0001679688-24-000066 | 10-Q | XBRL Viewer

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration and Allocation to Assets Acquired and Liabilities Assumed

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 Company finalized the purchase price allocation in the first quarter of 2024, as presented below.


(In thousands)	As Reported At December 31, 2023		Measurement Period Adjustments	As Reported At March 31, 2024
Consideration
Cash	$	365,440		$	365,440
Estimated fair value of contingent consideration	10,874			10,874
	$	376,314		$	376,314
Assets acquired and liabilities assumed
Cash	51,174			51,174
Principal investments	112,310			112,310
Intangible assets	50,800			50,800
Other assets	34,699		16	34,715
Deferred tax liabilities	(10,198)			(10,198)
Other liabilities	(30,214)		373	(29,841)
Fair value of net assets acquired	208,571			208,960
Goodwill	167,743		(389)	167,354
	$	376,314		$	376,314

Goodwill and Intangibles Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles Assets

5. Goodwill and Intangible Assets

Goodwill

The following table presents changes in goodwill.


	Three Months Ended March 31,
(In thousands)	2024		2023
Beginning balance	$	465,991	$	298,248
Business combination (Note 3)	(389)		146,569

Ending balance (1)	$	465,602	$	444,817

__________

(1) Remaining goodwill deductible for income tax purposes was $109.2 million at March 31, 2024 and $111.8 million at December 31, 2023.

Intangible Assets

Intangible assets are composed of the following:


	March 31, 2024						December 31, 2023
(In thousands)	Carrying Amount (1)(2)		Accumulated Amortization(1)(2)		Net Carrying Amount(1)		Carrying Amount (1)(2)		Accumulated Amortization(1)(2)		Net Carrying Amount(1)
Investment management contracts	$	138,797	$	(79,720)	$	59,077	$	150,835	$	(84,824)	$	66,011
Investor relationships	53,419		(20,578)		32,841		53,572		(19,190)		34,382
Trade name	4,300		(2,014)		2,286		4,300		(1,907)		2,393
Other (3)	1,518		(591)		927		1,518		(554)		964
	$	198,034	$	(102,903)	$	95,131	$	210,225	$	(106,475)	$	103,750

__________

(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.

Amortization expense for finite-lived intangible assets totaled $8.3 million and $6.2 million in the three months ended March 31, 2024 and 2023, respectively. There was no impairment of 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)	Remaining 2024		2025		2026		2027		2028		2029 and thereafter		Total




Amortization expense	$	22,549	$	25,165	$	17,572	$	11,975	$	7,881	$	9,989	$	95,131

Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Quantitative Level 3 Recurring Fair Values


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2024
Assets
Investments (Note 4)
Marketable equity securities	$	32,188	$	—	$	—	$	32,188
CLO subordinated notes	—		—		49,791		49,791
Equity investments of consolidated funds	73,214		—		416,614		489,828
Fair Value Option:
Equity method investment	—		—		2,725		2,725
Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		11,338		11,338

Warrants issued to Wafra	—		—		11,600		11,600
Securities of consolidated funds sold short	44,249		—		—		44,249
December 31, 2023
Assets
Investments (Note 4)
Marketable equity securities	$	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

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 Funds		Warrants		InfraBridge Contingent Consideration
(In thousands)		Loans Receivable		Equity Method Investments









Fair value at December 31, 2022		$	133,307	$	—	$	46,770	$	17,700	$	—
Contributions		—		—		9,627		—		—

Business combination		—		—		—		—		10,874
Change in consolidated fund's share of equity investment (1)		—		—		6,125		—		—
Paydown of underlying loans held by equity investment of consolidated fund		—		—		(25)		—		—

Unrealized gain (loss) in earnings, net		(133,307)		—		11		4,500		65

Fair value at March 31, 2023		$	—	$	—	$	62,508	$	22,200	$	10,939

Net unrealized gain (loss) in earnings on instruments held at March 31, 2023		$	(133,307)	$	—	$	11	$	4,500	$	65

Fair value at December 31, 2023		$	—	$	6,700	$	416,614	$	39,200	$	11,338
Unrealized gain (loss) in earnings, net		—		(3,975)		—		5,400		—
Reclassification to equity		—		—		—		(33,000)		—

Fair value at March 31, 2024		$	—	$	2,725	$	416,614	$	11,600	$	11,338

Net unrealized gain (loss) in earnings on instruments held at March 31, 2024		$	—	$	(3,975)	$	—	$	2,500	$	—

__________

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

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 Funds		Warrants		InfraBridge Contingent Consideration
(In thousands)		Loans Receivable		Equity Method Investments









Fair value at December 31, 2022		$	133,307	$	—	$	46,770	$	17,700	$	—
Contributions		—		—		9,627		—		—

Business combination		—		—		—		—		10,874
Change in consolidated fund's share of equity investment (1)		—		—		6,125		—		—
Paydown of underlying loans held by equity investment of consolidated fund		—		—		(25)		—		—

Unrealized gain (loss) in earnings, net		(133,307)		—		11		4,500		65

Fair value at March 31, 2023		$	—	$	—	$	62,508	$	22,200	$	10,939

Net unrealized gain (loss) in earnings on instruments held at March 31, 2023		$	(133,307)	$	—	$	11	$	4,500	$	65

Fair value at December 31, 2023		$	—	$	6,700	$	416,614	$	39,200	$	11,338
Unrealized gain (loss) in earnings, net		—		(3,975)		—		5,400		—
Reclassification to equity		—		—		—		(33,000)		—

Fair value at March 31, 2024		$	—	$	2,725	$	416,614	$	11,600	$	11,338

Net unrealized gain (loss) in earnings on instruments held at March 31, 2024		$	—	$	(3,975)	$	—	$	2,500	$	—

__________

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
March 31, 2024
Liabilities
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	294,791
Exchangeable senior notes	—		147,204		—		147,204		71,715
December 31, 2023
Liabilities
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	294,267
Exchangeable senior notes			152,296		—		152,296		77,516

Fair Value - Schedule of Changes in Level 3 Fair Value (Details) - Level 3 - Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 39,200	$ 17,700
Contributions		0
Business combination		0
Change in consolidated fund's share of equity investment		0
Paydown of underlying loans held by equity investment of consolidated fund		0
Unrealized gain (loss) in earnings, net	5,400	4,500
Reclassification to equity	(33,000)
Ending balance	11,600	22,200
Net unrealized gains (losses) in earnings on instruments held, liability	2,500	4,500
InfraBridge contingent consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	11,338	0
Contributions		0
Business combination		10,874
Change in consolidated fund's share of equity investment		0
Paydown of underlying loans held by equity investment of consolidated fund		0
Unrealized gain (loss) in earnings, net	0	65
Reclassification to equity	0
Ending balance	11,338	10,939
Net unrealized gains (losses) in earnings on instruments held, liability	0	65
Loans Receivable
Level 3 Assets
Beginning balance	0	133,307
Contributions		0
Business combination		0
Change in consolidated fund's share of equity investment		0
Paydown of underlying loans held by equity investment of consolidated fund		0
Unrealized gain (loss) in earnings, net	0	(133,307)
Reclassification to equity	0
Ending balance	0	0
Net unrealized gains (losses) in earnings on instruments held, asset	0	(133,307)
Equity Method Investments
Level 3 Assets
Beginning balance	6,700	0
Contributions		0
Business combination		0
Change in consolidated fund's share of equity investment		0
Paydown of underlying loans held by equity investment of consolidated fund		0
Unrealized gain (loss) in earnings, net	(3,975)	0
Reclassification to equity	0
Ending balance	2,725	0
Net unrealized gains (losses) in earnings on instruments held, asset	(3,975)	0
Equity Investment of Consolidated Funds
Level 3 Assets
Beginning balance	416,614	46,770
Contributions		9,627
Business combination		0
Change in consolidated fund's share of equity investment		6,125
Paydown of underlying loans held by equity investment of consolidated fund		(25)
Unrealized gain (loss) in earnings, net	0	11
Reclassification to equity	0
Ending balance		62,508
Net unrealized gains (losses) in earnings on instruments held, asset	$ 0	$ 11

Fair Value - Schedule of Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Exchangeable senior notes \| Fair Value
Liabilities
Secured and unsecured debt	$ 147,204	$ 152,296
Exchangeable senior notes \| Carrying Value
Liabilities
Secured and unsecured debt	71,715	77,516
Level 1 \| Exchangeable senior notes
Liabilities
Secured and unsecured debt	0
Level 2 \| Exchangeable senior notes
Liabilities
Secured and unsecured debt	147,204	152,296
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	294,791	294,267
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

Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

11. Earnings per Share

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


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Net income (loss) allocated to common stockholders


Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(16,498)	$	(174,739)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)		(23,058)
Net income (loss) attributable to DigitalBridge Group, Inc.	(29,628)		(197,797)

Preferred dividends	(14,660)		(14,676)
Net income (loss) attributable to common stockholders	(44,288)		(212,473)
Net income (loss) allocated to participating securities	(34)		(31)
Net income (loss) allocated to common stockholders—basic	(44,322)		(212,504)
Interest expense attributable to exchangeable notes (1)	—		—
Net income (loss) allocated to common stockholders—diluted	$	(44,322)	$	(212,504)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	161,043		158,446
Weighted average effect of dilutive shares (1)(2)(3)	—		—
Weighted average number of common shares outstanding—diluted	161,043		158,446
Income (loss) per share—basic
Income (Loss) from continuing operations	$	(0.20)	$	(1.19)
Income (Loss) from discontinued operations	(0.08)		(0.15)
Net income (loss) attributable to common stockholders per common share—basic	$	(0.28)	$	(1.34)
Income (loss) per share—diluted
Income (Loss) from continuing operations	$	(0.20)	$	(1.19)
Income (Loss) from discontinued operations	(0.08)		(0.15)
Net income (loss) attributable to common stockholders per common share—diluted	$	(0.28)	$	(1.34)

__________

(1) With respect to the assumed conversion or exchange of the Company's outstanding senior notes, the following are excluded from the calculation of diluted earnings per share as their inclusion would be antidilutive: (a) for the three months ended March 31, 2024 and 2023, the effect of adding back interest expense of $1.3 million and $4.0 million, respectively, and 8,495,500 and 11,697,600 of weighted average dilutive common share equivalents.

(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 121,700 and 32,400 for the three months ended March 31, 2024 and 2023; and (b) class A common shares that are issuable to net settle the exercise of warrants (Note 9) with weighted average shares of 1,331,200 and 362,800 for the three months ended March 31, 2024 and 2023, respectively.

(3) OP Units may be redeemed for registered or unregistered class A common stock on a one-for-one basis and are not dilutive. At March 31, 2024 and 2023, 12,290,800 and 12,628,900 of OP Units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Loss from Discontinued Operations

Loss from discontinued operations is summarized as follows.


	Three Months Ended March 31,
(In thousands)	2024		2023





Revenues	$	1,832	$	233,634







Expenses	(3,068)		(335,649)
Other gain (loss)	(12,961)		(8,647)



Income (Loss) from discontinued operations before income taxes	(14,197)		(110,662)
Income tax benefit (expense)	77		54
Income (Loss) from discontinued operations	(14,120)		(110,608)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities	—		(85,737)
Operating Company	(990)		(1,813)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(13,130)	$	(23,058)

- 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)

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	59,402	$	69,654
Investments (Note 4)	489,828		482,911
Other assets	2,651		576
	$	551,881	$	553,141
Liabilities

Other liabilities
Securities sold short	$	44,248	$	38,482
Due to custodian	8,966		9,415
Other	2,976		16,313
	$	56,190	$	64,210

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, fair value	$ 574,532	$ 572,749
Other liabilities, fair value	$ 67,187	$ 124,019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference	$ 821,899	$ 821,899
Preferred stock, shares authorized (in shares)	250,000	250,000
Preferred stock, shares issued (in shares)	32,876	32,876
Preferred stock, shares outstanding (in shares)	32,876	32,876
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	237,250	237,250
Common stock, shares issued (in shares)	166,052	163,209
Common stock, shares outstanding (in shares)	166,052	163,209
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250	250
Common stock, shares issued (in shares)	166	166
Common stock, shares outstanding (in shares)	166	166

Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

16. Segment Reporting

Beginning in 2024, the entirety of the Company's business, inclusive of all income and expense from continuing operations of the Company as a whole, is reported as a single reportable segment. The Company no longer distinguishes income (loss) items and attributes costs between its investment management business and corporate activities. The approach of managing the whole Company as a single business is consistent with the manner in which its chief operating decision makers assess the allocation of resources and performance of the Company.

