DigitalBridge : 1Q24-Earnings Presentation

EARNINGS PRESENTATION

1Q 2024

April 30, 2024

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This presentation may contain forward-looking statements within the meaning of the federal securities laws, including statements relating to (i) our strategy, outlook and growth prospects, (ii) our operational and financial targets and (iii) general economic trends and trends in our industry and markets. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, and may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. Factors that might cause such a difference include, without limitation, difficult market and political conditions, including those resulting from supply chain difficulties, inflation, higher interest rates, a general economic slowdown or a recession; our ability to raise capital from investors for our Company, our funds and the companies that we manage; the performance of our funds and investments relative to our expectations and the highly variable nature of our revenues, earnings and cash flow; our exposure to risks inherent in the ownership and operation of infrastructure and digital infrastructure assets, including our reliance on third-party suppliers to provide power, network connectivity and certain other services to our managed companies; our exposure to business risks in Europe, Asia, Latin America and other foreign markets; our ability to increase assets under management and expand our existing and new investment strategies while maintaining consistent standards and controls; our ability to appropriately manage conflicts of interest; our ability to expand into new investment strategies, geographic markets and businesses, including through acquisitions in the infrastructure and investment management industries; the impact of climate change and regulatory efforts associated with environmental, social and governance matters; our ability to maintain effective information and cybersecurity policies, procedures and capabilities and the impact of any cybersecurity incident affecting our systems or network or the system and network of any of our managed companies or service providers; the ability of our portfolio companies to attract and retain key customers and to provide reliable services without disruption; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the general volatility of the securities markets in which we participate; the market value of our assets and effects of hedging instruments on our assets; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection and new Securities and Exchange Commission ("SEC") rules governing investment advisers; whether we will be able to utilize existing tax attributes to offset taxable income to the extent contemplated; our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; our understanding of and ability to successfully navigate the competitive landscape in which we and our managed companies operate; and other risks and uncertainties, including those detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading "Risk Factors," as such factors may be updated from time to time in the Company's subsequent periodic filings with the U.S. Securities and Exchange Commission ("SEC"). All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Additional information about these and other factors can be found in the Company's reports filed from time to time with the SEC.

The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Company is under no duty to update any of these forward-looking statements after the date of this presentation, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company or any investment vehicle managed or advised thereby. This information is not intended to be indicative of future results. Actual performance of the Company may vary materially.

The appendices herein contain important information that is material to an understanding of this presentation, including information regarding certain non-GAAP financial measures, and you should read this presentation only with and in context of the appendices.

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DBRG REPORTS FIRST QUARTER 2024 RESULTS

Boca Raton, April 30th, 2024 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively,	During the first quarter we
"DigitalBridge," or the "Company") today announced financial results for the first quarter ended March 31,	continued to deliver strong year-
2024.
The Company reported first quarter 2024 total revenues of $74 million, GAAP net loss attributable to	" over-year growth in fee revenue
common stockholders of ($44) million, or ($0.28) per share, and Distributable Earnings of $2 million, or	and fee-related earnings, driven
$0.01 per share.	by organic fundraising. Capital
Common and Preferred Dividends
formation is up over the prior
On April 26, 2024, the Company's Board of Directors declared a cash dividend of $0.01 per common share
year and AI-led demand for
to be paid on July 15, 2024 to shareholders of record at the close of business on June 30, 2024; and
declared cash dividends with respect to each series of the Company's cumulative redeemable perpetual	digital infrastructure is catalyzing
preferred stock in accordance with the terms of such series, as follows: Series H preferred stock:	conversations with our LPs. We
$0.4453125 per share; Series I preferred stock: $0.446875 per share; and Series J preferred stock:
$0.4453125 per share, which will be paid on July 15, 2024 to the respective stockholders of record on July	also advanced our simplified
9, 2024.	reporting framework this quarter
First Quarter 2024 Conference Call
and look forward to hosting
The Company will conduct an earnings conference call and presentation to discuss the first quarter 2024
investors in May at our second
financial results on Tuesday, April 30, 2024, at 5:00 p.m. Eastern Time (ET). The earnings presentation will
be broadcast live over the Internet and a webcast link can be accessed on the Shareholders section of the	investor day as we continue to
Company's website at ir.digitalbridge.com/events. To participate in the event by telephone, please dial (877)	focus on scaling DBRG in 2024
407-4018 ten minutes prior to the start time (to allow time for registration). International callers should dial
[phone].	and beyond.
For those unable to participate during the live call, a replay will be available starting April 30, 2024, at 8:00	Marc Ganzi"
p.m. ET. To access the replay, dial [phone] (U.S.), and use passcode 13745565. International
callers should dial [phone] and enter the same conference ID number.	Chief Executive Officer

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AGENDA

SECTION

SECTION

1

2

BUSINESS UPDATE

FINANCIAL RESULTS

4

DIGITALBRIDGE FIRST QUARTER 2024 and 2023 GAAP RESULTS

CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data, unaudited)

