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Equity-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Components of Share-Based Compensation
Fair value of PSUs, including dividend equivalent rights, was determined using a Monte Carlo simulation under a risk-neutral premise, with the following assumptions:
2023 PSU Grants2022 PSU Grants2021 PSU Grants
Expected volatility of the Company's class A common stock (1)
41.3%32.4%35.4%
Expected annual dividend yield (2)
0.3%—%—%
Risk-free rate (per annum) (3)
3.8%2.0%0.3%
__________
(1)    Based upon the historical volatility of the Company's stock and those of a specified peer group.
(2)    Based upon the Company's expected annualized dividends. Expected dividend yield was zero for the March 2022 and 2021 PSU awards as common dividends were suspended beginning the second quarter of 2020 and reinstated in the third quarter 2022.
(3)    Based upon the continuously compounded zero-coupon U.S. Treasury yield for the term coinciding with the measurement period of the award as of valuation date.
The following assumptions were applied in the Monte Carlo model under a risk-neutral premise:
2022 LTIP Grant
2019 LTIP Grant (1)
Expected volatility of the Company's class A common stock (2)
34.0%28.3%
Expected dividend yield (3)
0.0%8.1%
Risk-free rate (per annum) (4)
3.6%1.8%
__________
(1)    Represents 2.5 million LTIP units granted to the Company's Chief Executive Officer, Marc Ganzi, in connection with the Company's acquisition of Digital Bridge Holdings, LLC in July 2019, with vesting based upon achievement of the Company's class A common stock price closing at or above $40 over any 90 consecutive trading days prior to the fifth anniversary of the grant date.
(2)    Based upon historical volatility of the Company's stock and those of a specified peer group.
(3)    Based upon the Company's most recently issued dividend prior to grant date and closing price of the Company's class A common stock on grant date. Expected dividend yield was zero for the June 2022 award as common dividends were suspended beginning the second quarter of 2020 and reinstated in the third quarter of 2022.
(4)    Based upon the continuously compounded zero-coupon US Treasury yield for the term coinciding with the measurement period of the award as of valuation date.
Equity-based compensation cost pursuant to DBRG's Equity Incentive Plan is included in the following line items on the consolidated statement of operations.
Three Months Ended March 31,
(In thousands)
20232022
Compensation expense (including $0 and $37 expense related to dividend equivalent rights)
$10,770 $8,979 
Administrative expense228 88 
$10,998 $9,067 
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan
Changes in unvested equity awards pursuant to DBRG's Equity Incentive Plan are summarized below.
Weighted Average
Grant Date Fair Value
Restricted Stock
LTIP Units (1)
DSUs
RSUs (2)
PSUs (3)
TotalPSUsAll Other Awards
Unvested shares and units at December 31, 2022
1,706,674 2,625,000 20,058 2,397,391 1,889,587 8,638,710 $17.84 $10.84 
Granted1,865,483 — 6,457 — 397,262 2,269,202 13.36 11.75 
Vested(532,399)— (6,439)(599,348)(635,926)(1,774,112)29.84 15.72 
Forfeited(822)— — — (424,065)(424,887)29.84 27.29 
Unvested shares and units at March 31, 2023
3,038,936 2,625,000 20,076 1,798,043 1,226,858 8,708,913 6.02 10.33 
__________
(1)    Represents the number of LTIP units granted subject to vesting upon achievement of market condition. LTIP units that do not meet the market condition within the measurement period will be forfeited.
(2)    Represents the number of RSUs granted subject to vesting upon achievement of performance condition. RSUs that do not meet the performance condition at the end of the measurement period will be forfeited.
(3)    Number of PSUs granted does not reflect potential increases or decreases that could result from the final outcome of the total shareholder return measured at the end of the performance period. PSUs for which the total shareholder return was not met at the end of the performance period are forfeited.