8-K - DBRG - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 3, 2023

DIGITALBRIDGE GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)		Maryland	001-37980	46-4591526
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(State or Other Jurisdiction of<br>Incorporation or Organization)	(Commission<br>File Number)	(I.R.S. Employer<br>Identification No.)

750 Park of Commerce Drive, Suite 210

Boca Raton, Florida 33487

(Address of Principal Executive Offices, Including Zip Code)

(561) 570-4644

Registrant’s telephone number, including area code:

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))		Securities registered pursuant to Section 12(b) of the Act:
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Title of Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock, $0.04 par value	DBRG	New York Stock Exchange
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value	DBRG.PRH	New York Stock Exchange
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value	DBRG.PRI	New York Stock Exchange
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value	DBRG.PRJ	New York Stock Exchange		Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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	Emerging growth company	☐
	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐

Item 2.02 Results of Operations and Financial Condition.

On May 3, 2023, DigitalBridge Group, Inc. (the “Company”) issued a press release announcing its financial position as of March 31, 2023 and its financial results for the quarter ended March 31, 2023. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On May 3, 2023, the Company made available a Supplemental Financial Disclosure Presentation for the quarter ended March 31,2023 on the Company’s website at www.digitalbridge.com. A copy of the Supplemental Financial Disclosure Presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

In connection with the earnings call to be held on May 3, 2023 as referenced in the press release, the Company has prepared a presentation, dated May 3, 2023 (the "Earnings Presentation"), a copy of which is attached as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.

The information included in this Current Report on Form 8-K (including Exhibits 99.1, 99.2 and 99.3 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Use of Website to Distribute Material Company Information

The Company’s website address is www.digitalbridge.com. The Company uses its website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding the Company, is routinely posted on and accessible on the Shareholders subpage of its website, which is accessible by clicking on the tab labeled “Shareholders” on the website home page. The Company also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission disclosing the same information. Therefore, investors should look to the Shareholders subpage of the Company’s website for important and time-critical information. Visitors to the Company’s website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Shareholders subpage of the website.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith to this Current Report on Form 8-K.

Exhibit No.	Description
99.1	Press Release dated May 3, 2023
99.2	Supplemental Financial Disclosure Presentation for the quarter ended March 31, 2023
99.3	Earnings Presentation dated May 3, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	May 3, 2023	DIGITALBRIDGE GROUP, INC.
		By:	/s/ Jacky Wu
			Jacky Wu
			Executive Vice President, Chief Financial Officer and Treasurer

Document

Exhibit 99.1

DIGITALBRIDGE ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS

Boca Raton, May 3, 2023 - DigitalBridge Group, Inc. (NYSE: DBRG) and subsidiaries (collectively, “DigitalBridge,” or the “Company”) today announced financial results for the first quarter ended March 31, 2023.

A First Quarter 2023 Earnings Presentation and a Supplemental Financial Report are available in the Events & Presentations and Financial Information sections, respectively, of the Shareholders tab on the Company’s website at www.digitalbridge.com. This information has also been furnished to the U.S. Securities and Exchange Commission in a Current Report on Form 8-K.

"We made steady progress during the quarter on our key strategic priorities for 2023, putting us on track to achieve our capital formation and corporate simplification goals," said Marc Ganzi, CEO of DigitalBridge. "We see increasingly compelling opportunities to deploy capital in a more rational market environment as well as supporting the continued growth of our portfolio companies as they build next generation networks to meet growing demand for connectivity and compute."

The Company reported first quarter 2023 total revenues of $250 million, GAAP net loss attributable to common stockholders of $(212) million, or $(1.34) per share, and Distributable Earnings of $(3) million, or $(0.02) per share.

Common and Preferred Dividends

On April 27, 2023, the Company’s Board of Directors declared a cash dividend of $0.01 per common share to be paid on July 17, 2023 to shareholders of record at the close of business on June 30, 2023; and declared cash dividends with respect to each series of the Company’s cumulative redeemable perpetual preferred stock in accordance with the terms of such series, as follows: Series H preferred stock: $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 17, 2023 to the respective stockholders of record on July 11, 2023.

First Quarter 2023 Conference Call

The Company will conduct an earnings conference call and presentation to discuss the First Quarter 2023 financial results on Wednesday, May 3, 2023, at 10:00 a.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 Company’s website at ir.digitalbridge.com/events. To participate in the event by telephone, please dial (877) 407-4018 ten minutes prior to the start time (to allow time for registration). International callers should dial (201) 689-8471.

For those unable to participate during the live call, a replay will be available starting May 3, 2023, at 3:00 p.m. ET. To access the replay, dial (844) 512-2921 (U.S.), and use passcode 13737618. International callers should dial (412) 317-6671 and enter the same conference ID number.

About DigitalBridge Group, Inc.

DigitalBridge (NYSE: DBRG) is a leading global digital infrastructure firm. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages a $69 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, DigitalBridge has key offices in New York, Los Angeles, London, Luxembourg and Singapore. For more information, visit: www.digitalbridge.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. 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, our ability to grow our business by raising capital for our funds and the companies that we manage; our position as an owner and investment manager of digital infrastructure and our ability to manage any related conflicts of interest; adverse changes in general economic and political conditions, including those resulting from supply chain difficulties, inflation, interest rate increases, a potential economic slowdown or a recession; our exposure to business risks in Europe, Asia and other foreign markets; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the ability of our managed companies to attract and retain key customers and to provide reliable services without disruption; the reliance of our managed companies on third-party suppliers for power, network connectivity and certain other services; our ability to increase assets under management ("AUM") and expand our existing and new investment strategies; our ability to integrate and maintain consistent standards and controls, including our ability to manage our acquisitions in the digital infrastructure and investment management industries effectively; our business and investment strategy, including the ability of the businesses in which we have significant investments to execute their business strategies; performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments and available for distribution; our ability to deploy capital into new investments consistent with our investment management strategies; the availability of, and competition for, attractive investment opportunities and the earnings profile of such new investments; our ability to achieve any of the anticipated benefits of certain joint ventures, including any ability for such ventures to create and/or distribute new investment products; our expected hold period for our assets and the impact of any changes in our expectations on the carrying value of such assets; the general volatility of the securities markets in which we participate; the market value of our assets; interest rate mismatches between our assets and any borrowings used to fund such assets; effects of hedging instruments on our assets; the impact of economic conditions on third parties on which we rely; the impact of any security incident or deficiency affecting our systems or network or the system and network of any of our managed companies or service providers; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our levels of leverage; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection; the impact of our transition from a real estate investment trust ("REIT") to a taxable C corporation for tax purposes, and the related liability for corporate and other taxes; 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 (the “1940 Act”); changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; and 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, 2022 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 press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

Source: DigitalBridge Group, Inc.

Investor Contacts:

Severin White

Managing Director, Head of Public Investor Relations

severin.white@digitalbridge.com

212-547-2777

(FINANCIAL TABLES FOLLOW)

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

		December 31, 2022

Assets
Cash and cash equivalents	668,524	$	918,254
Restricted cash		118,485
Investments		1,242,001
Real estate		5,921,298
Goodwill		761,368
Deferred leasing costs and intangible assets		1,092,167
Other assets		654,050
Due from affiliates		45,360
Assets held for disposition		275,520
Total assets	10,743,429	$	11,028,503
Liabilities
Corporate debt	569,771	$	568,912
Non-recourse investment-level debt		4,587,228
Intangible liabilities		29,824
Other liabilities		1,272,096
Liabilities related to assets held for disposition		380
Total liabilities		6,458,440
Commitments and contingencies
Redeemable noncontrolling interests		100,574
Equity
Stockholders’ equity:
Preferred stock, 0.01 par value per share; 827,711 and 827,779 liquidation preference; 250,000 shares authorized; 33,108 and 33,111 shares issued and outstanding		800,355
Common stock, 0.04 par value per share
Class A, 949,000 shares authorized; 161,834 and 159,763 shares issued and outstanding		6,390
Class B, 1,000 shares authorized; 166 shares issued and outstanding		7
Additional paid-in capital		7,818,068
Accumulated deficit		(6,962,613)
Accumulated other comprehensive income (loss)		(1,509)
Total stockholders’ equity		1,660,698
Noncontrolling interests in investment entities		2,743,896
Noncontrolling interests in Operating Company		64,895
Total equity		4,469,489
Total liabilities, redeemable noncontrolling interests and equity	10,743,429	$	11,028,503

All values are in US Dollars.

Supplemental Schedule to Consolidated Balance Sheets

(In thousands, unaudited)

	Investment Management				Operating				Corporate and Other
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	$	56,943	$	39,563	$	65,097	$	65,975	$	546,484	$	812,716
Restricted cash	2,324		2,298		152,262		114,442		1,104		1,745
Investments	345,826		395,327		6,804		4,638		874,322		842,036
Real estate	—		—		5,964,807		5,921,298		—		—
Goodwill	444,817		298,248		463,120		463,120		—		—
Deferred leasing costs and intangible assets	128,973		85,172		969,036		1,006,469		511		526
Other assets	15,966		13,356		581,848		573,229		44,637		67,465
Due from affiliates	61,455		41,458		—		—		5,830		3,902
	$	1,056,304	$	875,422	$	8,202,974	$	8,149,171	$	1,472,888	$	1,728,390
Liabilities
Corporate debt	$	199,033	$	198,677	$	70,246	$	70,120	$	300,492	$	300,115
Non-recourse investment-level debt	—		—		4,751,701		4,586,765		349		463
Intangible liabilities	—		—		28,441		29,824		—		—
Other liabilities	218,712		342,696		721,319		725,236		193,537		204,164
	$	417,745	$	541,373	$	5,571,707	$	5,411,945	$	494,378	$	504,742
Redeemable noncontrolling interests	1,098		680		—		—		106,315		99,894
Noncontrolling interests in investment entities (excluding assets held for disposition)	151,985		136,668		2,369,836		2,463,559		127,770		113,390

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data, unaudited)

	Three Months Ended March 31,
	2023		2022
Revenues
Fee income	$	59,126	$	42,837
Carried interest allocation (reversal)	(54,756)		(31,079)
Principal investment income (loss)	3,562		6,454
Property operating income	230,927		202,511
Other income	11,301		12,111
Total revenues	250,160		232,834
Expenses
Property operating expense	97,126		84,003
Interest expense	67,196		44,030
Investment expense	5,751		9,565
Transaction-related costs	8,527		165
Depreciation and amortization	141,574		128,567
Compensation expense - cash and equity-based	74,650		65,542
Compensation expense (reversal) - carried interest and incentive fee	(36,831)		(20,352)
Administrative expenses	26,506		27,885
Total expenses	384,499		339,405
Other income (loss)
Other gain (loss), net	(142,745)		(149,881)
Income (loss) before income taxes	(277,084)		(256,452)
Income tax benefit (expense)	(1,042)		7,413
Income (loss) from continuing operations	(278,126)		(249,039)
Income (loss) from discontinued operations	(14,218)		(94,645)
Net income (loss)	(292,344)		(343,684)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	6,943		(11,220)
Investment entities	(84,828)		(63,045)
Operating Company	(16,662)		(22,862)
Net income (loss) attributable to DigitalBridge Group, Inc.	(197,797)		(246,557)
Preferred stock dividends	14,676		15,759
Net income (loss) attributable to common stockholders	$	(212,473)	$	(262,316)
Income (loss) per share—basic
Income (loss) from continuing operations per share—basic	$	(1.25)	$	(1.27)
Net income (loss) attributable to common stockholders per share—basic	$	(1.34)	$	(1.84)
Income (loss) per share—diluted
Income (loss) from continuing operations per share—diluted	$	(1.25)	$	(1.27)
Net income (loss) attributable to common stockholders per share—diluted	$	(1.34)	$	(1.84)
Weighted average number of shares
Basic	158,446		142,485
Diluted	158,446		142,485

Supplemental Schedule to Consolidated Statements of Operations

(In thousands, unaudited)

	Investment Management				Operating				Corporate and Other
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2023		2022		2023		2022		2023		2022
Revenues
Fee income	$	60,098	$	43,637	$	—	$	—	$	(972)	$	(800)
Carried interest allocation	(54,756)		(31,079)		—		—		—		—
Principal investment income (loss)	318		17		—		—		3,244		6,437
Property operating income	—		—		230,927		202,511		—		—
Other income	1,169		1,256		737		11		9,395		10,844
Total revenues	6,829		13,831		231,664		202,522		11,667		16,481
Expenses
Property operating expense	—		—		97,126		84,003		—		—
Interest expense	2,603		2,502		59,984		36,184		4,609		5,344
Investment expense	536		1,140		5,203		8,016		12		409
Transaction-related costs	5,192		—		—		—		3,335		165
Depreciation and amortization	6,409		5,276		134,699		122,891		466		400
Compensation expense—cash and equity-based	28,182		24,808		27,179		19,956		19,289		20,778
Compensation expense (reversal)—incentive fee and carried interest	(36,831)		(20,352)		—		—		—		—
Administrative expenses	6,407		4,171		7,240		6,899		12,859		16,815
Total expenses	12,498		17,545		331,431		277,949		40,570		43,911
Other gains (losses), net	3,082		(3,055)		1,769		956		(147,596)		(147,782)
Losses from continuing operations before income taxes	(2,587)		(6,769)		(97,998)		(74,471)		(176,499)		(175,212)
Income tax benefit (expense)	(217)		(2,374)		56		330		(881)		9,457
Loss from continuing operations	(2,804)		(9,143)		(97,942)		(74,141)		(177,380)		(165,755)
Income (loss) from continuing operations attributable to noncontrolling interests:
Redeemable noncontrolling interests	418		(3,266)		—		—		6,525		(7,954)
Investment entities	(857)		2,349		(86,254)		(60,196)		1,766		977
Operating Company	(167)		(624)		(899)		(1,121)		(14,522)		(14,007)
Loss from continuing operations attributable to DigitalBridge Group, Inc.	$	(2,198)	$	(7,602)	$	(10,789)	$	(12,824)	$	(171,149)	$	(144,771)

