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v3.23.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 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.
|  | June 30, 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 |  | $ | 199,389 |  |  | $ | 70,372 |  |  | $ | 23,458 |  |  | $ | 293,219 |  |  | $ | 198,677 |  |  | $ | 70,120 |  |  | $ | 23,374 |  |  | $ | 292,171 |
Convertible and exchangeable senior notes |  | — |  |  | — |  |  | 77,242 |  |  | 77,242 |  |  | — |  |  | — |  |  | 276,741 |  |  | 276,741 |
|  | $ | 199,389 |  |  | $ | 70,372 |  |  | $ | 100,700 |  |  | $ | 370,461 |  |  | $ | 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
June 30, 2023 |  |  |  |  |  |  |  |
Debt at amortized cost |  |  |  |  |  |  |  |
Principal |  | $ | 300,000 |  |  | $ | 78,422 |  |  | $ | 378,422 |  |  | $ | 5,149,000 |
Premium (discount), net |  | — |  |  | (1,055) |  |  | (1,055) |  |  | (49,020) |
Deferred financing costs |  | (6,781) |  |  | (125) |  |  | (6,906) |  |  | (74,135) |
|  | $ | 293,219 |  |  | $ | 77,242 |  |  | $ | 370,461 |  |  | $ | 5,025,845 |
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)
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recourse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securitized financing facility(3) | $ | 300,000 |  |  | 3.93 | % |  | 3.2 |  | $ | — |  |  | NA |  | 3.2 |  | $ | 300,000 |  |  | 3.93 | % |  | 3.2
Exchangeable senior notes | 78,422 |  |  | 5.75 | % |  | 2.0 |  | — |  |  | NA |  | NA |  | 78,422 |  |  | 5.75 | % |  | 2.0
| $ | 378,422 |  |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 378,422 |  |  |  |  |
Investment-Level Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating segment | $ | 4,628,433 |  |  | 3.25 | % |  | 3.2 |  | $ | 494,767 |  |  | 8.68 | % |  | 2.6 |  | $ | 5,123,200 |  |  | 3.77 | % |  | 3.2
Corporate and Other—Consolidated fund | — |  |  | NA |  | NA |  | 25,800 |  |  | 6.23 | % |  | 1.1 |  | 25,800 |  |  | 6.23 | % |  | 1.1
| $ | 4,628,433 |  |  |  |  |  |  | $ | 520,567 |  |  |  |  |  |  | $ | 5,149,000 |  |  |  |  |
| 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, representing senior unsecured obligations of DigitalBridge Group, Inc. or the OP as issuers of the senior notes:
Description |  | Issuance Date |  | Due Date |  | Interest Rate (per annum) |  | Conversion or Exchange Price (per share of common stock) |  | Conversion or Exchange Ratio (in shares)(1) |  | Conversion or Exchange Shares (in thousands) |  | Earliest Redemption Date |  | Outstanding Principal
|  |  |  |  |  |  |  | June 30, 2023 |  | December 31, 2022
Issued by DigitalBridge Group, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.00% Convertible Senior Notes (2) |  | April 2013 |  | April 15, 2023 |  | 5.00 | % |  | $ | 63.02 |  |  | 15.8675 |  |  | 3,174 |  |  | April 22, 2020 |  | $ | — |  |  | $ | 200,000 |
Issued by DigitalBridge Operating Company, LLC |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.75% Exchangeable Senior Notes |  | July 2020 |  | July 15, 2025 |  | 5.75 | % |  | 9.20 |  |  | 108.6956 |  |  | 8,524 |  |  | July 21, 2023 |  | 78,422 |  |  | 78,422 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 78,422 |  |  | $ | 278,422 |
__________ (1) The conversion or exchange ratio for the senior notes is subject to periodic adjustments to reflect certain carried-forward adjustments relating to common stock splits, reverse stock splits, common stock adjustments in connection with spin-offs and cumulative cash dividends paid on the Company's common stock since the issuances of the senior notes. The ratios are presented in shares of common stock per $1,000 principal of each senior note. (2) Fully repaid in April 2023.
Future Minimum Principal Payments | The following table summarizes future scheduled minimum principal payments of debt at June 30, 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 June 30, 2023 for extensions that are at the option of the respective borrower entities.
(In thousands) |  | Remaining 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 and thereafter |  | Total
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securitized financing facility |  | $ | — |  | $ | — |  | $ | — |  | $ | 300,000 |  | $ | — |  | $ | — |  | $ | 300,000
Exchangeable senior notes |  | — |  | — |  | 78,422 |  | — |  | — |  | — |  | 78,422
|  | $ | — |  | $ | — |  | $ | 78,422 |  | $ | 300,000 |  | $ | — |  | $ | — |  | $ | 378,422
Non-recourse investment-level secured debt
Operating segment |  | $ | 1,990 |  | $ | 863,253 |  | $ | 708,476 |  | $ | 1,530,990 |  | $ | 619,776 |  | $ | 1,398,715 |  | $ | 5,123,200
Corporate and Other—Consolidated fund |  | — |  | 25,800 |  | — |  | — |  | — |  | — |  | 25,800
|  | $ | 1,990 |  | $ | 889,053 |  | $ | 708,476 |  | $ | 1,530,990 |  | $ | 619,776 |  | $ | 1,398,715 |  | $ | 5,149,000

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