The full deconsolidation of both portfolio companies in the former Operating segment on December 31, 2023 (as discussed in Note 9) represented a strategic shift that has major effect on the Company’s operations and financial results, meeting the criteria as discontinued operations as of December 31, 2023. The Operating segment previously composed of balance sheet equity interests in two digital infrastructure portfolio companies, Vantage SDC and DataBank, a stabilized hyperscale and an edge colocation data center business, respectively. These portfolio companies directly held and operated data centers, earning rental income from providing use of data center space and/or capacity through leases, services and other tenant arrangements. Prior to deconsolidation and reclassification as discontinued operations, the assets, liabilities and operating results of DataBank and Vantage SDC were included in the Company's consolidated financial statements at historical cost in the former Operating

segment, with the portion of operating results attributable to third party investors presented as noncontrolling interests in investment entities.

•The Company's equity method investment in BrightSpire Capital, Inc. (NYSE: BRSP) was sold in March 2023 for net proceeds totaling $201.6 million. The Company's investment in BRSP qualified as held for sale in March 2023 and its disposition represented a strategic shift that has major effect on the Company’s operations and financial results, meeting the criteria as discontinued operations as of March 2023. A $9.7 million impairment of the BRSP shares was recorded in 2023 prior to its disposition.

•The Wellness Infrastructure business was disposed in February 2022, along with other non-core assets held by a subsidiary, NRF Holdco, LLC ("NRF Holdco"). The equity of NRF Holdco was sold for $281 million, in a combination of cash and a $155 million unsecured promissory note. The promissory note was fully written down in March 2023, as discussed in 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 in 2022, with $251.7 million of impairment loss having already been recorded in 2021 based upon the selling price.

•The Company's equity interests in its non-digital investment portfolio, which included real estate, real estate-related equity and debt investments, along with an adjacent investment management business, was substantively disposed in a bulk sale in December 2021, with a write-down in the value of the assets based upon the selling price recorded in 2021 prior to disposition. A small number of investments excluded from this bulk sale continue to be disposed over time.

•The Hospitality business was disposed in March 2021. Additionally, a hotel portfolio that was in receivership was sold by the lender in September 2021 which had resulted in a $54.2 million gain on debt extinguishment.

Income (Loss) from discontinued operations is summarized as follows.


	Year Ended December 31,
(In thousands)		2023		2022		2021

Property operating income		$	774,226	$	953,727	$	1,500,032



Other income		8,895		21,559		106,826
Total revenues		783,121		975,286		1,606,858

Property operating expense		329,762		412,924		779,074
Interest expense		174,722		268,519		380,272
Depreciation and amortization		448,900		534,979		592,202


Compensation and other expenses		136,097		203,669		277,730
Impairment loss		—		35,985		317,405
Equity method earnings (losses)		(15,188)		(45,489)		(192,478)


Other gain (loss), net		2,671		13,682		120,753
Income (Loss) from discontinued operations before income taxes		(318,877)		(512,597)		(811,550)
Income tax benefit (expense)		(1,581)		2,413		29,175
Income (Loss) from discontinued operations		(320,458)		(510,184)		(782,375)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities		(260,120)		(302,072)		(528,125)
Operating Company		(4,339)		(15,893)		(24,465)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.		$	(55,999)	$	(192,219)	$	(229,785)

Assets and Liabilities of Discontinued Operations

Assets of the former Operating segment were not held for disposition prior to their deconsolidation and qualification as discontinued operations on December 31, 2023. All other assets of discontinued operations were held for disposition prior to their sale.

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.


(In thousands)	December 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	—	$	62,690
Restricted cash	—		113,631
Real estate	—		5,921,298

Investments	1,342		280,019
Goodwill	—		463,120
Intangible assets	—		1,006,469
Other assets	356		573,368
Total assets of discontinued operations	$	1,698	$	8,420,595

Liabilities
Debt	$	—	$	4,586,765
Lease intangibles and other liabilities	153		755,377
Total liabilities of discontinued operations	$	153	$	5,342,142

Reclassifications

As discussed in "—Discontinued Operations," the Company's investment in BRSP and the portfolio companies previously consolidated in the Company's former Operating segment qualified as discontinued operations in March 2023 and December 2023, respectively. For all prior periods presented: (i) on the December 31, 2022 consolidated balance sheets, the equity method investment in BRSP (2022: $218.0 million previously included in equity and debt investments) and the assets of the portfolio companies previously consolidated in the former Operating segment totaling $8.1 billion have been reclassified to assets of discontinued operations, while the liabilities of the portfolio companies previously consolidated in the former Operating segment totaling $5.3 billion have been reclassified to liabilities of discontinued operations; and (ii) on the 2022 and 2021 consolidated statements of operations, the loss from BRSP of $37.3 million in 2022 and earnings of $41.2 million in 2021, previously included in equity method earnings (losses), and the net loss of the portfolio companies previously consolidated in the former Operating segment totaling $324.2 million in 2022 and $223.5 million in 2021 have been reclassified to income (loss) from discontinued operation.

In 2023, the Company also determined that principal investment income 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 and carried interest allocation are now presented within total revenues on the consolidated statements of operations, previously presented as equity method earnings (losses) and equity method earnings—carried interest, respectively, both of which are no longer applicable as separate financial statement line items following the changes discussed herein. Prior periods have been reclassified to conform to current presentation.

Accounting Policies Related to Real Estate

Accounting policies related to real estate are applicable to continuing operations in 2022 and to discontinued operations in all periods presented.

Real Estate Acquisitions

Real estate acquisitions are considered asset acquisitions and are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired are allocated among the acquired components based on their relative fair values at the time of acquisition, and does not give rise to goodwill. Such components include land, building, site and building improvements, infrastructure, equipment, lease-related tangible and intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values, and tenant relationships. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost for a similar property, as appropriate. The fair value of site and tenant improvements and infrastructure assets are estimated based upon current market replacement costs and other relevant market rate information. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. 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.

Previously warehoused investment

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, the Company's interest in the temporarily warehoused TowerCo investment was transferred to the Company's new core equity fund and TowerCo was deconsolidated.

The TowerCo assets acquired had included owned tower sites, tower sites subject to third party leases that gave rise to ROU 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.

The following table summarizes the allocation of cash consideration to TowerCo assets acquired and liabilities assumed, including capitalized transaction costs, in 2022.


	(In thousands)




Real estate	$	363,121

Intangible assets	673,218
ROU and other assets	234,462

Deferred tax liabilities	(243,223)
Lease and other liabilities	(236,324)
Fair value of net assets acquired	$	791,254

•Real estate was valued based upon current replacement cost for towers in consideration of their remaining economic life. Useful lives of towers and related equipment acquired range from 11 to 71 years.

• Lease-related intangibles were composed of the following:

• In-place leases reflect the value of rental income forgone if the towers acquired were not leased, discounted at 6.8%, with remaining lease terms of 15 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 TowerCo acquisition.

•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 acquiree entity.

In 2022, prior to transfer, TowerCo generated lease income of $43.0 million, and incurred depreciation expense of $8.8 million, and amortization expense of $9.9 million, presented within Corporate and Other.

Real Estate Held for Investment

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

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

Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, generally up to 50 years for buildings, 40 years for site and building improvements, 30 years for data center infrastructure, and 8 years for furniture, fixtures and equipment. Tenant improvements are amortized over the lesser of the useful life or the remaining term of the lease.

Impairment—The Company evaluates its real estate held for investment for impairment periodically or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates real estate for impairment generally on an individual property basis. If an impairment indicator exists, the Company evaluates the undiscounted future net cash flows that are expected to be generated by the property, including any estimated proceeds from the eventual disposition of the property. If multiple outcomes are under consideration, the Company may apply either a probability-weighted cash flows approach or the single-most-likely estimate of cash flows

approach, whichever is more appropriate under the circumstances. Based upon the analysis, if the carrying value of a property exceeds its undiscounted future net cash flows, an impairment loss is recognized for the excess of the carrying value of the property over the estimated fair value of the property. In evaluating and/or measuring impairment, the Company considers, among other things, current and estimated future cash flows associated with each property for the duration of the estimated hold period of each property, market information for each sub-market, including, where applicable, competition levels, foreclosure levels, leasing trends, occupancy trends, lease or room rates, and the market prices of similar properties recently sold or currently being offered for sale, expected capitalization rates at exit, and other quantitative and qualitative factors. Another key consideration in this assessment is the Company's assumptions about the highest and best use of its real estate investments and its intent and ability to hold them for a reasonable period that would allow for the recovery of their carrying values. If such assumptions change and the Company shortens its expected hold period, this may result in the recognition of impairment losses.

Real Estate Held for Disposition

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

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

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

Lease-Related Intangibles

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

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

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

Tenant relationships represent the estimated net cash flows attributable to the likelihood of lease renewal by an existing tenant relative to the cost of obtaining a new lease, taking into consideration the time it would take to execute a new lease or backfill a vacant space. Tenant relationships are amortized on a straight-line basis to depreciation and amortization expense over its estimated useful life.

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

Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate.

Property Operating Income

Property operating income includes the following:

Lease Income

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

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

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

Rental Income and Tenant Reimbursements

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

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

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

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

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

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

Data Center Service Revenue

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

Resident Fee Income

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

Hotel Operating Income

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

Collectability of property operating income receivable (excluding lease income receivable)

The Company periodically evaluate aged receivables and considers the collectability of unbilled receivables. The Company estimated allowance for doubtful accounts for specific accounts receivable balances based upon historical collection trends, age of outstanding accounts receivables and existing economic conditions associated with the receivables.

Accounting Standards Adopted in 2023

Contractual Sale Restriction on Equity Securities

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends Topic 820 Fair Value to clarify that a contractual sale restriction that is entity-specific is not part of the unit of account of an equity security and is therefore not considered in measuring the fair value of an equity security, in which case, a discount should not be applied. The amendment further prohibits recognizing the contractual sale restriction as a separate unit of account, that is, as a contra asset or liability. Sale restrictions that are characteristics of the holder of an equity security include, but are not limited to, lock-up agreements, market stand-off agreements, or specific provisions in agreements between shareholders. In contrast, a legal restriction preventing a security from being sold on a national securities exchange or an over-the-counter market is a security-specific characteristic as the restriction would similarly apply to a market participant buyer in an assumed sale of the security. This guidance also applies to issuers of equity securities that are subject to contractual sale restrictions, for example, equity securities issued as consideration in a business combination. The ASU requires additional disclosures related to equity securities that are subject to contractual sale restrictions, specifically (1) the fair value of such equity securities, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in restrictions. The ASU is effective January 1, 2024, with early adoption permitted in the interim periods. Transition is prospective with any fair value adjustments resulting from adoption recognized in earnings and the amount adjusted disclosed in the period of adoption.

For subsidiaries of the Company that are investment companies as defined in ASC 946, the ASU is applied prospectively to equity securities with contractual sale restrictions entered into or modified on or after the adoption date. For equity securities with contractual sale restrictions entered into or modified before the adoption date, the existing accounting policy continues to be applied until the restrictions expire or are modified, and if the existing accounting policy differs from the amended guidance, the additional disclosure requirements under the ASU would be applicable.

The Company early adopted the ASU on January 1, 2023. At the time of filing, the Company has one equity security that is subject to contractual sale restrictions, but was not subject to such restrictions at the time of adoption or during 2023.

Future Accounting Standards

Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands the breadth and frequency of segment disclosures to require all annual disclosures on an interim basis and provide for incremental disclosures, including the following:

•Category and amount of significant segment expenses that are regularly provided to (even if not regularly reviewed by) the chief operating decision maker ("CODM") and included in each reported segment profit (loss) measure, otherwise the nature of expense information (for example, consolidated, forecasted, budgeted) used by the CODM;

•An amount (without individual quantification) for other segment items (represents difference between segment revenue less segment expense disclosed and reported segment profit (loss) measure), including description of the composition, nature and type of the other segment items;

•Description of how CODM uses each reported segment profit (loss) measure to assess segment performance and determine resource allocation; and

•Title and position of individual or name of group or committee identified as CODM.

The ASU changes current guidance by permitting multiple measures of segment profit (loss) to be reported provided that the measure most consistent with GAAP is reported. The ASU also clarifies that a single reportable segment entity is subject to segment disclosures in its entirety, which would require reporting of segment profit (loss) measure that is not a consolidated GAAP measure and not clearly evident from existing disclosures. The ASU does not change existing guidance around identification of operating segments and determination of reportable segments. The requirements under this ASU are to be applied retrospectively to all prior periods presented unless impracticable.