Distributable Earnings (DE)

(In thousands, except per share data, unaudited)

	Three Months Ended
	March 31, 2023		March 31, 2022
Net income (loss) attributable to common stockholders	$	(212,473)	$	(262,316)
Net income (loss) attributable to noncontrolling common interests in Operating Company	(16,662)		(22,862)
Net income (loss) attributable to common interests in Operating Company and common stockholders	(229,135)		(285,178)
Adjustments for Distributable Earnings (DE):
Transaction-related and restructuring charges(1)	18,391		24,668
Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other)	141,229		130,224
Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal	18,240		13,078
Compensation expense - equity-based	16,339		18,720
Depreciation and amortization	141,220		130,597
Straight-line rent revenue and expense	(1,727)		(2,548)
Amortization of acquired above- and below-market lease values, net	26		(248)
Impairment reversal (loss)	—		23,802
Non-revenue enhancing capital expenditures	(8,564)		(1,372)
Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts	15,523		98,465
Income tax effect on certain of the foregoing adjustments	—		(589)
Adjustments attributable to noncontrolling interests in investment entities	(118,563)		(132,237)
DE from discontinued operations(4)	3,656		(22,446)
After-tax DE	$	(3,365)	$	(5,064)
DE per common share / common OP unit(2)	$	(0.02)	$	(0.03)
DE per common share / common OP unit—diluted(2)(3)	$	(0.02)	$	(0.03)
Weighted average number of common OP units outstanding used for DE per common share and OP unit(2)	173,127		157,248
Weighted average number of common OP units outstanding used for DE per common share and OP unit—diluted (2)(3)	173,127		157,248

_________

(1) Restructuring charges primarily represent costs and charges incurred as a result of corporate restructuring and reorganization to implement the digital evolution. These costs and charges include severance, retention, relocation, transition, shareholder settlement and other related restructuring costs, which are not reflective of the Company’s core operating performance.

(2) Calculated based on weighted average shares outstanding including participating securities and assuming the exchange of all common OP units outstanding for common shares.

(3) For the three months ended March 31, 2023 and March 31, 2022, excluded from the calculation of diluted DE per share are Class A common stock or OP units issuable in connection with performance stock units, performance based restricted stock units and Wafra’s warrants, of which the issuance and/or vesting are subject to the performance of the Company's stock price or the achievement of certain Company specific metrics, and the effect of adding back interest expense associated with convertible senior notes and weighted average dilutive common share equivalents for the assumed conversion of the convertible senior notes as the effect of including such interest expense and common share equivalents would be antidilutive.

(4) During the first quarter of 2023, the Company sold all of its equity investment in BrightSpire Capital, Inc. (NYSE: BRSP). The Company's investment in BRSP qualified as held for sale and discontinued operations in March 2023. Accordingly, for all prior periods presented, the equity method investment in BRSP is presented as assets held for disposition on the consolidated balance sheets and equity method earnings (loss) from BRSP is presented as loss from discontinued operations on the consolidated statements of operations. This change is reflected retrospectively.

Distributable Earnings (DE)

DE is an after-tax measure that differs from GAAP net income or loss from continuing operations as a result of the following adjustments, including adjustment for our share of similar items recognized by our equity method investments, where applicable: transaction-related costs; restructuring charges (primarily severance and retention costs); realized and unrealized gains or losses, except realized gains or losses related to digital assets, including fund investments, in Corporate and Other; depreciation, amortization and impairment charges; interest expense on finance leases; debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated compensation expense; equity-based compensation costs; effect of straight-line lease income and expense; impairment of equity investments directly attributable to decrease in value of depreciable real estate held by the investee; non-revenue enhancing capital expenditures necessary to maintain operating real estate; and income tax effect on certain of the foregoing adjustments. Income taxes included in DE reflect the benefit of deductions arising from certain expenses that are excluded from the calculation of DE, such as equity-based compensation, as these deductions do decrease actual income tax paid or payable by the Company in any one period There are no differences in the Company’s measurement of DE and AFFO. Therefore, previously reported AFFO is the equivalent to DE and prior period information has not been recast. DE is presented on a reportable segment basis and for the Company in total.

We believe that DE is a meaningful supplemental measure as it reflects the ongoing operating performance of our core business by generally excluding items that are non-core in nature and allows for our operating results to be more comparable period-over-period and relative to other companies in similar lines of business.

Document

Cautionary Statement Regarding Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of the federal securities laws. 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.

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. 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 and you should read this presentation only with and in context of the appendices.

DigitalBridge	Supplemental Financial Report
Important Note Regarding Non-GAAP Financial Measures
---

This financial supplemental package includes certain non-GAAP financial measures and operating metrics that are not defined by generally accepted accounting principles, or GAAP.

Following our decision not to maintain qualification as a REIT for 2022, we no longer present Funds From Operations and Adjusted Funds From Operations, supplemental non-GAAP measures commonly used by equity REITs. Resulting from the significant growth in our digital investment management business, effective the second quarter of 2022, we report Distributable Earnings (“DE”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) and, specific to our IM segment, Fee Related Earnings (“FRE”) as non-GAAP financial measures attributable to the DBRG OP, which more closely align the key performance metrics of our core business to the alternative investment management industry.

We use these non-GAAP financial measures in evaluating the Company’s business performance and in making operating decisions. As we evaluate profitability based upon continuing operations, these non-GAAP measures exclude results from discontinued operations. These non-GAAP financial measures should not be considered alternatives to GAAP net income or loss as indicators of operating performance, or to cash flows from operating activities as measures of liquidity, nor as indicators of the availability of funds for our cash needs, including funds available to make distributions. Our calculation of these non-GAAP measures may differ from methodologies utilized by other companies for similarly titled performance measures and, as a result, may not be directly comparable to those calculated by other companies in similar lines of business.

In evaluating the information presented throughout this supplemental financial report, refer to the appendices to this presentation for definitions and reconciliations of non-GAAP financial measures to GAAP measures. For purposes of comparability, historical information in this presentation may reflect certain adjustments to information reported in prior periods.

Distributable Earnings: DE is an after-tax measure that differs from GAAP net income or loss from continuing operations as a result of the following adjustments, including adjustment for our share of similar items recognized by our equity method investments, where applicable: transaction-related costs; restructuring charges (primarily severance and retention costs); realized and unrealized gains or losses, except realized gains or losses related to digital assets, including fund investments, in Corporate and Other; depreciation, amortization and impairment charges; interest expense on finance leases; debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts; our share of unrealized carried interest allocation, net of associated compensation expense; equity-based compensation costs; effect of straight-line lease income and expense; impairment of equity investments directly attributable to decrease in value of depreciable real estate held by the investee; non-revenue enhancing capital expenditures necessary to maintain operating real estate; and income tax effect on certain of the foregoing adjustments. Income taxes included in DE reflect the benefit of deductions arising from certain expenses that are excluded from the calculation of DE, such as equity-based compensation, as these deductions do decrease actual income tax paid or payable by the Company in any one period There are no differences in the Company’s measurement of DE and AFFO. Therefore, previously reported AFFO is the equivalent to DE and prior period information has not been recast. DE is presented on a reportable segment basis and for the Company in total.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA): Adjusted EBITDA represents DE adjusted to exclude the following items attributable to the Operating Company: interest expense as included in DE, income tax benefit or expense as included in DE, preferred stock dividends, principal investment income or loss as included in DE, placement fee expense, our share of incentive fees and realized carried interest allocation or reversal net of associated compensation expense or reversal, certain investment costs for capital raising that are not reimbursable by our sponsored funds, and capital expenditures as deducted in DE. Adjusted EBITDA is presented on a reportable segment basis and for the Company in total.

We believe that Adjusted EBITDA is a meaningful supplemental measure of performance because it presents the Company’s operating performance independent of its capital structure, leverage and non-cash items, which allows for better comparability against entities with different capital structures and income tax rates. However, because Adjusted EBITDA is calculated

without the effects of certain recurring cash charges, including interest expense, taxes and capital expenditures or other recurring cash requirements, its usefulness as a performance measure may be limited.

Investment Management Fee Related Earnings (IM FRE): IM FRE is calculated as recurring fee income and other income inclusive of cost reimbursements associated with administrative expenses, and net of compensation expense (excluding equity-based compensation, and incentive and carried interest compensation expense or reversal) and administrative expense (excluding placement fees and straight-line rent expense). IM FRE is used to assess the extent to which direct base compensation and operating expenses are covered by recurring fee revenues in the investment management business. We believe that IM FRE is a useful supplemental performance measure because it may provide additional insight into the profitability of the overall investment management business.

IM FRE is measured as Adjusted EBITDA for the IM segment, adjusted to reflect the Company’s IM segment as a stabilized business by excluding FRE associated with new investment strategies that have 1) not yet held a first close raising FEEUM; or 2) not yet achieved break-even Adjusted EBITDA only for investment products that may be terminated solely at the Company’s discretion, collectively referred to as “Start-up FRE.” The Company evaluates new investment strategies on a regular basis and excludes Start-Up FRE from IM FRE until such time a new strategy is determined to form part of the Company’s core investment management business.

DigitalBridge	Supplemental Financial Report
Note Regarding DBRG Reportable Segments / Consolidated and OP Share of Consolidated Amounts
---

This presentation includes supplemental financial information for the following segments:

Investment Management (IM)

This business represents a leading global digital infrastructure investment platform, managing capital on behalf of a diverse base of global investors. The Company's flagship opportunistic strategy is conducted through its DigitalBridge Partners platform ("DBP"), separately capitalized vehicles and InfraBridge Global Infrastructure Funds (GIF), while other strategies, including digital core, credit, ventures and public equities, are conducted through other investment vehicles. The Company earns management fees, generally based on the amount of assets or capital managed in investment vehicles, and has the potential to earn incentive fees and carried interest based upon the performance of such investment vehicles, subject to achievement of minimum return hurdles. Earnings from our IM segment were attributed 31.5% to Wafra through the end of May 2022 when Wafra's investment in the IM business was redeemed by the Company.

Operating

This business is composed of balance sheet equity interests in digital infrastructure and real estate operating companies, which generally earn rental income from providing use of digital asset space and/or capacity through leases, services and other agreements. The Company currently owns interests in two companies: DataBank, including zColo, an edge colocation data center business; and Vantage SDC, a stabilized hyperscale data center business. Both DataBank and Vantage are also portfolio companies managed under IM for the equity interests owned by third party capital.

Corporate and Other

This segment is composed of the Company's other investment activities and corporate activities.

Other investment activities are composed of the Company's equity interests in: (i) digital investment vehicles, including the DBP flagship funds and InfraBridge GIF funds, and seed investments in various strategies such as digital core, liquid and credit; and (ii) remaining non-digital investments. Outside of its general partner interests, the Company's other equity interests in its sponsored and/or managed digital investment vehicles are considered to be incidental to its digital investment management business. The primary economics to the Company are represented by fee income and carried interest as general partner and/or manager, rather than economics from its equity interest in the investment vehicles as a limited partner or equivalent. With respect to seed investments, these are not intended to be a long-term deployment of capital by the Company and are expected to be warehoused temporarily on the Company's balance sheet until sufficient third party capital has been raised. These other investment activities generate largely principal investment earnings or losses and to a lesser extent, revenues in the form of interest income or dividend income from warehoused investments and consolidated investment vehicles. Effective the third quarter of 2021, these activities are no longer presented separately as the Digital Other and Other segments, which is consistent with and reflects management's focus on its core digital operations and overall simplification of the Company's business. This change in segment presentation is reflected retrospectively. During the first quarter of 2023, the Company sold all of its equity investment in BrightSpire Capital, Inc. (NYSE: BRSP). The Company's investment in BRSP qualified as held for sale and discontinued operations in March 2023. Accordingly, for all prior periods presented, the equity method investment in BRSP is presented as assets held for disposition on the consolidated balance sheets and equity method earnings (loss) from BRSP is presented as loss from discontinued operations on the consolidated statements of operations. This change is reflected retrospectively.

Corporate activities include corporate level cash and corresponding interest income, corporate level financing and related interest expense, corporate level transaction costs, costs in connection with unconsummated investments, income and expense related to cost reimbursement arrangements with affiliates, fixed assets for administrative use, compensation expense not directly attributable to reportable segments, corporate level administrative and overhead costs, and adjustments to eliminate intercompany fees. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. As segment results are presented before elimination of intercompany fees, elimination adjustment pertains to fee income earned by the IM segment from third party capital in investment vehicles managed by the Company and consolidated within the Operating segment and in Corporate and Other.

Throughout this presentation, consolidated figures represent the interest of both the Company (and its subsidiary DigitalBridge Operating Company, LLC or the “DBRG OP”) and noncontrolling interests. Figures labeled as DBRG OP share represent the Company’s pro-rata share.

