DigitalBridge (DBRG) - 2023 Q2 - Quarterly Report

Financial Performance - Total revenues for Q2 2023 were $424.9 million, a slight increase from $416.6 million in Q2 2022, representing a growth of 0.8% year-over-year[16] - Net loss attributable to common stockholders for Q2 2023 was $22.4 million, compared to a net loss of $37.3 million in Q2 2022, showing an improvement of 40.5%[16] - Total revenues for Q2 2023 were $149.1 million, a decrease of 5.4% from $157.9 million in Q2 2022[18] - Fee income increased to $66.6 million in Q2 2023, up 47.8% from $45.1 million in Q2 2022[18] - Net loss for Q2 2023 was $52.5 million, compared to a net loss of $68.1 million in Q2 2022, showing an improvement[21] - The company reported a comprehensive loss of $49.4 million for Q2 2023, compared to a loss of $88.1 million in Q2 2022[21] - For the first half of 2023, total revenues were $155.9 million, down 9.2% from $171.7 million in the same period of 2022[20] Assets and Liabilities - Total assets decreased to $10.76 billion as of June 30, 2023, down from $11.03 billion at the end of 2022, reflecting a decline of 2.4%[12] - Total liabilities increased to $6.60 billion as of June 30, 2023, compared to $6.46 billion at the end of 2022, an increase of 2.2%[12] - Cash and cash equivalents decreased to $426.9 million from $918.3 million at the end of 2022, a decline of 53.5%[12] - The company’s accumulated deficit increased to $7.20 billion as of June 30, 2023, compared to $6.96 billion at the end of 2022, reflecting a growth of 3.5%[12] Corporate Debt - Corporate debt reduced to $370.5 million from $568.9 million at the end of 2022, a decrease of 34.9%[12] - As of June 30, 2023, total corporate debt amounted to $5,149 million, an increase from $4,634 million as of December 31, 2022, representing an increase of approximately 11.1%[134] - The weighted average interest rate for corporate debt was 3.77% as of June 30, 2023, compared to 3.71% as of December 31, 2022[135] Investment Activities - The company acquired InfraBridge, a mid-market global infrastructure equity platform, for $314.27 million, enhancing its investment offerings[38] - The company reported a principal investment loss of $33.97 million, compared to a loss of $22.90 million in the prior year, representing a deterioration in investment performance[31] - The company reported a business combination resulting in an increase of $161,744 thousand in investments during the first half of 2023[119] Stockholder Equity - As of June 30, 2023, total stockholders' equity was $4,129,011, a decrease from $4,151,812 at March 31, 2023[28] - The company reinstated quarterly common stock dividends at $0.01 per share starting in Q3 2022 after a suspension from Q2 2020 to Q2 2022[161] - The company executed a one-for-four reverse stock split in August 2022, increasing additional paid-in capital by approximately $4.9 million[163] Cash Flow - Net cash provided by operating activities was $92.21 million, compared to $74.07 million in the prior year, reflecting a year-over-year increase of approximately 24.5%[31] - Cash flows from investing activities showed a net outflow of $571.55 million, significantly reduced from $2.15 billion in the same period of 2022[34] Other Comprehensive Income - The company reported an accumulated other comprehensive income of $1,122 thousand as of June 30, 2023[166] - Other comprehensive income for the second quarter of 2023 was $3,143, which included $2,582 from accumulated other comprehensive income[28] Noncontrolling Interests - The balance of redeemable noncontrolling interests decreased from $359.2 million at January 1, 2022, to $31.9 million at June 30, 2023, reflecting a significant reduction of approximately 91.1%[170] - The net income (loss) from redeemable noncontrolling interests was $4.5 million for the six months ended June 30, 2023, compared to a loss of $25.5 million in the same period of 2022[170] Real Estate and Property Operations - Property operating income for Q2 2023 was $234.8 million, slightly up from $234.3 million in Q2 2022, indicating a growth of 0.2%[16] - The company recognized a depreciation expense of $94.3 million for real estate held for investment for the three months ended June 30, 2023, compared to $87.3 million for the same period in 2022[113] Acquisitions and Dispositions - The company acquired InfraBridge for $314.3 million in cash, with additional contingent consideration based on future fundraising targets[84] - The Company sold its equity method investment in BrightSpire Capital, Inc. for net proceeds of $201.6 million, which was classified as discontinued operations[71]