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- **Record Growth**: Fee revenue up 22% YoY, FRE up 43% YoY, driven by $1.6B capital formation and co-investments.
- **Power Bank Dominance**: 2.6GW leased Q3, 1/3 of U.S. hyperscale demand, with $40B Frontier/Lighthouse developments.
- **Strategic Expansion**: Franklin Templeton private wealth partnership targets $15T infrastructure allocations; APAC expansion with GIC/ADIA investments.
- **Carried Interest Outlook**: 3-5 year realization timeline, with Q3 FRE excluding catch-up fees but full-year guidance intact.
- **Digital Power Innovation**: $1.3T AI power demand, with behind-the-meter solutions and grid integration driving scalability.

**【CEO Summary Section】**
- **Revenue Growth**: Fee revenue reached $93 million, up 22% YoY, driven by capital formation and co-investments. Fee-related earnings (FRE) grew 43% to $37 million.
- **Power Bank Dominance**: Leased 2.6 gigawatts of data center capacity, representing 1/3 of U.S. hyperscale leasing for the quarter. New developments include $40 billion in Frontier and Lighthouse campuses with Oracle and OpenAI.
- **Strategic Partnerships**: Launched private wealth strategy with Franklin Templeton, targeting $15 trillion in infrastructure allocations. Expanded APAC presence with GIC and ADIA investments in Vantage Asia Pacific.
- **2025 Milestones**: Exceeded full-year FEEUM target of $40 billion in Q3, tracking to meet or exceed FRE guidance. Digital Energy and stabilized data center strategies to launch in Q4.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP fee revenue $93 million (+22% YoY), FRE $37 million (+43% YoY), distributable earnings $22 million (+102% YoY). FEEUM reached $40.7 billion, up 19% YoY.
- **Carried Interest**: $20 million reversal in Q3 due to fair value changes in fund assets. Margins remain elevated with catch-up fees from flagship funds.
- **Liquidity**: $173 million corporate cash and $54 million in warehouse investments for new strategies.

**【Q&A Key Highlights】**
- **Carried Interest Timing**: Carried interest realization spans 3-5 years, with contributions from leasing, delivery, and monetization. Q3 FRE excludes catch-up fees, but full-year guidance remains on track.
- **Fund Outflows**: Legacy funds (DBP I, II) nearing monetization, with InfraBridge I expected to return capital in 2026. New products (Digital Energy, private wealth) to drive growth.
- **Digital Power Strategy**: $1.3 trillion in incremental power demand for AI, with projects like Takanock and behind-the-meter solutions tied to data centers. Grid and microgrid integration key to scalability.
- **Customer Diversification**: 7 gigawatts in sales funnel across hyperscale, private cloud, and edge, reducing reliance on single customers. 11 global platforms ensure risk diversification.
- **Franklin Templeton Partnership**: Evergreen capital structure attracts private wealth allocators, complementing institutional funds. Additional partnerships in pipeline for 2026.


DigitalBridge Group, Inc. (DBRG) Q3 2025 Earnings Call Transcript

- **Revenue Outperformance**: 8% fee revenue growth vs. 2024, FRE up 23% with 36% margin expansion.
- **FEEUM Target on Track**: $39.7 billion FEEUM (21% YoY), $1.3B new commitments, poised to exceed $40B target.
- **Strategic Acquisitions**: Yondr (1+ GW hyperscale) and Takanock (1,600 acres powered land) expand AI infrastructure footprint.
- **Power Differentiation**: 21 GW power bank positions DigitalBridge to solve hyperscaler bottlenecks, with Takanock enabling 9-18 month AI deployments.
- **Pipeline Growth**: $43B CapEx pipeline (DigitalBridge: $30B) with 5.4 GW under development, embedding $1B+ carried interest potential.
- **Co-Invest Momentum**: 60bps fee rate on Yondr co-invest, targeting $2B+ in Q3/Q4 for Switch/Vantage projects.
- **Edge Returns**: DataBank edge workloads deliver 30%+ levered returns, higher than hyperscale training (10%+).