Prior to December 31, 2023, the Company had conducted its business through two reportable segments, that is, Investment Management and Operating. On December 31, 2023 the Operating segment was discontinued following a full deconsolidation of the portfolio companies in the Operating segment, which qualified as discontinued operations (Note 2).

At December 31, 2023, subsequent to the discontinuation of the Operating segment, the Company had conducted its business through one reportable segment of Investment Management, reflecting the Company's investment management business, which bore only operating costs that were directly attributable or otherwise can be subjected to a reasonable and systematic attribution to the investment management business. Remaining unallocated operating costs, along with corporate level financing and transaction activities, as well as income (loss) from the Company's investment in its sponsored funds as general partner affiliate, and warehoused/seed investments were not attributed to the investment management business and previously presented as Corporate and Other.

The segment earnings measure of net income (loss) from continuing operations attributable to DigitalBridge Group, Inc. remains consistent with prior periods, except that this measure was previously applied to the Investment Management segment, and beginning 2024, is applied to the Company as a whole.

Segment information for all prior periods presented have been conformed to current year presentation.

Segment Results of Operations

The following table presents net income (loss) from continuing operations attributable to DigitalBridge Group, Inc. for the Company's single reportable segment and reconciled to the consolidated statement of operations.


	Three Months Ended March 31,
	2024		2023
Revenues
Fee revenue	$	72,955	$	59,126
Carried interest allocation (reversal)	(8,478)		(54,756)
Principal investment income	2,845		3,562
Other income	7,071		10,564
Total revenues	74,393		18,496
Expenses
Interest expense	5,192		8,131
Transaction-related costs	760		8,527
Depreciation and amortization	9,167		6,875

Compensation expense—cash and equity-based	51,184		47,471
Compensation expense—incentive fee and carried interest allocation (reversal)	(6,714)		(36,831)
Administrative and other expenses	24,310		20,447
Total expenses	83,899		54,620
Other income (loss)
Other gain (loss), net	(5,894)		(144,514)
Income (loss) from continuing operations before income taxes	(15,400)		(180,638)
Income tax benefit (expense)	(1,246)		(1,098)
Income (loss) from continuing operations	(16,646)		(181,736)
Income (loss) from continuing operations attributable to noncontrolling interests:
Redeemable noncontrolling interests	733		6,943
Investment entities	1,467		909
Operating Company	(2,348)		(14,849)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(16,498)	$	(174,739)

Reconciliation of segment earnings measure to consolidated statement of operations:
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(16,498)	$	(174,739)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)		(23,058)
Net income (loss) attributable to DigitalBridge Group, Inc.	$	(29,628)	$	(197,797)

- 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
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-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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations

3 Months Ended

Mar. 31, 2024

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 December 31, 2023		Measurement Period Adjustments	As Reported At March 31, 2024
Consideration
Cash	$	365,440		$	365,440
Estimated fair value of contingent consideration	10,874			10,874
	$	376,314		$	376,314
Assets acquired and liabilities assumed
Cash	51,174			51,174
Principal investments	112,310			112,310
Intangible assets	50,800			50,800
Other assets	34,699		16	34,715
Deferred tax liabilities	(10,198)			(10,198)
Other liabilities	(30,214)		373	(29,841)
Fair value of net assets acquired	208,571			208,960
Goodwill	167,743		(389)	167,354
	$	376,314		$	376,314

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

•The 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.

Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,491,301	$ 4,469,489
Ending balance	2,502,835	4,151,812
AOCI - Stockholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,411	(1,509)
Other comprehensive income (loss) before reclassifications	(1,018)	786
Amounts reclassified from AOCI	319	(755)
Ending balance	712	(1,478)
Company's Share in AOCI of Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(295)
Other comprehensive income (loss) before reclassifications	0	(1)
Amounts reclassified from AOCI	0	296
Ending balance	0	0
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,411	(1,214)
Other comprehensive income (loss) before reclassifications	(1,018)	787
Amounts reclassified from AOCI	319	(1,051)
Ending balance	$ 712	(1,478)
Foreign Currency Translation Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(3,015)
Other comprehensive income (loss) before reclassifications		503
Amounts reclassified from AOCI		(468)
Ending balance		$ (2,980)

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Equity-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

13. Equity-Based Compensation

Equity-based awards granted prior to the end of March 2024, including the Company's annual equity awards, were granted under the DigitalBridge Group, Inc. 2014 Omnibus Stock Incentive Plan (the "2014 Equity Incentive Plan), which expired at the end of March 2024. As of December 31, 2023, 5.8 million shares of class A common stock remained available for issuance under the 2014 Equity Incentive Plan, and immediately prior to its expiration, 8.9 million shares of class A common stock remained available for issuance under the 2014 Equity Incentive Plan.

At the end of April 2024, the Company's shareholders approved the 2024 Omnibus Stock Incentive Plan (the "2024 Equity Incentive Plan"). The 2024 Equity Incentive Plan, consistent with the previous 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 2024 Equity Incentive Plan are subject to equitable adjustment upon the occurrence of certain corporate events. The number of shares of Class A common stock reserved and available for issuance under the 2024 Equity Incentive Plan as of its adoption in April 2024 is 5.5 million shares.

Restricted Stock—Restricted stock awards in the Company's class A common stock are granted to senior executives, directors and certain employees, subject to a service condition or a combination of both a service and performance condition, with annual time-based vesting in equal tranches over a three-year period. Vesting of performance-based restricted stock awards occur upon achievement of certain Company-specific metrics over a specified performance measurement 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 specified performance measurement period. Only vested RSUs are entitled to accrued dividends declared and paid on the Company's class A common stock during the time period the RSUs are outstanding. 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 if and when it is probable that the performance condition will be met, subject to reversal if no longer probable. 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 the three months ended March 31, 2024.

Performance Stock Units—PSUs are granted to senior executives, and are subject to a service condition in combination with either a market condition or a performance 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. For market condition awards, this is determined based upon the performance of the Company's class A common stock over a three-year measurement period relative to a specified peer group (such measurement metric the "relative total shareholder return"). With respect to performance condition awards, vesting is determined based upon achievement of three-year cumulative distributable earnings ("DE") per share targets, and the relative total shareholder return metric is then applied to determine the final number of shares vested.

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 the final number of shares vested for that 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.

The relative total shareholder return metric was valued using a Monte Carlo simulation under a risk-neutral premise, applying the following assumptions. This forms the fair value of market condition awards. The fair value of performance condition awards also incorporate, in addition to the relative total shareholder return metric, the probability of achieving the cumulative DE per share targets.


	2024 PSU Grants	2023 PSU Grants	2022 PSU Grants
Expected volatility of the Company's class A common stock (1)	44.6%	41.3%	32.4%
Expected annual dividend yield (2)	0.2%	0.3%	—%
Risk-free rate (per annum) (3)	4.5%	3.8%	2.0%

__________

(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 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 is recognized on a straight-line basis over their measurement period as compensation expense. With respect to performance condition awards, expense recognition occurs only if and when it is probable that the cumulative DE per share targets will be achieved and subject to reversal if no longer probable. In contrast, expense recognized on market condition awards is not subject to reversal even if the total shareholder return metric 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 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 is presented on the consolidated statement of operations, as follows.


	Three Months Ended March 31,
(In thousands)		2024		2023

Compensation expense		$	9,214	$	10,770


Administrative expense		—		228
		$	9,214	$	10,998

Changes in unvested equity awards pursuant to the 2014 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, 2023	2,813,369	2,625,000	64,099	599,347	1,274,435	7,376,250	$	21.66	$	9.80
Granted	1,523,257	—	127	26,610	199,069	1,749,063	19.27		18.04
Vested	(982,831)	—	(91)	—	—	(982,922)	—		16.85
Forfeited	(59,157)	—	—	—	(643,178)	(702,335)	26.92		22.46
Unvested shares and units at March 31, 2024	3,294,638	2,625,000	64,135	625,957	830,326	7,440,056	17.01		10.57

__________

(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 $18.4 million and $20.9 million for the three months ended March 31, 2024 and 2023, respectively.

At March 31, 2024, aggregate unrecognized compensation cost for all unvested equity awards pursuant to the 2014 Equity Incentive Plan was $57.5 million, which is expected to be recognized over a weighted average period of 2.3 years. This excludes $6.3 million of unvested RSUs that as of March 31, 2024 are not probable of achieving their performance condition and have a remaining performance measurement period of approximately two months.

Investments (Tables)

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024		December 31, 2023
Equity method investments
Principal investments	$	1,213,517	$	1,194,417
Carried interest allocation	667,943		676,421
Marketable equity securities	32,188		17,487
Other equity investments	35,559		53,930
CLO subordinated notes	49,791		50,927
	1,998,998		1,993,182
Equity investments of consolidated funds
Marketable equity securities	73,214		66,297
Other investments	416,614		416,614
	$	2,488,826	$	2,476,093

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
March 31, 2024	$	49,791	$	—	$	—	$	—	$	49,791
December 31, 2023	50,927		—		—		—		50,927

- 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

Restricted Cash, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Other Assets [Line Items]
Prepaid taxes and deferred tax assets, net	$ 12,718	$ 14,059
Accounts receivable, net	7,135	8,919
Prepaid expenses	1,156	2,952
Other assets	10,895	11,893
Fixed assets, net	10,656	7,232
Total other assets	73,871	78,953
Accumulated depreciation	8,200	7,300
Corporate Offices
Schedule of Other Assets [Line Items]
Operating lease right-of-use asset	$ 31,311	$ 33,898
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2024
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). Organization The Company operates as a taxable C Corporation and conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, DigitalBridge Operating Company, LLC (the "Operating Company" or the "OP"). At March 31, 2024, 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.