The Company adopted this ASU on its effective date of January 1, 2024.

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances existing annual income tax disclosures, primarily disaggregation of: (i) effective tax rate reconciliation using both percentages and amounts into specific categories, with further disaggregation by nature and/or jurisdiction of certain categories that meet the threshold of 5% of expected tax; and (ii) income taxes paid (net of refunds received) between federal, state/local and foreign, with further disaggregation by jurisdiction if 5% or more of total income taxes paid (net of refunds received). The ASU also eliminates existing disclosures related to: (a) reasonably possible significant changes in total amount of unrecognized tax benefits within 12 months of reporting date; and (b) cumulative amount of each type of temporary difference for which deferred tax liability has not been recognized (due to exception to recognizing deferred taxes related to subsidiaries and corporate joint ventures).

This ASU is effective January 1, 2025, with early adoption permitted in the interim or annual periods. Transition is prospective with the option to apply retrospective application.

Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value

10. 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.


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2023
Assets
Investments (Note 4)
Other equity investments	$	17,487	$	—	$	—	$	17,487
CLO subordinated notes	—		—		50,927		50,927
Equity investments of consolidated funds	66,297		—		416,614		482,911
Fair Value Option:
Equity method investment	—		—		6,700		6,700
Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		11,338		11,338

Warrants issued to Wafra	—		—		39,200		39,200
Securities of consolidated funds sold short	38,481		—		—		38,481
December 31, 2022
Assets
Investments (Note 4)
Other equity investments	$	16,790	$	—	$	—	16,790
CLO subordinated notes	—		—		50,927		50,927
Equity investments of consolidated funds	139,075		—		46,770		185,845
Fair Value Option:
Loans receivable	—		—		133,307		133,307
Other assets—derivative assets	—		11,793		—		11,793
Liabilities
Other liabilities

Warrants issued to Wafra	—		—		17,700		17,700
Securities of consolidated funds sold short	40,928		—		—		40,928

Equity Investments of Consolidated Funds

Equity investments of consolidated funds include marketable equity securities held by our liquid strategy funds, valued based upon listed prices in active markets, classified as Level 1, and at December 31, 2023, equity investments in digital infrastructure portfolio companies held by single asset funds. The marketable equity securities comprise publicly listed stocks primarily in the U.S. and to a lesser extent, in Europe, and primarily in the technology, media and telecommunications sectors. With respect to other equity investments at December 31, 2023, fair value of an underlying portfolio company was determined using a discounted cash flow model based upon projected net operating income of the investee with an exit capitalization rate of 5.5% and discounted at 10.4%, classified as level 3. Additionally, a recently acquired fund investment was valued based upon its transacted price, classified as level 2.

Prior to December 31, 2023, equity investments of consolidated funds included equity interests in pooling entities that hold a portfolio of loans, invested alongside other parallel funds within the same credit fund complex. In December 2023, following a reorganization of the Company's ownership interest within the fund structure, the consolidated credit fund was deconsolidated. Fair value of the fund's equity interests in the pooling entities was based upon its share of expected cash flows from the loan assets held by the pooling entities, classified as level 3. In estimating fair value of the underlying loans, the pooling entities considered the prevailing market yields at which a third party might expect to receive on equivalent loans with similar credit risk. Based upon a comparison to market yields, it was determined that the transacted price or par value of the loans held by the pooling entities approximated their fair value at December 31, 2022.

Fair Value Option

Equity Method Investments

At December 31, 2023, the Company had one equity method investment under the fair value option. Fair value was determined using a balanced application of the discounted cash flow model based upon projected earnings, discounted at 18.3%, and comparison to market values of similar public companies. The fair value is classified as Level 3 of the fair value hierarchy and changes in fair value are recorded in principal investment income.

Loans Receivable

At December 31, 2023, there was no outstanding loans receivable balance. At December 31, 2022, loans receivable under fair value option consisted of an unsecured promissory note in connection with the 2022 sale of the Company's Wellness Infrastructure business (Note 2). The note had bullet repayment of principal and accrued paid-in-kind ("PIK") interest. Fair value of the note was $133.3 million, with unpaid principal balance, inclusive of PIK interest, of $162.0 million, classified as Level 3 in the fair value hierarchy. In March 2023, the note was fully written down, taking into consideration foreclosure of certain assets within the Wellness Infrastructure portfolio by its mezzanine lender.

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 SOFR 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 December 31, 2023. At December 31, 2022, fair value of derivative assets was $11.8 million, included in other assets (Note 6), and there were no derivatives in a liability position. All derivative positions were non-designated hedges. At December 31, 2022, derivative notional amounts aggregated to the equivalent of $321.1 million for foreign exchange contracts, with no outstanding interest rate contracts.

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


	Year Ended December 31,
(In thousands)		2023		2022		2021
Foreign currency contracts:
Designated contracts
Realized gain (loss) transferred from AOCI to earnings		$	—	$	17,334	$	58,727

Non-designated contracts
Realized and unrealized gain (loss) in earnings (1)		4,053		17,092		889
Interest rate contracts:
Designated contracts
Interest expense (2)		—		—		20
Realized gain (loss) transferred from AOCI to earnings		—		—		(1,328)
Non-designated contracts
Realized and unrealized gain (loss) in earnings		—		11,533		(213)

__________

(1) Includes amounts related to foreign currency contract entered into on behalf of a sponsored fund, which had no net impact to the Company's earnings, (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 9, 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 using a Black-Scholes option pricing model, applying the following inputs: (a) estimated volatility for DBRG's class A common stock of 37.8% (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 4.11% 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.

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, classified as Level 3 of the fair value hierarchy.

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).


	Level 3 Assets								Level 3 Liabilities
			Fair Value Option				Equity Investment of Consolidated Fund		Warrants		InfraBridge Contingent Consideration
(In thousands)	AFS Debt Securities		Loans Receivable		Equity Method Investments









Fair value at December 31, 2021	$	—	$	78,607	$	—	$	—	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		370,496		—		35,566		—		—
Transfer out of equity to liability	—		—		—		—		81,400		—
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—		—		—
Paydowns	—		(159,501)		—		—		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—		—		—
Consolidation of sponsored fund	—		—		—		10,536		—		—
Unrealized gain (loss) in earnings, net	—		(38,797)		—		668		(63,700)		—
Fair value at December 31, 2022	$	50,927	$	133,307	$	—	$	46,770	$	17,700	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(28,706)	$	—	$	668	$	(63,700)	$	—

Fair value at December 31, 2022	$	50,927	$	133,307	$	—	$	46,770	$	17,700	$	—
Contributions	—		—		20,000		85,486		—		—
Consolidation of sponsored funds	—		—		—		393,614		—		—
Business combination	—		—		—		—		—		10,874
Change in consolidated fund's share of equity investment (1)	—		—		—		1,842		—		—
Paydown of underlying loans held by equity investment of consolidated fund	—		—		—		(8,109)		—		—
Unrealized gain (loss) in earnings, net	—		(133,307)		(13,300)		2,216		21,500		464
Deconsolidation of sponsored fund	—		—		—		(105,205)		—		—
Fair value at December 31, 2023	$	50,927	$	—	$	6,700	$	416,614	$	39,200	$	11,338

Net unrealized gain (loss) in earnings on instruments held at December 31, 2023	$	—	$	(133,307)	$	(13,300)	$	—	$	21,500	$	464

__________

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

Investment Carried at Fair Value Using Net Asset Value

The Company holds an investment in a non-traded healthcare REIT. In early February 2024, the non-traded healthcare REIT listed its shares on the NYSE through an initial public offering. Pursuant to a 180 day lock-up by the underwriters from the date of listing, the Company is restricted from liquidating its holdings in these securities until expiration of the lock-up period in August 2024. The investment was carried at $14.7 million at December 31, 2023 using its IPO price as an indicative value and at $34.5 million at December 31, 2022 based upon its estimated NAV.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis: (i) on the acquisition date for business combinations; (ii) when events or changes in circumstances indicate that the carrying value of the assets may not be recoverable; and (iii) upon deconsolidation of a subsidiary for any retained interest. Adjustments to fair value generally result from an application of the lower of amortized cost or fair value for assets held for disposition or otherwise, a write-down of asset values due to impairment.

There were no assets carried at nonrecurring fair value at December 31, 2023 and December 31, 2022.

Fair Value of Financial Instruments Reported at Cost

Fair value of financial instruments reported at amortized cost are presented below.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2023
Liabilities
Corporate debt
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	294,267
Exchangeable senior notes	—		152,296		—		152,296		77,516


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	—		—		465		465		465

Debt—Senior notes and secured fund fee revenue notes were valued using their last traded price. At December 31, 2022, carrying value of investment-level debt approximated fair value due to the short term nature of the amount drawn from a line of credit of a consolidated fund.

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

Goodwill and Intangibles Assets - Schedule of Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 34,568	$ 21,579	$ 42,047
Investment management contracts \| Investment Management
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	28,512	16,741	21,773
Investor relationships \| Investment Management
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	5,474	4,256	4,256
Trade name \| Investment Management
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	430	430	15,904
Other \| Investment Management
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 152	$ 152	$ 114

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Operating lease not yet commenced, fixed payments	$ 57,100
Operating lease not yet commenced, fixed payments, lease term (in years)	10 years
Office Leases
Operating Leased Assets [Line Items]
Operating lease, remaining term (in years)	6 years 3 months 18 days
Fixed lease expense	$ 8,678	$ 7,090	$ 7,010
Investment Properties
Operating Leased Assets [Line Items]
Fixed lease expense		$ 7,600

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	DigitalBridge Group, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	750 Park of Commerce Drive
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	570-4644
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.4
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement with respect to its 2024 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the Company’s fiscal year ended December 31, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	DBRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		163,303,023
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

Variable Interest Entities - Schedule of Supplemental Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 345,335	$ 855,564	$ 1,226,897	$ 703,544
Investments (Note 4)	2,476,093	1,237,363
Other assets	78,953	80,821
Total assets of consolidated private fund	3,562,550	11,028,503
Debt	371,783	569,375
Due to custodian	9,415	35,457
Other liabilities	681,451	546,923
Marketable equity securities
Variable Interest Entity [Line Items]
Securities sold short	66,297	139,076
Variable Interest Entity, Primary Beneficiary \| Corporate and Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	69,654	86,433
Investments (Note 4)	482,911	185,845
Other assets	576	1,895
Total assets of consolidated private fund	553,141	274,173
Debt	0	465
Due to custodian	9,415	35,457
Other	16,313	2,734
Other liabilities	64,210	79,584
Variable Interest Entity, Primary Beneficiary \| Corporate and Other \| Marketable equity securities \| Short
Variable Interest Entity [Line Items]
Securities sold short	$ 38,482	$ 40,928

Investments - Schedule of Combined Financial Information of Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets	$ 3,562,550	$ 11,028,503
Total liabilities	1,053,387	6,458,440
Owners' equity	1,811,055	1,660,698
Income Statement [Abstract]
Total revenues	821,383	694,771	$ 387,830
Net income (loss)	45,165	(569,997)	(816,911)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Equity Method Investment, Summarized Financial Information [Abstract]
Total assets	38,062,830	22,507,463
Total liabilities	413,270	79,053
Owners' equity	37,649,560	22,428,410
Income Statement [Abstract]
Total revenues	117,846	23,232	39,760
Net income (loss)	$ 2,976,972	$ 2,150,989	$ 771,962

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Other Assets [Line Items]
Prepaid taxes and deferred tax assets, net	$ 14,059,000	$ 8,642,000
Derivative assets	0	11,793,000
Receivables from resolution of investment	662,000	14,923,000
Accounts receivable, net	8,919,000	6,263,000
Prepaid expenses	2,952,000	2,514,000
Other assets	11,231,000	4,063,000
Fixed assets, net	7,232,000	8,934,000
Total other assets	78,953,000	80,821,000
Accumulated depreciation	7,300,000	9,800,000
Corporate Offices
Schedule of Other Assets [Line Items]
Operating lease right-of-use asset	$ 33,898,000	$ 23,689,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

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


	Year Ended December 31,
(In thousands, except per share data)		2023		2022		2021
Net income (loss) allocated to common stockholders


Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.		$	241,279	$	(129,578)	$	(80,312)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.		(55,999)		(192,219)		(229,785)
Net income (loss) attributable to DigitalBridge Group, Inc.		185,280		(321,797)		(310,097)
Preferred stock repurchases/redemptions (Note 8)		927		1,098		(4,992)
Preferred dividends		(58,656)		(61,567)		(70,627)
Net income (loss) attributable to common stockholders		127,551		(382,266)		(385,716)
Net income (loss) allocated to participating securities		(2,179)		(34)		—
Net income (loss) allocated to common stockholders—basic		125,372		(382,300)		(385,716)
Interest expense attributable to convertible and exchangeable notes (1)		5,050		—		—
Net income (loss) allocated to common stockholders—diluted		$	130,422	$	(382,300)	$	(385,716)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic		159,868		154,495		122,864
Weighted average effect of dilutive shares (1)(2)(3)		9,852		—		—
Weighted average number of common shares outstanding—diluted		169,720		154,495		122,864
Income (loss) per share—basic
Income (Loss) from continuing operations		$	1.13	$	(1.23)	$	(1.27)
Income (Loss) from discontinued operations		(0.35)		(1.24)		(1.87)
Net income (loss) attributable to common stockholders per common share—basic		$	0.78	$	(2.47)	$	(3.14)
Income (loss) per share—diluted
Income (Loss) from continuing operations		$	1.10	$	(1.23)	$	(1.27)
Income (Loss) from discontinued operations		(0.33)		(1.24)		(1.87)
Net income (loss) attributable to common stockholders per common share—diluted		$	0.77	$	(2.47)	$	(3.14)

__________

(1) With respect to the assumed conversion or exchange of the Company's outstanding senior notes, the following are excluded from the calculation of diluted earnings per share as their inclusion would be antidilutive: (a) for the years ended December 31, 2023, 2022 and 2021, the effect of adding back interest expense of $3.1 million, $16.6 million and $54.7 million, respectively, and 912,900, 12,901,700 and 33,849,100 of weighted average dilutive common share equivalents. Also excluded from the calculation of diluted earnings per share was $133.2 million of debt extinguishment loss (Note 7) for the year ended December 31, 2022.

(2) The calculation of diluted earnings per share excludes the effect of the following as their inclusion would be antidilutive: (a) class A common shares that are contingently issuable in relation to performance stock units (Note 13) with weighted average shares of 1,298,900 and 2,712,700 for the years ended December 31, 2022 and 2021; and (b) class A common shares that are issuable to net settle the exercise of warrants (Note 9) with weighted average shares of 667,400, 1,742,800 and 2,659,400 for the years ended December 31, 2023, 2022 and 2021, respectively.

(3) OP Units may be redeemed for registered or unregistered class A common stock on a one-for-one basis and are not dilutive. At December 31, 2023, 2022 and 2021, 12,375,800, 12,628,900 and 12,613,800 of OP Units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

Stockholders' Equity - Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	$ 96,119	$ (169,747)	$ (20,119)
Release of AOCI of equity method investments	145,448	56,731	86,023
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of AOCI of equity method investments	(296)	200	2,998
Reclassification out of Accumulated Other Comprehensive Income \| Relief of basis of AFS debt securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	0	5,861	0
Reclassification out of Accumulated Other Comprehensive Income \| Release of foreign currency cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	1,246	16,793	(10,153)
Reclassification out of Accumulated Other Comprehensive Income \| Realized gain on net investment hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	0	16,082	39,779
Reclassification out of Accumulated Other Comprehensive Income \| Deconsolidation of investment entities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	(965)	0	1,482
Reclassification out of Accumulated Other Comprehensive Income \| Realized loss on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other loss, net	$ 0	$ 0	$ (233)

Fee Revenue - Schedule of Fee Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 264,117	$ 172,673	$ 180,826
Management fees
Related Party Transaction [Line Items]
Revenues	258,288	169,922	168,618
Incentive fees \| Affiliated Entity
Related Party Transaction [Line Items]
Revenues	3,229	0	7,174
Other fees
Related Party Transaction [Line Items]
Revenues	2,600	2,751	5,034
Total fee revenue
Related Party Transaction [Line Items]
Revenues	264,117	172,673	180,826
Total fee revenue \| Affiliated Entity
Related Party Transaction [Line Items]
Revenues	$ 254,429	$ 167,733	$ 170,929

- Definition

+ References

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events No subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Segment Reporting - Schedule of Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	$ 810,983	$ 690,434	$ 377,645
Long-lived assets by geography	41,129	32,622
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	746,462	643,073	375,133
Long-lived assets by geography	22,294	27,588
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	56,280	47,196	2,512
Long-lived assets by geography	17,868	3,997
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total income by geography	8,241	165	$ 0
Long-lived assets by geography	$ 967	$ 1,037

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt


	December 31, 2023								December 31, 2022
(In thousands)	Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost		Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost
Corporate debt
Securitized financing facility	$	300,000	—		(5,733)		$	294,267	$	300,000	—		(7,829)		$	292,171
Convertible and exchangeable senior notes	78,422		(810)		(96)		77,516		278,422		(1,293)		(388)		276,741
	378,422		(810)		(5,829)		371,783		578,422		(1,293)		(8,217)		568,912
Investment-level debt	—		—		—		—		500		—		(35)		465
	$	378,422	$	(810)	$	(5,829)	$	371,783	$	578,922	$	(1,293)	$	(8,252)	$	569,377

Schedule of Convertible Senior Notes Issued


Description	Issuance Date	Due Date	Interest Rate (per annum)		Conversion or Exchange Price (per share of common stock)		Conversion or Exchange Ratio (in shares)(1)	Conversion or Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										December 31, 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
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
										$	78,422	$	278,422

__________

(2) Fully repaid in April 2023.

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of 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.

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

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


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

__________

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

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

Equity-based compensation cost pursuant to DBRG's Equity Incentive Plan is presented on the consolidated statement of operations, as follows.


	Year Ended December 31,
(In thousands)		2023		2022		2021

Compensation expense (including $0, $(410) and $1,194 expense related to dividend equivalent rights)		$	55,597	$	31,281	$	35,428


Administrative expense		228		1,422		222
		$	55,825	$	32,703	$	35,650

Schedule of 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	$	16.28	$	10.84
Granted	2,468,842	—	70,887	—	413,172	2,952,901	11.98		12.24
Vested	(1,308,856)	—	(26,846)	(1,798,044)	(603,525)	(3,737,271)	7.88		13.95
Forfeited	(53,291)	—	—	—	(424,799)	(478,090)	7.92		13.83
Unvested shares and units at December 31, 2023	2,813,369	2,625,000	64,099	599,347	1,274,435	7,376,250	21.66		9.80

__________

Transactions with Affiliates - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 01, 2021
Related Party Transaction [Line Items]
Revenues		$ 264,117	$ 172,673	$ 180,826
DataBank recapitalization (Note 9)		18,210	0
Redeemable noncontrolling interests		6,503	(26,778)	34,677
Noncontrolling Interest Net Income
Related Party Transaction [Line Items]
Carried interest allocation		42,500	65,000	17,600
Former Owner
Related Party Transaction [Line Items]
Noncontrolling interest, carried interest allocation	$ 70,400	112,200	70,400
DataBank recapitalization (Note 9)	86,100
Affiliated Entity \| Redeemable Noncontrolling Interests \| Investment vehicles—Derivative obligation
Related Party Transaction [Line Items]
Investments	$ 17,700	22,700	17,700
Redeemable noncontrolling interests		4,900	2,200	2,100
Former Employee
Related Party Transaction [Line Items]
Advanced expenses		0	27,600	5,600
Former Employee \| Other investments
Related Party Transaction [Line Items]
Equity method investments					$ 26,000
Cost Reimbursements \| Chief Executive Officer
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost		4,700	2,700	3,000
Cost Reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenues		$ 10,400	$ 4,300	$ 10,200

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Loss from Discontinued Operations

Income (Loss) from discontinued operations is summarized as follows.


	Year Ended December 31,
(In thousands)		2023		2022		2021

Property operating income		$	774,226	$	953,727	$	1,500,032



Other income		8,895		21,559		106,826
Total revenues		783,121		975,286		1,606,858

Property operating expense		329,762		412,924		779,074
Interest expense		174,722		268,519		380,272
Depreciation and amortization		448,900		534,979		592,202


Compensation and other expenses		136,097		203,669		277,730
Impairment loss		—		35,985		317,405
Equity method earnings (losses)		(15,188)		(45,489)		(192,478)


Other gain (loss), net		2,671		13,682		120,753
Income (Loss) from discontinued operations before income taxes		(318,877)		(512,597)		(811,550)
Income tax benefit (expense)		(1,581)		2,413		29,175
Income (Loss) from discontinued operations		(320,458)		(510,184)		(782,375)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities		(260,120)		(302,072)		(528,125)
Operating Company		(4,339)		(15,893)		(24,465)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.		$	(55,999)	$	(192,219)	$	(229,785)

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


(In thousands)	December 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	—	$	62,690
Restricted cash	—		113,631
Real estate	—		5,921,298

Investments	1,342		280,019
Goodwill	—		463,120
Intangible assets	—		1,006,469
Other assets	356		573,368
Total assets of discontinued operations	$	1,698	$	8,420,595

Liabilities
Debt	$	—	$	4,586,765
Lease intangibles and other liabilities	153		755,377
Total liabilities of discontinued operations	$	153	$	5,342,142

Schedule of Consideration and Allocation to Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of cash consideration to TowerCo assets acquired and liabilities assumed, including capitalized transaction costs, in 2022.


	(In thousands)




Real estate	$	363,121

Intangible assets	673,218
ROU and other assets	234,462

Deferred tax liabilities	(243,223)
Lease and other liabilities	(236,324)
Fair value of net assets acquired	$	791,254


(In thousands)	As Reported At March 31, 2023		Measurement Period Adjustments		As Revised At December 31, 2023
Consideration
Cash	$	364,338	$	1,102	$	365,440
Estimated fair value of contingent consideration	10,874		—		10,874
	$	375,212			$	376,314
Assets acquired and liabilities assumed
Cash	51,174		—		51,174
Principal investments	130,810		(18,500)		112,310
Intangible assets	50,800		—		50,800
Other assets	27,682		7,017		34,699
Deferred tax liabilities	(10,198)		—		(10,198)
Other liabilities	(21,625)		(8,589)		(30,214)
Fair value of net assets acquired	228,643				208,571
Goodwill	146,569		21,174		167,743
	$	375,212			$	376,314

- 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

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+ Details

Variable Interest Entities (Tables)

12 Months Ended

Dec. 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:


(In thousands)	December 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	69,654	$	86,433
Investments (Note 4)	482,911		185,845
Other assets	576		1,895
	$	553,141	$	274,173
Liabilities
Debt	$	—	$	465
Other liabilities
Securities sold short	38,482		40,928
Due to custodian	9,415		35,457
Other	16,313		2,734
	$	64,210	$	79,584

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments and debt securities	$ 1,993,182	$ 1,051,518
Other investments	416,614	46,769
Investments	2,476,093	1,237,363
CLO subordinated notes
Schedule of Equity Method Investments [Line Items]
Debt securities	50,927	50,927
Loans Receivable
Schedule of Equity Method Investments [Line Items]
Debt securities	0	133,307
Marketable equity securities
Schedule of Equity Method Investments [Line Items]
Marketable equity securities	66,297	139,076
Principal investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,194,417	410,511
Carried interest allocation
Schedule of Equity Method Investments [Line Items]
Equity method investments	676,421	341,749
Other equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	71,417	115,024
Investment Management \| Investment Management
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 726,100	$ 393,400

Restricted Cash, Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2023

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Restricted Cash, Other Assets and Other Liabilities

6. 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.

Other Assets

The following table summarizes the Company's other assets.


(In thousands)	December 31, 2023		December 31, 2022

Prepaid taxes and deferred tax assets, net	$	14,059	$	8,642
Derivative assets	—		11,793

Receivables from resolution of investment	662		14,923
Operating lease right-of-use asset for corporate offices	33,898		23,689
Accounts receivable, net	8,919		6,263
Prepaid expenses	2,952		2,514
Other assets	11,231		4,063
Fixed assets, net (1)	7,232		8,934
Total other assets	$	78,953	$	80,821

__________

(1) Net of accumulated depreciation of $7.3 million at December 31, 2023 and $9.8 million at December 31, 2022.

Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	December 31, 2023		December 31, 2022
Deferred investment management fees (1)	$	10,250	$	6,265
Interest payable on corporate debt	2,293		4,376
Common and preferred stock dividends payable	16,477		16,491


Securities sold short—consolidated funds	38,481		40,928
Due to custodians—consolidated funds	9,415		35,457
Current and deferred income tax liability	8,403		42
Contingent consideration payable—InfraBridge (Note 10)	11,338		—
Contingent consideration payable—Wafra (Note 9)	35,000		125,000
Warrants issued to Wafra (Note 9)	39,200		17,700
Operating lease liability for corporate offices	49,035		40,497
Accrued compensation	63,761		46,303
Accrued incentive fee and carried interest compensation	356,316		171,086
Accounts payable and accrued expenses	13,844		25,175
Due to affiliates (Note 16)	10,664		12,451
Other liabilities	16,974		5,152
Other liabilities	$	681,451	$	546,923

__________

(1) Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 3.0 years as of December 31, 2023 and 2.9 years as of December 31, 2022. Deferred investment management fees recognized as income of $3.3 million and $3.4 million in the year ended December 31, 2023 and 2022, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Income (loss) attributable to DigitalBridge Group, Inc.	$ 185,280	$ (321,797)	$ (310,097)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Schedule of Disclosure of Long Lived Assets and Liabilities Held-for-sale (Details)(Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Fair value of net assets acquired	$ 791,254
TowerCo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate	363,121
Intangible assets	673,218
ROU and other assets	234,462
Deferred tax liabilities	(243,223)
Lease and other liabilities	$ (236,324)

Noncontrolling Interests - Narrative (Details) $ in Thousands					1 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	May 23, 2022 USD ($) shares	May 22, 2022	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	May 31, 2022 USD ($)	Jul. 31, 2020 USD ($) security	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 30, 2023	Sep. 14, 2023	Mar. 31, 2023 USD ($)	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Payments to acquire noncontrolling interest									$ 0	$ 32,076	$ 0
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest						$ 5,200				5,200
DataBank recapitalization (Note 9)									18,210	0
Distributed carried interest									28,400	152,500
Other loss, net									$ 96,119	(169,747)	$ (20,119)
OP units to common stock, conversion ratio									1
Vantage Data Center Holdings, LLC's
Noncontrolling Interest [Line Items]
Asset acquisition, contingent consideration									$ 122,000
Accelerated settlement	$ 36,000
Reallocation of equity, percentage	150.00%								150.00%
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Assumption of deferred tax asset resulting from redemption of redeemable noncontrolling interest										5,200
DataBank recapitalization (Note 9)								$ 230,200	$ (14,791)	230,238
Investment entities
Noncontrolling Interest [Line Items]
DataBank recapitalization (Note 9)								$ (230,200)	33,001	$ (230,238)
DataBank
Noncontrolling Interest [Line Items]
Assets acquisition, balance sheet investment, equity interest (as a percent)								11.00%		11.00%					21.80%
Ownership (as a percent)					9.87%								11.00%
Equity-based compensation									434,500
Distributed carried interest					$ 27,900
Proceeds from sale of equity interest									3,700
Gain related to remeasurement									275,000
Other loss, net									$ 278,700
DataBank \| Operating
Noncontrolling Interest [Line Items]
Ownership (as a percent)	9.50%								9.50%
DataBank \| Parent
Noncontrolling Interest [Line Items]
Proceeds from sale of investment					$ 49,400			$ 425,500
DataBank \| Parent \| Current And Former Employees
Noncontrolling Interest [Line Items]
Proceeds from sale of investment								$ 20,100
DataBank and Vantage SDC
Noncontrolling Interest [Line Items]
Derecognized assets	$ 8,550,000								$ 8,550,000
Derecognized liabilities	5,940,000								5,940,000
Derecognized noncontrolling interests in investment entities	$ 2,060,000								$ 2,060,000
Vantage SDC
Noncontrolling Interest [Line Items]
Ownership (as a percent)	38.30%								38.30%
Vantage SDC \| Parent
Noncontrolling Interest [Line Items]
Ownership (as a percent)	12.80%								12.80%			13.10%
Vantage Data Center Holdings, LLC's
Noncontrolling Interest [Line Items]
Fair value, liability	$ 393,800								$ 393,800
OP Units
Noncontrolling Interest [Line Items]
OP units to common stock, conversion ratio									1
OP units redeemed (in shares) \| shares									253,084	100,220
Common Stock Warrants \| Class A Common Stock
Noncontrolling Interest [Line Items]
Number of warrants issued \| security							5
Aggregate percentage of common stock (as a percent)							5.00%
Maximum \| Common Stock Warrants \| Class A Common Stock
Noncontrolling Interest [Line Items]
Aggregate percentage of common stock (as a percent)						9.80%
Warrants issued to Wafra
Noncontrolling Interest [Line Items]
Carried interest (as a percent)		7.00%	12.60%
Payments to acquire noncontrolling interest		$ 388,500
Shares issued to acquire noncontrolling interest (in shares) \| shares		14,435,399
Payments to noncontrolling interests		$ 348,800
Percentage of shares payable (as a percent)		50.00%
Payable to wafra														$ 90,000
Warrants issued to Wafra \| Maximum
Noncontrolling Interest [Line Items]
Contingent consideration		$ 125,000		$ 125,000
Fee earning equity		$ 6,000,000
Warrants issued to Wafra \| Partnership
Noncontrolling Interest [Line Items]
Participation in net management fees and carried interest (as a percent)		31.50%
Warrants issued to Wafra \| Partnership \| Commitments to DCP I
Noncontrolling Interest [Line Items]
Other commitments							$ 124,900
Warrants issued to Wafra \| Partnership \| Commitments to DCP II
Noncontrolling Interest [Line Items]
Other commitments							$ 125,000
Limited Partners of Consolidated Funds \| Vantage SDC
Noncontrolling Interest [Line Items]
Ownership (as a percent)	25.60%								25.60%

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

3. Business Combinations

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 $314.3 million 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 10.


(In thousands)	As Reported At March 31, 2023		Measurement Period Adjustments		As Revised At December 31, 2023
Consideration
Cash	$	364,338	$	1,102	$	365,440
Estimated fair value of contingent consideration	10,874		—		10,874
	$	375,212			$	376,314
Assets acquired and liabilities assumed
Cash	51,174		—		51,174
Principal investments	130,810		(18,500)		112,310
Intangible assets	50,800		—		50,800
Other assets	27,682		7,017		34,699
Deferred tax liabilities	(10,198)		—		(10,198)
Other liabilities	(21,625)		(8,589)		(30,214)
Fair value of net assets acquired	228,643				208,571
Goodwill	146,569		21,174		167,743
	$	375,212			$	376,314

•Principal investments represent acquired interests in InfraBridge funds, valued at their most recent NAV at closing.

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

•Management contracts were 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 future 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%.

•Deferred tax liabilities were recognized for the book-to-tax basis difference of identifiable intangible assets acquired, net of deferred tax assets assumed.

•Other assets acquired and liabilities assumed include management fee receivable and compensation payable associated with the pre-acquisition period, amounts due to InfraBridge funds and receivable from seller.

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

Debt - Schedule of Convertible and Exchangeable Senior Notes (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal			$ 78,422,000	$ 278,422,000
Exchange of notes into shares of Class A common stock			0	60,317,000	$ 161,261,000
Loss on extinguishment of debt	$ 133,200,000	$ (54,200,000)	$ 0	133,173,000	$ (29,099,000)
Exchangeable senior notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount (as a percent)			100.00%
Exchangeable senior notes
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock			$ 1,000
5.00% Convertible Senior Notes \| Exchangeable senior notes
Debt Instrument [Line Items]
Interest rate (as a percent)			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			$ 0	200,000,000
5.75% Exchangeable Senior Notes \| Exchangeable senior notes
Debt Instrument [Line Items]
Interest rate (as a percent)	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	0.108696
5.75% Exchangeable Senior Notes \| 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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Transition to Taxable C Corporation

In 2022, the Company’s Board of Directors and management agreed to discontinue actions necessary to maintain qualification as a REIT. Commencing with the taxable year ended December 31, 2022, all of the Company’s taxable income, except for income generated by subsidiaries that have elected REIT status, is subject to U.S. federal and state income tax at the applicable corporate tax rate.

The Company’s transition to a taxable C Corporation in 2022, in and of itself, did not result in significant incremental current income tax expense due to the availability of significant capital loss and net operating loss (“NOL”) carryforwards. The Company's primary source of income subject to tax remains its investment management business, which was already subject to tax through its previously designated taxable REIT subsidiaries.

Income Tax Benefit (Expense)

The components of current and deferred tax benefit (expense) are as follows.


	Year Ended December 31,
(In thousands)	2023		2022		2021
Current
Federal	$	167	$	3,986	$	3,369
State and local	1,058		(786)		(19)
Foreign	(1,252)		(1,163)		—
Total current tax benefit (expense)	(27)		2,037		3,350
Deferred
Federal	(1,004)		(13,850)		15,615
State and local	124		(2,419)		2,498
Foreign	901		1,100		—
Total deferred tax benefit (expense)	21		(15,169)		18,113
Income tax benefit (expense) on continuing operations	$	(6)	$	(13,132)	$	21,463

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

Deferred Income Tax Asset and Liability

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

The components of deferred tax asset and deferred tax liability are as follows.


(In thousands)	December 31, 2023		December 31, 2022
Deferred tax asset
Capital losses (1)	$	366,083	$	252,904
Net operating losses (2)	146,537		92,224
Investment in partnerships	131,828		317,048
Equity-based compensation	15,104		11,856
Intangible assets	5,013		5,959


Deferred income	2,576		2,086
Deferred interest expense	6,050		5,556
Lease liability—corporate offices	12,507		9,341
Lease liability—investment properties	—		6,789
Other	4,487		5,847
Gross deferred tax asset	690,185		709,610
Valuation allowance	(664,397)		(679,057)
Deferred tax asset, net of valuation allowance	25,788		30,553
Deferred tax liability


Intangible assets	23,382		13,725
ROU lease asset—corporate offices	8,527		5,350

ROU lease asset—investment properties	—		6,026
Other	1,909		3,408
Gross deferred tax liability	33,818		28,509
Net deferred tax asset (liability)	$	(8,030)	$	2,044

__________

(1) At December 31, 2023, deferred tax asset was recognized on capital losses of $1.38 billion, which expire between 2024 and 2028, with full valuation allowance established.

Valuation Allowance

Changes in the deferred tax asset valuation allowance are presented below:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Beginning balance	$	679,057	$	12,766	$	1,852
Addition	19,483		666,291		33,756


Utilization and/or reversal	(34,143)		—		(22,842)
Ending balance	664,397		$	679,057	$	12,766

Deferred Income Taxes

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

As of December 31, 2023, a full valuation allowance has been maintained as the more-likely-than-not threshold continues to not be met in assessing realizability of deferred tax assets. As a result, income tax expense in 2023 generally reflects the income tax effect of foreign subsidiaries.

In future periods, if the realizability of all or some portion of these deferred tax assets becomes more likely than not, the associated valuation allowance would be reversed as a deferred tax benefit.