**【CEO Summary Section】**
- **Revenue Growth**: Fee revenue increased 8% YoY to $85 million, driving 23% growth in fee-related earnings (FRE). LTM FRE margin expanded to 36%, supported by catch-up fees.
- **FEEUM Target**: Year-to-date FEEUM of $39.7 billion, up 21% YoY, with $1.3 billion in new commitments. On track to exceed $40 billion FEEUM target for 2025.
- **New Platforms**: Acquired Yondr (1+ GW hyperscale pipeline) and launched Takanock (powered land developer with 1,600 acres under control). Expanded Switch's capital structure with $10 billion in new financing.
- **Power Strategy**: Secured 21 GW power bank to support AI infrastructure. Takanock's dispatchable power solutions enable hyperscalers to deploy AI capacity in 9-18 months.
- **Pipeline**: 5.4 GW of data center capacity under development, with $43 billion in planned CapEx (DigitalBridge's share: $30 billion). Embedded carried interest potential of $1 billion from future portfolio harvests.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net loss of $42 million due to $40 million realized loss from InfraBridge fund. Non-GAAP metrics: $85 million fee revenue, 36% LTM FRE margin, $158 million available cash.
- **Carried Interest**: $12 million net reversal due to early-stage fund performance. Carried interest compensation expense tracks quarterly fair value changes.
- **Balance Sheet**: Maintained strong liquidity with $1.6 billion corporate assets. Reduced revolver from $300 million to $100 million to avoid unused fees.
- **Strategic Deployment**: Allocated $33 million to seed assets for new strategies, including digital power and stabilized data centers.

**【Q&A Key Highlights】**
- **Inference Demand**: Early innings for inference, but edge workloads (e.g., DataBank) offer higher returns (30%+ on levered basis). Power-constrained markets drive demand for Takanock's solutions.
- **Co-Invest Momentum**: Yondr raised $2 billion+ at 60bps fee rate (vs. 45bps historical average). Expect more high-margin co-invest in Q3/Q4 for projects like Switch and Vantage.
- **Carried Interest**: Reversals reflect early-stage fund volatility. DPI and carry realization expected to accelerate in 2026-2027 as funds mature.
- **M&A Activity**: Actively evaluating accretive tuck-ins (e.g., fiber, power) while maintaining focus on organic growth. No plans to monetize public shares.
- **Private Wealth Channel**: Launched second AI-centric private wealth product targeting $600 million raise. First product exceeded target by 80% in 2024.


DigitalBridge (DBRG)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 Financial Outperformance**: Fee revenue +24%, FRE +80%, driven by organic growth and catch-up fees. Distributable earnings of $55M highlight strong cash flow generation.
- **Strategic Acquisitions Pay Off**: Zayo's fiber deal lowers entry multiple and positions for accretive returns, exemplifying management's M&A discipline.
- **Private Credit Growth Engine**: $13B pipeline targets $2B+ deployment in 2025, with ALLO transaction activating new FEEUM and recurring revenue streams.
- **Resilience and Scale**: Digital infrastructure assets (towers, fiber) outperform broader markets (+6% YTD vs. S&P 500 -11%), underpinned by long-term contracts and secular AI demand.
- **2025 Guidance Confidence**: On track for 10-20% FRE growth, $40B FEEUM, and 37% FRE margin, with private credit and digital energy strategies driving diversification.


**【CEO Business Update】**
- **Q1 Financial Highlights**: Fee revenue of $90M (+24% YoY), FRE of $35M (+80% YoY), distributable earnings of $55M. Strong organic growth and catch-up fees drove performance.
- **Fundraising Momentum**: Raised $1.2B in Q1, 70% from flagship DBP strategy. Total fee-earning equity under management reached $37.3B (+15% YoY). Pipeline expansion reflects investor confidence in digital infrastructure.
- **Strategic Acquisitions**: Zayo's $4.5B acquisition of Crown Castle's fiber business enhances scale, lowers entry multiple, and positions for improved returns. Transaction highlights accretive M&A strategy.
- **Resilience of Digital Infrastructure**: Portfolio companies benefit from long-term contracts, inflation protection, and secular demand. Q1 public market performance of towers (Crown, SBA, American Tower) up 15-20% YTD underscores defensive characteristics.