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company
Beginning balance at Dec. 31, 2022	$ 4,469,489	$ 1,660,698	$ 800,355	$ 6,397	$ 7,818,068	$ (6,962,613)	$ (1,509)	$ 2,743,896	$ 64,895
Net income (loss)	(299,287)	(197,797)				(197,797)		(84,828)	(16,662)
Other comprehensive income (loss)	87	33					33	35	19
Common stock repurchases	(52)	(52)	(52)
Equity-based compensation	16,612	11,029		99	10,930			5,542	41
Shares canceled for tax withholdings on vested equity awards	(4,863)	(4,863)		(16)	(4,847)
Contributions from noncontrolling interests	29,684							29,684
Distributions to noncontrolling interests	(43,562)							(43,436)	(126)
Preferred stock dividends	(14,676)	(14,676)				(14,676)
Common stock dividends declared	(1,620)	(1,620)				(1,620)
Reallocation of equity (Notes 2 and 9)	0	(431)			(429)		(2)		431
Ending balance at Mar. 31, 2023	4,151,812	1,452,321	800,303	6,480	7,823,722	(7,176,706)	(1,478)	2,650,893	48,598
Beginning 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
Net income (loss)	(31,499)	(29,628)				(29,628)		1,467	(3,338)
Other comprehensive income (loss)	(754)	(700)					(700)	0	(54)
Settlement of Wafra contingent consideration (Note 6)	17,500	17,500		10	17,490
Reclassification of warrants (Note 10)	33,000	33,000			33,000
Exchange of notes for common stock (Note 7)	5,941	5,941		7	5,934
Redemption of OP Units for class A common stock	0	515		1	514				(515)
Equity-based compensation	8,180	8,141		14	8,127			0	39
Shares canceled for tax withholdings on vested equity awards	(8,303)	(8,303)		(4)	(8,299)
Contributions from noncontrolling interests	8,609							8,609
Distributions to noncontrolling interests	(4,818)							(4,695)	(123)
Preferred stock dividends	(14,660)	(14,660)				(14,660)
Common stock dividends declared	(1,662)	(1,662)				(1,662)
Reallocation of equity (Notes 2 and 9)	0	(2,742)			(2,743)		1		2,742
Ending balance at Mar. 31, 2024	$ 2,502,835	$ 1,818,457	$ 794,670	$ 1,662	$ 7,909,865	$ (6,888,452)	$ 712	$ 610,692	$ 73,686

Equity-Based Compensation - Schedule of Valuation Technique (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
LTIP units issued (in shares)		1,749,063
2024 PSU Grants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility of the Company's class A common stock		44.60%
Expected annual dividend yield		0.20%
Risk-free rate (per annum)		4.50%
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%
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%

Restricted Cash, Other Assets and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Restricted Cash, Other Assets And Other Liabilities [Abstract]

Schedule of the Company's Other Assets, Net

The following table summarizes the Company's other assets.


(In thousands)	March 31, 2024		December 31, 2023

Prepaid taxes and deferred tax assets, net	$	12,718	$	14,059



Operating lease right-of-use asset for corporate offices	31,311		33,898
Accounts receivable, net	7,135		8,919
Prepaid expenses	1,156		2,952
Other assets	10,895		11,893
Fixed assets, net (1)	10,656		7,232
Total other assets	$	73,871	$	78,953

__________

(1) Net of accumulated depreciation of $8.2 million at March 31, 2024 and $7.3 million at December 31, 2023.

Schedule of Accrued and Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	March 31, 2024		December 31, 2023
Deferred investment management fees (1)	$	11,331	$	10,250
Interest payable on corporate debt	1,130		2,293
Common and preferred stock dividends payable	16,563		16,477


Securities sold short—consolidated funds	44,249		38,481
Due to custodians—consolidated funds	8,966		9,415
Current and deferred income tax liability	9,133		8,403
Contingent consideration payable—InfraBridge (Note 10)	11,338		11,338
Contingent consideration payable—Wafra (2)	—		35,000
Warrants issued to Wafra (Note 9)	11,600		39,200
Operating lease liability for corporate offices	46,072		49,035
Accrued compensation	22,005		63,761
Accrued incentive fee and carried interest compensation	347,834		356,316
Accounts payable and accrued expenses	28,961		13,844
Due to affiliates (Note 15)	10,809		10,664
Other liabilities	3,970		16,974
Other liabilities	$	573,961	$	681,451

__________

(1) Deferred investment management fees are expected to be recognized as fee revenue over a weighted average period of 3.0 years as of March 31, 2024 and December 31, 2023. Deferred investment management fees recognized as income of $1.2 million and $1.4 million in the three months ended March 31, 2024 and 2023, respectively, pertain to the deferred management fee balance at the beginning of each respective period.

(2) In connection with the 2022 redemption of Wafra's investment in the Company's investment management business, contingent consideration was payable to Wafra based upon the Company achieving certain fundraising targets through December 31, 2023. The contingent amount was fully paid out, with $90 million paid in cash in March 2023, and remaining $35 million in March 2024, settled 50% each in shares of the Company's Class A common stock and in cash.

Debt - Schedule of Convertible and Exchangeable Senior Notes (Details)	1 Months Ended			3 Months Ended
	Apr. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2022	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock				$ 5,941,000	$ 0
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
5.75% Exchangeable Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)		5.75%		5.75%
Exchange Price (per share of common stock) (in dollars per share) \| $ / shares		$ 9.20		$ 9.20
Exchange Ratio (in shares)		108.6956		108.6956
Exchange Shares (in thousands) (in shares) \| shares		7,872,000		7,872,000
Convertible and exchangeable senior notes, outstanding principal		$ 72,422,000		$ 72,422,000		$ 78,422,000
Conversion ratio			0.108696
5.75% Exchangeable Senior Notes \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Convertible and exchangeable senior notes, outstanding principal	$ 73,400,000
5.75% Exchangeable Senior Notes \| Senior Notes \| April 2024 Exchange \| Subsequent Event
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock	$ 5,000,000
5.75% Exchangeable Senior Notes \| Senior Notes \| March 2024 Exchange
Debt Instrument [Line Items]
Exchange of notes into shares of Class A common stock		$ 6,000,000
Exchange of notes for class A common stock (in shares) \| shares		673,486
5.75% Exchangeable Senior Notes \| Senior Notes \| March 2024 Exchange \| Subsequent Event
Debt Instrument [Line Items]
Exchange of notes for class A common stock (in shares) \| shares	8,200,000

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 247,354	$ 345,335
Restricted cash	4,787	4,915
Investments ($574,532 and $572,749 at fair value)	2,488,826	2,476,093
Goodwill	465,602	465,991
Intangible assets	95,131	103,750
Other assets	73,871	78,953
Due from affiliates	87,666	85,815
Assets of discontinued operations	579	1,698
Total assets	3,463,816	3,562,550
Liabilities
Debt	366,506	371,783
Other liabilities ($67,187 and $124,019 at fair value)	573,961	681,451
Liabilities of discontinued operations	918	153
Total liabilities	941,385	1,053,387
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests	19,596	17,862
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $821,899 liquidation preference; 250,000 shares authorized; 32,876 shares issued and outstanding	794,670	794,670
Additional paid-in capital	7,909,865	7,855,842
Accumulated deficit	(6,888,452)	(6,842,502)
Accumulated other comprehensive income (loss)	712	1,411
Total stockholders’ equity	1,818,457	1,811,055
Noncontrolling interests in investment entities	610,692	605,311
Noncontrolling interests in Operating Company	73,686	74,935
Total equity	2,502,835	2,491,301
Total liabilities, redeemable noncontrolling interests and equity	$ 3,463,816	$ 3,562,550
Preferred stock, shares outstanding (in shares)	32,876	32,876
Preferred stock, shares issued (in shares)	32,876	32,876
Class A Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 1,660	$ 1,632
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Class B Common Stock
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 2	$ 2
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01

Noncontrolling Interests - Narrative (Details)	3 Months Ended	12 Months Ended
Noncontrolling Interests - Narrative (Details)	Mar. 31, 2024 shares	Dec. 31, 2023 shares
Noncontrolling Interest [Line Items]
OP units to common stock, conversion ratio	1
OP Units
Noncontrolling Interest [Line Items]
OP units to common stock, conversion ratio	1
OP units redeemed (in shares)	85,000	253,084

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Fee revenue ($69,811 and $56,389 from affiliates)	$ 72,955	$ 59,126
Carried interest allocation (reversal)	(8,478)	(54,756)
Principal investment income	2,845	3,562
Other income ($2,486 and $1,253 from affiliates)	7,071	10,564
Total revenues	74,393	18,496
Expenses
Interest expense	5,192	8,131
Transaction-related costs	760	8,527
Depreciation and amortization	9,167	6,875
Compensation expense—cash and equity-based	51,184	47,471
Compensation expense—incentive fee and carried interest allocation (reversal)	(6,714)	(36,831)
Administrative and other expenses	24,310	20,447
Total expenses	83,899	54,620
Other gain (loss), net	(5,894)	(144,514)
Income (loss) from continuing operations before income taxes	(15,400)	(180,638)
Income tax benefit (expense)	(1,246)	(1,098)
Income (loss) from continuing operations	(16,646)	(181,736)
Income (loss) from discontinued operations	(14,120)	(110,608)
Net income (loss)	(30,766)	(292,344)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	733	6,943
Investment entities	1,467	(84,828)
Operating Company	(3,338)	(16,662)
Net income (loss) attributable to DigitalBridge Group, Inc.	(29,628)	(197,797)
Preferred stock dividends	14,660	14,676
Net income (loss) attributable to common stockholders	$ (44,288)	$ (212,473)
Income (loss) per share—basic
Income (loss) from continuing operations per common share - basic (in dollars per share)	$ (0.20)	$ (1.19)
Net income (loss) attributable to common stockholders per common share - basic (in dollars per share)	(0.28)	(1.34)
Income (loss) per share—diluted
Income (Loss) from continuing operations per common share - diluted (in dollars per share)	(0.20)	(1.19)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share)	$ (0.28)	$ (1.34)
Weighted average number of shares
Basic (in shares)	161,043	158,446
Diluted (in shares)	161,043	158,446
Dividends declared per common share (in dollars per share)	$ 0.01	$ 0.01

Goodwill and Intangibles Assets - Schedule of Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 465,991	$ 298,248
Business combination (Note 3)	(389)	146,569
Ending balance	465,602	$ 444,817
Goodwill deductible for tax purposes	$ 109,200		$ 111,800

- Definition

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

+ References + Details

Fair Value

3 Months Ended

Mar. 31, 2024

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, 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.


	Fair Value Measurement Hierarchy
(In thousands)	Level 1		Level 2		Level 3		Total
March 31, 2024
Assets
Investments (Note 4)
Marketable equity securities	$	32,188	$	—	$	—	$	32,188
CLO subordinated notes	—		—		49,791		49,791
Equity investments of consolidated funds	73,214		—		416,614		489,828
Fair Value Option:
Equity method investment	—		—		2,725		2,725
Liabilities
Other liabilities
InfraBridge contingent consideration	—		—		11,338		11,338

Warrants issued to Wafra	—		—		11,600		11,600
Securities of consolidated funds sold short	44,249		—		—		44,249
December 31, 2023
Assets
Investments (Note 4)
Marketable equity securities	$	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

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 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, 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 exit capitalization rate of 5.5% and discounted at 10.4% at March 31, 2024 and December 31, 2023, classified as level 3. Additionally, a recently acquired fund investment was valued based upon its transacted price, classified as level 3.

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.

Fair Value Option

Equity Method Investments

The Company has one equity method investment under the fair value option. Fair value was determined using a discounted cash flow model based upon projected earnings, discounted at 18.3% at March 31, 2024 and December 31, 2023, and also taking into consideration a comparison to market values of similar public companies at December 31, 2023. 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

There was no outstanding loans receivable balance at March 31, 2024 and December 31, 2023. In March 2023, an unsecured promissory note that had been issued in connection with the sale of the Company's former Wellness Infrastructure business in 2022 was fully written down in the amount of $133.3 million, taking into consideration foreclosure of certain assets within the sold Wellness Infrastructure portfolio by its mezzanine lender.

Warrants

The Company had previously issued five warrants to affiliates of Wafra Inc. (collectively "Wafra"), a private investment firm, in connection with Wafra's investment in the Company's investment management business in 2020. Wafra's investment was subsequently redeemed in 2022, with the warrants remaining outstanding. 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.

The terms of the warrant purchase agreement provided 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 resulted in the warrants being classified as liability. Accordingly, the warrants were carried at fair value with changes in fair value recorded in other gain (loss) on the consolidated statements of operations.

In March 2024, three of the warrants were reclassified to equity at their prevailing fair value following a removal of the net cash settlement feature, as the terms of the warrants were amended in connection with a sale of the three warrants by Wafra to a third party. The equity-classified warrants are no longer subject to fair value remeasurement.