DigitalBridge	Supplemental Financial Report
Table of Contents
---					Page
---	---	---	---
I.	Financial Overview
	a.	SummaryFinancialMetrics	6
	b.	Investment Management	7
II.	Financial Results
	a.	Balance Sheet Consolidated& Noncontrolling Interests’ Share	8-9
	b.	Consolidated Segment Operating Results	10
	c.	Noncontrolling Interests’ Share Segment Operating Results	11
	d.	Segment Reconciliation of Net Income toDE and Adjusted EBITDA	12-13
III.	Capitalization
	a.	Debt Summary	14
	b.	Secured Fund Fee Revenue Notes and Variable Funding Notes	15
	c.	Convertible/Exchangeable Notes & Perpetual Preferred Stock	16
IV.	Operating		17-18
V.	Other		19
VI.	Cash G&A Expense		20
Appendices
	Reconciliations of IM FRE and Operating Adjusted EBITDA to Net Income (Loss)		22
	Reconciliations of DE and Adjusted EBITDA and to Net Income (Loss)		23-24
	Definitions		25		DigitalBridge	Supplemental Financial Report	5
---	---
Ia. Summary Financial Metrics
---		($ and shares in thousands, except per share data and as noted) (Unaudited)	3/31/2023 - 1Q23		12/31/2022 - 4Q22		9/30/2022 - 3Q22		6/30/2022 - 2Q22		3/31/2022 - 1Q22		12/31/2021 - 4Q21		9/30/2021 - 3Q21		6/30/2021 - 2Q21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Financial Data
Total Company
Net income (loss) attributable to common stockholders	$	(212,473)	$	(19,356)	$	(63,273)	$	(37,321)	$	(262,316)	$	(20,686)	$	41,036	$	(141,260)
Net income (loss) attributable to common stockholders per basic share(1)	(1.34)		(0.12)		(0.39)		(0.24)		(1.84)		(0.16)		0.33		(1.18)
Distributable Earnings ("DE")	(3,365)		(18,393)		32,335		603		(5,064)		(11,636)		(4,886)		(11,794)
DE per basic share(1)	(0.02)		(0.11)		0.18		—		(0.03)		(0.08)		(0.04)		(0.09)
Adjusted EBITDA	25,626		27,759		29,097		30,928		20,494		20,957		17,622		15,377
Investment Management
Total Assets Under Management ("AUM") (in billions)(2)	$	69.3	$	52.8	$	50.3	$	47.9	$	46.6	$	45.3	$	37.8	$	34.9
Fee Earning Equity Under Management ("FEEUM") (in billions)	$	27.7	$	22.2	$	20.5	$	19.0	$	18.8	$	18.3	$	16.5	$	14.5
IM management fee income - DBRG OP share	59,229		45,272		42,039		36,948		29,921		38,396		35,724		33,348
IM FRE - DBRG OP share	34,512		24,228		21,498		20,759		16,989		23,757		22,922		19,470
IM FRE margin %	58.3%		53.5%		51.1%		56.2%		56.8%		61.9%		64.2%		58.4%
Net realized carried interest and incentive fees	243		12,377		20,258		—		(1,172)		1,092		7		1,565
Balance Sheet and Capitalization
Consolidated assets	$	10,743,429	$	11,028,503	$	11,740,829	$	11,877,288	$	11,232,157	$	14,197,816	$	15,442,981	$	15,921,346
Consolidated debt(3)	5,449,950		5,212,657		5,394,134		5,612,274		5,187,597		4,922,722		4,621,240		3,919,255
DBRG OP Share:
Total Assets	3,001,644		3,334,288		3,755,231		4,177,806		3,561,501		6,233,158		6,086,259		6,929,390
Corporate debt	578,422		578,422		578,422		648,422		578,422		638,739		800,000		545,000
Investment-level debt	596,085		568,230		775,358		1,097,943		880,464		727,789		591,943		528,609
Total Debt(3)	1,174,507		1,146,652		1,353,780		1,746,365		1,458,886		1,366,528		1,391,943		1,073,609
Corporate cash	449,368		733,382		423,441		55,628		813,237		986,197		606,447		396,906
Corporate cash & VFN / Revolver borrowing availability	749,368		1,033,382		723,441		285,628		1,013,237		1,186,197		806,447		751,906
Perpetual Preferred Equity, $25 per share liquidation preference	827,711		827,779		827,779		883,500		883,500		883,500		947,500		1,033,750
Basic shares and OP units outstanding(1)	174,235		172,712		175,918		176,930		162,461		155,138		136,791		136,454
Diluted shares and OP units outstanding(1)	183,154		181,692		186,911		189,572		176,087		184,359		174,598		175,233
Common dividend per share	$	0.01	$	0.01	$	0.01	$	—	$	—	$	—	$	—	$	—

Notes:

(1) In August 2022, the Company effectuated a 1-for-4 reverse stock split of its shares of class A and B common stock. All prior period common share and per share information is presented after giving effect to the reverse stock split.

(2) Total AUM includes IM AUM of $67.6 billion, Operating AUM of $1.1 billion and Digital Other AUM of $0.6 billion.

(3) Represents principal balance and excludes debt issuance costs, discounts and premiums.

DigitalBridge	Supplemental Financial Report	6
Ib. Investment Management
---
( in millions)	3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Investment Management AUM (1)	$	67,608	$	51,303	$	48,304	$	45,296	$	44,517	$	43,619	$	36,337	$	33,551
Investment Management FEEUM	3/31/23		12/31/22		9/30/22		6/30/22		3/31/22		12/31/21		9/30/21		6/30/21
DigitalBridge Partners I (DBP I)	$	3,180	$	3,165	$	2,802	$	3,048	$	3,034	$	3,215	$	3,040	$	3,081
DigitalBridge Partners II (DBP II)	7,996		7,996		7,996		7,996		7,996		8,001		7,146		5,519
Separately Capitalized Portfolio Companies	2,187		2,512		2,370		2,401		2,372		2,148		2,576		2,576
InfraBridge Global Infrastructure Funds (GIF)	4,355		—		—		—		—		—		—		—
InfraBridge Other	728		—		—		—		—		—		—		—
Co-Investment (Sidecar) Capital	7,000		6,525		6,310		4,651		4,370		4,105		3,184		2,817
Digital Core, Liquid and Credit Strategies	2,248		2,036		1,021		933		1,013		786		510		512
IM FEEUM	$	27,694	$	22,234	$	20,499	$	19,029	$	18,785	$	18,255	$	16,456	$	14,505
( in thousands)
IM FRE	1Q23		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
Fee income	$	58,600	$	44,371	$	41,353	$	44,758	$	43,155	$	43,145	$	37,751	$	33,304
Fee income, other (2)	629		901		686		355		523		8,787		12,809		8,996
Other income	492		535		386		530		251		273		483		84
Compensation expense—cash	(19,795)		(17,805)		(18,876)		(17,725)		(17,675)		(16,275)		(16,933)		(14,426)
Administrative expenses	(6,329)		(6,417)		(4,450)		(4,794)		(4,012)		(3,446)		(2,675)		(2,337)
Exclude: Start-up FRE of certain new strategies	915		2,643		2,399		2,335		2,362		2,306		2,224		2,059
IM FRE (3)	$	34,512	$	24,228	$	21,498	$	25,459	$	24,604	$	34,790	$	33,659	$	27,680
DBRG OP share of IM FRE(4)	$	34,512	$	24,228	$	21,498	$	20,759	$	16,989	$	23,757	$	22,922	$	19,470

All values are in US Dollars.

Notes:

(1) Includes AUM of: $6.2 billion DBP I, $13.2 billion DBP II, $7.7 billion Separately Capitalized Portfolio Companies, $8.4 billion InfraBridge GIF and Other, $29.1 billion Co-Investment (Sidecar) Capital, and $3.0 billion Digital Core, Liquid and Credit Strategies.

(2) Includes service fee income and one time catch-up fees earned, which are customary fees paid on newly raised 3rd party capital as if it were raised on the first closing date.

(3) For a reconciliation of net income / (loss) to IM FRE, please refer to the Appendices section of this presentation.

(4) In May 2022, DigitalBridge acquired Wafra’s 31.5% ownership in the Company's investment management business that Wafra initially acquired in July 2020, which resulted in 100% of the Company's IM FRE becoming entitled to DigitalBridge.

DigitalBridge	Supplemental Financial Report	7
IIa. Financial Results - Balance Sheet
---
( in thousands, except per share data) (unaudited)
---	---	---	---
		Noncontrolling Interests' Share
Assets
Cash and cash equivalents	668,524	$	101,965
Restricted cash		132,399
Investments		468,854
Real estate		5,242,549
Goodwill		412,084
Deferred leasing costs and intangible assets		849,123
Other assets		534,811
Due from affiliates		—
Assets held for disposition		—
Total assets	10,743,429	$	7,741,785
Liabilities
Corporate debt	569,771	$	—
Non-recourse investment-level debt		4,169,621
Intangible liabilities		24,848
Other liabilities		789,010
Liabilities related to assets held for disposition		—
Total liabilities		4,983,479
Commitments and contingencies
Redeemable noncontrolling interests		107,413
Equity
Stockholders’ equity:
Preferred stock, 0.01 par value per share; 827,711 liquidation preference; 250,000 shares authorized; 33,108 shares issued and outstanding		—
Common stock, 0.04 par value per share
Class A, 949,000 shares authorized; 161,834 shares issued and outstanding		—
Class B, 1,000 shares authorized; 166 shares issued and outstanding		—
Additional paid-in capital		—
Accumulated deficit		—
Accumulated other comprehensive income (loss)		—
Total stockholders’ equity		—
Noncontrolling interests in investment entities		2,650,893
Noncontrolling interests in Operating Company		—
Total equity		2,650,893
Total liabilities, redeemable noncontrolling interests and equity	10,743,429	$	7,741,785

All values are in US Dollars.

DigitalBridge	Supplemental Financial Report	8
IIa. Financial Results - Balance Sheet
---

Supplemental Schedule to Consolidated Balance Sheets

($ in thousands) (unaudited)	As of March 31, 2023
	Investment Management		Operating		Corporate and Other
Assets
Cash and cash equivalents	$	56,943	$	65,097	$	546,484
Restricted cash	2,324		152,262		1,104
Investments	345,826		6,804		874,322
Real estate	—		5,964,807		—
Goodwill	444,817		463,120		—
Deferred leasing costs and intangible assets	128,973		969,036		511
Other assets	15,966		581,848		44,637
Due from affiliates	61,455		—		5,830
Total assets	$	1,056,304	$	8,202,974	$	1,472,888
Liabilities
Corporate debt	$	199,033	$	70,246	$	300,492
Non-recourse investment-level debt	—		4,751,701		349
Intangible liabilities	—		28,441		—
Other liabilities	218,712		721,319		193,537
Total liabilities	417,745		5,571,707		494,378
Redeemable noncontrolling interests	1,098		—		106,315
Noncontrolling interests in investment entities	151,985		2,369,836		127,770
DigitalBridge	Supplemental Financial Report	9
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IIb. Financial Results - Consolidated Segment Operating Results
---			Three Months Ended March 31, 2023
---	---	---	---	---	---	---	---	---	---	---
($ in thousands) (unaudited)	Investment Management		Operating		Corporate and Other		Discontinued Operations		Total
Revenues
Fee income	$	60,098	$	—	$	(972)	$	—	$	59,126
Carried interest allocation (reversal)	(54,756)		—		—		—		(54,756)
Principal investment income (loss)	318		—		3,244		—		3,562
Property operating income	—		230,927		—		—		230,927
Other income	1,169		737		9,395		—		11,301
Total revenues	6,829		231,664		11,667		—		250,160
Expenses
Property operating expense	—		97,126		—		—		97,126
Interest expense	2,603		59,984		4,609		—		67,196
Investment expense	536		5,203		12		—		5,751
Transaction-related costs	5,192		—		3,335		—		8,527
Depreciation and amortization	6,409		134,699		466		—		141,574
Compensation expense - cash and equity-based	28,182		27,179		19,289		—		74,650
Compensation expense (reversal) - carried interest and incentive fee	(36,831)		—		—		—		(36,831)
Administrative expenses	6,407		7,240		12,859		—		26,506
Total expenses	12,498		331,431		40,570		—		384,499
Other gain (loss), net	3,082		1,769		(147,596)		—		(142,745)
Income (loss) from continuing operations before income taxes	(2,587)		(97,998)		(176,499)		—		(277,084)
Income tax benefit (expense)	(217)		56		(881)		—		(1,042)
Income (loss) from continuing operations	(2,804)		(97,942)		(177,380)		—		(278,126)
Income (loss) from discontinued operations	—		—		—		(14,218)		(14,218)
Net income (loss)	(2,804)		(97,942)		(177,380)		(14,218)		(292,344)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests	418		—		6,525		—		6,943
Investment entities	(857)		(86,254)		1,766		517		(84,828)
Operating Company	(167)		(899)		(14,522)		(1,074)		(16,662)
Net income (loss) attributable to DigitalBridge Group, Inc.	(2,198)		(10,789)		(171,149)		(13,661)		(197,797)
Preferred stock dividends	—		—		14,676		—		14,676
Net income (loss) attributable to common stockholders	$	(2,198)	$	(10,789)	$	(185,825)	$	(13,661)	$	(212,473)
DigitalBridge	Supplemental Financial Report	10
---	---
IIc. Financial Results - Noncontrolling Interests’ Share Segment Operating Results
---			Three Months Ended March 31, 2023
---	---	---	---	---	---	---	---	---	---	---
($ in thousands) (unaudited)	Investment Management		Operating		Corporate and Other		Discontinued Operations		Total
Revenues
Fee income	$	—	$	—	$	—	$	—	$	—
Carried interest allocation (reversal)	(1,310)		—		—		—		(1,310)
Principal investment income (loss)	174		—		712		—		886
Property operating income	$	—	$	203,516	$	—	$	—	203,516
Other income	—		659		603		—		1,262
Total revenues	(1,136)		204,175		1,315		—		204,354
Expenses
Property operating expense	—		85,639		—		—		85,639
Interest expense	—		52,199		14		—		52,213
Investment expense	—		4,529		—		—		4,529
Transaction-related costs	—		—		—		—		—
Depreciation and amortization	—		118,590		—		—		118,590
Compensation expense - cash and equity-based	—		23,520		—		—		23,520
Compensation expense (reversal) - carried interest and incentive fee	—		—		—		—		—
Administrative expenses	—		6,259		289		—		6,548
Total expenses	—		290,736		303		—		291,039
Other gain (loss), net	623		1,569		7,328		—		9,520
Income (loss) from continuing operations before income taxes	(513)		(84,992)		8,340		—		(77,165)
Income tax benefit (expense)	—		50		—		—		50
Income (loss) from continuing operations	(513)		(84,942)		8,340		—		(77,115)
Income (loss) from discontinued operations	—		—		—		517		517
Net income (loss)	(513)		(84,942)		8,340		517		(76,598)
Non-pro rata allocation of income (loss) to noncontrolling interests	74		(1,312)		(49)		—		(1,287)
Net income (loss) attributable to noncontrolling interests	$	(439)	$	(86,254)	$	8,291	$	517	$	(77,885)
DigitalBridge	Supplemental Financial Report	11
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IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA
---
	OP pro rata share by segment										Amounts<br>attributable to<br>noncontrolling interests		DBRG consolidated as reported
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($ in thousands; for the three months ended March 31, 2023; and unaudited)	IM		Operating		Corporate and Other		Discontinued Operations		Total OP pro rata share
Net income (loss) attributable to common stockholders	$	(2,198)	$	(10,789)	$	(185,825)	$	(13,661)	$	(212,473)	$	—	$	(212,473)
Net income (loss) attributable to noncontrolling common interests in Operating Company	(167)		(899)		(14,522)		(1,074)		(16,662)		—		(16,662)
Net income (loss) attributable to common interests in Operating Company and common stockholders	(2,365)		(11,688)		(200,347)		(14,735)		(229,135)		—		(229,135)
Adjustments for Distributable Earnings (DE):
Transaction-related and restructuring charges(1)	9,682		32		8,870		9		18,593		(202)		18,391
Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other)	(3,082)		(194)		144,539		10,774		152,037		(10,808)		141,229
Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal	16,606		—		—		—		16,606		1,634		18,240
Compensation expense - equity-based	3,898		581		6,872		23		11,374		4,965		16,339
Depreciation and amortization	6,409		15,490		466		266		22,631		118,589		141,220
Straight-line rent revenue and expense	77		(198)		(352)		(9)		(482)		(1,245)		(1,727)
Amortization of acquired above- and below-market lease values, net	—		10		—		—		10		16		26
Non-revenue enhancing capital expenditures	—		(1,054)		—		—		(1,054)		(7,510)		(8,564)
Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts	291		1,715		377		16		2,399		13,124		15,523
Adjustments attributable to noncontrolling interests in investment entities	—		—		—		—		—		(118,563)		(118,563)
DE from discontinued operations	—		—		—		3,656		3,656		—		3,656
After-tax DE	$	31,516	$	4,694	$	(39,575)	$	—	$	(3,365)	$	—	$	(3,365)