Foreign Subsidiary Earnings

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

Effective Income Tax

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Income (Loss) from continuing operations before income taxes	$	365,629	$	(46,681)	$	(55,999)
Income (Loss) from continuing operations before income taxes attributable to pass-through subsidiaries	NA		NA		(5,905)
Income (Loss) from continuing operations before income taxes attributable to taxable subsidiaries	365,629		(46,681)		(61,904)
Federal income tax benefit (expense) at statutory tax rate (21%)	(76,782)		9,802		13,000
State and local income taxes, net of federal income tax benefit	(21,970)		5,559		1,930
Foreign income tax differential	36		782		—
Effect of change in income tax rate	34,684		—		—

Noncontrolling interests	(27,699)		(44,014)		—
Separately taxable subsidiaries of OP	15,213		21,226		—
Change in ownership of OP, including equity reallocation (Note 2)	—		(2,838)		—
Equity-based compensation	682		1,971		1,814
Valuation allowance (1)	76,087		(784)		1,852
Other, net	(257)		(4,836)		2,867
Income tax benefit (expense) on continuing operations	$	(6)	$	(13,132)	$	21,463

__________

Tax Examinations

The Company is no longer subject to new income tax examinations by U.S. tax authorities for years prior to 2019.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business Combinations - Schedule of Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Mar. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 465,991		$ 298,248
InfraBridge contingent consideration
Business Acquisition [Line Items]
Cash	365,440	$ 364,338
Estimated fair value of contingent consideration	10,874	10,874
Total consideration	376,314	375,212
Cash	51,174	51,174
Principal investments	112,310	130,810
Intangible assets	50,800	50,800
Other assets	34,699	27,682
Deferred tax liabilities	(10,198)	(10,198)
Other liabilities	(30,214)	(21,625)
Fair value of net assets acquired	208,571	228,643
Goodwill	167,743	146,569
Business combination, recognized identifiable assets acquired, goodwill, and liabilities assumed, net	376,314	$ 375,212
Measurement Period Adjustments, Cash consideration	1,102
Measurement Period Adjustments, Estimated fair value of contingent consideration	0
Measurement Period Adjustments, Total
Measurement Period Adjustments, Cash	0
Measurement Period Adjustments, Principal investments	(18,500)
Measurement Period Adjustments, Intangible assets	0
Measurement Period Adjustments, Other assets	7,017
Measurement Period Adjustments, Deferred tax liabilities	0
Measurement Period Adjustments, Other liabilities	(8,589)
Measurement Period Adjustments, Fair value of net assets acquired
Measurement Period Adjustments, Goodwill	$ 21,174

Segment Reporting - Narrative (Details) $ in Thousands	5 Months Ended	12 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	May 31, 2022	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		1
Total assets of consolidated private fund		$ 3,562,550	$ 11,028,503
Investment Management \| Operating Segments
Segment Reporting Information [Line Items]
Total assets of consolidated private fund		$ 1,480,000	$ 875,400
Investment Management \| Investor
Segment Reporting Information [Line Items]
Revenue, percentage of earnings (as a percent)	31.50%

- Definition

+ References

+ Details

Goodwill and Intangibles Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents changes in goodwill assigned to the Investment Management reportable segment.


	Year Ended December 31,
(In thousands)	2023		2022
Beginning balance	$	298,248	$	298,248
Business combination (Note 3)	167,743		—

Ending balance (1)	$	465,991	$	298,248

__________

(1) Remaining goodwill deductible for income tax purposes was $111.8 million at December 31, 2023 and $122.4 million at December 31, 2022.

Schedule of Deferred Leasing Costs and Other Intangibles

Investment management intangible assets are composed of the following:


	December 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)
Investment management contracts	$	150,835	$	(84,824)	$	66,011	$	126,868	$	(68,739)	$	58,129
Investor relationships	53,572		(19,190)		34,382		37,321		(13,693)		23,628
Trade name	4,300		(1,907)		2,393		4,300		(1,476)		2,824
Other (3)	1,518		(554)		964		1,518		(401)		1,117
	$	210,225	$	(106,475)	$	103,750	$	170,007	$	(84,309)	$	85,698

__________

(1) Presented net of impairments and write-offs, if any.

(2) Exclude intangible assets that were fully amortized in prior years.

(3) Represents primarily the value of an acquired domain name.

Schedule of Amortization of Intangible Assets and Liabilities

The following table summarizes amortization of finite-lived intangible assets:


	Year Ended December 31,
(In thousands)		2023		2022		2021
Investment management contracts		$	28,512	$	16,741	$	21,773
Investor relationships		5,474		4,256		4,256
Trade name		430		430		15,904
Other		152		152		114
		$	34,568	$	21,579	$	42,047

Schedule of Estimated Annual Amortization Expense

The following table presents the expected future amortization of finite-lived intangible assets.


	Year Ending December 31,
(In thousands)	2024		2025		2026		2027		2028		2029 and thereafter		Total
Investment management contracts	$	24,739	$	19,049	$	11,449	$	6,460	$	3,480	$	834	$	66,011
Investor relationships	5,610		5,610		5,610		4,945		3,830		8,777		34,382
Trade name	430		430		430		430		430		243		2,393
Other	152		152		152		152		152		204		964
	$	30,931	$	25,241	$	17,641	$	11,987	$	7,892	$	10,058	$	103,750

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0
Valuation allowance	664,397,000	$ 679,057,000	$ 12,766,000	$ 400,200,000	$ 1,852,000
Increase in valuation allowance		134,200,000
Deferred income tax (benefit) expense	$ 21,000	$ (15,169,000)	$ 18,113,000

Fee Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

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


	Year Ended December 31,
(In thousands)		2023		2022		2021
Management fees		$	258,288	$	169,922	$	168,618
Incentive fees		3,229		—		7,174
Other fees		2,600		2,751		5,034
Total fee revenue		$	264,117	$	172,673	$	180,826

Restricted Cash, Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 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)	December 31, 2023		December 31, 2022

Prepaid taxes and deferred tax assets, net	$	14,059	$	8,642
Derivative assets	—		11,793

Receivables from resolution of investment	662		14,923
Operating lease right-of-use asset for corporate offices	33,898		23,689
Accounts receivable, net	8,919		6,263
Prepaid expenses	2,952		2,514
Other assets	11,231		4,063
Fixed assets, net (1)	7,232		8,934
Total other assets	$	78,953	$	80,821

__________

(1) Net of accumulated depreciation of $7.3 million at December 31, 2023 and $9.8 million at December 31, 2022.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	December 31, 2023		December 31, 2022
Deferred investment management fees (1)	$	10,250	$	6,265
Interest payable on corporate debt	2,293		4,376
Common and preferred stock dividends payable	16,477		16,491


Securities sold short—consolidated funds	38,481		40,928
Due to custodians—consolidated funds	9,415		35,457
Current and deferred income tax liability	8,403		42
Contingent consideration payable—InfraBridge (Note 10)	11,338		—
Contingent consideration payable—Wafra (Note 9)	35,000		125,000
Warrants issued to Wafra (Note 9)	39,200		17,700
Operating lease liability for corporate offices	49,035		40,497
Accrued compensation	63,761		46,303
Accrued incentive fee and carried interest compensation	356,316		171,086
Accounts payable and accrued expenses	13,844		25,175
Due to affiliates (Note 16)	10,664		12,451
Other liabilities	16,974		5,152
Other liabilities	$	681,451	$	546,923

__________

Commitments and Contingencies - Schedule of Future Lease Payments (Details) - Corporate Offices $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Operating lease, weighted average discount rate (as a percent)	5.70%
Operating Lease, Liability [Abstract]
2024	$ 9,435
2025	9,454
2026	10,141
2027	9,113
2028	7,067
2029 and thereafter	15,203
Total lease payments	60,413
Present value discount	(11,378)
Operating lease liability on corporate offices	$ 49,035

Stockholders' Equity - Schedule of Preferred and Common Stock Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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)	32,876	33,111
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	33,111	35,340	41,350
Stock repurchase (in shares)	(235)	(2,229)
Preferred stock, ending balance, shares outstanding (in shares)	32,876	33,111	35,340
Redemption of preferred stock (in shares)			(6,010)
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	120,851
Stock repurchase (in shares)		(4,195)
Exchange of notes for class A common stock (in shares)		6,389	18,341
Conversion of class B to class A common stock (in shares)			17
Shares issued pursuant to settlement liability (in shares)			1,488
Equity awards issued, net of forfeitures (in shares)	4,835	1,589	1,645
Shares canceled for tax withholding on vested equity awards (in shares)	(1,642)	(699)	(699)
Common stock, ending balance, shares outstanding (in shares)	163,209	159,763	142,144
Class A Common Stock \| OP Units
Share Activities Of Preferred And Common Stock [Roll Forward]
Shares issued upon redemption of OP Units and redeemable noncontrolling interest (in shares)	253	100	501
Class A Common Stock \| Redeemable Noncontrolling Interests
Share Activities Of Preferred And Common Stock [Roll Forward]
Shares issued upon redemption of OP Units and redeemable noncontrolling interest (in shares)		14,435
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	166	166	183
Conversion of class B to class A common stock (in shares)			(17)
Common stock, ending balance, shares outstanding (in shares)	166	166	166

Fair Value - Schedule of Realized and Unrealized Gain (Loss) on Derivatives not Designated as Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign Exchange Contract \| Net Investment Hedging \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gain (loss) in earnings	$ 4,053	$ 17,092	$ 889
Foreign Exchange Contract \| Net Investment Hedging \| Designated as Hedging Instrument \| Income (loss) from discontinued operations
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) transferred from AOCI to earnings	0	17,334	58,727
Interest Rate Contract
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) transferred from AOCI to earnings	0	0	(1,328)
Realized and unrealized gain (loss) in earnings	0	11,533	(213)
Interest Rate Contract \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) transferred from AOCI to earnings	$ 0	$ 0	$ 20

Goodwill and Intangibles Assets - Schedule of Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 210,225	$ 170,007
Accumulated Amortization	(106,475)	(84,309)
Net Carrying Amount	103,750	85,698
Investment management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	150,835	126,868
Accumulated Amortization	(84,824)	(68,739)
Net Carrying Amount	66,011	58,129
Investor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	53,572	37,321
Accumulated Amortization	(19,190)	(13,693)
Net Carrying Amount	34,382	23,628
Trade name \| Investment Management
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	4,300	4,300
Accumulated Amortization	(1,907)	(1,476)
Net Carrying Amount	2,393	2,824
Other \| Investment Management
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	1,518	1,518
Accumulated Amortization	(554)	(401)
Net Carrying Amount	$ 964	$ 1,117

Business and Organization	12 Months Ended
Business and Organization	Dec. 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, liquid securities, and mid-market global infrastructure equity through InfraBridge (Note 3). On December 31, 2023, the Operating segment was discontinued following full deconsolidation of the portfolio companies in the Operating segment, as discussed in Note 9, at which time, the activities thereof qualified as discontinued operations (Note 2). All prior periods presented have been reclassified to conform to current period presentation as discontinued operations. Organization The Company operates as a taxable C Corporation commencing with the taxable year ended December 31, 2022. The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, DigitalBridge Operating Company, LLC (the "Operating Company" or the "OP"). At December 31, 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.

Income Taxes - Schedule of Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (Loss) from continuing operations before income taxes	$ 365,629	$ (46,681)	$ (55,999)
Income (Loss) from continuing operations before income taxes attributable to pass-through subsidiaries			(5,905)
Income (Loss) from continuing operations before income taxes attributable to taxable subsidiaries	365,629	(46,681)	(61,904)
Federal income tax benefit (expense) at statutory tax rate (21%)	(76,782)	9,802	13,000
State and local income taxes, net of federal income tax benefit	(21,970)	5,559	1,930
Foreign income tax differential	36	782	0
Effect of change in income tax rate	34,684	0	0
Noncontrolling interests	(27,699)	(44,014)	0
Separately taxable subsidiaries of OP	15,213	21,226	0
Change in ownership of OP, including equity reallocation (Note 2)	0	(2,838)	0
Equity-based compensation	682	1,971	1,814
Valuation allowance	76,087	(784)	1,852
Other, net	(257)	(4,836)	2,867
Income tax benefit (expense) on continuing operations	$ (6)	$ (13,132)	$ 21,463

Fee Revenue - Narrative (Details)	12 Months Ended
Fee Revenue - Narrative (Details)	Dec. 31, 2023
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Concentration One
Management Fee Income [Line Items]
Concentration (as a percent)	24.00%
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Concentration Two
Management Fee Income [Line Items]
Concentration (as a percent)	20.00%
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Concentration Three
Management Fee Income [Line Items]
Concentration (as a percent)	15.00%
Private Funds \| Base Management Fees \| Minimum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	0.64%
Private Funds \| Base Management Fees \| Maximum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	1.60%
NAV Write-Downs \| Base Management Fees \| Minimum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	0.25%
NAV Write-Downs \| Base Management Fees \| Maximum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	1.10%
Credit and Co-Investment Vehicles \| Base Management Fees \| Minimum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	0.30%
Credit and Co-Investment Vehicles \| Base Management Fees \| Maximum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	1.25%
Infrabridge Vehicles \| Base Management Fees \| Minimum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	0.15%
Infrabridge Vehicles \| Base Management Fees \| Maximum \| Fee revenue
Management Fee Income [Line Items]
Management fee revenue, percent of total commitments during commitment period and thereafter invested capital (as a percent)	2.00%

Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interests

9. Noncontrolling Interests

Redeemable Noncontrolling Interests


	Year Ended December 31,
(In thousands)	2023		2022		2021
Redeemable noncontrolling interests
Beginning balance	$	100,574	$	359,223	$	305,278
Contributions	300		11,650		42,514
Distributions paid and payable, including redemptions by limited partners in consolidated funds	(89,515)		(20,784)		(23,246)
Net income (loss)	6,503		(26,778)		34,677
Adjustment of Wafra's interest to redemption value and warrants held by Wafra to fair value	—		725,026		—
Redemption of Wafra's interest	—		(862,276)		—
Reclassification of warrants held by Wafra to liability in May 2022 (Note 6)	—		(81,400)		—
Reclassification of Wafra's carried interest allocation to noncontrolling interests in investment entities in May 2022	—		(4,087)		—

Ending balance	$	17,862	$	100,574	$	359,223

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 Wafra 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 10. 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 and Vantage SDC represent portfolio companies managed by the Company under its Investment Management segment with respect to equity interests owned by third party capital and, prior to deconsolidation (as discussed below) and reclassification to discontinued operations in 2023 (Note 2), were consolidated in the Company's former Operating segment.