At March 31, 2024, the liability-classified warrants were carried at fair value, measured using a Black-Scholes option pricing model, applying the following inputs: (a) estimated volatility for DBRG's class A common stock of 39.3% (37.8% at December 31, 2023); (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 4.53% per annum (4.11% per annum at December 31, 2023), 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 are met. In measuring the contingent consideration at March 31, 2024 and December 31, 2023, 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 Funds		Warrants		InfraBridge Contingent Consideration
(In thousands)		Loans Receivable		Equity Method Investments









Fair value at December 31, 2022		$	133,307	$	—	$	46,770	$	17,700	$	—
Contributions		—		—		9,627		—		—

Business combination		—		—		—		—		10,874
Change in consolidated fund's share of equity investment (1)		—		—		6,125		—		—
Paydown of underlying loans held by equity investment of consolidated fund		—		—		(25)		—		—

Unrealized gain (loss) in earnings, net		(133,307)		—		11		4,500		65

Fair value at March 31, 2023		$	—	$	—	$	62,508	$	22,200	$	10,939

Net unrealized gain (loss) in earnings on instruments held at March 31, 2023		$	(133,307)	$	—	$	11	$	4,500	$	65

Fair value at December 31, 2023		$	—	$	6,700	$	416,614	$	39,200	$	11,338
Unrealized gain (loss) in earnings, net		—		(3,975)		—		5,400		—
Reclassification to equity		—		—		—		(33,000)		—

Fair value at March 31, 2024		$	—	$	2,725	$	416,614	$	11,600	$	11,338

Net unrealized gain (loss) in earnings on instruments held at March 31, 2024		$	—	$	(3,975)	$	—	$	2,500	$	—

__________

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
March 31, 2024
Liabilities
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	294,791
Exchangeable senior notes	—		147,204		—		147,204		71,715
December 31, 2023
Liabilities
Secured fund fee revenue notes	$	—	$	250,547	$	—	$	250,547	$	294,267
Exchangeable senior notes			152,296		—		152,296		77,516

Debt—Senior notes and secured fund fee revenue notes were valued using their last traded price.

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

- Definition

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

+ References + Details

Equity-Based Compensation - Schedule of Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 9,214	$ 10,998
Compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	9,214	10,770
Administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation cost	$ 0	$ 228

- 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
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+ Details

Goodwill and Intangibles Assets - Schedule of Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	$ 198,034	$ 210,225
Accumulated Amortization	(102,903)	(106,475)
Net Carrying Amount	95,131	103,750
Investment management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	138,797	150,835
Accumulated Amortization	(79,720)	(84,824)
Net Carrying Amount	59,077	66,011
Investor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	53,419	53,572
Accumulated Amortization	(20,578)	(19,190)
Net Carrying Amount	32,841	34,382
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	4,300	4,300
Accumulated Amortization	(2,014)	(1,907)
Net Carrying Amount	2,286	2,393
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Amount	1,518	1,518
Accumulated Amortization	(591)	(554)
Net Carrying Amount	$ 927	$ 964

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net income (loss)	$ (30,766)	$ (292,344)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred financing costs and debt discount and premium, net	664	12,182
Unrealized carried interest allocation	8,478	55,313
Unrealized principal investment income	(468)	(3,562)
Other equity method (earnings) losses	0	10,609
Depreciation and amortization	9,167	141,574
Equity-based compensation	8,680	16,612
Deferred income tax (benefit) expense	(734)	881
Other (gain) loss, net	19,267	142,644
Other adjustments, net	32	(1,566)
(Increase) decrease in other assets and due from affiliates	1,940	20,757
Increase (decrease) in other liabilities and due to affiliates	(43,269)	(83,366)
Net cash provided by (used in) operating activities	(27,009)	19,734
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments	(59,129)	(140,998)
Return of capital from equity method investments	15,979	52,259
Proceeds from sale of equity investments	23,471	308,254
Acquisition of and additions to real estate, related intangibles and leasing commissions	0	(163,157)
Investment deposits	766	(5,704)
Net receipt (payment) on settlement of derivatives	0	3,401
Acquisition of InfraBridge, net of cash acquired (Note 3)	0	(313,164)
Purchase of fixed assets	(3,055)	0
Net cash provided by (used in) investing activities	(21,968)	(259,109)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(14,660)	(14,766)
Dividends paid to common stockholders	(1,634)	(1,599)
Borrowings from investment level debt	0	1,241,890
Repayments of investment level debt	0	(1,060,239)
Payment of deferred financing costs and prepayment penalties on investment level debt	0	(29,482)
Contributions from noncontrolling interests	9,609	29,684
Distributions to and redemptions of noncontrolling interests	(15,983)	(43,839)
Payment of contingent consideration to Wafra	(17,500)	(90,000)
Shares canceled for tax withholdings on vested equity awards	(8,303)	(4,863)
Net cash provided by (used in) financing activities	(48,471)	26,786
Effect of exchange rates on cash, cash equivalents and restricted cash	(661)	64
Net increase (decrease) in cash, cash equivalents and restricted cash	(98,109)	(212,525)
Cash, cash equivalents and restricted cash—beginning of period	350,250	1,036,739
Cash, cash equivalents and restricted cash—end of period	252,141	824,214
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Roll Forward]
Cash and cash equivalents, beginning balance	345,335	855,564
Restricted cash, beginning balance	4,915	4,854
Cash and cash equivalents included in assets held for disposition, beginning balance	0	62,690
Restricted cash included in assets held for disposition, beginning balance	0	113,631
Cash and cash equivalents, ending balance	247,354	603,427
Restricted cash, ending balance	4,787	3,428
Cash and cash equivalents included in assets held for disposition, ending balance	0	65,097
Restricted cash included in assets held for disposition, ending balance	0	152,262
Total cash, cash equivalents, and restricted cash	252,141	824,214
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	5,691	53,375
Cash received (paid) for income taxes	836	1,463
Operating lease payments for corporate offices	2,352	2,078
Supplemental Disclosure of Cash Flows from Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	431	67,796
Net cash provided by (used in) investing activities of discontinued operations	27	86,817
Supplemental Disclosure of Noncash Investing and Financing Activities
Dividends and distributions payable	16,563	16,444
Receivables from asset sales	0	2,282
Redemption of OP Units for common stock	515	0
Exchange of notes into shares of Class A common stock	5,941	0
Settlement of Wafra contingent consideration through issuance of Class A common stock	17,500	0
Preferred stock repurchase payable	$ 0	$ 52

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income (loss) and other comprehensive income (loss) of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. Noncontrolling interests represent predominantly carried interest allocation to certain senior executives of the Company (Note 15), limited partners of consolidated funds, and membership interests in the OP primarily held by certain current and former employees of the Company. To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, such as investment company accounting applied by the Company's consolidated sponsored funds, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing its interests in the VIE, the Company also considers interests held by its related parties, including de facto agents. Additionally, the Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment. Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interests in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Noncontrolling Interests	Noncontrolling Interests Redeemable Noncontrolling Interests—This represents noncontrolling interests in sponsored open-end funds in the liquid securities strategy that are consolidated by the Company. The limited partners of these funds have the ability to withdraw all or a portion of their interests from the funds in cash with advance notice. Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be recognized in additional paid-in capital. Noncontrolling Interests in Investment Entities—This represents limited partners of consolidated closed-end funds, and carried interest allocation to certain senior executives of the Company (Note 15) and to a lesser extent, to a third party investor, Wafra. 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.
Business Combinations	Business Combinations Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience to perform a substantive process. 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.
Discontinued Operations	Discontinued Operations If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations. A business or asset group acquired in connection with a business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criterion. The Company's discontinued operations in the periods presented herein represent the following: •In 2024 and 2023, the Company's former real estate investments along with an adjacent investment management business, which have predominantly been disposed as part of the Company's transformation into an investment manager with a digital infrastructure focus. •In 2023, the operations of digital infrastructure portfolio companies that represented the Company's former Operating segment prior to their full deconsolidation and qualification as discontinued operations on December 31, 2023. The Operating segment was 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, a majority of the assets, liabilities and operating results of DataBank and Vantage SDC were attributed to third party investors, presented as noncontrolling interests in investment entities.
Reclassifications	Reclassifications As discussed in "—Discontinued Operations," the Company's investment in the portfolio companies previously consolidated in the Company's former Operating segment qualified as discontinued operations in December 2023, and their results of operations have been reclassified to income (loss) from discontinued operations for the three months ended March 31, 2023. Beginning 2024, investment-related expenses, which primarily include reimbursable costs from affiliates, have been recorded within administrative and other expenses on the consolidated statements of operations. Prior period amounts were immaterial and have been reclassified to conform to current period presentation.
Recently Adopted Accounting Pronouncements and Future Accounting Standards	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material effect on the Company's consolidated financial statements. 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 ASU is effective for fiscal years beginning January 1, 2024 (that is, Form 10-K as of and for the year ending December 31, 2024), and interim periods within fiscal years beginning January 1, 2025 (that is, Form 10-Q as of and for the three months ending March 31, 2025). Early adoption is permitted. The Company will adopt this ASU for its 2024 fiscal year with the filing of its Form 10-K as of and for the year ending December 31, 2024, and is currently evaluating the effects of this new guidance with respect to segment disclosures. 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.

Noncontrolling Interests

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Noncontrolling Interests

9. Noncontrolling Interests

Redeemable Noncontrolling Interests

The following table presents the activities in redeemable noncontrolling interests in open-end funds in the liquid securities strategy consolidated by the Company.


	Three Months Ended March 31,
(In thousands)	2024		2023
Redeemable noncontrolling interests
Beginning balance	$	17,862	$	100,574
Contributions	1,001		—
Distributions paid and payable, including redemptions	—		(104)
Net income (loss)	733		6,943





Ending balance	$	19,596	$	107,413

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 85,000 in 2024 and 253,084 in 2023 through issuance of an equal number of shares of class A common stock on a one-for-one basis.

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Reconciliation

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


	Three Months Ended March 31,
(In thousands, except per share data)	2024		2023
Net income (loss) allocated to common stockholders


Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(16,498)	$	(174,739)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)		(23,058)
Net income (loss) attributable to DigitalBridge Group, Inc.	(29,628)		(197,797)

Preferred dividends	(14,660)		(14,676)
Net income (loss) attributable to common stockholders	(44,288)		(212,473)
Net income (loss) allocated to participating securities	(34)		(31)
Net income (loss) allocated to common stockholders—basic	(44,322)		(212,504)
Interest expense attributable to exchangeable notes (1)	—		—
Net income (loss) allocated to common stockholders—diluted	$	(44,322)	$	(212,504)
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic	161,043		158,446
Weighted average effect of dilutive shares (1)(2)(3)	—		—
Weighted average number of common shares outstanding—diluted	161,043		158,446
Income (loss) per share—basic
Income (Loss) from continuing operations	$	(0.20)	$	(1.19)
Income (Loss) from discontinued operations	(0.08)		(0.15)
Net income (loss) attributable to common stockholders per common share—basic	$	(0.28)	$	(1.34)
Income (loss) per share—diluted
Income (Loss) from continuing operations	$	(0.20)	$	(1.19)
Income (Loss) from discontinued operations	(0.08)		(0.15)
Net income (loss) attributable to common stockholders per common share—diluted	$	(0.28)	$	(1.34)