Notes:

DigitalBridge	Supplemental Financial Report	12
IId. Financial Results - Segment Reconciliation of Net Income to DE and Adjusted EBITDA
---
	OP pro rata share by segment
---	---	---	---	---	---	---	---	---	---	---
($ in thousands; for the three months ended March 31, 2023; and unaudited)	IM		Operating		Corporate and Other		Discontinued Operations		Total OP pro rata share
After-tax DE	$	31,516	$	4,694	$	(39,575)	$	—	$	(3,365)
Interest expense included in DE	2,247		6,070		4,232		—		12,549
Income tax expense (benefit) included in DE	217		(6)		881		—		1,092
Preferred dividends	—		—		14,676		—		14,676
Principal investment income (loss)	(144)		—		(133)		—		(277)
Realized carried interest (allocation) reversal, net of associated compensation (expense) reversal	(243)		—		—		—		(243)
Investment costs and non-revenue enhancing capital expenditures in DE	4		1,190		—		—		1,194
Adjusted EBITDA	$	33,597	$	11,948	$	(19,919)	$	—	$	25,626
DigitalBridge	Supplemental Financial Report	13
---	---
IIIa. Capitalization - Debt Summary
---
( in thousands; as of March 31, 2023)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated debt
			2024		2025		2026		2027 and after		Total
Investment-level debt:
Operating - Fixed	2,985		$	600,753	$	700,000	$	1,519,690	$	1,685,000	$	4,508,428
Operating - Variable			262,500		—		—		—		362,500
Other - Variable			600		—		—		—		600
Total Investment-level debt			863,853		700,000		1,519,690		1,685,000		4,871,528
Corporate debt:
2021-1, A-1 Variable Funding Notes			—		—		—		—		—
2021-1, Class A-2 Term Notes			—		—		300,000		—		300,000
Convertible/exchangeable senior notes		(2)	—		78,422		—		—		278,422
Total debt - consolidated	302,985		$	863,853	$	778,422	$	1,819,690	$	1,685,000	$	5,449,950
													Fixed/Variable	WA Interest Rate	WA Remaining Term
DBRG OP share of debt
			2024		2025		2026		2027 and after		Total
Investment-level debt:
Operating - Fixed	392		$	78,879	$	91,910	$	178,653	$	206,154	$	555,988	Fixed	3.1%	3.4
Operating - Variable			28,928		—		—		—		39,948		Variable	8.7%	0.8
Other - Variable			149		—		—		—		149		Variable	6.4%	1.4
Total Investment-level debt			107,956		91,910		178,653		206,154		596,085
Corporate debt:
2021-1, A-1 Variable Funding Notes			—		—		—		—		—		Variable	n/a	3.5
2021-1, Class A-2 Term Notes			—		—		300,000		—		300,000		Fixed	3.9%	3.5
Convertible/exchangeable senior notes		(2)	—		78,422		—		—		278,422		Fixed	5.2%	0.7
Total debt - DBRG OP share	211,412		$	107,956	$	170,332	$	478,653	$	206,154	$	1,174,507
Net corporate debt
Cash and cash equivalents - consolidated											$	668,524
less: Noncontrolling interests											(101,965)
less: Investment level cash - DBRG OP share											(117,191)
Corporate cash - DBRG OP share											449,368
Corporate debt - DBRG OP share											(578,422)
Net corporate debt - DBRG OP share											$	(129,054)

All values are in US Dollars.

Notes:

(1) Maturity dates are based on initial maturity dates or extended maturity dates, where applicable, the extension option is at the Company’s discretion and if the criteria to extend have been met as of the reporting date.

(2) Fully repaid in April 2023.

DigitalBridge	Supplemental Financial Report	14
IIIb. Capitalization - DBRG Series 2021-1
---
( in thousands, as of March 31, 2023)
---	---	---	---
Class A-2 Term Notes
Amount outstanding	300,000
Interest rate		%
Anticipated Repayment Date (ARD)
Kroll Rating
Class A-1 Variable Funding Notes
Maximum Available	300,000		(1)
Amount outstanding	—
Interest Rate			(1)
Fully extended Anticipated Repayment Date (ARD)(2)
Financial covenants:
Debt Service Coverage Ratio(3)
Loan to Value Ratio(4)
Investment Management Expense Ratio(5)
Company status: As of May 2, 2023, DBRG is meeting all required covenant threshold levels.

All values are in US Dollars.

Notes:

(1) Effective April 1, 2022, the maximum principal amount of the Series 2021-1 Class A-1 Variable Funding Notes increased to $300 million and Term SOFR replaced LIBOR as the benchmark for accruing interest on the Series 2021-1 Class A-1 Variable Funding Notes. 1 month term SOFR is adjusted to include 0.11448% as defined in the Amendment No.1 to Class A-1 Note Purchase Agreement.

(2) Anticipated Repayment Date is September 25, 2026 including two 1-year extension options subject to 1) either rating agency confirmation and consent of VFN noteholders are obtained or DSCR exceeding 1.75x, 2) term notes rating not less than BBB- 3) the payment of a 0.05% extension fee and 4) other customary conditions.

(3) Debt service coverage ratio covenant thresholds: minimum of 1.75x for ability to borrow from the VFN; below 1.75x to 1.50x = 50% cash trap; below 1.50x to 1.20x = 100% cash trap; and below 1.20x = cash sweep.

(4) 100% cash sweep until LTV is less than 35%.

(5) 50% cash sweep until ratio is less than 60%.

DigitalBridge	Supplemental Financial Report	15
IIIc. Capitalization - Convertible/Exchangeable Notes & Perpetual Preferred Stock
---
( in thousands; except per share data; as of March 31, 2023)
---	---	---	---	---	---	---	---	---
Convertible/exchangeable debt
Description			Final due date(1)	Interest rate	Conversion price (per share of common stock)		Conversion ratio	Conversion shares
5.75% Exchangeable senior notes	78,422		July 15, 2025	5.75% fixed	$	9.20	108.6956	8,524
5.0% Convertible senior notes		(2)	April 15, 2023	5.00% fixed	63.02		15.8675	3,174
Total convertible debt	278,422

All values are in US Dollars.

Perpetual preferred stock
Description	Liquidation <br>preference		Shares outstanding (In thousands)	Callable period
Series H 7.125% cumulative redeemable perpetual preferred stock	210,731		8,429	Callable
Series I 7.15% cumulative redeemable perpetual preferred stock	324,710		12,988	Callable
Series J 7.125% cumulative redeemable perpetual preferred stock	292,270		11,691	Callable
Total preferred stock	$	827,711	33,108

Notes:

(1) Callable at principal amount only if DBRG common stock has traded at least 130% of the conversion price for 20 of 30 consecutive trading days: on or after July 21, 2023, for the 5.75% exchangeable senior notes and on or after April 22, 2020, for the 5.0% convertible senior notes.

(2) Fully repaid in April 2023.

DigitalBridge	Supplemental Financial Report	16
IV. Operating
---
( in millions)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Portfolio Net Carrying Value			12/31/22			9/30/22			6/30/22			3/31/22			12/31/21			9/30/21			6/30/21
Consolidated amount
Asset(1)	8,920		$	8,704		$	8,515		$	8,429		$	8,397		$	7,624		$	7,211		$	6,736
Debt(2)			(4,634)			(4,506)			(4,477)			(4,479)			(4,217)			(3,817)			(3,374)
Net Carrying Value - Consolidated	4,050		$	4,070		$	4,009		$	3,952		$	3,918		$	3,407		$	3,394		$	3,362
DBRG OP share of consolidated amount
Asset(1)	1,077		$	1,052		$	1,133		$	1,466		$	1,460		$	1,233		$	1,157		$	1,093
Debt(2)			(568)			(598)			(746)			(746)			(661)			(588)			(529)
Net Carrying Value - DBRG OP share	481		$	484		$	535		$	720		$	714		$	572		$	569		$	564
DBRG net carrying value % interest		%	12		%	13		%	18		%	18		%	17		%	17		%	17		%

All values are in US Dollars.

( in thousands)
Operating Adjusted EBITDA		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
Consolidated amount
Total revenues	231,664	$	229,278	$	225,387	$	227,687	$	202,522	$	189,938	$	194,966	$	189,093
Property operating expenses		(97,457)		(100,051)		(94,744)		(84,003)		(78,950)		(80,226)		(77,140)
Compensation and administrative expenses		(27,452)		(37,974)		(29,139)		(26,855)		(28,879)		(29,766)		(28,488)
Investment expenses		(5,547)		(5,288)		(5,487)		(8,016)		(5,153)		(4,862)		(5,255)
Straight-line rent expenses and amortization of above- and below-market lease intangibles		(1,749)		(2,827)		(236)		(377)		370		482		(98)
Compensation expense—equity-based		(95)		10,852		752		752		1,918		308		308
Installation services		—		—		—		—		2,097		(4,058)		576
Transaction-related and restructuring charges		1,574		1,105		2,400		4,636		3,188		4,042		2,999
Operating Adjusted EBITDA - Consolidated (3)	99,154	$	98,552	$	91,204	$	101,233	$	88,659	$	84,529	$	80,886	$	81,995
DBRG OP share of consolidated amount
Total revenues	27,481	$	27,927	$	38,305	$	41,448	$	36,882	$	32,464	$	33,771	$	32,624
Property operating expenses		(11,794)		(17,096)		(17,649)		(15,614)		(13,740)		(14,115)		(13,690)
Compensation and administrative expenses		(3,106)		(7,348)		(6,246)		(5,752)		(5,457)		(5,615)		(5,350)
Investment expenses		(716)		(729)		(793)		(1,169)		(732)		(709)		(819)
Straight-line rent expenses and amortization of above- and below-market lease intangibles		(263)		(227)		246		195		244		295		247
Compensation expense—equity-based		(11)		2,092		164		164		384		62		62
Installation services		—		—		—		—		419		(812)		115
Transaction-related and restructuring charges		77		175		473		791		618		759		587
Operating Adjusted EBITDA - DBRG OP share	11,948	$	12,114	$	15,172	$	17,643	$	15,497	$	14,200	$	13,636	$	13,776

All values are in US Dollars.

Notes:

(1) Includes all components related to real estate assets, including tangible real estate and lease-related intangibles and cash. Represents cost of investment and additional capital expenditures less real estate impairments.

(2) Represents unpaid principal balance.

(3) For a reconciliation of net income/(loss) to Adjusted EBITDA, please refer to the Appendices section of this presentation.

