XML 46 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Carried interest allocation $ 79,254 $ 110,779 $ 24,498 $ 79,700
Principal investment income (loss) 30,409 16,444 33,971 22,898
Other income 14,775 10,840 26,076 22,951
Total revenues 424,933 416,632 675,093 649,466
Expenses        
Property operating expense 98,231 97,290 195,357 181,293
Interest expense 56,022 46,388 123,218 90,418
Investment expense 5,253 7,187 11,004 16,752
Transaction-related costs 1,113 2,756 9,640 2,921
Placement fees 3,653 0 3,653 0
Depreciation and amortization 149,562 155,352 291,136 283,919
Compensation expense—cash and equity-based 82,992 52,792 157,642 118,334
Compensation expense—incentive fee and carried interest allocation 36,076 49,069 (755) 28,717
Administrative expenses 25,763 26,353 52,269 54,238
Total expenses 458,665 437,187 843,164 776,592
Other gain (loss), net (11,537) (46,256) (154,282) (196,137)
Income (loss) from continuing operations before income taxes (45,269) (66,811) (322,353) (323,263)
Income tax benefit (expense) (3,269) 2,518 (4,311) 9,931
Income (loss) from continuing operations (48,538) (64,293) (326,664) (313,332)
Income (loss) from discontinued operations (3,978) (3,788) (18,196) (98,433)
Net income (loss) (52,516) (68,081) (344,860) (411,765)
Net income (loss) attributable to noncontrolling interests:        
Redeemable noncontrolling interests (2,441) (14,327) 4,502 (25,547)
Investment entities (39,667) (29,102) (124,495) (92,147)
Operating Company (1,745) (3,090) (18,407) (25,952)
Net income (loss) attributable to DigitalBridge Group, Inc. (8,663) (21,562) (206,460) (268,119)
Preferred stock dividends 14,675 15,759 29,351 31,518
Preferred stock repurchases/redemptions (Note 9) (927) 0 (927) 0
Net income (loss) attributable to common stockholders $ (22,411) $ (37,321) $ (234,884) $ (299,637)
Income (loss) per share—basic        
Income (loss) from continuing operations per common share - basic (in dollars per share) $ (0.12) $ (0.22) $ (1.37) $ (1.45)
Net income (loss) attributable to common stockholders per common share - basic (in dollars per share) (0.14) (0.24) (1.48) (2.02)
Income (loss) per share—diluted        
Income (Loss) from continuing operations per common share - diluted (in dollars per share) (0.12) (0.22) (1.37) (1.45)
Net income (loss) attributable to common stockholders per common share - diluted (in dollars per share) $ (0.14) $ (0.24) $ (1.48) $ (2.02)
Weighted average number of shares        
Basic (in shares) 158,089 153,983 159,113 148,266
Diluted (in shares) 158,089 153,983 159,113 148,266
Dividends declared per common share (in dollars per share) $ 0.01 $ 0 $ 0.02 $ 0
Operating Segments | Investment Management        
Revenues        
Carried interest allocation $ 79,254 $ 110,779 $ 24,498 $ 79,700
Principal investment income (loss) 1,604 1,016 1,922 1,033
Other income 1,604 1,002 2,773 2,258
Total revenues 149,093 157,910 155,922 171,741
Expenses        
Property operating expense 0 0 0 0
Interest expense 2,629 2,785 5,232 5,287
Investment expense 191 259 727 1,399
Transaction-related costs 613 1,898 5,805 1,898
Placement fees 3,653 0 3,653 0
Depreciation and amortization 11,039 5,375 17,448 10,651
Compensation expense—cash and equity-based 45,798 23,230 73,980 48,038
Compensation expense—incentive fee and carried interest allocation 36,076 49,069 (755) 28,717
Administrative expenses 7,953 4,869 14,360 9,040
Total expenses 107,952 87,485 120,450 105,030
Other gain (loss), net (3,608) (424) (526) (3,479)
Income (loss) from continuing operations before income taxes 37,533 70,001 34,946 63,232
Income tax benefit (expense) (2,356) (2,006) (2,573) (4,380)
Income (loss) from continuing operations 35,177 67,995 32,373 58,852
Net income (loss) attributable to noncontrolling interests:        
Redeemable noncontrolling interests (189) 47 229 (3,219)