__________

Stockholders' Equity - Schedule of Preferred Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares Outstanding (in shares)	32,876	32,876
Par Value	$ 329
Liquidation Preference	$ 821,899	$ 821,899
Series H
Class of Stock [Line Items]
Dividend Rate Per Annum	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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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Earnings per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Net income (loss) allocated to common stockholders
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$ (16,498)	$ (174,739)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)	(23,058)
Net income (loss) attributable to DigitalBridge Group, Inc.	(29,628)	(197,797)
Preferred dividends	(14,660)	(14,676)
Net income (loss) attributable to common stockholders	(44,288)	(212,473)
Net income (loss) allocated to participating securities	(34)	(31)
Net income (loss) allocated to common stockholders—basic	(44,322)	(212,504)
Interest expense attributable to exchangeable notes	0	0
Net income (loss) allocated to common stockholders—diluted	$ (44,322)	$ (212,504)
Weighted average common shares outstanding
Weighted average number of common shares outstanding - basic (in shares) \| shares	161,043,000	158,446,000
Weighted average effect of dilutive shares (in shares) \| shares	0	0
Weighted average number of common shares outstanding - diluted (in shares) \| shares	161,043,000	158,446,000
Income (loss) per share—basic
Income (Loss) from continuing operations (in dollars per share) \| $ / shares	$ (0.20)	$ (1.19)
Income (Loss) from discontinued operations (in dollars per share) \| $ / shares	(0.08)	(0.15)
Net income (loss) loss attributable to common stockholders per common share - basic (in dollars per share) \| $ / shares	(0.28)	(1.34)
Income (loss) per share—diluted
Income (Loss) from continuing operations (in dollars per share) \| $ / shares	(0.20)	(1.19)
Income (Loss) from discontinued operations (in dollars per share) \| $ / shares	(0.08)	(0.15)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share) \| $ / shares	$ (0.28)	$ (1.34)
Conversion ratio	1
Convertible Debt Securities
Income (loss) per share—diluted
Interest expense on convertible note excluded from diluted EPS	$ 1,300	$ 4,000
Weighted average dilutive common share (in shares) \| shares	8,495,500	11,697,600
Performance Shares
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	121,700	32,400
Common Stock Warrants
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	1,331,200	362,800
OP Units
Income (loss) per share—diluted
Weighted average dilutive common share (in shares) \| shares	12,290,800	12,628,900

Transactions with Affiliates - Schedule of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due from affiliates	$ 87,666	$ 85,815
Related Party
Related Party Transaction [Line Items]
Due to affiliates	10,809	10,664
Fee revenue
Related Party Transaction [Line Items]
Due from affiliates	68,595	71,427
Cost reimbursements and recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	17,383	14,388
Employees and other affiliates
Related Party Transaction [Line Items]
Due from affiliates	1,688	0
Employees and other affiliates \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	686	541
Investment vehicles—InfraBridge (Note 3) \| Related Party
Related Party Transaction [Line Items]
Due to affiliates	$ 10,123	$ 10,123

Business Combinations - Schedule of Allocation of Consideration Transferred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 465,602	$ 465,991	$ 444,817	$ 298,248
InfraBridge contingent consideration
Business Acquisition [Line Items]
Cash	365,440	365,440
Estimated fair value of contingent consideration	10,874	10,874
Total consideration	376,314	376,314
Cash	51,174	51,174
Principal investments	112,310	112,310
Intangible assets	50,800	50,800
Other assets	34,715	34,699
Deferred tax liabilities	(10,198)	(10,198)
Other liabilities	(29,841)	(30,214)
Fair value of net assets acquired	208,960	208,571
Goodwill	167,354	167,743
Business combination, recognized identifiable assets acquired, goodwill, and liabilities assumed, net	376,314	$ 376,314
Measurement Period Adjustments, Cash consideration
Measurement Period Adjustments, Estimated fair value of contingent consideration
Measurement Period Adjustments, Total
Measurement Period Adjustments, Cash
Measurement Period Adjustments, Principal investments
Measurement Period Adjustments, Intangible assets
Measurement Period Adjustments, Other assets	16
Measurement Period Adjustments, Deferred tax liabilities
Measurement Period Adjustments, Other liabilities	373
Measurement Period Adjustments, Fair value of net assets acquired
Measurement Period Adjustments, Goodwill	$ (389)

Fee Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Asset Management and Other Fees

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


	Three Months Ended March 31,
(In thousands)	2024		2023
Management fees	$	71,844	$	57,158
Incentive fees	881		869
Other fees	230		1,099
Total fee revenue	$	72,955	$	59,126

Goodwill and Intangibles Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table presents changes in goodwill.


	Three Months Ended March 31,
(In thousands)	2024		2023
Beginning balance	$	465,991	$	298,248
Business combination (Note 3)	(389)		146,569

Ending balance (1)	$	465,602	$	444,817

__________

(1) Remaining goodwill deductible for income tax purposes was $109.2 million at March 31, 2024 and $111.8 million at December 31, 2023.

Schedule of Deferred Leasing Costs and Other Intangibles

Intangible assets are composed of the following:


	March 31, 2024						December 31, 2023
(In thousands)	Carrying Amount (1)(2)		Accumulated Amortization(1)(2)		Net Carrying Amount(1)		Carrying Amount (1)(2)		Accumulated Amortization(1)(2)		Net Carrying Amount(1)
Investment management contracts	$	138,797	$	(79,720)	$	59,077	$	150,835	$	(84,824)	$	66,011
Investor relationships	53,419		(20,578)		32,841		53,572		(19,190)		34,382
Trade name	4,300		(2,014)		2,286		4,300		(1,907)		2,393
Other (3)	1,518		(591)		927		1,518		(554)		964
	$	198,034	$	(102,903)	$	95,131	$	210,225	$	(106,475)	$	103,750

__________

(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 Estimated Annual Amortization Expense

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


	Year Ending December 31,
(In thousands)	Remaining 2024		2025		2026		2027		2028		2029 and thereafter		Total




Amortization expense	$	22,549	$	25,165	$	17,572	$	11,975	$	7,881	$	9,989	$	95,131

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Variable Interest Entities - Schedule of Supplemental Balance Sheet Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 247,354	$ 345,335	$ 603,427	$ 855,564
Investments (Note 4)	2,488,826	2,476,093
Other assets	73,871	78,953
Total assets of consolidated private fund	3,463,816	3,562,550
Due to custodian	8,966	9,415
Other liabilities	573,961	681,451
Marketable equity securities
Variable Interest Entity [Line Items]
Securities sold short	73,214	66,297
Variable Interest Entity, Primary Beneficiary \| Corporate and Other
Variable Interest Entity [Line Items]
Cash and cash equivalents	59,402	69,654
Investments (Note 4)	489,828	482,911
Other assets	2,651	576
Total assets of consolidated private fund	551,881	553,141
Due to custodian	8,966	9,415
Other	2,976	16,313
Other liabilities	56,190	64,210
Variable Interest Entity, Primary Beneficiary \| Corporate and Other \| Marketable equity securities \| Short
Variable Interest Entity [Line Items]
Securities sold short	$ 44,248	$ 38,482

Segment Reporting - Schedule of Operating Results for Each Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 72,955	$ 59,126
Carried interest allocation (reversal)	(8,478)	(54,756)
Principal investment income	2,845	3,562
Other income	7,071	10,564
Total revenues	74,393	18,496
Interest expense	5,192	8,131
Transaction-related costs	760	8,527
Depreciation and amortization	9,167	6,875
Compensation expense—cash and equity-based	51,184	47,471
Compensation expense—incentive fee and carried interest allocation (reversal)	(6,714)	(36,831)
Administrative and other expenses	24,310	20,447
Total expenses	83,899	54,620
Other gain (loss), net	(5,894)	(144,514)
Income (loss) from continuing operations before income taxes	(15,400)	(180,638)
Income tax benefit (expense)	(1,246)	(1,098)
Income (loss) from continuing operations	(16,646)	(181,736)
Redeemable noncontrolling interests	733	6,943
Investment entities	1,467	909
Operating Company	(2,348)	(14,849)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	(16,498)	(174,739)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)	(23,058)
Net income (loss) attributable to DigitalBridge Group, Inc.	(29,628)	(197,797)
Fee Income
Segment Reporting Information [Line Items]
Revenues	$ 72,955	$ 59,126

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Litigation The Company may be involved in litigation in the ordinary course of business. As of March 31, 2024, 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.

Fee Revenue - Schedule of Fee Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 72,955	$ 59,126
Management fees
Related Party Transaction [Line Items]
Revenues	71,844	57,158
Incentive fees \| Affiliated Entity
Related Party Transaction [Line Items]
Revenues	881	869
Other fees
Related Party Transaction [Line Items]
Revenues	230	1,099
Total fee revenue
Related Party Transaction [Line Items]
Revenues	72,955	59,126
Total fee revenue \| Affiliated Entity
Related Party Transaction [Line Items]
Revenues	$ 69,811	$ 56,389

- 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
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-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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-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
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Segment Reporting - Narrative (Details) - segment	12 Months Ended
Segment Reporting - Narrative (Details) - segment	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of reportable segments	1	2

Noncontrolling Interests - Schedule of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 17,862	$ 100,574
Distributions paid and payable, including redemptions	(4,818)	(43,562)
Ending balance	19,596	107,413
Redeemable Noncontrolling Interests
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions	1,001	0
Distributions paid and payable, including redemptions	0	(104)
Net income (loss)	$ 733	$ 6,943

Business Combinations - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023	Mar. 31, 2024
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

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Components of Share-Based Compensation


	2024 PSU Grants	2023 PSU Grants	2022 PSU Grants
Expected volatility of the Company's class A common stock (1)	44.6%	41.3%	32.4%
Expected annual dividend yield (2)	0.2%	0.3%	—%
Risk-free rate (per annum) (3)	4.5%	3.8%	2.0%

__________

(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 is presented on the consolidated statement of operations, as follows.


	Three Months Ended March 31,
(In thousands)		2024		2023

Compensation expense		$	9,214	$	10,770


Administrative expense		—		228
		$	9,214	$	10,998

Schedule of Nonvested Shares Under Director Stock Plan and Equity Incentive Plan

Changes in unvested equity awards pursuant to the 2014 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, 2023	2,813,369	2,625,000	64,099	599,347	1,274,435	7,376,250	$	21.66	$	9.80
Granted	1,523,257	—	127	26,610	199,069	1,749,063	19.27		18.04
Vested	(982,831)	—	(91)	—	—	(982,922)	—		16.85
Forfeited	(59,157)	—	—	—	(643,178)	(702,335)	26.92		22.46
Unvested shares and units at March 31, 2024	3,294,638	2,625,000	64,135	625,957	830,326	7,440,056	17.01		10.57

__________

Restricted Cash, Other Assets and Other Liabilities

3 Months Ended

Mar. 31, 2024

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 securitized debt of the Company.

Other Assets

The following table summarizes the Company's other assets.


(In thousands)	March 31, 2024		December 31, 2023

Prepaid taxes and deferred tax assets, net	$	12,718	$	14,059



Operating lease right-of-use asset for corporate offices	31,311		33,898
Accounts receivable, net	7,135		8,919
Prepaid expenses	1,156		2,952
Other assets	10,895		11,893
Fixed assets, net (1)	10,656		7,232
Total other assets	$	73,871	$	78,953

__________

(1) Net of accumulated depreciation of $8.2 million at March 31, 2024 and $7.3 million at December 31, 2023.