DigitalBridge	Supplemental Financial Report	17
IV. Operating
---
Operating Capital Expenditures
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated amount	1Q23		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
Non-revenue enhancing capital expenditures	$	8,564	$	14,775	$	10,992	$	13,377	$	7,418	$	6,410	$	7,387	$	4,423
Revenue enhancing capital expenditures	129,710		135,506		147,046		101,100		84,668		94,018		42,841		40,460
Total capital expenditures	$	138,274	$	150,281	$	158,038	$	114,477	$	92,086	$	100,428	$	50,228	$	44,883
Leasing Commissions	$	2,204	$	2,194	$	2,146	$	2,660	$	1,266	$	1,535	$	1,233	$	5,024
DBRG OP share of consolidated amount
Non-revenue enhancing capital expenditures	$	1,054	$	1,746	$	1,878	$	2,571	$	1,372	$	1,097	$	1,349	$	764
Revenue enhancing capital expenditures	14,337		15,053		25,118		21,249		17,578		18,090		8,315		7,538
Total capital expenditures	$	15,391	$	16,799	$	26,996	$	23,820	$	18,950	$	19,187	$	9,664	$	8,302
Leasing Commissions	$	243	$	244	$	367	$	489	$	308	$	307	$	213	$	756
Operating Metrics	3/31/2023 - 1Q23		12/31/2022 - 4Q22		9/30/2022 - 3Q22		6/30/2022 - 2Q22		3/31/2022 - 1Q22		12/31/2021 - 4Q21		9/30/2021 - 3Q21		6/30/2021 - 2Q21
Number of Data Centers	83		84		82		82		78		78		76		76
Max Critical I.T. Square Feet	2,405,353		2,405,387		2,349,827		2,317,827		1,980,317		1,949,144		1,819,946		1,809,943
Leased Square Feet	1,913,007		1,887,659		1,852,321		1,817,101		1,608,378		1,552,517		1,467,420		1,439,291
% Utilization Rate	79.5%		78.5%		78.8%		78.4%		81.2%		79.7%		80.6%		79.5%
MRR (Annualized)	$	907.4	$	913.4	$	889.0	$	892.0	$	812.3	$	790.4	$	773.1	$	750.2
Bookings (Annualized)	$	20.6	$	18.2	$	22.4	$	56.5	$	14.2	$	15.3	$	16.6	$	16.4
Quarterly Churn (% of Prior Quarter MRR)	1.7%		1.3%		1.0%		1.7%		0.9%		1.9%		1.3%		1.3%
DigitalBridge	Supplemental Financial Report	18
---	---
V. Other
---
( in thousands)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated amount		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
GP Co-investment in DBP I and II Investments	345,719	$	343,137	$	277,450	$	284,282	$	248,663	$	242,856	$	230,972	$	225,411
GP Co-investment in GIF Investment		—		—		—		—		—		—		—
Equity interests in digital investment vehicles and warehouse / seed investments		316,299		769,431		906,076		423,467		290,113		272,134		198,934
Other - digital assets net carrying value	834,773	$	659,436	$	1,046,881	$	1,190,358	$	672,130	$	532,969	$	503,106	$	424,345
DBRG OP share of consolidated amount
GP Co-investment in DBP I and II Investments	272,395	$	270,400	$	215,872	$	217,504	$	187,247	$	183,612	$	173,732	$	171,012
GP Co-investment in GIF Investment		—		—		—		—		—		—		—
Equity interests in digital investment vehicles and warehouse / seed investments		178,379		467,014		591,066		308,578		174,566		165,902		98,476
Other - digital assets net carrying value	599,613	$	448,779	$	682,886	$	808,570	$	495,825	$	358,178	$	339,634	$	269,488

All values are in US Dollars.

DigitalBridge	Supplemental Financial Report	19
VI. Cash G&A Expense
---
( in thousands)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
Investment Management Cash G&A
Cash and equity-based compensation	28,182	$	30,829	$	22,566	$	23,230	$	24,808	$	20,802	$	21,606	$	16,262
Administrative expenses		7,958		4,517		4,869		4,171		4,387		5,820		9,345
Compensation expense—equity-based		(7,939)		(2,654)		(3,361)		(3,190)		(2,011)		(2,046)		(1,785)
Administrative expenses—straight-line rent		(66)		(68)		(76)		(159)		(75)		(74)		(50)
Administrative expenses—placement agent fee		—		—		—		—		(880)		(3,069)		(6,959)
Transaction-related and restructuring charges		(6,560)		(1,035)		(2,143)		(3,943)		(2,502)		(2,629)		(50)
Investment Management Cash G&A		24,222		23,326		22,519		21,687		19,721		19,608		16,763
Corporate & Other Cash G&A
Cash and equity-based compensation		10,804		12,404		9,333		20,778		12,084		15,200		13,061
Administrative expenses		23,373		17,992		12,574		16,815		21,171		12,474		9,548
Compensation expense—equity-based		329		(5,171)		(4,840)		(5,878)		(3,837)		(4,651)		(5,721)
Administrative expenses—straight-line rent		485		660		741		856		1,195		602		375
Administrative expenses—noncontrolling interests		(248)		(338)		(327)		(302)		(377)		(332)		(255)
Transaction-related and restructuring charges		(18,443)		(10,549)		(2,828)		(14,352)		(14,229)		(5,027)		(1,399)
Corporate & Other Cash G&A		16,300		14,998		14,653		17,917		16,007		18,266		15,609
DBRG Cash G&A excluding Portfolio Company G&A	45,190	$	40,522	$	38,324	$	37,172	$	39,604	$	35,728	$	37,874	$	32,372
Corporate & Other EBITDA
EBITDA, excluding Cash G&A	(853)	$	10,360	$	9,825	$	9,414	$	8,162	$	1,273	$	1,515	$	(239)
Cash G&A		(16,300)		(14,998)		(14,653)		(17,917)		(16,007)		(18,266)		(15,609)
Corporate & Other EBITDA	(19,919)	$	(5,940)	$	(5,173)	$	(5,239)	$	(9,755)	$	(14,734)	$	(16,751)	$	(15,848)

All values are in US Dollars.

DigitalBridge	Supplemental Financial Report	20

Appendices

DigitalBridge	Supplemental Financial Report	21
Reconciliations of IM FRE and Operating Adjusted EBITDA to Net Income (Loss)
---		($ in thousands)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
IM net income (loss)	(2,804)		81,167		46,065		67,995		(9,143)		28,194		39,272		15,786
Adjustments:
Interest expense (income)	2,411		2,200		2,906		2,771		2,500		2,499		2,250		—
Investment expense, net of reimbursement	51		156		230		(200)		138		(12)		—		—
Depreciation and amortization	6,409		6,135		5,369		5,375		5,276		5,928		8,242		6,298
Compensation expense—equity-based	3,898		6,639		2,654		3,361		3,191		2,011		2,046		1,786
Compensation expense—carried interest and incentive	(36,831)		92,738		80,831		49,069		(20,352)		25,921		31,736		8,266
Administrative expenses—straight-line rent	77		1,541		68		76		159		75		74		50
Administrative expenses—placement agent fee	—		—		—		—		—		880		3,069		6,959
Transaction-related and restructuring charges	9,682		8,101		2,317		4,042		3,942		2,516		2,627		51
Incentive/performance fee income	53,887		(176,944)		(121,698)		(110,779)		31,119		(5,720)		(1,313)		(4,489)
Principal investment income (loss)	(318)		(2,072)		(1,016)		(1,016)		(17)		(31,608)		(59,196)		(11,203)
Other (gain) loss, net	(3,082)		(248)		110		424		3,055		(52)		(461)		(119)
Income tax (benefit) expense	217		2,172		1,263		2,006		2,374		1,852		3,089		2,236
IM Adjusted EBITDA	$	33,597	$	21,585	$	19,099	$	23,124	$	22,242	$	32,484	$	31,435	$	25,621
Exclude: Start-up FRE of certain new strategies	915		2,643		2,399		2,335		2,362		2,306		2,224		2,059
IM FRE	$	34,512	$	24,228	$	21,498	$	25,459	$	24,604	$	34,790	$	33,659	$	27,680
Wafra’s 31.5% ownership	—		—		—		(4,700)		(7,615)		(11,033)		(10,737)		(8,210)
DBRG OP share of IM FRE	$	34,512	$	24,228	$	21,498	$	20,759	$	16,989	$	23,757	$	22,922	$	19,470
	1Q23		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
Operating net income (loss) from continuing operations	(97,942)		(76,990)		(93,772)		(85,428)		(74,141)		(83,909)		(71,822)		(10,850)
Adjustments:
Interest expense	59,984		45,222		40,770		37,233		36,184		35,144		29,839		29,272
Income tax (benefit) expense	(56)		509		(5)		161		(330)		(1,941)		1,922		(66,788)
Depreciation and amortization	134,699		133,269		130,663		145,817		122,891		126,436		120,458		126,227
Straight-line rent expenses and amortization of above- and below-market lease intangibles	(1,221)		(1,749)		(2,827)		(236)		(377)		370		482		(98)
Compensation expense—equity-based	5,275		(95)		10,852		752		752		1,918		308		308
Installation services	—		—		—		—		—		2,097		(4,058)		576
Transaction-related and restructuring charges	184		1,574		1,105		2,400		4,636		3,188		4,042		2,999
Other gain/loss, net	(1,769)		(3,188)		4,418		534		(956)		1,226		(285)		349
Operating Adjusted EBITDA	$	99,154	$	98,552	$	91,204	$	101,233	$	88,659	$	84,529	$	80,886	$	81,995		DigitalBridge	Supplemental Financial Report	22
---	---
Reconciliations of DE and Adjusted EBITDA to Net Income (Loss)
---		($ in thousands)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Net income (loss) attributable to common stockholders	$	(212,473)	$	(19,356)	$	(63,273)	$	(37,321)	$	(262,316)	$	(20,686)	$	41,036	$	(141,260)
Net income (loss) attributable to noncontrolling common interests in Operating Company	(16,662)		(1,583)		(4,834)		(3,090)		(22,862)		(1,946)		4,311		(14,980)
Net income (loss) attributable to common interests in Operating Company and common stockholders	(229,135)		(20,939)		(68,107)		(40,411)		(285,178)		(22,632)		45,347		(156,240)
Adjustments for Distributable Earnings (DE):
Transaction-related and restructuring charges	18,391		23,772		23,249		29,300		24,668		29,977		19,501		5,174
Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other)	141,229		(16,050)		(7,211)		15,134		130,224		(52,611)		11,319		(151,773)
Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal	18,240		(70,541)		(1,228)		(58,775)		13,078		(7,375)		(27,953)		(6,485)
Compensation expense - equity-based	16,339		7,549		18,619		9,344		18,720		19,416		9,038		11,642
Depreciation and amortization	141,220		148,508		146,810		153,548		130,597		145,031		137,602		167,114
Straight-line rent revenue and expense	(1,727)		(7,063)		(8,895)		(2,956)		(2,548)		(1,986)		(1,925)		(2,309)
Amortization of acquired above- and below-market lease values, net	26		100		80		(10)		(248)		(333)		(172)		(1,498)
Impairment loss	—		—		—		12,184		23,802		(40,732)		(8,210)		242,903
Gain from sales of real estate	—		—		—		—		—		(197)		(514)		(2,969)
Non-revenue enhancing capital expenditures	(8,564)		(14,774)		(10,992)		(13,377)		(1,372)		(1,097)		(1,349)		(764)
Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts	15,523		5,572		5,627		5,238		98,465		36,685		7,651		10,196
Preferred share redemption (gain) loss	—		—		—		—		—		2,127		2,865		—
Income tax effect on certain of the foregoing adjustments	—		55		—		—		(589)		8,195		1,663		(42,536)
Adjustments attributable to noncontrolling interests in investment entities	(118,563)		(69,810)		(136,338)		(91,676)		(132,237)		(105,150)		(83,074)		(15,334)
DE from discontinued operations	3,656		(4,772)		70,721		(16,940)		(22,446)		(20,954)		(116,675)		(68,915)
After-tax DE	$	(3,365)	$	(18,393)	$	32,335	$	603	$	(5,064)	$	(11,636)	$	(4,886)	$	(11,794)
DigitalBridge	Supplemental Financial Report	23
---	---		Reconciliations of DE and Adjusted EBITDA to Net Income (Loss)
---		($ in thousands)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q21		3Q21		2Q21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
After-tax DE	$	(3,365)	$	(18,393)	$	32,335	$	603	$	(5,064)	$	(11,636)	$	(4,886)	$	(11,794)
Interest expense included in DE	12,549		13,756		16,348		14,142		13,280		13,775		14,160		11,834
Income tax expense (benefit) included in DE	1,092		30,616		(7,839)		(2,662)		(6,849)		631		(12,638)		(8,224)
Preferred dividends	14,676		14,765		15,283		15,759		15,759		16,139		17,456		18,516
Principal Investment Income (Loss)	(277)		(1,860)		(9,303)		—		(58)		(157)		(198)		—
Placement fee expense	—		—		—		—		—		603		2,102		4,767
Realized carried interest (allocation) reversal, net of associated compensation (expense) reversal	(243)		(12,377)		(20,258)		—		1,172		(1,092)		(7)		(1,565)
Investment costs and non-revenue enhancing capital expenditures in DE	1,194		1,252		2,531		3,086		2,023		2,463		1,402		1,620
Non pro-rata allocation of income (loss) to noncontrolling interests	—		—		—		—		231		231		231		223
Adjusted EBITDA	$	25,626	$	27,759	$	29,097	$	30,928	$	20,494	$	20,957	$	17,622	$	15,377
DigitalBridge	Supplemental Financial Report	24
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Definitions
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Assets Under Management (“AUM”)

Assets owned by the Company’s balance sheet and assets for which the Company and its affiliates provide investment management services, including assets for which the Company may or may not charge management fees and/or performance allocations. Balance sheet AUM is based on the undepreciated carrying value of digital investments and the impaired carrying value of non digital investments as of the report date. Investment management AUM is based on the cost basis of managed investments as reported by each underlying vehicle as of the report date. AUM further includes uncalled capital commitments, but excludes DBRG OP’s share of non wholly-owned real estate investment management platform’s AUM. The Company's calculations of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.

Contracted Revenue Growth (“Bookings”)

The Company defines Bookings as either (1) a new data center customer contract for new or additional services over and above any services already being provided as well as (2) an increase in contracted rates on the same services when a contract renews. In both instances a booking is considered to be generated when a new contract is signed with the recognition of new revenue to occur when the new contract begins billing.