Investment entities 35,033 44,931 34,176 47,280
Operating Company 24 1,748 (143) 1,124
Net income (loss) attributable to DigitalBridge Group, Inc. 309 21,269 (1,889) 13,667
Operating Segments | Operating        
Revenues        
Carried interest allocation 0 0 0 0
Principal investment income (loss) 0 0 0 0
Other income 306 41 1,043 52
Total revenues 235,059 227,687 466,723 430,209
Expenses        
Property operating expense 98,231 94,744 195,357 178,747
Interest expense 51,285 37,233 111,269 73,417
Investment expense 4,958 5,487 10,161 13,503
Transaction-related costs 0 0 0 0
Placement fees 0 0 0 0
Depreciation and amortization 138,209 145,817 272,908 268,708
Compensation expense—cash and equity-based 26,435 20,229 53,614 40,185
Compensation expense—incentive fee and carried interest allocation 0 0 0 0
Administrative expenses 8,841 8,910 16,081 15,809
Total expenses 327,959 312,420 659,390 590,369
Other gain (loss), net 344 (534) 2,113 422
Income (loss) from continuing operations before income taxes (92,556) (85,267) (190,554) (159,738)
Income tax benefit (expense) (499) (161) (443) 169
Income (loss) from continuing operations (93,055) (85,428) (190,997) (159,569)
Net income (loss) attributable to noncontrolling interests:        
Redeemable noncontrolling interests 0 0 0 0
Investment entities (81,727) (69,414) (167,981) (129,610)
Operating Company (819) (1,207) (1,718) (2,328)
Net income (loss) attributable to DigitalBridge Group, Inc. (10,509) (14,807) (21,298) (27,631)
Corporate and Other        
Revenues        
Carried interest allocation 0 0 0 0
Principal investment income (loss) 28,805 15,428 32,049 21,865
Other income 12,865 9,797 22,260 20,641
Total revenues 40,781 31,035 52,448 47,516
Expenses        
Property operating expense 0 2,546 0 2,546
Interest expense 2,108 6,370 6,717 11,714
Investment expense 104 1,441 116 1,850
Transaction-related costs 500 858 3,835 1,023
Placement fees 0 0 0 0
Depreciation and amortization 314 4,160 780 4,560
Compensation expense—cash and equity-based 10,759 9,333 30,048 30,111
Compensation expense—incentive fee and carried interest allocation 0 0 0 0
Administrative expenses 8,969 12,574 21,828 29,389
Total expenses 22,754 37,282 63,324 81,193
Other gain (loss), net (8,273) (45,298) (155,869) (193,080)
Income (loss) from continuing operations before income taxes 9,754 (51,545) (166,745) (226,757)
Income tax benefit (expense) (414) 4,685 (1,295) 14,142
Income (loss) from continuing operations 9,340 (46,860) (168,040) (212,615)
Net income (loss) attributable to noncontrolling interests:        
Redeemable noncontrolling interests (2,252) (14,374) 4,273 (22,328)
Investment entities 7,052 (5,005) 8,818 (4,028)
Operating Company (664) (3,317) (15,186) (17,324)
Net income (loss) attributable to DigitalBridge Group, Inc. 5,204 (24,164) (165,945) (168,935)
Fee income        
Revenues        
Income 65,742 44,318 124,868 87,155
Fee income | Operating Segments | Investment Management        
Revenues        
Income 66,631 45,113 126,729 88,750
Fee income | Operating Segments | Operating        
Revenues        
Income 0 0 0 0
Fee income | Corporate and Other        
Revenues        
Income (889) (795) (1,861) (1,595)
Fee income | Affiliated Entity        
Revenues        
Income 63,227 43,403 119,616 85,407
Property operating income        
Revenues        
Income 234,753 234,251 465,680 436,762
Property operating income | Operating Segments | Investment Management        
Revenues        
Income 0 0 0 0
Property operating income | Operating Segments | Operating        
Revenues        
Income 234,753 227,646 465,680 430,157
Property operating income | Corporate and Other        
Revenues        
Income 0 6,605 0 6,605
Other income | Affiliated Entity        
Revenues        
Income $ 1,376 $ 788 $ 2,629 $ 4,698