XML 58 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Restricted Cash, Other Assets and Other Liabilities
 6 Months Ended
Jun. 30, 2023
Restricted Cash, Other Assets And Other Liabilities [Abstract]  
Restricted Cash, Other Assets and Other Liabilities
7. Restricted Cash, Other Assets and Other Liabilities
Restricted Cash
Restricted cash represents principally cash reserves that are maintained pursuant to the governing agreements of the various securitized debt of the Company and subsidiaries in the Operating segment.
Other Assets
The following table summarizes the Company's other assets.
(In thousands)June 30, 2023December 31, 2022
Straight-line rents$49,394 $42,721 
Investment deposits and pending deal costs3,039 1,377 
Derivative assets— 11,793 
Prepaid taxes and deferred tax assets, net13,284 8,709 
Receivables from resolution of investment350 14,923 
Operating lease right-of-use asset—corporate offices
36,443 23,689 
Operating lease right-of-use asset—investment properties
273,243 305,760 
Finance lease right-of-use asset—investment properties
114,438 120,261 
Accounts receivable, net (1)
61,232 66,059 
Prepaid expenses21,881 28,760 
Other assets22,189 15,798 
Fixed assets, net (2)
12,061 14,200 
Total other assets$607,554 $654,050 
__________
(1)    Includes primarily receivables from tenants in the Operating segment.
(2)    Net of accumulated depreciation of $16.5 million at June 30, 2023 and $17.9 million at December 31, 2022.
Other Liabilities
The following table summarizes the Company's other liabilities:
(In thousands)June 30, 2023December 31, 2022
Deferred investment management fees (1)
$8,897 $6,264 
Other deferred income (2)
89,693 55,188 
Interest payable—corporate debt
2,315 4,431 
Interest payable—investment level debt
6,972 5,624 
Common and preferred stock dividends payable16,492 16,491 
Securities sold short—consolidated funds
45,679 40,928 
Due to custodians—consolidated funds
11,794 35,458 
Current and deferred income tax liability
11,379 98 
Contingent consideration payable—InfraBridge (Note 11)
11,070 — 
Contingent consideration payable—Wafra (Note 10)
35,000 125,000 
Warrants issued to Wafra (Note 10)
29,000 17,700 
Operating lease liability—corporate offices
52,162 40,497 
Operating lease liability—investment properties
255,169 282,433 
Finance lease liability—investment properties
131,786 135,624 
Accrued compensation41,365 52,031 
Accrued incentive fee and carried interest compensation169,537 171,086 
Accrued real estate and other taxes13,480 21,580 
Payable for Vantage SDC expansion capacity (3)
6,556 56,889 
Accounts payable and accrued expenses200,030 185,900 
Due to affiliates (Note 16)
14,454 12,451 
Other liabilities5,597 6,423 
Other liabilities$1,158,427 $1,272,096 
__________
(1)    Deferred investment management fees are expected to be recognized as fee income over a weighted average period of 2.7 years as of June 30, 2023 and 2.9 years as of December 31, 2022. Deferred investment management fees recognized as income of $1.5 million and $0.4 million in the three months ended June 30, 2023 and 2022, respectively, and $2.2 million and $2.8 million in the six months ended June 30, 2023 and 2022, respectively, pertain to the deferred management fee balance at the beginning of each respective period.
(2)    Represents primarily prepaid rental income and upfront payment received for data center installation services in the Operating segment.
(3)    Represents deferred purchase consideration associated with a Vantage SDC add-on acquisition in 2021 that is to be paid upon future lease-up.
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 June 30, 2023 and December 31, 2022, 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 2023 generally reflects the income tax effect of foreign subsidiaries.