Churn

The Company calculates Churn as the percentage of MRR lost during the period divided by the prior period’s MRR. Churn is intended to represent data center customer contracts which are terminated during the period and not renewed.

DigitalBridge Operating Company, LLC (“DBRG OP”)

The operating partnership through which the Company conducts all of its activities and holds substantially all of its assets and liabilities. DBRG OP share excludes noncontrolling interests in investment entities.

Fee-Earning Equity Under Management (“FEEUM”)

Equity for which the Company and its affiliates provides investment management services and derives management fees and/or performance allocations. FEEUM generally represents the basis used to derive fees, which may be based on invested equity, stockholders’ equity, or fair value pursuant to the terms of each underlying investment management agreement. The Company's calculations of FEEUM may differ materially from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers.

Fee Related Earnings Margin % ("FRE Margin %")

FRE Margin % represents IM FRE divided by management fee revenues, excluding one-time catch-up fees and/or incentives fees.

Non-revenue Enhancing Capital Expenditures

Represents capitalized expenditures needed to maintain operating real estate which are not expected to generate incremental revenue.

Revenue Enhancing Capital Expenditures

Represents capitalized expenditures including major capital improvements for expansions, transformations and incremental improvements to the operating portfolio intended to result in increased revenues and Adjusted EBITDA at the property.

Max Critical I.T. Square Feet

Amount of total rentable square footage.

Monthly Recurring Revenue (“MRR”)

The Company defines MRR as revenue from ongoing services that is generally fixed in price and contracted for longer than 30 days.

UPB: Unpaid Principal Balance

% Utilization Rate: Amount of leased square feet divided by max critical I.T. square feet.

DigitalBridge	Supplemental Financial Report	25

digitalbridge-1q23xearni

1 EARNINGS PRESENTATION 1Q 2023 May 3, 2023

2 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, our ability to grow our business by raising capital for our funds and the companies that we manage; whether run rate metrics presented herein are reflective of actual annual data; our position as an owner and investment manager of digital infrastructure and our ability to manage any related conflicts of interest; adverse changes in general economic and political conditions, including those resulting from supply chain difficulties, inflation, interest rate increases, a potential economic slowdown or a recession; our ability to deconsolidate our Operating segment; our exposure to business risks in Europe, Asia and other foreign markets; our ability to obtain and maintain financing arrangements, including securitizations, on favorable or comparable terms or at all; the ability of our managed companies to attract and retain key customers and to provide reliable services without disruption; the reliance of our managed companies on third-party suppliers for power, network connectivity and certain other services; our ability to increase assets under management ("AUM") and expand our existing and new investment strategies; our ability to integrate and maintain consistent standards and controls, including our ability to manage our acquisitions in the digital infrastructure and investment management industries effectively; our business and investment strategy, including the ability of the businesses in which we have significant investments to execute their business strategies; performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments and available for distribution; our ability to deploy capital into new investments consistent with our investment management strategies; the availability of, and competition for, attractive investment opportunities and the earnings profile of such new investments; our ability to achieve any of the anticipated benefits of certain joint ventures, including any ability for such ventures to create and/or distribute new investment products; our expected hold period for our assets and the impact of any changes in our expectations on the carrying value of such assets; the general volatility of the securities markets in which we participate; the market value of our assets; interest rate mismatches between our assets and any borrowings used to fund such assets; effects of hedging instruments on our assets; the impact of economic conditions on third parties on which we rely; the impact of any security incident or deficiency affecting our systems or network or the system and network of any of our managed companies or service providers; any litigation and contractual claims against us and our affiliates, including potential settlement and litigation of such claims; our leverage and our ability to reach our targeted level of leverage by year-end; the impact of legislative, regulatory and competitive changes, including those related to privacy and data protection; the impact of our transition from a real estate investment trust ("REIT") to a taxable C corporation for tax purposes, and the related liability for corporate and other taxes; 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 (the “1940 Act”); changes in our board of directors or management team, and availability of qualified personnel; our ability to make or maintain distributions to our stockholders; fluctuations in foreign currency and exchange rates and 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, 2022 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 and you should read this presentation only with and in context of the appendices.

3 IMPORTANT NOTE REGARDING NON-GAAP FINANCIAL MEASURES This presentation includes certain “non-GAAP” supplemental measures that are not defined by generally accepted accounting principles, or GAAP, including the financial metrics defined below, of which the calculations may differ from methodologies utilized by other companies for similar performance measurements, and accordingly, may not be comparable to those of other companies. This presentation includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA, FRE, and Run-Rate Fee Revenue. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the reconciliations of historical Adjusted EBITDA and FRE to net income. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for these measures to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA): Adjusted EBITDA represents DE adjusted to exclude the following items attributable to the operating company: interest expense as included in DE, income tax expense or benefit as included in DE, preferred stock dividends, equity method earnings, placement fee expense, principal investment income or loss as included in DE, placement fee expense, our share of incentive fees and realized carried interest allocation or reversal net of associated compensation expense or reversal, certain investment costs for capital raising that are not reimbursable by our sponsored funds, and capital expenditures as deducted in DE. Adjusted EBITDA is presented on a reportable segment basis and for the Company in total. We believe that Adjusted EBITDA is a meaningful supplemental measure of performance because it presents the Company’s operating performance independent of its capital structure, leverage and non-cash items, which allows for better comparability against entities with different capital structures and income tax rates. However, because Adjusted EBITDA is calculated before recurring cash charges including interest expense and taxes and does not deduct capital expenditures or other recurring cash requirements, its usefulness as a performance measure may be limited. Assets Under Management (“AUM”): Assets owned by the Company’s balance sheet and assets for which the Company and its affiliates provide investment management services, including assets for which the Company may or may not charge management fees and/or performance allocations. Balance sheet AUM is based on the undepreciated carrying value of digital investments and the impaired carrying value of non digital investments as of the report date. Investment management AUM is based on the cost basis of managed investments as reported by each underlying vehicle as of the report date. AUM further includes uncalled capital commitments, but excludes DBRG OP’s share of non wholly-owned real estate investment management platform’s AUM. The Company's calculations of AUM may differ from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. DigitalBridge Operating Company, LLC (“DBRG OP”): The operating partnership through which the Company conducts all of its activities and holds substantially all of its assets and liabilities. DBRG OP share excludes noncontrolling interests in investment entities. Fee Related Earnings (“FRE”): FRE is calculated as recurring fee income and other income inclusive of cost reimbursements (related to administrative expenses), and net of compensation expense (excluding equity-based compensation, carried interest and incentive compensation) and administrative expense (excluding placement fees and straight-line rent). FRE is used to assess the extent to which direct base compensation and operating expenses are covered by recurring fee revenues in the digital investment management business. We believe that FRE is a useful supplemental performance measure because it may provide additional insight into the profitability of the overall digital investment management business. FRE is measured as Adjusted EBITDA for the IM segment, adjusted to reflect the Company’s IM segment as a stabilized business by excluding FRE associated with new investment strategies that have 1) not yet held a first close raising FEEUM; or 2) not yet achieved break-even Adjusted EBITDA only for investment products that may be terminated solely at the Company’s discretion, collectively referred to as “Start-up FRE.” The Company evaluates new investment strategies on a regular basis and excludes Start-Up FRE from FRE until such time a new strategy is determined to form part of the Company’s core investment management business. Distributable Earnings (“DE”): DE is an after-tax measure that differs from GAAP net income or loss from continuing operations as a result of the following adjustments, including adjustment for our share of similar items recognized by our equity method investments: transaction-related costs; restructuring charges (primarily severance and retention costs); realized and unrealized gains and losses, except realized gains and losses from digital assets in Corporate and Other; depreciation, amortization and impairment charges; debt prepayment penalties, and amortization of deferred financing costs, debt premiums and debt discounts; our share of unrealized carried interest, net of associated compensation expense; equity-based compensation expense; equity method earnings from BRSP which is replaced with dividends declared by BRSP; effect of straight-line lease income and expense; impairment of equity investments directly attributable to decrease in value of depreciable real estate held by the investee; non-revenue enhancing capital expenditures; income tax effect on certain of the foregoing adjustments. Income taxes included in DE reflect the benefit of deductions arising from certain expenses that are excluded from the calculation of DE, such as equity-based compensation, as these deductions do decrease actual income tax paid or payable by the Company in any one period. There are no differences in the Company’s measurement of DE and AFFO. Therefore, previously reported AFFO is the equivalent to DE and prior period information has not been recast. DE is presented on a reportable segment basis and for the Company in total. We believe that DE is a meaningful supplemental measure as it reflects the ongoing operating performance of our core business by generally excluding items that are non-core operational in nature and allows for better comparability of operating results period-over- period and to other companies in similar lines of business. Fee Related Earnings Margin (“FRE Margin”): FRE Margin is calculated by dividing FRE by management fee revenues, excluding one-time catch-up fees and/or incentives fees. Fee-Earning Equity Under Management (“FEEUM”): Equity for which the Company and its affiliates provides investment management services and derives management fees and/or performance allocations. FEEUM generally represents the basis used to derive fees, which may be based on invested equity, stockholders’ equity, or fair value pursuant to the terms of each underlying investment management agreement. The Company's calculations of FEEUM may differ materially from the calculations of other asset managers, and as a result, this measure may not be comparable to similar measures presented by other asset managers. Monthly Recurring Revenue (“MRR”): The Company defines MRR as revenue from ongoing services that is generally fixed in price and contracted for longer than 30 days. Run-Rate Fee Revenue: Calculated as FEEUM , inclusive of uncalled contractual commitments expected to be called within their commitment periods by investment vehicles that charge fees on invested capital once called, multiplied by the blended average fee rate as of the most recent reporting period. The Company’s calculations of Run-rate Investment Management Fee Revenues may not be achieved if all uncalled commitments are not called In evaluating the information presented throughout this presentation see definitions and reconciliations of non-GAAP financial measures to GAAP measures. For purposes of comparability, historical data in this presentation may include certain adjustments from prior reported data at the historical period.

4 DIGITALBRIDGE FIRST QUARTER 2023 GAAP RESULTS (UNAUDITED) Quarter Ended March 31, 2023 Revenues $ 59,126Fee income (54,756)Carried interest allocation (reversal) 3,562Principal investment income (loss) 230,927Property operating income 11,301Other income 250,160Total revenues Expenses 97,126Property operating expense 67,196Interest expense 5,751_Investment expense 8,527 -Transaction-related costs 141,574Depreciation and amortization 74,650Compensation expense—cash and equity-based (36,831)Compensation expense (reversal)—incentive fee and carried interest 26,506Administrative expenses 384,499Total expenses (142,745)Other losses, net (277,084)Income (loss) from continuing operations before income taxes (1,042)Income tax benefit (expense) (278,126)Income (loss) from continuing operations (14,218)Income (loss) from discontinued operations (292,344)Net income (loss) Net Income (loss) attributable to noncontrolling interests: 6,943)Redeemable noncontrolling interests (84,828)Investment entities (16,662)Operating Company (197,797)Net income (loss) attributable to DigitalBridge Group, Inc. 14,676Preferred stock dividends $ (212,473)Net income (loss) attributable to common stockholders Loss per share—diluted $ (1.25)Loss from continuing operations per common share—diluted $ (1.34)Net loss attributable to common stockholders per common share—diluted Weighted average number of shares 158,446Diluted $ 0.01Dividends declared per common share DigitalBridge GAAP Net Income (loss) attributable to common stockholders was ($212) million for the quarter ended March 31, 2023, a net loss of $1.34 per diluted share.

5 AGENDA BUSINESS UPDATESE CT IO N 1 FINANCIAL RESULTSSE CT IO N 2 SE CT IO N 3 EXECUTING THE DIGITAL PLAYBOOK

6 1 BUSINESS UPDATE

7 PROGRESS ON OUR 2023 PRIORITIES: THE 3 THINGS THAT MATTER DigitalBridge made tangible progress across its key 2023 priorities, including new fee-paying capital formation off to a solid start, substantive corporate debt reduction, and legacy asset dispositions. DBRG is ‘on-track’ to deliver in 2023.  Strong Growth: 1Q23 IM Fee Revenue increased 36% YoY and FRE increased 40%, driven by higher FEEUM from credit, core, and co-invest strategies and partial quarter contribution from the InfraBridge acquisition.  New Capital: QTD new capital formation of $0.7B, driven by increases in fee-paying co-invest.  Guidance On Track: Next iteration of DBP Series strategy, reaffirming commitment to achieve full year capital formation targets. FUNDRAISE  Legacy Assets: Cleared out Legacy assets with 100% sale of BRSP shares for $202 million, wellness note write-off, and $22 million of net proceeds received from other legacy assets.  De-lever – Continued capital structure optimization with $200 million paydown of 2023 Convertible notes, retiring another debt tranche and saving $10M in interest payments annually.  New Reporting – Advanced our alternative asset manager profile as we move closer to Operating segment deconsolidation. SIMPLIFY  Resilient Portcos: Portfolio company MRR continued to grow across all verticals in the DBRG ecosystem.  Data Centers & Towercos: Key DBRG verticals led the way with strong organic and investment-led growth. DRIVE PORTCO PERFORMANCE