Other Liabilities

The following table summarizes the Company's other liabilities:


(In thousands)	March 31, 2024		December 31, 2023
Deferred investment management fees (1)	$	11,331	$	10,250
Interest payable on corporate debt	1,130		2,293
Common and preferred stock dividends payable	16,563		16,477


Securities sold short—consolidated funds	44,249		38,481
Due to custodians—consolidated funds	8,966		9,415
Current and deferred income tax liability	9,133		8,403
Contingent consideration payable—InfraBridge (Note 10)	11,338		11,338
Contingent consideration payable—Wafra (2)	—		35,000
Warrants issued to Wafra (Note 9)	11,600		39,200
Operating lease liability for corporate offices	46,072		49,035
Accrued compensation	22,005		63,761
Accrued incentive fee and carried interest compensation	347,834		356,316
Accounts payable and accrued expenses	28,961		13,844
Due to affiliates (Note 15)	10,809		10,664
Other liabilities	3,970		16,974
Other liabilities	$	573,961	$	681,451

__________

Deferred Income Taxes

The Company has significant deferred tax assets, related principally to capital loss carryforwards, outside basis difference in DBRG's interest in the OP, outside basis difference in investment in partnerships and net operating losses generated by a taxable U.S. subsidiary. As of March 31, 2024 and December 31, 2023, a full valuation allowance has been established as the realizability of these deferred tax assets did not meet the more-likely-than-not threshold. As a result, income tax expense in 2024 and 2023 generally reflects the income tax effect of foreign subsidiaries.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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, 2022	33,111	159,763	166

Stock repurchases	(3)	—	—



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

Shares outstanding at December 31, 2023	32,876	163,209	166




Exchange of notes for class A common stock	—	673	—
Shares issued upon redemption of OP Units	—	85	—
Settlement of contingent consideration (Note 6)	—	1,020	—
Equity awards issued, net of forfeitures	—	1,465	—
Shares canceled for tax withholding on vested equity awards	—	(400)	—
Shares outstanding at March 31, 2024	32,876	166,052	166

The table below summarizes the preferred stock issued and outstanding at March 31, 2024:


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. There were no changes in components of AOCI attributed to noncontrolling interests in investment entities for the three months ended March 31, 2024. 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		Foreign Currency Translation Gain (Loss)		Total




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

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

AOCI at December 31, 2023	$	—	$	1,411	$	1,411
Other comprehensive income (loss) before reclassifications	—		(1,018)		(1,018)
Amounts reclassified from AOCI	—		319		319

AOCI at March 31, 2024	$	—	$	712	$	712

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Foreign Currency Translation Gain (Loss)




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

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

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)	Three Months Ended March 31,
Component of AOCI reclassified into earnings	2024		2023


Release of foreign currency cumulative translation adjustments	$	(319)	$	1,051




Release of AOCI of equity method investments	—		(296)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

Debt - Schedule of Securitized Financing Facility (Details)	1 Months Ended
	Apr. 30, 2022 USD ($)	Jul. 31, 2021 USD ($) extension	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Principal			$ 372,422,000	$ 378,422,000
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		$ 300,000,000
Maturity (in years)		2 years 6 months
Principal prepayment (as a percent)		1.00%
VFN Notes \| Secured Debt
Line of Credit Facility [Line Items]
Maturity (in years)		6 months
Percentage of unused amount (as a percent)		0.50%
Number of extensions \| extension		2
Extension term (in years)		1 year
VFN Notes \| Secured Debt \| SOFR
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
Increase in line of credit facility	$ 100,000,000
Series 2021-1 Class A-1 Notes \| Secured Debt
Line of Credit Facility [Line Items]
Interest rate (as a percent)		0.11448%

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

14. 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. 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 $199.6 million at March 31, 2024 and $200.8 million at December 31, 2023. 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 March 31, 2024, the Company had unfunded equity commitments of $9.3 million to a consolidated fund.

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


(In thousands)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	59,402	$	69,654
Investments (Note 4)	489,828		482,911
Other assets	2,651		576
	$	551,881	$	553,141
Liabilities

Other liabilities
Securities sold short	$	44,248	$	38,482
Due to custodian	8,966		9,415
Other	2,976		16,313
	$	56,190	$	64,210

In April 2024, two single asset funds were deconsolidated as the Company no longer holds a controlling financial interest in these funds. The Company's co-investment in a portfolio company of the funds was restructured and is no longer held through the funds, but invested in the portfolio company through a parallel vehicle. The Company's co-investment in the portfolio company is reflected as an equity method investment under the fair value option effective April 2024. The deconsolidation of the funds resulted in a removal of approximately $263 million of assets attributed to the limited partners of the funds that had represented noncontrolling interests in investment entities.

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 $1.88 billion at March 31, 2024 and $1.86 billion at December 31, 2023. The Company also has receivables from its unconsolidated funds for fee revenue and reimbursable or recoverable costs, as discussed in Note 15. At March 31, 2024, the Company's unfunded equity commitments to its unconsolidated funds as general partner and general partner affiliate totaled $250.5 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.

Transactions with Affiliates (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Related Party Disclosures

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


(In thousands)	March 31, 2024		December 31, 2023
Due from Affiliates
Investment vehicles and portfolio companies
Fee revenue	$	68,595	$	71,427
Cost reimbursements and recoverable expenses	17,383		14,388

Employees and other affiliates	1,688		—
	$	87,666	$	85,815
Due to Affiliates (Note 6)

Investment vehicles—InfraBridge (Note 3)	$	10,123	$	10,123
Employees and other affiliates	686		541
	$	10,809	$	10,664

Fair Value - Narrative (Details)	1 Months Ended			3 Months Ended	12 Months Ended
Fair Value - Narrative (Details)	Mar. 31, 2024 USD ($) security	May 31, 2022	Jul. 31, 2020 security $ / shares shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding balance \| $	$ 0			$ 0	$ 0
Discount rate (as a percent)	4.90%			4.90%
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)	0.393			0.393	0.378
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)	0.0453			0.0453	0.0411
Common Stock Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of warants reclassified \| security	3
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
Aggregate percentage of common stock (as a percent)		9.80%
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%	18.30%
Level 3 \| Recurring \| Loans Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure \| $						$ 133,300,000
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%	5.50%
Discount rate for projected net cash flow (as a percent)				10.40%	10.40%

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

The following table presents the activities in redeemable noncontrolling interests in open-end funds in the liquid securities strategy consolidated by the Company.


	Three Months Ended March 31,
(In thousands)	2024		2023
Redeemable noncontrolling interests
Beginning balance	$	17,862	$	100,574
Contributions	1,001		—
Distributions paid and payable, including redemptions	—		(104)
Net income (loss)	733		6,943





Ending balance	$	19,596	$	107,413

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.01	$ 0.01

Stockholders' Equity - Narrative (Details)	1 Months Ended		3 Months Ended			12 Months Ended
Stockholders' Equity - Narrative (Details)	Aug. 31, 2022	Apr. 30, 2015	Mar. 31, 2024 votingRightPerShare quarter director $ / shares shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)
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
Stock repurchase, authorized amount \| $							$ 200,000,000
Minimum affirmative vote required for changes to any series of preferred stock			66.67%
Reverse stock split conversion ratio	0.25
Treasury Stock, Preferred
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares				2,738		235,223
Value of shares repurchased \| $				$ 52,000		$ 4,700,000
Weighted average price per share (in dollars per share) \| $ / shares						$ 20.18
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
Class B Common Stock
Class of Stock [Line Items]
Voting rights attributable to each share \| votingRightPerShare			36.5

Stockholders' Equity - Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of foreign currency cumulative translation adjustments	$ (5,894)	$ (144,514)
Release of AOCI of equity method investments	2,845	3,562
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of AOCI of equity method investments	0	(296)
Reclassification out of Accumulated Other Comprehensive Income \| Release of foreign currency cumulative translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of foreign currency cumulative translation adjustments	$ (319)	$ 1,051

Variable Interest Entities - Narrative (Details) $ in Millions	Apr. 30, 2024 USD ($) assetFund	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event
Variable Interest Entity [Line Items]
Number of single asset \| assetFund	2
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		$ 199.6	$ 200.8
Unfunded equity commitments		9.3
Variable Interest Entity, Primary Beneficiary \| Subsequent Event
Variable Interest Entity [Line Items]
Derecognized assets	$ 263.0
Variable Interest Entity, Not Primary Beneficiary \| Company-Sponsored Private Funds
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities		1,880.0	$ 1,860.0
Variable Interest Entity, Not Primary Beneficiary \| Company Sponsored Funds
Variable Interest Entity [Line Items]
Unfunded lending commitment		$ 250.5

Investments - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Distributed carried interest subject to clawback	$ 180.9
Equity investments	18.1
Current And Former Employees
Schedule of Equity Method Investments [Line Items]
Distributed carried interest subject to clawback	$ 120.6

Equity-Based Compensation - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Apr. 30, 2024 shares
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	$ 18.4	$ 20.9
Aggregate unrecognized compensation cost related to restricted stock granted	$ 57.5
Weighted average period of expected cost (in years)	2 years 3 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)	2 months
Equity Incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares) \| shares				5.5
Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares) \| shares	8.9		5.8
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

Restricted Cash, Other Assets and Other Liabilities - Schedule of Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred investment management fees	$ 11,331		$ 10,250
Common and preferred stock dividends payable	16,563	$ 16,444	16,477
Securities sold short—consolidated funds	44,249		38,481
Due to custodians—consolidated funds	8,966		9,415
Current and deferred income tax liability	9,133		8,403
Warrants issued to Wafra (Note 9)	11,600		39,200
Accrued compensation	22,005		63,761
Accrued incentive fee and carried interest compensation	347,834		356,316
Accounts payable and accrued expenses	28,961		13,844
Other liabilities	573,961		681,451
Deferred investment management fees recognized	$ 1,200	1,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
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	$ 10,809		10,664
Nonrelated Party
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other liabilities	3,970		16,974
Corporate Offices
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Operating lease liability on corporate offices	$ 46,072		$ 49,035
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		$ 11,338
Warrants issued to Wafra
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contingent consideration payable	0		35,000
Payable to wafra	$ 35,000	$ 90,000
Percentage of shares payable (as a percent)	50.00%
Corporate Debt
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Interest payable on corporate debt	$ 1,130		$ 2,293

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)	$ (30,766)	$ (292,344)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments	0	318
Foreign currency translation	(754)	(231)
Other comprehensive income (loss)	(754)	87
Comprehensive income (loss)	(31,520)	(292,257)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	733	6,943
Comprehensive income (loss) attributable to stockholders	(30,328)	(197,764)
Investment entities
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	1,467	(84,793)
Operating Company
Comprehensive income (loss) attributable to noncontrolling interests:
Comprehensive income (loss) attributable to noncontrolling interests	$ (3,392)	$ (16,643)

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments and debt securities	$ 1,998,998	$ 1,993,182
Other investments	416,614	416,614
Investments	2,488,826	2,476,093
CLO subordinated notes
Schedule of Equity Method Investments [Line Items]
Debt securities	49,791	50,927
Marketable equity securities
Schedule of Equity Method Investments [Line Items]
Marketable equity securities	73,214	66,297
Principal investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	1,213,517	1,194,417
Carried interest allocation
Schedule of Equity Method Investments [Line Items]
Equity method investments	667,943	676,421
Marketable equity securities
Schedule of Equity Method Investments [Line Items]
Equity method investments	32,188	17,487
Other equity investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 35,559	$ 53,930

Transactions with Affiliates

3 Months Ended

Mar. 31, 2024

Transactions with Affiliates

15. 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)	March 31, 2024		December 31, 2023
Due from Affiliates
Investment vehicles and portfolio companies
Fee revenue	$	68,595	$	71,427
Cost reimbursements and recoverable expenses	17,383		14,388

Employees and other affiliates	1,688		—
	$	87,666	$	85,815
Due to Affiliates (Note 6)

Investment vehicles—InfraBridge (Note 3)	$	10,123	$	10,123
Employees and other affiliates	686		541
	$	10,809	$	10,664

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 $2.5 million and $1.3 million for the three months ended March 31, 2024 and 2023, 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.

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.

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 amount of $115.5 million at March 31, 2024 and $112.2 million at December 31, 2023. Carried interest allocated is recorded as net income attributable to noncontrolling interests totaling $3.4 million and $2.2 million for the three months ended March 31, 2024 and 2023, respectively.