DataBank

2022 DataBank Recapitalization

The Company began a partial recapitalization of DataBank in the second half of 2022 through multiple sales of equity interest to new investors, resulting in net proceeds to the Company of approximately $425.5 million, including its share of carried interest, net of allocation to employees and former employees of $20.1 million (the "2022 Recapitalization"). As a result of the 2022 Recapitalization, the Company's ownership decreased from 21.8% to 11.0% at December 31, 2022.

Upon completion of the 2022 Recapitalization, the Company reconsidered its consolidation assessment and concluded that it remained the primary beneficiary of the VIE through which it holds its interest in DataBank. As the 2022 Recapitalization 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 fair 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.

2023 DataBank Recapitalization and Deconsolidation

In September 2023, the Company completed the partial recapitalization of DataBank through additional sales of equity interest to new investors (the "2023 Recapitalization"), resulting in net proceeds to the Company of $49.4 million, including carried interest of $27.9 million. As a result of the 2023 Recapitalization, the Company's ownership interest in DataBank decreased from 11.0% to 9.87%.

Upon completion of the 2023 Recapitalization, the Company reconsidered its consolidation assessment and concluded that it no longer held a controlling financial interest in DataBank and was no longer the primary beneficiary of the VIE through which it holds its interest in DataBank. As a result, the Company deconsolidated DataBank effective September 14, 2023, and accounts for its remaining investment in DataBank using the equity method.

In connection with the deconsolidation, the Company realized a $3.7 million gain from the sale of its equity interest in the 2023 Recapitalization, and remeasured its remaining 9.87% equity interest in DataBank at a fair value of $434.5 million (Note 4) based upon the pricing of the recapitalization, which resulted in an unrealized gain of $275.0 million. The total gain of $278.7 million was recorded in other gain (loss), net on the Company's consolidated statements of operations, and is presented in Corporate and Other.

As of December 31, 2023, the Company's interest in DataBank was 9.5% following a dilution of its interest as a result of a rights offering by DataBank in November 2023.

Vantage SDC

Vantage SDC Deconsolidation

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 existing owners of Vantage SDC. Through 2023, the cost of the expansion capacity had been funded by Vantage SDC from borrowings under its credit facilities or through cash from operations, except for a $122 million payment that has been deferred to December 2024 and treated as a contribution of infrastructure assets and lease intangibles by the existing owners of Vantage SDC that was funded through equity. On December 31, 2023, there was an accelerated settlement of $36 million of the deferred payment through a combination of a) a reallocation of equity from DBRG and its co-investors to the existing owners at 150%; and b) issuance of a note payable to an existing owner. This settlement transaction resulted in a dilution of the ownership held by DBRG and its co-investors in Vantage SDC, with DBRG's interest decreasing from 13.1% to 12.8%.

On December 31, 2023, in connection with the accelerated partial settlement of the deferred payment which diluted the Company's interest in Vantage SDC, certain governance changes were concurrently made at Vantage SDC. This resulted in a dilution of the Company's voting rights and the Company is no longer deemed to control the Board of Managers of Vantage SDC. In light of the governance changes, the Company reconsidered its consolidation assessment and concluded that it no longer held a controlling financial interest in Vantage SDC and was no longer the primary beneficiary of Vantage SDC. As a result, the Company deconsolidated Vantage SDC effective December 31, 2023. The Company's interest in Vantage SDC is held through two consolidated funds, which aggregated to a 38.3% interest in Vantage SDC, of which the Company's share is 12.8% and remaining 25.6% is held by limited partners of the consolidated funds which represent noncontrolling interests. In connection with the deconsolidation, the remaining interest in Vantage SDC held by the consolidated funds were remeasured at fair value of $393.8 million (Note 4), resulting in an immaterial difference in the remeasured value, recorded in earnings.

Effect of Deconsolidation on Financial Statement Presentation

The deconsolidation of DataBank and Vantage SDC in 2023 resulted in derecognition of $8.55 billion of assets, $5.94 billion of liabilities and $2.06 billion of noncontrolling interests in investment entities. Subsequent to deconsolidation, the Company's consolidated financial statements include only its equity method investment in DataBank and its consolidated funds' investment in Vantage SDC, carried at fair value, along with noncontrolling interests representing the limited partners of the consolidated funds, and changes in fair value of these investments. The Company's investments in DataBank and Vantage SDC are presented in Corporate and Other, consistent with the treatment and presentation of the Company's other consolidated funds and of its interest as general partner affiliate in other sponsored investment vehicles (Note 4).

Noncontrolling Interests in Operating Company

Certain current and former employees of the Company directly or indirectly own interests in OP, presented as noncontrolling interests in the Operating Company. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s OP Units for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP.

Redemption of OP Units—The Company redeemed OP Units totaling 253,084 in 2023 and 100,220 in 2022 through issuance of an equal number of shares of class A common stock on a one-for-one basis.

Transactions with Affiliates - Schedule of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due from affiliates	$ 85,815	$ 45,360
Related Party
Related Party Transaction [Line Items]
Due to affiliates	10,664	12,451
Fee revenue
Related Party Transaction [Line Items]
Due from affiliates	71,427	35,010
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	14,388	7,031
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	0	3,319
Employees and other affiliates \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	541	658
Investment vehicles—Derivative obligation \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	0	11,793
Investment vehicles—InfraBridge (Note 3) \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	$ 10,123	$ 0

Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

11. Earnings per Share

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


	Year Ended December 31,
(In thousands, except per share data)		2023		2022		2021
Net income (loss) allocated to common stockholders


Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.		$	241,279	$	(129,578)	$	(80,312)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.		(55,999)		(192,219)		(229,785)
Net income (loss) attributable to DigitalBridge Group, Inc.		185,280		(321,797)		(310,097)
Preferred stock repurchases/redemptions (Note 8)		927		1,098		(4,992)
Preferred dividends		(58,656)		(61,567)		(70,627)
Net income (loss) attributable to common stockholders		127,551		(382,266)		(385,716)
Net income (loss) allocated to participating securities		(2,179)		(34)		—
Net income (loss) allocated to common stockholders—basic		125,372		(382,300)		(385,716)
Interest expense attributable to convertible and exchangeable notes (1)		5,050		—		—
Net income (loss) allocated to common stockholders—diluted		$	130,422	$	(382,300)	$	(385,716)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic		159,868		154,495		122,864
Weighted average effect of dilutive shares (1)(2)(3)		9,852		—		—
Weighted average number of common shares outstanding—diluted		169,720		154,495		122,864
Income (loss) per share—basic
Income (Loss) from continuing operations		$	1.13	$	(1.23)	$	(1.27)
Income (Loss) from discontinued operations		(0.35)		(1.24)		(1.87)
Net income (loss) attributable to common stockholders per common share—basic		$	0.78	$	(2.47)	$	(3.14)
Income (loss) per share—diluted
Income (Loss) from continuing operations		$	1.10	$	(1.23)	$	(1.27)
Income (Loss) from discontinued operations		(0.33)		(1.24)		(1.87)
Net income (loss) attributable to common stockholders per common share—diluted		$	0.77	$	(2.47)	$	(3.14)

__________

Equity-Based Compensation - Schedule of Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 55,825	$ 32,703	$ 35,650
Compensation expense (including $0, $(410) and $1,194 expense related to dividend equivalent rights)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	55,597	31,281	35,428
Amortization of fair value of dividend equivalent right	0	(410)	1,194
Administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 228	$ 1,422	$ 222

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Schedule of Securitized Financing Facility Facility (Details)	1 Months Ended
	Apr. 30, 2022 USD ($)	Jul. 31, 2021 USD ($) extension	Dec. 31, 2023 USD ($)
Series 2021-1 Class A-2 Notes \| Secured Debt
Line of Credit Facility [Line Items]
Secured debt		$ 300,000,000
Interest rate (as a percent)		3.933%
Principal prepayment (as a percent)		1.00%
VFN Notes \| Secured Debt
Line of Credit Facility [Line Items]
Percentage of unused amount (as a percent)		0.50%
Number of extensions \| extension		2
Extension term (in years)		1 year
VFN Notes \| Secured Debt \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		3.00%
VFN Notes \| Line of Credit
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility		$ 300,000,000	$ 300,000,000
Increase in line of credit facility	$ 100,000,000

Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,469,489	$ 4,912,390	$ 6,984,590
Deconsolidation of investment entities and DataBank	(2,136,854)	(376,177)	(1,079,660)
Ending balance	2,491,301	4,469,489	4,912,390
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,509)	42,383	122,123
Other comprehensive income (loss) before reclassifications	2,905	(4,956)	(45,867)
Amounts reclassified from AOCI	(950)	(38,936)	(32,391)
Deconsolidation of investment entities and DataBank	965		(1,482)
Ending balance	1,411	(1,509)	42,383
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	17,718
Other comprehensive income (loss) before reclassifications	(1)	(2,429)	(12,386)
Amounts reclassified from AOCI	296	(200)	(2,998)
Deconsolidation of investment entities and DataBank	0		0
Ending balance	0	(295)	2,334
Unrealized Gain (Loss) on AFS Debt Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	5,861	6,072
Other comprehensive income (loss) before reclassifications	0	0	(211)
Amounts reclassified from AOCI	0	(5,861)	0
Deconsolidation of investment entities and DataBank	0		0
Ending balance	0	0	5,861
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	(233)
Other comprehensive income (loss) before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	233
Deconsolidation of investment entities and DataBank	0		0
Ending balance	0	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	52,832
Other comprehensive income (loss) before reclassifications	2,906	(10,923)	(35,001)
Amounts reclassified from AOCI	(1,246)	(16,793)	10,153
Deconsolidation of investment entities and DataBank	965		(1,482)
Ending balance	1,411	(1,214)	26,502
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	7,686	45,734
Other comprehensive income (loss) before reclassifications	0	8,396	1,731
Amounts reclassified from AOCI	0	(16,082)	(39,779)
Deconsolidation of investment entities and DataBank	0		0
Ending balance	0	0	7,686
AOCI - Noncontrolling Interests In Investment Entities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,015)	11,057	97,914
Other comprehensive income (loss) before reclassifications	884	(4,571)	(65,127)
Amounts reclassified from AOCI	(468)	(9,501)	(15,433)
Deconsolidation of investment entities and DataBank	2,550		(6,297)
Ending balance	(49)	(3,015)	11,057
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	(1,030)
Other comprehensive income (loss) before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	1,030
Deconsolidation of investment entities and DataBank	0		0
Ending balance	0	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,015)	11,057	83,845
Other comprehensive income (loss) before reclassifications	884	(4,571)	(65,127)
Amounts reclassified from AOCI	(468)	(9,501)	(1,364)
Deconsolidation of investment entities and DataBank	2,550		(6,297)
Ending balance	(49)	(3,015)	11,057
Unrealized Gain (Loss) on Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	0	15,099
Other comprehensive income (loss) before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	(15,099)
Deconsolidation of investment entities and DataBank	0		0
Ending balance	$ 0	$ 0	$ 0

Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Quantitative Level 3 Recurring Fair Values

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.