8 $19.9 $24.8 $29.1 $16.5 $16.9 $19.4 $7.1 $7.3 $7.7 $8.4 $1.0 $2.2 $3.0 $2.1 $1.5 $1.7 $46.6 $52.8 $69.3 1Q22 4Q22 1Q23 ASSETS & FEE EARNING EQUITY UNDER MANAGEMENT Fee-Earning Equity Under Management (FEEUM) increased $8.9B, or 47% YoY, driven equally by a combination of organic capital formation in co-invest, core and credit strategies and contribution from the InfraBridge acquisition DBP Series Co-Invest Permanent Capital Vehicles Core, Liquid, Credit Note: Past performance is not indicative of future results or indicative of how other DigitalBridge investments will perform. Please see slide 2 for additional information. AUM(1)FEEUM InfraBridge $11.0 $11.2 $11.2 $4.4 $6.5 $7.0 $5.1 $2.4 $2.5 $2.2 $1.0 $2.0 $2.2 $18.8 $22.2 $27.7 1Q22 4Q22 1Q23 +47% YoY Growth +49% YoY GrowthFEEUM growth is Key Revenue and Earnings Driver (1) See definition of AUM in Notes Regarding Non-GAAP Financial Measures, on page 3 of this presentation. DBRG Balance Sheet ($ in Billions) ($ in Billions)

9 $7.7 $12.9 $18.8 $27.7 NEW CAPITAL FORMATION DigitalBridge raised $0.7B in new fee-earning equity during 1Q23, up 50% YoY, driven principally by new co-invest. This puts DBRG on pace to hit its 2023 fundraising goals. Co-invest capital supports the ongoing expansion of DBRG platform companies, representing a structural growth opportunity that expands alongside Total FEEUM. $0.5 $0.7 1Q22 1Q23 Fee-Earning Equity Raised(1) ($ in Billions) Co-Investment vs Total FEEUM $0.8 $2.7 $4.4 $7.0 1Q20 1Q21 1Q22 1Q23 ($ in Billions) Co-Invest FEEUM Total FEEUM +50% YoY Growth Co-invest complements growth in DBRG platform (1) Excludes fee-earning equity raised for liquid securities

10 CORPORATE SIMPLIFICATION YTD we achieved two key simplification objectives with the sale of 100% of our non-core legacy BRSP stake and the repayment of our 2023 convertible notes, further optimizing our capital structure. CONVERTIBLE NOTE REPAYMENT Total Repayment: $200M BRIGHTSPIRE (“BRSP”) SHARE SALE Net Proceeds: $202M Complete disposition of non-core legacy assets Strategic Rationale: Key Stats - 34.9 million SharesTotal Shares Sold: Class A Common StockSecurity Type: $6.00 / ShareSale Price: March 2023Sale Date: Capital structure optimization, sync with Asset Mgmt Peers Strategic Rationale: Key Stats - Convertible Senior NotesDescription: $200 millionPrincipal Balance: 5.00% FixedInterest Rate: April 15, 2023Maturity Date: $578M $378M 12/31/22 5/3/23 -35% Corp. Debt Reduction DECONSOLIDATION Sell Down of Operating Assets Finalize transition to asset mgmt. business model, simplification Strategic Rationale: Sale of DataBank & Vantage SDC below 10% ownership Key Stats - 11% DataBank Equity Ownership % : 13% Vantage SDC Ownership %: INVESTMENT MANAGEMENT Digital Operating Principal Investments

11 2 FINANCIAL RESULTS

12 FIRST QUARTER 2023 HIGHLIGHTS & KPIs DBRG shareholder pro-rata metrics for the quarter ended March 31, 2023;  Fee Revenue in the investment management segment was $59.2 million, up 36% year-over-year.  Fee Related Earnings (“FRE”) in the investment management segment were $34.5 million, up 40% year-over-year.  Distributable Earnings (“DE”) attributable to DBRG shareholders was ($3.4) million. Excluding a non-cash write-down of a wellness infrastructure business note, DE would have been $4.4 million. Financial Highlights  Assets Under Management (“AUM”) of $69.3 billion, up 49% year-over-year.  Fee Earning Equity Under Management (“FEEUM”) of $27.7 billion, up 47% year-over-year.  New Capital Raised of $0.7 billion, up 50% over prior year.  Run-Rate Fee Revenue representing committed FEEUM at quarter end, multiplied by weighted average fee rate is $252 million. Capital Metrics  Liquidity as of May 2, 2023 is $500 million, including the Company’s $300 million variable funding note.  Debt reduction represents a 15% sequential reduction in pro-rata debt to $1.0 billion, including $200 million paydown of 2023 convertible notes in April 2023 which will be reflected in the 2Q23 financial statements.  Capital Allocation during the quarter was approximately $420 million including the InfraBridge platform purchase from AMP and GP commitments alongside existing investment funds.  Regular Dividend of $0.01 per share of common stock was declared for the quarter. Corporate

13 TOTAL COMPANY 1Q22 1Q23 % Change YOY 1Q22 LTM 1Q23 LTM % Change YOY Fee Income $42.8 $59.1 +38% $194.2 $189.0 (3%) Carried Interest allocation (31.1) (54.8) N/M 68.4 354.7 >100% Principal Investment Income (loss) 6.5 3.6 (81%) 81.4 (6.5) N/M Property Operating Income 202.5 230.9 +14% 776.3 955.9 +23% Interest & Other Income 12.1 11.3 (7%) 32.2 43.6 +35% Consolidated Revenues $232.8 $250.2 +7% $1,152.4 $1,536.6 +33% DBRG Pro Rata Share of Revenues $42.4 $45.7 +8% $374.4 $537.9 +44% Adjusted EBITDA $20.5 $25.6 +25% $74.5 $113.4 +52% Distr ibutable Earnings ("DE") ($5.1) ($3.4) N/M ($33.4) $11.2 N/M Distr ibutable Earnings / Share ($0.03) ($0.02) N/M ($0.23) $0.06 N/M 1Q23 revenues increased over the prior year driven principally by increases in Fee Income from higher FEEUM and contribution from continued growth in Operating Segment revenues. CONSOLIDATED RESULTS (NON-GAAP) Note: All $ in millions DigitalBridge revenue now includes Carried Interest Allocation and Principal Investment Income, which historically were captured in Equity Method Income ‘below the line’, This change was effectuated to bring our reporting in line with our asset management peers. Carried Interest Allocation includes both Realized and Unrealized (accrued) amounts on a consolidated basis.

14 During 1Q23, Fee Income increased 36% as additional FEEUM from new strategies and InfraBridge contributed to revenue growth. FRE and segment-level DE also showed strong YoY growth and margin expansion. INVESTMENT MANAGEMENT SEGMENT RESULTS (NON-GAAP) Note: All $ in millions (1) G&A excludes start-up FRE associated with new strategies, which is captured in Other IM Expenses & Taxes INVESTMENT MANAGEMENT ("IM") 1Q22 1Q23 % Change YOY 1Q22 LTM 1Q23 LTM % Change YOY Fee Income, excluding incentive fees $43.7 $59.2 +36% $188.5 $191.7 +2% Other Income 0.3 0.5 1.1 1.9 G&A (19.3) (25.2) (68.8) (87.9) Fee Related Earnings ("FRE") $24.6 $34.5 +40% $120.7 $105.7 (12%) Minority Holder Allocation (7.6) – (37.6) (4.7) Fee Related Earnings ("FRE") at share $17.0 $34.5 +103% $83.1 $101.0 +21% Realized Net Carried Interest (Loss) (1.1) 0.2 1.6 32.9 Realized Net Investment Income (Loss) – – – – Other IM Expenses & Taxes (7.3) (3.2) (34.0) (22.9) IM Segment Distr ibutable Earnings ("DE") $8.6 $31.5 +268% $50.7 $110.9 +116% FRE Margin 56.0% 57.8% +1.8% 63.7% 54.6% (9.1%) (1) (1)

15 OPERATING (AT DBRG SHARE) 1Q22 1Q23 % Change YOY 1Q22 LTM 1Q23 LTM % Change YOY Revenues $35.9 $27.1 (25%) $133.5 $130.6 (2%) Expenses (20.4) (15.1) (76.4) (73.8) Operating Adjusted EBITDA $15.5 $11.9 (23%) $57.1 $56.9 (0%) Interest & Other Expenses (6.9) (6.2) (24.1) (26.3) Maintenance Capex (1.4) (1.1) (4.6) (7.3) Operating AFFO / DE $7.3 $4.7 (35%) $28.4 $23.3 (18%) EBITDA Margin 43.1% 44.1% +1.0% 42.8% 43.5% +0.8% Ownership 17% 12% OPERATING SEGMENT RESULTS (NON-GAAP) Note: All $ in millions Operating Segment revenues and earnings declined YoY due to lower DBRG ownership of businesses in this segment. Notably, the successful DataBank recap lowered DBRG ownership of the company from 22% to 11%. Excluding the impact of the ownership reduction, consolidated revenue was up 14% and Adj. EBITDA was up 12%. YoY reduction due to sale of ownership interests in DataBank; excluding sale EBITDA was up 12%

16 $69M $85M $94M $106M $120M $148M $182M $181M $237M $33M $48M $53M $60M $73M $83M $100M $97M $138M 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 CONSISTENT INVESTMENT MANAGEMENT GROWTH Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. (1) Based on 3/31/23 FEEUM multiplied by the weighted average annual fee rate %, and inclusive of capital raised for new products that has yet to begin charging fees. Run-Rate Fee Revenue is calculated by multiplying committed FEEUM as of the referenced date by the average annual fee rate % to provide an indication of future expected revenue DBRG SHARE EXCLUDES 31.5% MINORITY INTEREST FOR PERIODS PRIOR TO MAY 2022 CONVERSION EXCLUDES 1X ITEMS Investment management segment has continued to grow consistently with ‘lower left to upper right trajectory’. Run-Rate Fee Revenue, which assumes full deployment of committed capital, continued to increase with contributions from new capital formed during the quarter. Annualized Fee Revenue Annualized IM Segment FRE $252M Run Rate Fee Revenue 31% (1)

17 LIQUIDITY AND LEVERAGE YTD DBRG has executed key strategic capital allocation initiatives including, closing of the InfraBridge acquisition in February and finalizing the convertible note repayment in April. The note repayment further reduced company-wide leverage and DBRG remains on track to achieve its targeted corporate leverage levels by year-end. 12/31/22 Wafra Contingent Consideration Convertible Note Repayment BRSP Share Sale Current (1) 2023 Convertible senior note repaid on April 15, 2023 (2) Adjusted EBITDA used is 1Q23, adjusted for non-cash wellness note PIK interest, annualized. (3) Adjusted EBITDA used is the midpoint of 2023 Guidance. Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. InfraBridge Purchase LIQUIDITY LEVERAGE 12/31/22 Convertible Note Repayment $578M $569M Current Target Anticipated Deconsolidation Of Operating Anticipated Conversion Of ’25 Notes $300M Revolver Avail Other Net Activity $300M Revolver Avail 2.1x(3)7.5x(2)9.9x Operating Debt Increase(1) $378M $596M Total Debt / Adj. EBITDA

18 GAAP INCOME STATEMENT (PREVIOUS) GAAP INCOME STATEMENT (NEW) Revenues Revenues Property Operating Income Fee Income Fee Income Carried interest allocation (reversal) Interest Income Principal investment income (loss) Other Income Property Operating Income Total Revenues Other income Expenses Total Revenues Property Operating Expense Expenses Interest Expense Property Operating Expense Investment Expense Interest Expense Transaction-related Costs Investment Expense Depreciation and Amortization Transaction-related Costs Compensation Expense Depreciation and Amortization Cash and equity-based compensation Compensation expense - cash and equity-based Carried interest and incentive fee compensation Compensation expense (reversal) - carried interest and incentive fee Administrative Expenses Administrative Expenses Total Revenues Total Expenses Other Income (Loss) Other gain (loss), net Other gain (loss), net Income (Loss) from continuing operatings before income taxes Equity method earnings - carried interest Equity method earnings Income (Loss) before income taxes CORPORATE SIMPLIFICATION - ENHANCED FINANCIAL REPORTING As we finalize our transformation to an alternative asset manager, we continue to make improvements to our financial reporting and disclosures to more closely align our reporting with our peers and facilitate investor analysis. Income Statement • ‘Equity Method Income’ is reclassed as ‘Principal Investment Income (Loss)’ • ‘Equity Method income – Carried Interest’ is reclassed as ‘Carried Interest Allocation’ Balance Sheet • Segment level balance sheet disclosure to facilitate investor analysis • As DBRG moves to deconsolidate Operating Segment, easier to understand post- deconsolidation balance sheet profile. • Presented on Consolidated Basis, DBRG share of Operating Segment is 12% (1) Includes noncontrolling interests in investment entities related to assets held for disposition (1)

19 3 EXECUTING THE DIGITAL PLAYBOOK

20 DIGITAL INFRASTRUCTURE MARKETS: TALE OF TWO CITIES Equity and credit markets highlight a ‘tale of two cities’ in digital infrastructure with higher quality ‘in-favor’ companies performing in-line with broader markets, while ‘out-of-favor’ names exhibit material underperformance. Credit MarketsEquity Markets Digital Infra ‘Out-of-Favor’ Digital Infra ‘In-Favor’ S&P 500 Digital Infra ‘Out-of-Favor’ Bloomberg IG Credit Digital Infra ‘In-Favor’ Data source: Bloomberg. ‘In-favor’/’Out-of-favor’ performance sourced from proprietary DBRG indices, screened for hi/lo performers over period.

21 IN THE FACE OF MARKET VOLALITILTY: WHAT IS THE PLAYBOOK? We are Forming Capital to Fuel the Next Phase of Growth Invest in Our Customers and Our Best Ideas Continue to Drive Best Outcomes for Stakeholders 1 2 3 FUNDRAISING IN SHARP FOCUS  WE EXPECT $8B IN NEW EQUITY CAPITAL PER OUR GUIDANCE  $2.3B IN NEW DEBT COMMITMENTS DISCIPLINED DEPLOYMENT OF CAPITAL  NEW CYCLE CREATES NEW OPPORTUNITIES  GREENFIELD CAPEX TO SUPPORT CUSTOMERS OF $7.6B PORTFOLIO COMPANY PERFORMANCE  STRONG LEASING DRIVING VALUE Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation.

