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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Operating Expenses

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Net Income

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DBRG

DBRG fundamentals

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