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2023
Assets
Investments (Note 4)
Other equity investments	$	17,487	$	—	$	—	$	17,487
CLO subordinated notes	—		—		50,927		50,927
Equity investments of consolidated funds	66,297		—		416,614		482,911
Fair Value Option:
Equity method investment	—		—		6,700		6,700
Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		11,338		11,338

Warrants issued to Wafra	—		—		39,200		39,200
Securities of consolidated funds sold short	38,481		—		—		38,481
December 31, 2022
Assets
Investments (Note 4)
Other equity investments	$	16,790	$	—	$	—	16,790
CLO subordinated notes	—		—		50,927		50,927
Equity investments of consolidated funds	139,075		—		46,770		185,845
Fair Value Option:
Loans receivable	—		—		133,307		133,307
Other assets—derivative assets	—		11,793		—		11,793
Liabilities
Other liabilities

Warrants issued to Wafra	—		—		17,700		17,700
Securities of consolidated funds sold short	40,928		—		—		40,928

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

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


	Year Ended December 31,
(In thousands)		2023		2022		2021
Foreign currency contracts:
Designated contracts
Realized gain (loss) transferred from AOCI to earnings		$	—	$	17,334	$	58,727

Non-designated contracts
Realized and unrealized gain (loss) in earnings (1)		4,053		17,092		889
Interest rate contracts:
Designated contracts
Interest expense (2)		—		—		20
Realized gain (loss) transferred from AOCI to earnings		—		—		(1,328)
Non-designated contracts
Realized and unrealized gain (loss) in earnings		—		11,533		(213)

__________

(1) Includes amounts related to foreign currency contract entered into on behalf of a sponsored fund, which had no net impact to the Company's earnings, (Note 16).

Schedule 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).


	Level 3 Assets								Level 3 Liabilities
			Fair Value Option				Equity Investment of Consolidated Fund		Warrants		InfraBridge Contingent Consideration
(In thousands)	AFS Debt Securities		Loans Receivable		Equity Method Investments









Fair value at December 31, 2021	$	—	$	78,607	$	—	$	—	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		370,496		—		35,566		—		—
Transfer out of equity to liability	—		—		—		—		81,400		—
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—		—		—
Paydowns	—		(159,501)		—		—		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—		—		—
Consolidation of sponsored fund	—		—		—		10,536		—		—
Unrealized gain (loss) in earnings, net	—		(38,797)		—		668		(63,700)		—
Fair value at December 31, 2022	$	50,927	$	133,307	$	—	$	46,770	$	17,700	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(28,706)	$	—	$	668	$	(63,700)	$	—

Fair value at December 31, 2022	$	50,927	$	133,307	$	—	$	46,770	$	17,700	$	—
Contributions	—		—		20,000		85,486		—		—
Consolidation of sponsored funds	—		—		—		393,614		—		—
Business combination	—		—		—		—		—		10,874
Change in consolidated fund's share of equity investment (1)	—		—		—		1,842		—		—
Paydown of underlying loans held by equity investment of consolidated fund	—		—		—		(8,109)		—		—
Unrealized gain (loss) in earnings, net	—		(133,307)		(13,300)		2,216		21,500		464
Deconsolidation of sponsored fund	—		—		—		(105,205)		—		—
Fair value at December 31, 2023	$	50,927	$	—	$	6,700	$	416,614	$	39,200	$	11,338

Net unrealized gain (loss) in earnings on instruments held at December 31, 2023	$	—	$	(133,307)	$	(13,300)	$	—	$	21,500	$	464

__________

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

Schedule 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).


	Level 3 Assets								Level 3 Liabilities
			Fair Value Option				Equity Investment of Consolidated Fund		Warrants		InfraBridge Contingent Consideration
(In thousands)	AFS Debt Securities		Loans Receivable		Equity Method Investments









Fair value at December 31, 2021	$	—	$	78,607	$	—	$	—	$	—	$	—
Purchases, originations, drawdowns and contributions	50,927		370,496		—		35,566		—		—
Transfer out of equity to liability	—		—		—		—		81,400		—
Change in accrued interest and capitalization of paid-in-kind interest	—		5,814		—		—		—		—
Paydowns	—		(159,501)		—		—		—		—
Transfer of warehoused loans to sponsored fund	—		(123,312)		—		—		—		—
Consolidation of sponsored fund	—		—		—		10,536		—		—
Unrealized gain (loss) in earnings, net	—		(38,797)		—		668		(63,700)		—
Fair value at December 31, 2022	$	50,927	$	133,307	$	—	$	46,770	$	17,700	$	—

Net unrealized gain (loss) in earnings on instruments held at December 31, 2022	$	—	$	(28,706)	$	—	$	668	$	(63,700)	$	—

Fair value at December 31, 2022	$	50,927	$	133,307	$	—	$	46,770	$	17,700	$	—
Contributions	—		—		20,000		85,486		—		—
Consolidation of sponsored funds	—		—		—		393,614		—		—
Business combination	—		—		—		—		—		10,874
Change in consolidated fund's share of equity investment (1)	—		—		—		1,842		—		—
Paydown of underlying loans held by equity investment of consolidated fund	—		—		—		(8,109)		—		—
Unrealized gain (loss) in earnings, net	—		(133,307)		(13,300)		2,216		21,500		464
Deconsolidation of sponsored fund	—		—		—		(105,205)		—		—
Fair value at December 31, 2023	$	50,927	$	—	$	6,700	$	416,614	$	39,200	$	11,338

Net unrealized gain (loss) in earnings on instruments held at December 31, 2023	$	—	$	(133,307)	$	(13,300)	$	—	$	21,500	$	464

__________

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

Schedule of Fair Value Information on Financial Instruments Reported at Cost

Fair value of financial instruments reported at amortized cost are presented below.


	Fair Value Measurements								Carrying Value
(In thousands)	Level 1		Level 2		Level 3		Total
December 31, 2023
Liabilities
Corporate debt
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	294,267
Exchangeable senior notes	—		152,296		—		152,296		77,516


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	—		—		465		465		465

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash Flows from Operating Activities

Net income (loss)

$ 45,165

$ (569,997)

$ (816,911)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Amortization of discount and net origination fees on loans receivable and debt securities

Paid-in-kind interest added to loan principal

(948)

(7,144)

8,398

Straight-line rent income

(10,286)

(25,488)

2,778

Amortization of above- and below-market lease values, net

1,664

208

5,042

Amortization of deferred financing costs and debt discount and premium, net

21,119

106,410

65,129

Unrealized carried interest allocation

(334,672)

(253,447)

(100,800)

Unrealized principal investment income

(145,448)

(56,731)

(86,023)

Other equity method (earnings) losses

15,188

45,489

194,071

Distributions of income from equity method investments

3,776

2,992

3,054

Impairment of real estate and intangible assets

35,985

319,263

Allowance for doubtful accounts

3,294

Depreciation and amortization

485,551

579,250

636,555

Equity-based compensation

67,639

54,710

59,416

Gain on sales of real estate, net

(49,429)

Deferred income tax (benefit) expense

(69)

11,572

(68,454)

(Gain) Loss on debt extinguishment

133,173

(29,099)

Other (gain) loss, net

(101,209)

22,245

114,418

Other adjustments, net

162

(997)

(7,484)

(Increase) decrease in other assets and due from affiliates

(7,058)

35,372

(72,700)

Increase (decrease) in accrued and other liabilities and due to affiliates

193,063

148,980

67,719

Net cash provided by (used in) operating activities

233,637

262,582

248,237

Cash Flows from Investing Activities

Contributions to and acquisition of equity investments

(584,589)

(570,035)

(549,621)

Return of capital from equity method investments

79,229

59,248

90,205

Proceeds from sale of equity investments

695,683

522,337

564,025

Acquisition of loans receivable and debt securities

(164,815)

(147,498)

Proceeds from paydown and maturity of debt securities

573

1,261

Net disbursements on originated loans

(215,918)

(33,272)

Repayments of loans receivable

6,804

23,956

485,613

Proceeds from sales of loans receivable and debt securities

401,002

146,004

Acquisition of and additions to real estate, related intangibles and leasing commissions

(653,470)

(2,141,237)

(828,361)

Proceeds from sales of real estate investment holding entities

162,268

408,391

Investment deposits

(4,140)

630

(21,418)

Net receipt (payment) on settlement of derivatives

3,401

9,352

17,123

Acquisition of InfraBridge, net of cash acquired (Note 3)

(314,266)

Proceeds from sale of fixed assets

14,946

Cash and restricted cash derecognized in deconsolidation of investment entities

(229,183)

Proceeds from DataBank recapitalization, net of carried interest distribution

21,487

Other investing activities, net

(769)

(833)

Net cash provided by (used in) investing activities

(979,044)

(1,913,408)

146,565

Cash Flows from Financing Activities

Dividends paid to preferred stockholders

(58,761)

(62,395)

(73,384)

Dividends paid to common stockholders

(6,477)

(1,636)

Repurchases of common stock

(55,006)

Borrowings on corporate debt

290,000

345,000

Repayments of corporate debt, including senior notes

(200,000)

(304,237)

(76,502)

Borrowings from investment level debt

1,722,443

872,726

2,094,722

Repayments of investment level debt

(1,199,865)

(210,268)

(1,643,900)

Payment of deferred financing costs and prepayment penalties on investment level debt

(38,029)

(18,688)

(48,127)

Contributions from noncontrolling interests

116,081

2,625,612

232,144

Distributions to and redemptions of noncontrolling interests

(163,802)

(2,109,229)

(249,083)

Payment of contingent consideration to Wafra

(90,000)

Repurchases of preferred stock

(4,758)

(52,779)

(150,250)

Shares canceled for tax withholdings on vested equity awards

(18,680)

(18,239)

(19,360)

Acquisition of noncontrolling interest

(32,076)

Net cash provided by (used in) financing activities

58,152

923,785

411,260

Effect of exchange rates on cash, cash equivalents and restricted cash

766

(2,465)

(2,825)

Net increase (decrease) in cash, cash equivalents and restricted cash

(686,489)

(729,506)

803,237

Cash, cash equivalents and restricted cash—beginning of period

1,036,739

1,766,245

963,008

Cash, cash equivalents and restricted cash—end of period

350,250

1,036,739

1,766,245

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Roll Forward]

Cash and cash equivalents, beginning balance

855,564

1,226,897

703,544

Restricted cash, beginning balance

4,854

7,511

67,772

Cash and cash equivalents included in assets held for disposition, begining balance

62,690

375,205

Restricted cash included in assets held for disposition, beginning balance

113,631

156,632

191,692

Cash and cash equivalents, ending balance

345,335

855,564

1,226,897

Restricted cash, ending balance

4,915

4,854

7,511

Cash and cash equivalents included in assets held for disposition, ending balance

62,690

375,205

Restricted cash included in assets held for disposition, ending balance

113,631

156,632

Total cash, cash equivalents, and restricted cash

350,250

1,036,739

1,766,245

Supplemental Disclosure of Cash Flow Information

Cash paid for interest, net of amounts capitalized of $5,433, $3,206 and $1,567

179,071

219,851

444,365

Cash received (paid) for income taxes

11,747

5,927

Operating lease payments for corporate offices

9,096

9,651

10,358

Operating lease payments for TowerCo

11,709

Supplemental Disclosure of Cash Flows from Discontinued Operations

Net cash provided by (used in) operating activities of discontinued operations

233,903

300,482

375,250

Net cash provided by (used in) investing activities of discontinued operations

(600,050)

(1,377,005)

336,102

Supplemental Disclosure of Noncash Investing and Financing Activities

Dividends and distributions payable

16,477

16,491

15,759

Receivables from asset sales

662

16,824

14,045

Contingent consideration for acquisition of InfraBridge

10,874

Redemption of OP Units for common stock

984

341

4,647

Redemption of redeemable noncontrolling interest for common stock

348,759

Exchange of notes into shares of Class A common stock

60,317

161,261

Debt assumed by buyer in sale of real estate

44,148

Seller note received in sale of NRF Holdco equity (Note 2)

154,992

Loan receivable relieved in exchange for equity investment acquired

20,676

Vantage SDC capacity funded through equity, net of liability settlement (Note 9)

109,562

Operating lease ROU assets and lease liabilities established for corporate offices

15,314

5,837

421

Assets of investment entities disposed of in sale of equity and/or deconsolidated

^[1]

8,659,140

4,689,188

5,614,465

Liabilities of investment entities disposed of in sale of equity and/or deconsolidated

^[1]

5,941,332

3,948,016

4,291,557

Assets of investment entities deconsolidated

^[1]

Liabilities of investment entities deconsolidated

^[1]

Noncontrolling interests of investment entities disposed of in sale of equity and/or deconsolidated

^[1]

$ 2,398,693

$ 415,098

$ 1,080,134

[1]	Represents deconsolidation of Vantage SDC and DataBank in 2023, sale of Wellness Infrastructure business in 2022, and sale of non-digital investment portfolio and hospitality business in 2021 (Notes 9 and 2)

Business and Organization (Details) - DigitalBridge Operating Company	12 Months Ended
	Dec. 31, 2023
Certain Employees
Business Acquisition [Line Items]
Senior management ownership (as a percent)	7.00%
Parent
Business Acquisition [Line Items]
General partner ownership (as a percent)	93.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Principles of Consolidation

Noncontrolling Interests

Prior to full redemption in May 2022, there was also redeemable noncontrolling interests in the Company's investment management business, as discussed in Note 9.

