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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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

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

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

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

The following table summarizes certain key terms of corporate and investment-level debt.

			Fixed Rate																		Variable Rate																		Total
($ in thousands)			Outstanding Principal						Weighted Average Interest Rate (Per Annum)(1)						Weighted Average Years Remaining to Maturity(2)						Outstanding Principal						Weighted Average Interest Rate (Per Annum)(1)						Weighted Average Years Remaining to Maturity(2)						Outstanding Principal						Weighted Average Interest Rate (Per Annum)(1)						Weighted Average Years Remaining to Maturity(2)
March 31, 2023
Corporate debt
Recourse
Securitized financing facility(3)			$	300,000					3.93		%				3.5						$	—					NA						3.5						$	300,000					3.93		%				3.5
Convertible and exchangeable senior notes			278,422						5.21		%				0.7						—						NA						NA						278,422						5.21		%				0.7
			$	578,422																	$	—																	$	578,422
Investment-Level Secured Debt
Non-recourse
Operating segment			$	4,508,428					3.09		%				3.4						$	362,500					8.68		%				0.8						$	4,870,928					3.51		%				3.3
Corporate and Other—Consolidated fund			—						NA						NA						600						6.40		%				1.4						600						6.40		%				1.4
			$	4,508,428																	$	363,100																	$	4,871,528

			Fixed Rate																		Variable Rate																		Total
($ in thousands)			Outstanding Principal						Weighted Average Interest Rate (Per Annum)(1)						Weighted Average Years Remaining to Maturity(2)						Outstanding Principal						Weighted Average Interest Rate (Per Annum)(1)						Weighted Average Years Remaining to Maturity(2)						Outstanding Principal						Weighted Average Interest Rate (Per Annum)(1)						Weighted Average Years Remaining to Maturity(2)
December 31, 2022
Corporate debt
Recourse
Securitized financing facility(3)			$	300,000					3.93		%				3.7						$	—					NA						3.7						$	300,000					3.93		%				3.7
Convertible and exchangeable senior notes			278,422						5.21		%				0.9						—						NA						NA						278,422						5.21		%				0.9
			$	578,422																	$	—																	$	578,422
Investment-Level Secured Debt
Non-recourse
Operating segment			$	3,640,235					2.43		%				3.1						$	993,500					8.41		%				2.6						$	4,633,735					3.71		%				3.0
Corporate and Other—Consolidated fund			—						NA						NA						500						5.96		%				1.6						500						5.96		%				1.6
			$	3,640,235																	$	994,000																	$	4,634,235

__________

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

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

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

Convertible Senior Notes Issued

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

Description						Issuance Date						Due Date						Interest Rate (per annum)						Conversion or Exchange Price (per share of common stock)						Conversion or Exchange Ratio (in shares)(1)						Conversion or Exchange Shares (in thousands)						Earliest Redemption Date						Outstanding Principal
																																																March 31, 2023						December 31, 2022
			Issued by DigitalBridge Group, Inc.
5.00% Convertible Senior Notes (2)						April 2013						April 15, 2023						5.00		%				$	63.02					15.8675						3,174						April 22, 2020						$	200,000					$	200,000
Issued by DigitalBridge Operating Company, LLC
5.75% Exchangeable Senior Notes						July 2020						July 15, 2025						5.75		%				9.20						108.6956						8,524						July 21, 2023						78,422						78,422
																																																$	278,422					$	278,422

__________

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

(2)    Fully repaid in April 2023.

Future Minimum Principal Payments

The following table summarizes future scheduled minimum principal payments of debt at March 31, 2023. Future debt principal payments are presented based upon anticipated repayment dates for notes issued under securitization financing, or based upon initial maturity dates or extended maturity dates if extension criteria are met at March 31, 2023 for extensions that are at the option of the respective borrower entities.

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

(In thousands)						Remaining 2023						2024						2025						2026						2027						2028 and thereafter						Total
Corporate debt
Securitized financing facility						$	—					$	—					$	—					$	300,000					$	—					$	—					$	300,000
Convertible and exchangeable senior notes						200,000						—						78,422						—						—						—						278,422
						$	200,000					$	—					$	78,422					$	300,000					$	—					$	—					$	578,422
Non-recourse investment-level secured debt
Operating segment						$	102,985					$	863,253					$	700,000					$	1,519,690					$	600,000					$	1,085,000					$	4,870,928
Corporate and Other—Consolidated fund						—						600						—						—						—						—						600
						$	102,985					$	863,853					$	700,000					$	1,519,690					$	600,000					$	1,085,000					$	4,871,528

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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