**【CFO Financial Commentary】**
- **Fee Performance**: Fee revenue of $90M (+24% YoY), FRE margin 39% (benefiting from catch-up fees). Expect margin expansion to 37% by year-end through reduced fee step-downs.
- **Carried Interest Dynamics**: $5M reversal of carried interest due to mark-to-market adjustments. Focus on consistent carried interest delivery through strategic monetizations (e.g., DataBank partial realization).
- **Liquidity and Capital Structure**: $201M available cash, no debt maturities within 12 months. Evaluating capital structure to optimize growth and returns.

**【Private Credit Strategy】**
- **Pipeline and Execution**: $13B in new loan origination pipeline, targeting $2B deployment in 2025. Recent $500M ALLO Fiber transaction exemplifies skill capital deployment, activating FEEUM and driving recurring revenue.
- **Team and Scale**: 38-person fundraising team executing across credit, digital energy, and data center income strategies. Diversified investor base (insurance, pensions, family offices) supports scalable growth.

**【Q&A Key Takeaways】**
- **Market Volatility Impact**: Minimal near-term impact on portfolio companies; long-term contracts and secular demand shield against macro uncertainty. Fundraising delays limited, with 2/280 LPs pausing commitments.
- **Carried Interest Outlook**: Expect episodic to consistent carried interest delivery, with potential European portfolio company monetizations. 2025 guidance excludes material carried interest contributions.
- **Valuation Disconnect**: Focus on execution against 2025 goals (10-20% FRE growth, $40B FEEUM) and scaling private credit to close gap with peers. Private credit pipeline ($13B) and SMA strategy drive incremental FEEUM activation.


DigitalBridge Group, Inc. (DBRG) Q1 2025 Earnings Call Transcript

- **$9B Fundraising Record**: Exceeded 2024 target by 28%, with $4.8B in Q4, driven by AI and cloud infrastructure co-investments.
- **20% AUM Growth**: $96B AUM, up from $80B, with $16B deployed in data centers, towers, and fiber.
- **Double-Digit Financial Growth**: 37% Q4 fee revenue growth, 30% FRE expansion, and 32% LTM margin, targeting 10-20% 2025 FRE growth.
- **2025 Edge AI Focus**: $20B in AI infrastructure investments, prioritizing inference workloads and edge data centers.
- **Carried Interest Potential**: $46.6M net carried interest in 2024, with embedded value in 16 GW power bank and multi-strategy fundraising.


**【CEO Business Update】**
- **Record Fundraising**: Achieved $9 billion in 2024, 28% above the $7 billion target, with $4.8 billion raised in Q4 alone. Co-investment accounted for $5.5 billion, driven by demand for AI and cloud infrastructure.
- **Asset Growth**: Assets under management (AUM) increased 20% to $96 billion, with $16 billion deployed across data centers, towers, and fiber.
- **2025 Strategic Focus**: Target $40 billion+ FEEUM by year-end, launching new strategies in digital energy and stabilized data centers. Expected $20 billion in AI infrastructure investments, focusing on inference workloads at the edge.

**【CFO Financial Review】**
- **Fee Revenues**: $102 million in Q4, up 37% YoY, and $330 million annually, +23%. Fee-related earnings (FRE) grew 30% QoQ and YoY to $35 million and $107 million, respectively.
- **Margins and Liquidity**: LTM margin improved to 32%, with $140 million corporate cash and $440 million total liquidity. 2025 guidance includes 10-20% FRE growth and 200+ basis points margin expansion.
- **Carried Interest**: Net carried interest of $46.6 million in 2024, up from $120 million to $167 million in fair value, signaling future accretion.

**【Q&A Highlights】**
- **Data Center Pipeline**: 6.2 GW of new leasing proposals, up 22% YoY, with fiber pipeline up 50% due to dark fiber and data center connectivity demand.
- **Pricing Trends**: Stable development yields in strategic markets, with preference for bolt-on expansions over greenfield projects. Single-tenant yields remain in double digits.
- **Exit Strategy**: Anticipated DPI returns through Fund 1 and InfraBridge 1 exits, with 2024 returning $9 billion in liquidity. 2025 expects similar or higher DPI, driven by asset sales and carried interest realization.
- **Preferred Stock Repurchases**: No activity in 2024; focus on debt securitization (e.g., Zayo CMBS) to reduce cost of capital below 7%.
- **Carried Interest Steadiness**: Long-term AUM growth (16 GW power bank) and multi-strategy fundraising (credit, private wealth) to smooth carried interest episodic nature.


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