22 CAPITAL FORMATION: REMAINS OUR HIGHEST PRIORITY DigitalBridge is in the early innings of tapping into significant pools of capital on a global basis. We have expanded our team and our global footprint to access capital attracted to the resilient profile of digital infrastructure. Note: Past performance is not indicative of future results or indicative of how other DigitalBridge investments will perform. Please see slide 2 for additional information. Expanding Capital Formation Capability DBRG has focused principally on the ‘Top 100’ but is widening its aperture to the Top 1000 and beyond over time 23 Today 2020 13 Expanding LP Base 150+ Today 2020 60+ Top 1000 Institutional LPs Regional LPs, HNW Capital Dedicated team Dedicated team LPs LPs 1 Top 100 Global Infra LPs For Illustration purposes only, not to scale. Expanding base implies increasing number of prospective investors.in different tiers

23Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation. BENEFITING FROM INDUSTRY AND COMPANY-SPECIFIC TAILWINDS SECULAR INDUSTRY TAILWINDS  Allocations to Infra/Real Assets continue to grow  Allocation to Digital Infra within the sector is expanding DIGITALBRIDGE  Geographic Expansion  Expanding Product Offering  Growing Investment and Capital Formation Teams  DBP Series 3rd cycle 20262021 2025 $50B $1.9TR G lobal Institutional Infrastructure $0.9TR $100B $2TR 2X+ $100B AUM $45B AUM 202… ANTICIPATED ASSETS UNDER MANAGEMENT >20% CAGR in 4 YEARS 1 Allocations to digital infrastructure are growing and DigitalBridge is early in its lifecycle $69B AUM Q1/2023 2023

24 CAPITAL FORMATION: PORTFOLIO BY THE NUMBERS IN 2023 Deutsche Telekom Towers  Portfolio: 40,000+ Sites Across Attractive Markets Serving Germany and Austria  YTD new 3rd party co-invest: ~$350 million Leading U.S. private cloud operator  Capacity: 500 MW in place, expansion potential of 1GW+  Forming new 3rd party co-invest Vantage EMEA 2023 recap(1)  High quality YieldCo spinout at attractive valuation  Recap included select stabilized European assets, valued at ~$2.7 billion (includes debt and equity) UK alternative network provider, Netomnia and its ISP sister company YouFibre raise $277 million (£230 million) in committed debt financing in March 2023 CREDITEQUITY GD Towers March 2023, DataBank issued $715 million in secured notes in its third securitization offering since 2021 In April 2023, DataBank secured $350 million in financing to fund the ongoing expansion of its edge data center footprint Fresh Co-Invest $0.7B $2.3B Vantage Data Centers issued $370 million in securitized notes in March 2023 High-quality ‘in favor’ platforms continue to attract capital as recent transactions demonstrate. We invested here in anticipation of a more discerning market. December 2022, Scala issued its second bond for BRL 2 billion, marking the first green bond in the sector in Brazil New Recap $2.7B January 2023, AtlasEdge closed a scalable €525 million (up to €725) finance facility 1 (1) Transaction has been agreed in definitive documentation, but closing remains subject to customary closing conditions, including regulatory consents. The Company provides no guarantee it will close in anticipated time frame, or at all.

25 DISCIPLINED CAPITAL DEPLOYMENT: HUNTING VALUE & QUALITY Market conditions have created opportunities to invest in ‘value’ in selected sub-verticals that we opted not to invest in during the peak cycle, as they did not present the appropriate risk/return profile when ‘everything traded together’ Towers Hyperscale Data Centers Managed Services Enterprise Fiber Indoor DAS Outdoor Media Infrastructure Private Cloud /Edge Data Centers Small Cells Dark Fiber LOWER HIGHER Wi-Fi RETURN / RISK SPECTRUM Non-OECD Towers Easements FTTx RECENTLY REPRICEDValue Playbook becomes relevant again, as valuations come back in line and distress beginning to show. High-quality assets continue to trade well. DBRG always active here, establishing platforms. Assets here have repriced, creating value opportunity AREAS OF INTEREST ACROSS RISK SPECTRUM Good business, bad balance sheet Good business, out-of-favor vertical Buy / Lend below replacement cost Consolidation play Bad business, good price Bad business, great price x x 2 Colo Data Centers

26 DISCIPLINED CAPITAL DEPLOYMENT: GREENFIELD MATTERS $7.6B in Capex being deployed this year in success-based capex to our top global customers across five continents and four industry verticals. 2023 GROWTH CAPITAL $2.7B EUROPE ASIALATAMNORTH AMERICA 2023 GROWTH CAPITAL $1.0B 2023 GROWTH CAPITAL $3.2B 2023 GROWTH CAPITAL $0.7B vsBUY BUILD Xenith IG 2 Waiting for data to add / remove logos Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation.

27 PORTFOLIO PERFORMANCE…NEW LEASING We continue to experience positive performance across our global portfolio through a combination of strong organic and investment-led growth WE BENEFIT FROM CONSERVATIVE PORTFOLIO DEBT METRICS WE STAY FOCUSED ON THE CONTROL VARIABLES IN OUR BUSINESSES (1) The Company defines Monthly Recurring Revenue “MRR”, as revenue from ongoing services that is generally fixed in price and contracted for longer than 30 days. (2) Excludes companies acquired during or after 1Q23 or for which comparable data was not yet available. 1Q231Q22 TOWER PORTFOLIO SMALL CELLS/EDGE FIBER PORTFOLIO DATA CENTER PORTFOLIO 10.0% 14.2%25.7% Monthly Recurring Revenue ($)(1)(2) Loan to Value 43%(3) Fixed/Hedged 80%(3) Average Fully Extended Term Maturity Profile 7 yrs(4),(5) (3),(4): As of 3/31/23 (5): Maximum weighted average maturity date, Including full term out of securitizations.Note: Past performance is not indicative of future results or indicative of how other DigitalBridge investments will perform. Please see slide 2 for additional information. 4.7% 3

28 2023 CEO PRIORITIES: 3 THINGS THAT MATTER CEO 2023 Checklist Secular Tailwinds Around Connectivity – Big Growing TAM The Leading Management Team 25+ years Investing and Operating Digital Assets Converged Vision with Exposure to Entire Digital Ecosystem Focus on realization of high-growth digital infrastructure platform FUNDRAISE • $8B IN NEW CAPITAL SIMPLIFY • DECONSOLIDATE OPERATING • ADVANCE CAPITAL STRUCTURE OPTIMIZATION PORTCO PERFORMANCE • INVEST AND SUPPORT GROWTH AT PORTFOLIO COMPANIES • FOCUS ON CUSTOMERS, DEPLOY NEW GREENFIELD CAPEX ON TRACK Note: There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation.

29 4 Q&A SESSION

30 5 APPENDIX

31 NON-GAAP RECONCILIATIONS ($ in thousands) 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Net income (loss) attributable to common stockholders ($212,473) ($19,356) ($63,273) ($37,321) ($262,316) ($20,686) $41,036 ($141,260) Net income (loss) attributable to noncontrolling common interests in Operating Company (16,662) (1,583) (4,834) (3,090) (22,862) (1,946) 4,311 (14,980) Net income (loss) attributable to common interests in Operating Company and common stockholders (229,135) (20,939) (68,107) (40,411) (285,178) (22,632) 45,347 (156,240) Adjustments for Distributable Earnings (DE): Transaction-related and restructuring charges 18,391 23,772 23,249 29,300 24,668 29,977 19,501 5,174 Other (gain) loss, net (excluding realized gain or loss related to digital assets and fund investments in Corporate and Other) 141,229 (16,050) (7,211) 15,134 130,224 (52,611) 11,319 (151,773) Unrealized carried interest (allocation) reversal, net of associated compensation (expense) reversal 18,240 (70,541) (1,228) (58,775) 13,078 (7,375) (27,953) (6,485) Compensation expense - equity-based 16,339 7,549 18,619 9,344 18,720 19,416 9,038 11,642 Depreciation and amortization 141,220 148,508 146,810 153,548 130,597 145,031 137,602 167,114 Straight-line rent revenue and expense (1,727) (7,063) (8,895) (2,956) (2,548) (1,986) (1,925) (2,309) Amortization of acquired above- and below-market lease values, net 26 100 80 (10) (248) (333) (172) (1,498) Impairment loss – – – 12,184 23,802 (40,732) (8,210) 242,903 Gain from sales of real estate – – – – – (197) (514) (2,969) Non-revenue enhancing capital expenditures (8,564) (14,774) (10,992) (13,377) (1,372) (1,097) (1,349) (764) Finance lease interest expense, debt prepayment penalties and amortization of deferred financing costs, debt premiums and discounts 15,523 5,572 5,627 5,238 98,465 36,685 7,651 10,196 Preferred share redemption (gain) loss – – – – – 2,127 2,865 – Income tax effect on certain of the foregoing adjustments – 55 – – (589) 8,195 1,663 (42,536) Adjustments attributable to noncontrolling interests in investment entities (118,563) (69,810) (136,338) (91,676) (132,237) (105,150) (83,074) (15,334) DE from discontinued operations 3,656 (4,772) 70,721 (16,940) (22,446) (20,954) (116,675) (68,915) After-tax DE ($3,365) ($18,393) $32,335 $603 ($5,064) ($11,636) ($4,886) ($11,794) ($ in thousands) 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 After-tax DE ($3,365) ($18,393) $32,335 $603 ($5,064) ($11,636) ($4,886) ($11,794) Interest expense included in DE 12,549 13,756 16,348 14,142 13,280 13,775 14,160 11,834 Income tax expense (benefit) included in DE 1,092 30,616 (7,839) (2,662) (6,849) 631 (12,638) (8,224) Preferred dividends 14,676 14,765 15,283 15,759 15,759 16,139 17,456 18,516 Principal Investment Income (Loss) (277) (1,860) (9,303) – (58) (157) (198) – Placement fee expense – – – – – 603 2,102 4,767 Realized carried interest (allocation) reversal, net of associated compensation (expense) reversal (243) (12,377) (20,258) – 1,172 (1,092) (7) (1,565) Investment costs and non-revenue enhancing capital expenditures in DE 1,194 1,252 2,531 3,086 2,023 2,463 1,402 1,620 Non pro-rata allocation of income (loss) to noncontrolling interests – – – – 231 231 231 223 Adjusted EBITDA $25,626 $27,759 $29,097 $30,928 $20,494 $20,957 $17,622 $15,377

32 NON-GAAP RECONCILIATIONS ($ in thousands) 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 IM net income (loss) ($2,804) $81,167 $46,065 $67,995 ($9,143) $28,194 $39,272 $15,786 Adjustments: Interest expense (income) 2,411 2,200 2,906 2,771 2,500 2,499 2,250 – Investment expense, net of reimbursement 51 156 230 (200) 138 (12) – – Depreciation and amortization 6,409 6,135 5,369 5,375 5,276 5,928 8,242 6,298 Compensation expense—equity-based 3,898 6,639 2,654 3,361 3,191 2,011 2,046 1,786 Compensation expense—carried interest and incentive (36,831) 92,738 80,831 49,069 (20,352) 25,921 31,736 8,266 Administrative expenses—straight-line rent 77 1,541 68 76 159 75 74 50 Administrative expenses—placement agent fee – – – – – 880 3,069 6,959 Transaction-related and restructuring charges 9,682 8,101 2,317 4,042 3,942 2,516 2,627 51 Incentive/performance fee income 53,887 (176,944) (121,698) (110,779) 31,119 (5,720) (1,313) (4,489) Principal investment income (loss) (318) (2,072) (1,016) (1,016) (17) (31,608) (59,196) (11,203) Other (gain) loss, net (3,082) (248) 110 424 3,055 (52) (461) (119) Income tax (benefit) expense 217 2,172 1,263 2,006 2,374 1,852 3,089 2,236 IM Adjusted EBITDA $33,597 $21,585 $19,099 $23,124 $22,242 $32,484 $31,435 $25,621 Exclude: Start-up FRE of certain new strategies 915 2,643 2,399 2,335 2,362 2,306 2,224 2,059 IM FRE $34,512 $24,228 $21,498 $25,459 $24,604 $34,790 $33,659 $27,680 Wafra’s 31.5% ownership – – – (4,700) (7,615) (11,033) (10,737) (8,210) DBRG OP share of IM FRE $34,512 $24,228 $21,498 $20,759 $16,989 $23,757 $22,922 $19,470 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 Operating net income (loss) from continuing operations ($97,942) ($76,990) ($93,772) ($85,428) ($74,141) ($83,909) ($71,822) ($10,850) Adjustments: Interest expense 59,984 45,222 40,770 37,233 36,184 35,144 29,839 29,272 Income tax (benefit) expense (56) 509 (5) 161 (330) (1,941) 1,922 (66,788) Depreciation and amortization 134,699 133,269 130,663 145,817 122,891 126,436 120,458 126,227 Straight-line rent expenses and amortization of above- and below- market lease intangibles (1,221) (1,749) (2,827) (236) (377) 370 482 (98) Compensation expense—equity-based 5,275 (95) 10,852 752 752 1,918 308 308 Installation services – – – – – 2,097 (4,058) 576 Transaction-related and restructuring charges 184 1,574 1,105 2,400 4,636 3,188 4,042 2,999 Other gain/loss, net (1,769) (3,188) 4,418 534 (956) 1,226 (285) 349 Operating Adjusted EBITDA $99,154 $98,552 $91,204 $101,233 $88,659 $84,529 $80,886 $81,995 Noncontrolling interests' share of Operating Adjusted EBITDA (87,206) (86,438) (76,032) (83,590) (73,162) (70,329) (67,250) (68,219) DBRG OP share of Operating Adjusted EBITDA $11,948 $12,114 $15,172 $17,643 $15,497 $14,200 $13,636 $13,776