DigitalBridge (DBRG)2025-05-01 20:28Financial Performance - Total revenues for the three months ended March 31, 2025, were $90,139 thousand, an increase of 23.5% compared to $72,955 thousand for the same period in 2024[15]. - Net loss attributable to DigitalBridge Group, Inc. was $14,855 thousand for the three months ended March 31, 2025, an improvement from a net loss of $30,766 thousand in the same period of 2024[17]. - The company reported a comprehensive income of $(12,626) thousand for the three months ended March 31, 2025, compared to $(31,520) thousand for the same period in 2024, indicating a significant reduction in losses[17]. - Net income for the three months ended March 31, 2025, was a loss of $14,855,000, compared to a loss of $30,766,000 for the same period in 2024, representing a 51.7% improvement year-over-year[26]. - The company reported a net cash increase of $47,808,000 in Q1 2025, contrasting with a decrease of $98,109,000 in Q1 2024[26]. - Net income from continuing operations attributable to common stockholders for Q1 2025 was $2.999 million, compared to a loss of $31.192 million in Q1 2024[123]. - The company reported a total net loss allocated to common stockholders of $(919,000) for Q1 2025, compared to a loss of $(44.322 million) in Q1 2024[123]. - Net income attributable to DigitalBridge Group, Inc. was $13.8 million in 2025, a turnaround from a loss of $(29.6) million in 2024, reflecting an improvement of $43.4 million[197]. Assets and Liabilities - Total assets decreased to $3,439,028 thousand as of March 31, 2025, from $3,513,318 thousand at December 31, 2024, representing a decline of approximately 2.1%[12]. - Total liabilities decreased to $974,263 thousand as of March 31, 2025, from $1,022,128 thousand at December 31, 2024, a reduction of about 4.7%[12]. - The company’s accumulated deficit increased to $(6,840,143) thousand as of March 31, 2025, compared to $(6,837,502) thousand at December 31, 2024[12]. - The total assets of the consolidated funds were $214.1 million as of March 31, 2025, compared to $209.8 million at December 31, 2024[155]. - The liabilities of the consolidated funds were $64.8 million as of March 31, 2025, up from $57.7 million at December 31, 2024[155]. Cash and Cash Equivalents - Cash and cash equivalents increased to $349,912 thousand as of March 31, 2025, up from $302,154 thousand at December 31, 2024, reflecting a growth of approximately 15.7%[12]. - Total cash, cash equivalents, and restricted cash at the end of Q1 2025 was $354,106,000, up from $252,141,000 at the end of Q1 2024, indicating a 40.5% increase[28]. Revenue and Fee Structure - Total fee revenue for Q1 2025 was $90.139 million, an increase of 23.5% from $72.955 million in Q1 2024[125]. - Management fees increased to $89.860 million in Q1 2025, up from $71.844 million in Q1 2024, representing a growth of 25.1%[125]. - Revenue concentration from three funds accounted for 66.6% of total management fees for Q1 2025[128]. - Fee revenue increased by $17.2 million or 24% to $90.1 million, driven by higher capital raised for the third flagship fund, contributing an additional $20.6 million in management fees[199]. Investments and Equity - The company’s principal investments totaled $1,343,859 thousand as of March 31, 2025, down from $1,391,316 thousand at December 31, 2024, reflecting a decrease of approximately 3.8%[55]. - The Company’s equity investments of consolidated funds were valued at $149,504 thousand as of March 31, 2025, compared to $146,423 thousand at the end of 2024, showing an increase of about 2.1%[104]. - The Company’s investments in consolidated funds included marketable equity securities valued at $86,350 thousand as of March 31, 2025, up from $83,269 thousand[55]. Compensation and Expenses - Compensation expense for equity-based compensation in continuing operations was $7.620 million for Q1 2025, down from $9.214 million in Q1 2024[147]. - Cash compensation decreased by $3.5 million in 2025, totaling $38.49 million compared to $41.97 million in 2024[208]. - Equity-based compensation fell by $1.6 million in 2025, amounting to $7.62 million, down from $9.21 million in 2024[209]. - Total expenses decreased to $55.3 million in 2025 from $83.9 million in 2024, attributed to higher reversals of unrealized carried interest compensation and lower administrative costs[207]. Market and Operational Insights - The company operates in the digital infrastructure sector, focusing on data centers, cell towers, and fiber networks[183]. - The company is exposed to various risks including market conditions, capital raising ability, and operational risks in foreign markets[179]. - The company had 324 employees as of March 31, 2025[184]. Other Financial Metrics - The Company has established a full valuation allowance for significant deferred tax assets as of March 31, 2025, due to realizability concerns[77]. - The Company’s accumulated other comprehensive income (AOCI) increased to $2,597 thousand by March 31, 2025, from $505 thousand at the end of 2024, reflecting a significant rise of approximately 414%[102]. - The fair value of secured fund fee revenue notes was $288.120 million as of March 31, 2025, slightly up from $285.760 million as of December 31, 2024[119].