DigitalBridge ( DBRG ) is an investment manager focused on the infrastructure that will enable and empower AI. Where GPU makers have been rewarded with rich multiples, DBRG strikes me as very cheap for a company servingI analyze securities based on value investing, an owner's mindset, and a long-term horizon. I don't write sell articles as those are considered short theses, and I never recommend shorting.Former advisory representative at Fidelity. I do my own investing now and share my research here.Analyst ...

PresentationWilliam ThompsonResearch Analyst All right. Well, we'll keep moving here. So welcome, everyone, to our fireside chat on Power and AI and the emerging data center energy crunch. I'm Will Thompson. I'm a member of the thematic investment team here at Barclays. I've spent a lot of time running extensively on the Power and AI theme. So I'm really thrilled to be joined by Marc Ganzi, the CEO of DigitalBridge. Marc has decades of experience investing in digital infrastructure. Digital Edge, maybe I'd ...

Core Insights - DigitalBridge is positioning itself uniquely in the market by focusing on investments in AI and digital infrastructure, highlighting the significant growth potential in this sector [1] - The company emphasizes that the current infrastructure developments represent a multi-decade opportunity, which is much larger than previous technological advancements like 2G or 5G [1] Group 1 - The company is leveraging its portfolio of companies to enhance performance and outcomes for shareholders [1] - There is a transformational moment in the infrastructure landscape that the company is capitalizing on [1]

Core Viewpoint - WideOpenWest, Inc. (WOW!) has entered into a definitive agreement for an all-cash acquisition by DigitalBridge Investments and Crestview Partners, valuing the company at approximately $1.5 billion, with stockholders receiving $5.20 per share, representing a 37.2% premium to the unaffected price prior to the initial offer [1][2]. Company Overview - WOW! is a leading broadband provider in the U.S., serving nearly 2 million customers across 20 markets, primarily in the Midwest and Southeast [7]. - The company offers a range of services including high-speed internet, cable TV, and cloud services, and has been recognized for its exceptional human resources practices [7]. Transaction Details - The acquisition price of $5.20 per share represents a 63% premium to WOW!'s closing price on August 8, 2025 [1]. - Crestview, as WOW!'s largest stockholder, will roll over all shares it owns, which constitutes approximately 37% of WOW!'s outstanding shares [4]. - The transaction has been unanimously approved by WOW!'s Board of Directors and is expected to close by the end of 2025 or in the first quarter of 2026, pending stockholder and regulatory approvals [3][5]. Strategic Implications - The partnership with DigitalBridge and Crestview is expected to enhance WOW!'s growth, allowing for investments in network expansion and technology upgrades, thereby improving service delivery and customer experience [2][8]. - The transaction is seen as a significant opportunity for WOW! to strengthen its market position as a trusted broadband provider [2].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (I.R.S. Employer 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) Securities registered pursuant to Section 12(b) of the Act: For the quarterly period ended J ...

Financial Data and Key Metrics Changes - The company reported fee revenue of $85 million for the second quarter, representing an 8% increase year-over-year [26] - Fee-related earnings (FRE) grew by 23% to $32 million compared to the same quarter last year [26] - Distributable earnings were negative $19 million due to a $40 million realized loss from an investment [27] - Fee earning equity under management increased to $39.7 billion, a 21% increase from the previous year [29] - The company maintained a strong balance sheet with approximately $1.6 billion in corporate assets [33] Business Line Data and Key Metrics Changes - The company raised $1.3 billion in new fee-earning commitments during the quarter, a 17% increase over the previous year [29] - The flagship DB3 strategy attracted $6.9 billion year-to-date, with a final close expected to exceed $7 billion [9] - The co-investment program saw fee rates increase by 30% year-to-date, averaging about 60 basis points compared to a historical average of 45 basis points [10] Market Data and Key Metrics Changes - The company is experiencing exceptional demand from limited partners (LPs) to invest in the digital economy, raising a total of $2.5 billion year-to-date [6] - The built and under-construction pipeline has grown to over 5.4 gigawatts, a 50% increase from the prior year [6] Company Strategy and Development Direction - The company focuses on three strategic pillars: fundraising, investing, and scaling [5] - New platforms, such as TACNOC and Yonder, have been established to address critical bottlenecks in the AI revolution [7][14] - The company aims to build predictable, recurring revenue for shareholders while addressing the growing demand for power and data center capacity [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the $40 billion FEM target for 2025, driven by strong capital formation and investment strategies [11] - The demand for AI-related infrastructure is expected to continue growing, with significant capital deployment anticipated in the coming years [62] - The company is well-positioned to lead in the digital infrastructure space, with a focus on power solutions and data center capacity [39][62] Other Important Information - The company closed a multibillion-dollar acquisition of Yonder, enhancing its global hyperscale portfolio [15] - The company is committed to addressing the power crunch faced by customers, with a focus on developing power land and on-site dispatchable power solutions [44][46] Q&A Session Summary Question: Evidence of hyperscalers scaling up their focus on inference compute - Management indicated that they are in the early stages of inference workloads, with some customers starting to manifest these workloads in data centers [72][73] Question: How inference demand will drive financial results for Digital Bridge - Management noted that returns for inference workloads are expected to be higher than traditional training workloads, with significant interconnection capabilities being a key factor [79][80] Question: Strength in co-investment and future outlook - Management highlighted the importance of co-investment, noting that they have successfully attracted significant capital for large-scale projects, with expectations to exceed capital formation targets for the year [95][96]