Foreign Currency

Fair Value Measurement

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

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

Fair Value Option

The Company has elected fair value option to account for certain equity method investments and loans receivable.

Business Combinations

Cash and Cash Equivalents

Restricted Cash

Investments

Equity Investments

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

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

Debt Securities

Loans Receivable

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

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

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

Goodwill

Identifiable Intangibles

Impairment

Accounts Receivable and Related Allowance

Fixed Assets

Derivative Instruments and Hedging Activities

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

Leases

Financing Costs

Fee Revenue

Fee revenue consists primarily of the following:

Other Income

Other income includes primarily the following:

Property Operating Income—2022 included lease income from a tower portfolio, acquired in June 2022 as a warehoused investment and transferred to a core equity fund in December 2022.

Compensation

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

Income Taxes

Uncertain Tax Positions

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

Earnings Per Share

Discontinued Operations

Reclassifications

Accounting Policies Related to Real Estate

Accounting policies related to real estate are applicable to continuing operations in 2022 and to discontinued operations in all periods presented.

Real Estate Acquisitions

Previously warehoused investment

The following table summarizes the allocation of cash consideration to TowerCo assets acquired and liabilities assumed, including capitalized transaction costs, in 2022.


	(In thousands)




Real estate	$	363,121

Intangible assets	673,218
ROU and other assets	234,462

Deferred tax liabilities	(243,223)
Lease and other liabilities	(236,324)
Fair value of net assets acquired	$	791,254

• Lease-related intangibles were composed of the following:

• In-place leases reflect the value of rental income forgone if the towers acquired were not leased, discounted at 6.8%, with remaining lease terms of 15 years.

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

Real Estate Held for Investment

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

Real Estate Held for Disposition

Lease-Related Intangibles

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

Impairment analysis on lease intangible assets is performed in connection with the impairment assessment of the related real estate.

Property Operating Income

Property operating income includes the following:

Lease Income

Rental Income and Tenant Reimbursements

Data Center Service Revenue

Resident Fee Income

Hotel Operating Income

Collectability of property operating income receivable (excluding lease income receivable)

Accounting Standards Adopted in 2023 and Future Accounting Standards

Accounting Standards Adopted in 2023

Contractual Sale Restriction on Equity Securities

Future Accounting Standards

Reportable Segment Disclosures

•Description of how CODM uses each reported segment profit (loss) measure to assess segment performance and determine resource allocation; and

•Title and position of individual or name of group or committee identified as CODM.

The Company adopted this ASU on its effective date of January 1, 2024.

Income Tax Disclosures

This ASU is effective January 1, 2025, with early adoption permitted in the interim or annual periods. Transition is prospective with the option to apply retrospective application.

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Distributed carried interest	$ 28,400	$ 152,500
Distributed carried interest subject to clawback	180,900
Acquisition price totaling			$ 232,700
Warehoused loans			$ 172,500
Current And Former Employees
Schedule of Equity Method Investments [Line Items]
Distributed carried interest	800	119,800
Distributed carried interest subject to clawback	120,600
Principal investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,194,417	410,511
Other equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 71,417	$ 115,024

Earnings per Share (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$ 241,279	$ (129,578)	$ (80,312)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(55,999)	(192,219)	(229,785)
Net income (loss) attributable to DigitalBridge Group, Inc.	185,280	(321,797)	(310,097)
Preferred stock repurchases/redemptions (Note 8)	927	1,098	(4,992)
Preferred dividends	(58,656)	(61,567)	(70,627)
Net income (loss) attributable to common stockholders	127,551	(382,266)	(385,716)
Net income (loss) allocated to participating securities	(2,179)	(34)	0
Net income (loss) allocated to common stockholders—basic	125,372	(382,300)	(385,716)
Interest on Convertible and Exchangeable Debt, Net of Tax	5,050	0	0
Net income (loss) allocated to common stockholders—diluted	$ 130,422	$ (382,300)	$ (385,716)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	159,868,000	154,495,000	122,864,000
Weighted average effect of dilutive shares (in shares) \| shares	9,852,000	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	169,720,000	154,495,000	122,864,000
Income (loss) per share—basic
Income (Loss) from continuing operations (in dollars per share) \| $ / shares	$ 1.13	$ (1.23)	$ (1.27)
Income (Loss) from discontinued operations (in dollars per share) \| $ / shares	(0.35)	(1.24)	(1.87)
Net income (loss) loss attributable to common stockholders per common share - basic (in dollars per share) \| $ / shares	0.78	(2.47)	(3.14)
Income (loss) per share—diluted
Income (Loss) from continuing operations (in dollars per share) \| $ / shares	1.10	(1.23)	(1.27)
Income (Loss) from discontinued operations (in dollars per share) \| $ / shares	(0.33)	(1.24)	(1.87)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share) \| $ / shares	$ 0.77	$ (2.47)	$ (3.14)
Conversion ratio	1
Convertible Debt Securities
Income (loss) per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 3,100	$ 16,600	$ 54,700
Weighted average dilutive common share (in shares) \| shares	912,900	12,901,700	33,849,100
Debt extinguishment loss excluded from diluted EPS		$ 133,200
Performance Shares
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares		1,298,900	2,712,700
Common Stock Warrants
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	667,400	1,742,800	2,659,400
OP Units
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	12,375,800	12,628,900	12,613,800

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

8. Stockholders' Equity

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


	Number of Shares
(In thousands)	Preferred Stock	Class A Common Stock	Class B Common Stock
Shares outstanding at December 31, 2020	41,350	120,851	183
Redemption of preferred stock	(6,010)	—	—
Exchange of notes for class A common stock	—	18,341	—
Shares issued upon redemption of OP Units	—	501	—
Conversion of class B to class A common stock	—	17	(17)
Shares issued pursuant to settlement liability (1)	—	1,488	—
Equity-based compensation, net of forfeitures	—	1,645	—
Shares canceled for tax withholding on vested stock awards	—	(699)	—
Shares outstanding at December 31, 2021	35,340	142,144	166


Stock repurchases	(2,229)	(4,195)	—
Exchange of notes for class A common stock	—	6,389	—
Shares issued upon redemption of OP Units	—	100	—

Shares issued for redemption of redeemable noncontrolling interest (Note 9)	—	14,435	—
Equity awards issued, net of forfeitures	—	1,589	—
Shares canceled for tax withholding on vested equity awards	—	(699)	—


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



Stock repurchases	(235)	—	—

Shares issued upon redemption of OP Units	—	253	—


Equity awards issued, net of forfeitures	—	4,835	—
Shares canceled for tax withholding on vested equity awards	—	(1,642)	—
Shares outstanding at December 31, 2023	32,876	163,209	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 December 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	8,395	$	84	$	209,870	Currently redeemable
Series I	7.15	%	June 2017	12,867	129		321,668		Currently redeemable
Series J	7.125	%	September 2017	11,614	116		290,361		Currently redeemable
				32,876	$	329	$	821,899

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 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. 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. At that time, the number of authorized shares of common stock was not concurrently adjusted and par value of common stock was proportionately increased from $0.01 to $0.04 per share. Following stockholder approval in May 2023, the number of authorized shares of class A and class B common stock was proportionally decreased to 237,250,000 shares and 250,000 shares, respectively and par value of common stock was proportionately decreased from $0.04 to $0.01 per share, resulting in approximately $4.9 million increase in additional paid-in capital.

Stock Repurchases

Pursuant to a $200 million stock repurchase program announced in July 2022 that expired in June 2023:

•In 2023, the Company repurchased 235,223 shares in aggregate across Series H, I and J preferred stock for approximately $4.7 million, or a weighted average price of $20.18 per share.

•In 2022, the Company repurchased (i) 2,228,805 shares in aggregate across Series H, I and J preferred stock for $52.6 million, or a weighted average price of $23.62 per share; and (ii) 4,195,020 shares of class A common stock for $54.9 million, or a weighted average price of $13.09 per share.

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

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)

Changes in Components of AOCI—Stockholders


(In thousands)	Company's Share in AOCI of Equity Method Investments		Unrealized Gain (Loss) on AFS Debt Securities		Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2020	$	17,718	$	6,072	$	(233)	$	52,832	$	45,734	$	122,123
Other comprehensive income (loss) before reclassifications	(12,386)		(211)		—		(35,001)		1,731		(45,867)
Amounts reclassified from AOCI	(2,998)		—		233		10,153		(39,779)		(32,391)
Deconsolidation of investment entities	—		—		—		(1,482)		—		(1,482)
AOCI at December 31, 2021	2,334		5,861		—		26,502		7,686		42,383
Other comprehensive income (loss) before reclassifications	(2,429)		—		—		(10,923)		8,396		(4,956)
Amounts reclassified from AOCI	(200)		(5,861)		—		(16,793)		(16,082)		(38,936)



AOCI at December 31, 2022	(295)		—		—		(1,214)		—		(1,509)
Other comprehensive income (loss) before reclassifications	(1)		—		—		2,906		—		2,905
Amounts reclassified from AOCI	296		—		—		(1,246)		—		(950)
Deconsolidation of investment entities	—		—		—		965		—		965
AOCI at December 31, 2023	$	—	$	—	$	—	$	1,411	$	—	$	1,411

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Unrealized Gain (Loss) on Cash Flow Hedges		Foreign Currency Translation Gain (Loss)		Unrealized Gain (Loss) on Net Investment Hedges		Total
AOCI at December 31, 2020	$	(1,030)	$	83,845	$	15,099	$	97,914
Other comprehensive income (loss) before reclassifications	—		(65,127)		—		(65,127)
Amounts reclassified from AOCI	1,030		(1,364)		(15,099)		(15,433)
Deconsolidation of investment entities	—		(6,297)		—		(6,297)
AOCI at December 31, 2021	—		11,057		—		11,057
Other comprehensive income (loss) before reclassifications	—		(4,571)		—		(4,571)
Amounts reclassified from AOCI	—		(9,501)		—		(9,501)



AOCI at December 31, 2022	—		(3,015)		—		(3,015)
Other comprehensive income (loss) before reclassifications	—		884		—		884
Amounts reclassified from AOCI	—		(468)		—		(468)
Deconsolidation of investment entities	—		2,550		—		2,550
AOCI at December 31, 2023	$	—	$	(49)	$	—	$	(49)

Reclassifications out of AOCI—Stockholders


(In thousands)	Year Ended December 31,								Affected Line Item in the Consolidated Statements of Operations
Component of AOCI reclassified into earnings		2023			2022			2021

Relief of basis of AFS debt securities			$	—		$	5,861		$	—	Income (loss) from discontinued operations
Release of foreign currency cumulative translation adjustments			1,246			16,793			(10,153)		Other gain (loss), net Income (loss) from discontinued operations

Realized gain on net investment hedges			—			16,082			39,779		Other gain (loss), net Income (loss) from discontinued operations
Realized loss on cash flow hedges			—			—			(233)		Income (loss) from discontinued operations
Deconsolidation of investment entities			(965)			—			1,482		Income (loss) from discontinued operations
Release of AOCI of equity method investments			(296)			200			2,998		Income (loss) from discontinued operations

- Definition

The entire disclosure for equity.

+ References

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+ Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false