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 $36.2 million at March 31, 2024 and $22.7 million at December 31, 2023, reflected in redeemable noncontrolling interests and noncontrolling interests on the balance sheet. The employees' share of net income was $0.1 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively. Such amounts are reflected in net income (loss) attributable to noncontrolling interests on the consolidated statement of operations 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 $0.9 million and $1.8 million for the three months ended March 31, 2024 and 2023 respectively.

- 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
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 372,422	$ 378,422
Premium (Discount), net	(632)	(810)
Deferred Financing Cost	(5,284)	(5,829)
Amortized Cost	366,506	371,783
Carrying Value \| Exchangeable senior notes
Debt Instrument [Line Items]
Principal	72,422	78,422
Premium (Discount), net	(632)	(810)
Deferred Financing Cost	(75)	(96)
Amortized Cost	71,715	77,516
Securitized financing facility \| Carrying Value \| Securitized financing facility
Debt Instrument [Line Items]
Principal	300,000	300,000
Premium (Discount), net	0	0
Deferred Financing Cost	(5,209)	(5,733)
Amortized Cost	$ 294,791	$ 294,267

- 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
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+ Details

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other income	$ 72,955	$ 59,126
Fee Income
Other income	72,955	59,126
Affiliated Entity \| Fee Income
Other income	69,811	56,389
Affiliated Entity \| Other Income
Other income	$ 2,486	$ 1,253

- Definition

+ References

+ Details

Equity-Based Compensation - Schedule of Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jul. 31, 2019	Mar. 31, 2024
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		7,376,250
Granted (in shares)		1,749,063
Vested (in shares)		(982,922)
Forfeited (in shares)		(702,335)
Unvested shares and units period end (in shares)		7,440,056
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 9.80
Granted (in dollars per share)		18.04
Vested (in dollars per share)		16.85
Forfeited (in dollars per share)		22.46
Unvested shares and units period end (in dollars per share)		$ 10.57
Restricted Stock
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		2,813,369
Granted (in shares)		1,523,257
Vested (in shares)		(982,831)
Forfeited (in shares)		(59,157)
Unvested shares and units period end (in shares)		3,294,638
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)		64,099
Granted (in shares)		127
Vested (in shares)		(91)
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		64,135
RSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		599,347
Granted (in shares)		26,610
Vested (in shares)		0
Forfeited (in shares)		0
Unvested shares and units period end (in shares)		625,957
PSUs
Number of Shares [Roll Forward]
Unvested shares and units beginning period (in shares)		1,274,435
Granted (in shares)		199,069
Vested (in shares)		0
Forfeited (in shares)		(643,178)
Unvested shares and units period end (in shares)		830,326
Weighted Average Grant Date Fair Value [Roll Forward]
Unvested shares and units beginning period (in dollars per share)		$ 21.66
Granted (in dollars per share)		19.27
Vested (in dollars per share)		0
Forfeited (in dollars per share)		26.92
Unvested shares and units period end (in dollars per share)		$ 17.01

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Operating Results


	Three Months Ended March 31,
	2024		2023
Revenues
Fee revenue	$	72,955	$	59,126
Carried interest allocation (reversal)	(8,478)		(54,756)
Principal investment income	2,845		3,562
Other income	7,071		10,564
Total revenues	74,393		18,496
Expenses
Interest expense	5,192		8,131
Transaction-related costs	760		8,527
Depreciation and amortization	9,167		6,875

Compensation expense—cash and equity-based	51,184		47,471
Compensation expense—incentive fee and carried interest allocation (reversal)	(6,714)		(36,831)
Administrative and other expenses	24,310		20,447
Total expenses	83,899		54,620
Other income (loss)
Other gain (loss), net	(5,894)		(144,514)
Income (loss) from continuing operations before income taxes	(15,400)		(180,638)
Income tax benefit (expense)	(1,246)		(1,098)
Income (loss) from continuing operations	(16,646)		(181,736)
Income (loss) from continuing operations attributable to noncontrolling interests:
Redeemable noncontrolling interests	733		6,943
Investment entities	1,467		909
Operating Company	(2,348)		(14,849)
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(16,498)	$	(174,739)

Reconciliation of segment earnings measure to consolidated statement of operations:
Income (loss) from continuing operations attributable to DigitalBridge Group, Inc.	$	(16,498)	$	(174,739)
Income (loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)		(23,058)
Net income (loss) attributable to DigitalBridge Group, Inc.	$	(29,628)	$	(197,797)

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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 unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income (loss) and other comprehensive income (loss) of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. Noncontrolling interests represent predominantly carried interest allocation to certain senior executives of the Company (Note 15), limited partners of consolidated funds, and membership interests in the OP primarily held by certain current and former employees of the Company.

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

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Principles of Consolidation

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

Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. A VIE is consolidated by its

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

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

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

Noncontrolling Interests

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

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

Noncontrolling Interests in Investment Entities—This represents limited partners of consolidated closed-end funds, and carried interest allocation to certain senior executives of the Company (Note 15) and to a lesser extent, to a third party investor, Wafra. 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.

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.

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 the following:

•In 2024 and 2023, the Company's former real estate investments along with an adjacent investment management business, which have predominantly been disposed as part of the Company's transformation into an investment manager with a digital infrastructure focus.

•In 2023, the operations of digital infrastructure portfolio companies that represented the Company's former Operating segment prior to their full deconsolidation and qualification as discontinued operations on December 31, 2023. The Operating segment was 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, a majority of the assets, liabilities and operating results of DataBank and Vantage SDC were attributed to third party investors, presented as noncontrolling interests in investment entities.

•In 2023, the Company's equity method investment in BrightSpire Capital, Inc. (NYSE: BRSP), which was sold in March 2023 for net proceeds totaling $201.6 million, with impairment of $9.7 million recorded in 2023 prior to its disposition. The Company's investment in BRSP qualified as discontinued operations in March 2023.

Loss from discontinued operations is summarized as follows.


	Three Months Ended March 31,
(In thousands)	2024		2023





Revenues	$	1,832	$	233,634







Expenses	(3,068)		(335,649)
Other gain (loss)	(12,961)		(8,647)



Income (Loss) from discontinued operations before income taxes	(14,197)		(110,662)
Income tax benefit (expense)	77		54
Income (Loss) from discontinued operations	(14,120)		(110,608)
Income (Loss) from discontinued operations attributable to noncontrolling interests:
Investment entities	—		(85,737)
Operating Company	(990)		(1,813)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	$	(13,130)	$	(23,058)

Assets and Liabilities of Discontinued Operations

The Company initially measures assets classified as held for disposition at the lower of their carrying amounts or fair value less disposal costs. For bulk sale transactions, the unit of account is the disposal group, with any excess of the aggregate carrying value over estimated fair value less costs to sell allocated to the individual assets within the group.

At March 31, 2024 and December 31, 2023, all assets and related liabilities held for disposition relate to discontinued operations and consisted of remaining equity investments excluded from the December 2021 bulk sale of the Company's real estate related investments.

Reclassifications

As discussed in "—Discontinued Operations," the Company's investment in the portfolio companies previously consolidated in the Company's former Operating segment qualified as discontinued operations in December 2023, and their results of operations have been reclassified to income (loss) from discontinued operations for the three months ended March 31, 2023.

Beginning 2024, investment-related expenses, which primarily include reimbursable costs from affiliates, have been recorded within administrative and other expenses on the consolidated statements of operations. Prior period amounts were immaterial and have been reclassified to conform to current period presentation.

Recently Adopted Accounting Pronouncements

There were no recently adopted accounting pronouncements that had a material effect on the Company's consolidated financial statements.

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 ASU is effective for fiscal years beginning January 1, 2024 (that is, Form 10-K as of and for the year ending December 31, 2024), and interim periods within fiscal years beginning January 1, 2025 (that is, Form 10-Q as of and for the three months ending March 31, 2025). Early adoption is permitted. The Company will adopt this ASU for its 2024 fiscal year with the filing of its Form 10-K as of and for the year ending December 31, 2024, and is currently evaluating the effects of this new guidance with respect to segment disclosures.

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.

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

7. Debt

The Company's corporate debt is composed of a securitized financing facility and, prior to their full exchange or redemption in March and April 2024, senior notes issued by the OP that are recourse to the Company, as discussed further below.


	March 31, 2024								December 31, 2023
(In thousands)	Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost		Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost

Securitized financing facility	$	300,000	$	—	$	(5,209)	$	294,791	$	300,000	$	—	$	(5,733)	$	294,267
Exchangeable senior notes	72,422		(632)		(75)		71,715		78,422		(810)		(96)		77,516
	$	372,422	$	(632)	$	(5,284)	$	366,506	$	378,422	$	(810)	$	(5,829)	$	371,783

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 certain sponsored funds and portfolio companies held by subsidiaries of DBRG, as collateral.

The following table summarizes certain key terms of the securitized financing facility:


($ in thousands)	Outstanding Principal		Interest Rate (Per Annum)(1)		Anticipated Repayment Date(2)	Years Remaining to Maturity(2)
Class A-2 Notes	$	300,000	3.93	%	September 2026	2.5
Variable Funding Notes	—		1-month Term SOFR + 3%		September 2024	0.5

__________

(1) The VFN bears interest based upon 1-month Term Secured Overnight Financing Rate, or SOFR, adjusted to include 0.11448% as defined in the VFN purchase agreement, or an alternate benchmark as set forth in the VFN purchase agreement plus 3%. Unused capacity under the VFN facility is subject to a commitment fee of 0.5% per annum.

(2) The final maturity date of the Class A-2 Notes is in September 2051. The anticipated repayment date of the VFN is subject to two one-year extensions.

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.

Exchangeable Senior Notes

Exchangeable senior notes represent senior unsecured obligations of the OP as issuer of the senior notes.


Description	Issuance Date	Due Date	Interest Rate (per annum)		Exchange Price (per share of common stock)		Exchange Ratio (in shares)(1)	Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										March 31, 2024		December 31, 2023

5.75% Exchangeable Senior Notes	July 2020	July 15, 2025	5.75	%	$	9.20	108.6956	7,872	July 21, 2023	$	72,422	$	78,422

__________

(1) The 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 the senior note.

The senior notes mature on their due date, 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 or Redemption of Senior Notes

As of the end of April 2024, there are no outstanding senior notes following the Company's full exchange or redemption of its remaining 5.75% exchangeable senior notes. Of the $78.4 million of outstanding note principal outstanding as of the beginning of the quarter, $73.4 million was exchanged for 8.2 million shares of the Company's class A common stock ($6.0 million note principal exchanged for 673,486 shares in March 2024, with the remainder exchanged in April 2024) and $5.0 million redeemed for cash in April 2024. In connection with the exchange, the shares of Class A common stock were issued in reliance on Section 4(a)(2) of the Securities Exchange Act of 1933, as amended.

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies [Line Items]
OP units to common stock, conversion ratio		1
Proceeds from sale of equity investments		$ 23,471	$ 308,254
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

Summary of Significant Accounting Policies - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from discontinued operations	$ (14,120)	$ (110,608)
Held for Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	1,832	233,634
Expenses	(3,068)	(335,649)
Other gain (loss), net	(12,961)	(8,647)
Income (Loss) from discontinued operations before income taxes	(14,197)	(110,662)
Income tax benefit (expense)	77	54
Income (Loss) from discontinued operations	(14,120)	(110,608)
Income (Loss) from discontinued operations attributable to DigitalBridge Group, Inc.	(13,130)	(23,058)
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 DigitalBridge Group, Inc.	0	(85,737)
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 DigitalBridge Group, Inc.	$ (990)	$ (1,813)

Goodwill and Intangibles Assets - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Remaining 2024	$ 22,549
2025	25,165
2026	17,572
2027	11,975
2028	7,881
2029 and thereafter	9,989
Total	$ 95,131

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Except as disclosed in Note 7 and Note 14, no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the accompanying notes.

