DigitalBridge (US:DBRG)2024-02-20 14:32Financial Performance Highlights - DigitalBridge reported Q4 2023 total revenues of $350 million[7], a 29% increase year-over-year from $271 million[50] - GAAP net income attributable to common stockholders was $101 million, or $061 per share[7] - Fee revenue for Q4 2023 was $74 million, a 67% increase compared to $443 million in Q4 2022[50] - Investment Management (IM) segment fee revenue, excluding incentive fees, increased by 59% to $722 million in Q4 2023 from $453 million in Q4 2022[45, 52] - Fee Related Earnings (IM FRE) in the investment management segment were $398 million, up 64% year-over-year[45, 101] Assets and Capital Management - Fee-Earning Equity Under Management (FEEUM) increased 47% year-over-year to $328 billion as of December 31, 2023[26, 32, 101] - Assets Under Management (AUM) reached $801 billion, a 52% increase year-over-year[46, 101] - DigitalBridge raised $77 billion in new capital since January 2023[25, 34, 101] Strategic Initiatives - DigitalBridge completed the deconsolidation of its Operating segment, resulting in significant balance sheet deleveraging of over $5 billion[25, 65] - The company is transitioning to align its guidance practices with alternative asset manager peers, focusing on growth and profitability over a 3-5 year cycle[90] Future Outlook - DigitalBridge anticipates forming $7 billion in new fee-bearing capital in 2024[97, 138] - The company projects 2024 fee revenue between $335 million and $360 million, representing a 32% midpoint increase[116] - DigitalBridge estimates Fee Related Earnings (FRE)/Adjusted EBITDA for 2024 to be in the range of $150 million to $165 million, a 51% midpoint increase[116]