Three Months Ended March 31,

Revenues
Fee revenue	$
Carried interest allocation (reversal)
Principal investment income
Other income
Total revenues
Expenses
Interest expense
Transaction-related costs
Depreciation and amortization
Compensation expense-cash and equity-based
Compensation expense-incentive fee and carried interest allocation (reversal)
Administrative and other expenses
Total expenses
Other income (loss)
Other gain (loss), net
Income (loss) from continuing operations before income taxes
Income tax benefit (expense)
Income (loss) from continuing operations
Income (loss) from discontinued operations
Net income (loss)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests
Investment entities
Operating Company
Net income (loss) attributable to DigitalBridge Group, Inc.
Preferred stock dividends
Net income (loss) attributable to common stockholders	$
Income (loss) per share-basic
Income (loss) from continuing operations per common share-basic	$
Net income (loss) attributable to common stockholders per common share-basic	$
Income (loss) per share-diluted
Income (loss) from continuing operations per common share-diluted	$
Net income (loss) attributable to common stockholders per common share-diluted	$
Weighted average number of shares
Basic
Diluted
Dividends declared per common share	$

2024		2023
72,955	$	59,126
(8,478)		(54,756)
2,845		3,562
7,071		10,564
74,393		18,496

5,1928,131

7608,527

9,1676,875

51,184	47,471
(6,714)	(36,831)
24,310	20,447
83,899	54,620
(5,894)	(144,514)
(15,400)	(180,638)
(1,246)	(1,098)
(16,646)	(181,736)
(14,120)	(110,608)
(30,766)	(292,344)

7336,943

1,467 (84,828)

(3,338)		(16,662)
(29,628)		(197,797)
14,660		14,676
(44,288)	$	(212,473)
(0.20)	$	(1.19)
(0.28)
$	(1.34)
(0.20)	$	(1.19)
(0.28)
$	(1.34)
161,043		158,446
161,043
	158,446	5
0.01	$	0.01

1 BUSINESS UPDATE

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FEEUM GROWTH DRIVEN BY ORGANIC FUNDRAISING

Fee-Earning Equity Under Management (FEEUM) increased $4.8B, or 17% YoY, to $32.5B as of March 31, 2024, driven by organic capital formation at the DBP Series, Co-Invest, and Credit strategies, offset by 1Q24 step down as Vantage Devco transitioned from Separately Capitalized Portfolio Companies to DBP III.

FEEUM

($ in Billions)

FEEUM growth is Key Revenue and Earnings Driver

		+17%		$32.5
		$32.8
		YoY Growth
$27.7		$2.7	$2.9
$2.2		$2.4	$1.5
	$5.1	$5.1
$2.2
$5.1		$9.6	$9.9
$7.0

			AUM
($ in Billions)	+16%
		$80.1	$1.1
		YoY Growth
$69.3	$1.7	$9.2	$4.0
$7.7	$3.0	$8.9
$8.4
			$21.6
$19.4

$80.1

$1.1

$4.1

$7.2 $8.9

$22.9

$11.2	$12.9	$13.1

$29.1

$35.3

$35.9

1Q23 (1)		4Q23		1Q24		1Q23 (1)		4Q23		1Q24
	DBP Series		Co-Invest		Separately Capitalized Portcos		Core, Liquid, Credit		InfraBridge		DBRG Balance Sheet

(1) Representative of Digital Segment only for 1Q23.	7

NEW CAPITAL

FORMATION

• During Q1 DigitalBridge closed commitments on $1.1 billion in new capital, up 47% over the prior year period.
• Q1 fundraising was anchored by continuing commitments to DBPIII and initial commitments to the firm's second credit strategy
• DigitalBridge remains on track to meet or exceed its 2024 capital formation targets.

As of 1Q, capital formation is reported through the quarter end, with any additional commitments through the earnings date highlighted as a subsequent event.

($ in Billions; cumulative)

+47%$1.1

Growth

$0.1

$0.8

$0.4

$0.6

1Q 2023(1)			1Q 2024(1)
	DBP Series		Co-Invest			Core, Credit, Liquid

1. Inclusive of all capital committed to DigitalBridge managed investment vehicles, measured as of March 31, 2023 and March 31, 2024.

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DBRG

Executing the

Digital Playbook

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THE #1 ISSUE IN DATA CENTERS TODAY: POWER IS CONSTRAINED

Power generation capacity exists today…just not in the right places. Transmission grids globally remain capacity challenged. Near net transmission capacity is the key friction point, especially as renewables become a top priority for utility companies

THE CHALLENGE:

Grid Transmission Shortfall

Central	Montreal, CA
Hydro HUB
Washington

Silicon Valley

Northern

Virginia

		Gas/Coal
Goodyear, AZ	Wind
Solar HUB	Dallas/Ft Worth
Data Center

The Grid, particularly transmission lines and substations, represents a bottleneck as data center capacity expands rapidly

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