Investments - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized Cost without Allowance for Credit Loss	$ 49,791	$ 50,927
Allowance for Credit Loss	0	0
Gross cumulative unrealized gains	0	0
Gross cumulative unrealized losses	0	0
Fair Value	$ 49,791	$ 50,927

Fee Revenue

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Fee Revenue

12. Fee Revenue

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


	Three Months Ended March 31,
(In thousands)	2024		2023
Management fees	$	71,844	$	57,158
Incentive fees	881		869
Other fees	230		1,099
Total fee revenue	$	72,955	$	59,126

Management Fees—Management fees are generally calculated based upon the following ranges of per annum contractual rates:

•Equity funds—0.64% to 2.00% of investors' committed capital during the commitment period, and thereafter, contributed or invested capital (subject to certain reductions for NAV write-downs);

•Credit and co-investment vehicles—0.25% to 1.10% of contributed or invested capital from inception; and

•Liquid Strategies and InfraBridge co-investment vehicles—0.20% to 1.15% of NAV or gross asset value, respectively.

Also, co-investment vehicles may charge a one-time fee upfront at contractual rates between 0.15% and 1.50% of committed capital, generally to be paid in tranches, but with recognition of fee revenue over the life of the vehicle. Certain co-investment vehicles may be non fee-bearing.

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 three months ended March 31, 2024, revenues from four funds, including fee revenue, principal investment income and carried interest allocation, accounted for approximately 26%, 13%, 13%, and 12% of the Company's total revenues.

Business and Organization (Details) - DigitalBridge Operating Company	3 Months Ended
	Mar. 31, 2024
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%

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

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, 2022	33,111	159,763	166

Stock repurchases	(3)	—	—



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

Shares outstanding at December 31, 2023	32,876	163,209	166




Exchange of notes for class A common stock	—	673	—
Shares issued upon redemption of OP Units	—	85	—
Settlement of contingent consideration (Note 6)	—	1,020	—
Equity awards issued, net of forfeitures	—	1,465	—
Shares canceled for tax withholding on vested equity awards	—	(400)	—
Shares outstanding at March 31, 2024	32,876	166,052	166

Preferred Stock

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

The table below summarizes the preferred stock issued and outstanding at March 31, 2024:


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.

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.

Stock Repurchases

The Company does not currently have an authorized stock repurchase program.

Pursuant to a $200 million stock repurchase program announced in July 2022 that expired in June 2023, the Company repurchased 235,223 shares in aggregate across Series H, I and J preferred stock in 2023 for approximately $4.7 million (2,738 shares for $52,000 in the first quarter of 2023 and the remainder in the second quarter of 2023), or a weighted average price of $20.18 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		Foreign Currency Translation Gain (Loss)		Total




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

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

AOCI at December 31, 2023	$	—	$	1,411	$	1,411
Other comprehensive income (loss) before reclassifications	—		(1,018)		(1,018)
Amounts reclassified from AOCI	—		319		319

AOCI at March 31, 2024	$	—	$	712	$	712

Changes in Components of AOCI—Noncontrolling Interests in Investment Entities


(In thousands)	Foreign Currency Translation Gain (Loss)




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

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

Reclassifications out of AOCI—Stockholders


(In thousands)	Three Months Ended March 31,
Component of AOCI reclassified into earnings	2024		2023


Release of foreign currency cumulative translation adjustments	$	(319)	$	1,051




Release of AOCI of equity method investments	—		(296)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt


	March 31, 2024								December 31, 2023
(In thousands)	Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost		Principal		Premium (Discount), net		Deferred Financing Cost		Amortized Cost

Securitized financing facility	$	300,000	$	—	$	(5,209)	$	294,791	$	300,000	$	—	$	(5,733)	$	294,267
Exchangeable senior notes	72,422		(632)		(75)		71,715		78,422		(810)		(96)		77,516
	$	372,422	$	(632)	$	(5,284)	$	366,506	$	378,422	$	(810)	$	(5,829)	$	371,783

Schedule of Securitized Financing Facility

The following table summarizes certain key terms of the securitized financing facility:


($ in thousands)	Outstanding Principal		Interest Rate (Per Annum)(1)		Anticipated Repayment Date(2)	Years Remaining to Maturity(2)
Class A-2 Notes	$	300,000	3.93	%	September 2026	2.5
Variable Funding Notes	—		1-month Term SOFR + 3%		September 2024	0.5

__________

(2) The final maturity date of the Class A-2 Notes is in September 2051. The anticipated repayment date of the VFN is subject to two one-year extensions.

Schedule of Convertible Senior Notes Issued

Exchangeable senior notes represent senior unsecured obligations of the OP as issuer of the senior notes.


Description	Issuance Date	Due Date	Interest Rate (per annum)		Exchange Price (per share of common stock)		Exchange Ratio (in shares)(1)	Exchange Shares (in thousands)	Earliest Redemption Date	Outstanding Principal
										March 31, 2024		December 31, 2023

5.75% Exchangeable Senior Notes	July 2020	July 15, 2025	5.75	%	$	9.20	108.6956	7,872	July 21, 2023	$	72,422	$	78,422

__________

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Investments

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

4. Investments

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


(In thousands)	March 31, 2024		December 31, 2023
Equity method investments
Principal investments	$	1,213,517	$	1,194,417
Carried interest allocation	667,943		676,421
Marketable equity securities	32,188		17,487
Other equity investments	35,559		53,930
CLO subordinated notes	49,791		50,927
	1,998,998		1,993,182
Equity investments of consolidated funds
Marketable equity securities	73,214		66,297
Other investments	416,614		416,614
	$	2,488,826	$	2,476,093

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. 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.

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, and any distributions received therefrom, are 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

There was no carried interest allocation distributed in the first quarter of 2024, with an immaterial amount distributed and recognized in revenues in the first quarter of 2023.

Clawback Obligation

The Company did not have a liability for clawback obligations on carried interest allocation distributed as of March 31, 2024 and December 31, 2023.

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 March 31, 2024, 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.

Marketable Equity Securities

Marketable equity securities at March 31, 2024 includes a previously non-traded healthcare REIT at December 31, 2023 that became publicly traded through an initial public offering in February 2024. The Company is restricted from liquidating its holdings in the new publicly traded securities, which had a fair value of $18.1 million at March 31, 2024, until expiration of the underwriters' lock-up in August 2024.

Dividends or other distributions from marketable equity securities are recorded in other income, while changes in fair value are recorded in other gain (loss) on the consolidated statements of operations.

Other Equity Investments

Other equity investments include investments warehoused potentially for future sponsored funds and an investment in a managed account.

Warehoused investments are generally carried at fair value or under the measurement alternative, which is at cost, adjusted for impairment and observable price changes. Changes in the value of these investments are recorded in other gain (loss) on the consolidated statements of operations.

Debt Investments

Interest income on debt investments is 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, and securitized through the issuance of CLO securities. The CLO is sponsored and managed by the third party. The Company acquired all of the subordinated notes of the CLO, which are classified as available-for-sale ("AFS") debt securities. The CLO has a stated legal final maturity of 2035.

Following the end of the non-call period in October 2024, the subordinated notes may be redeemed (in whole, not in part) at the option of the collateral manager or the Company with consent of the collateral manager, 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 the excess interest and principal proceeds payable at the time of redemption.

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
March 31, 2024	$	49,791	$	—	$	—	$	—	$	49,791
December 31, 2023	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 was a reasonable representation of its fair value at March 31, 2024, net of capital distributions, and December 31, 2023, classified as Level 3 of the fair value hierarchy.

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 14. Equity investments of consolidated funds are composed primarily of marketable equity securities held by funds in the liquid securities strategy and equity investments in digital infrastructure portfolio companies held by single asset funds. 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.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37980
Entity Registrant Name	DigitalBridge Group, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-4591526
Entity Address, Address Line One	750 Park of Commerce Drive
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	570-4644
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001679688
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	DBRG
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		173,614,726
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
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
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
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
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
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

Goodwill and Intangibles Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of intangible assets	$ 8,300	$ 6,200

Transactions with Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 72,955	$ 59,126
Redeemable noncontrolling interests	733	6,943
Noncontrolling Interest Net Income
Related Party Transaction [Line Items]
Carried interest allocation	3,400	2,200
Former Owner
Related Party Transaction [Line Items]
Noncontrolling interest, carried interest allocation	115,500		$ 112,200
Affiliated Entity \| Redeemable Noncontrolling Interests \| Investment vehicles—Derivative obligation
Related Party Transaction [Line Items]
Investments	36,200		$ 22,700
Redeemable noncontrolling interests	100	600
Cost Reimbursements \| Chief Executive Officer
Related Party Transaction [Line Items]
Reimbursement of chartered flight cost	900	1,800
Cost Reimbursements \| Affiliated Entity
Related Party Transaction [Line Items]
Revenues	$ 2,500	$ 1,300

Stockholders' Equity - Schedule of Preferred and Common Stock Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	32,876
Preferred stock, ending balance, shares outstanding (in shares)	32,876
Preferred Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Preferred stock, beginning balance, shares outstanding (in shares)	32,876	33,111
Stock repurchase (in shares)		(3)
Preferred stock, ending balance, shares outstanding (in shares)	32,876	33,108
Class A Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	163,209	159,763
Stock repurchase (in shares)		0
Exchange of notes for class A common stock (in shares)	673
Equity awards issued, net of forfeitures (in shares)	1,465	2,486
Shares canceled for tax withholding on vested equity awards (in shares)	(400)	(415)
Common stock, ending balance, shares outstanding (in shares)	166,052	161,834
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)	85
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)	1,020
Class B Common Stock
Share Activities Of Preferred And Common Stock [Roll Forward]
Common stock, beginning balance, shares outstanding (in shares)	166	166
Common stock, ending balance, shares outstanding (in shares)	166	166

Fee Revenue - Narrative (Details)	3 Months Ended
Fee Revenue - Narrative (Details)	Mar. 31, 2024
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Concentration One
Management Fee Income [Line Items]
Concentration (as a percent)	26.00%
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Concentration Two
Management Fee Income [Line Items]
Concentration (as a percent)	13.00%
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Concentration Three
Management Fee Income [Line Items]
Concentration (as a percent)	13.00%
Revenue from Contract with Customer Benchmark \| Revenue from Rights Concentration Risk \| Revenue Fund Four
Management Fee Income [Line Items]
Concentration (as a percent)	12.00%
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)	2.00%
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)	0.20%
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)	1.15%
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)	1.50%

Fair Value - Schedule of Quantitative Level 3 Recurring Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	$ 67,187	$ 124,019
Marketable equity securities
Schedule of Equity Method Investments [Line Items]
Equity method investments	32,188	17,487
Marketable equity securities \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	32,188	17,487
Marketable equity securities \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	32,188	17,487
Marketable equity securities \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	0	0
Marketable equity securities \| 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	49,791	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	49,791	50,927
Equity investments of consolidated funds \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	489,828	482,911
Equity investments of consolidated funds \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Investments, fair value disclosure	73,214	66,297
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	416,614
Fair Value Investment Option \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	2,725	6,700
Fair Value Investment Option \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	0	0
Fair Value Investment Option \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	0	0
Fair Value Investment Option \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Equity method investments	2,725	6,700
InfraBridge contingent consideration \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	11,338	11,338
InfraBridge contingent consideration \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0	0
InfraBridge contingent consideration \| Level 2 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	0	0
InfraBridge contingent consideration \| Level 3 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	11,338	11,338
Warrants Issued To Wafra \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	11,600	39,200
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	11,600	39,200
Securities of consolidated funds sold short \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	44,249	38,481
Securities of consolidated funds sold short \| Level 1 \| Recurring
Schedule of Equity Method Investments [Line Items]
Other liabilities, fair value	44,249	38,481
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