Financial Performance - DigitalBridge reported GAAP net income attributable to common stockholders of $17 million, or $0.10 per share, in Q2 2025[10, 15] - Fee revenues increased by 8% year-over-year to $854 million in Q2 2025[27, 55, 58] - Fee-Related Earnings (FRE) grew by 23% year-over-year to $32 million in Q2 2025, with a FRE margin of 37%[27, 55, 58, 59] - Distributable Earnings (DE) showed a loss of $186 million in Q2 2025, attributed to a $40 million realized loss from an InfraBridge fund investment[10, 55, 58] - Fee-Earning Equity Under Management (FEEUM) increased by 21% year-over-year to $397 billion as of June 30, 2025[29, 55, 56] Capital Formation and Investment - New capital formation reached $13 billion in Q2 2025, driven by new data center co-invest capital formation, and $25 billion YTD[24, 55] - The company committed $500 million in capital from DigitalBridge and ArcLight for the Takanock data center power infrastructure platform[36] - Capital raised since 2024 to accelerate growth, reduce borrowing costs, and retire acquisition-related debt reached $20 billion[39] Strategic Initiatives and Market Trends - Hyperscaler Capex has increased by 50% from $250 billion to $380 billion[42, 43] - The U S hyperscale data center leasing pipeline is approximately 49 GW[50] - DigitalBridge's data center portfolio has a total secured power of 209 GW, with 54 GW built and under construction[102]

all all DIGITALBRIDGE EARNINGS PRESENTATION 2Q 2025 August 7, 2025 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-lobing statements within the nearing of the feelal securities laws, induding statements relating to (i) our strately, outbok and gover financial tages and (ii) general economic trends and trends in our inclusion and markets. Forward-foolings statements relate to expections, fitnute share and strated events trends and similar expressions conserming ...

Company Overview - DigitalBridge manages \$96 billion in AUM and \$36 billion in FEEUM as of December 31, 2024 [34] - The company has over 40 portfolio companies and over 25 years of experience in the digital infrastructure sector [34] - DigitalBridge targets revenue growth of >25% and cash flow metrics to increase >90% in 2024 [55] Financial Performance - Fee revenue increased by 37% from \$744 million in 4Q23 to \$1016 million in 4Q24 [84] - Fee revenue increased by 23% from \$2671 million in 2023 to \$3298 million in 2024 [84] - Fee Related Earnings (FRE) increased by 34% from \$264 million in 4Q23 to \$354 million in 4Q24 [84] - FRE increased by 31% from \$818 million in 2023 to \$1071 million in 2024 [84] - Distributable Earnings (DE) increased by 11% from \$179 million in 4Q23 to \$199 million in 4Q24 [84] - Distributable Earnings (DE) increased by 8% from \$486 million in 2023 to \$525 million in 2024 [84] Future Outlook - The company projects FEEUM to reach approximately \$40 billion in 2025 and \$60-70 billion by 2028 [94] - The company anticipates FRE to grow by 10%-20% in 2025 [94] - The company targets a FRE margin in the mid-40s% by 2028 [87, 94]

Core Insights - Cathexis successfully completed the sale of Yondr Group to DigitalBridge and La Caisse for $5.8 billion, marking a successful exit for Cathexis since founding Yondr in 2018 [1][2] Company Overview - Yondr Group is a global developer, owner, and operator of hyperscale data centers, focusing on meeting the complex capacity demands of major technology companies [2][5] - The company has over 420MW of committed capacity for hyperscalers and additional land for potential capacity exceeding 1GW, positioning it well to benefit from the growing demand for advanced data processing [2] Leadership and Transition - William Harrison, CEO of Cathexis, expressed pride in Yondr's journey and confidence in DigitalBridge and La Caisse as partners for Yondr's next growth phase [3] - New leadership appointments at Yondr include Aaron Wangenheim as CEO and Sandip Mahajan as CFO, tasked with leading the company through its next phase with the new owners [3] Investment Strategy - Cathexis is a private investment holding company with a value-oriented and opportunistic investment strategy, focusing on private equity, growth equity, and venture capital across various sectors including data centers [4]