Short answer
DigitalBridge Group, Inc. (DBRG) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $94M (−84.5% year over year) and net income of $142M.
- Top risk flagged: Regulatory risk: Merger approval contingent on Hart-Scott-Rodino Act clearance and approvals from FERC, FCC, CFIUS, MAS, FCA, and EU Foreign Subsidies Regulation 2022/2560
FY2025 key financial metrics · XBRL
- Revenue
- $94M
- −84.5% YoY
- Net income
- $142M
- +101.2% YoY
- EPS (diluted)
- $0.46
- +557.1% YoY
- ROE
- 6.7%
- +3.1 pp YoY
- Operating cash flow
- $259M
- +331.3% YoY
Source: XBRL data from the DigitalBridge Group, Inc. (DBRG) FY2025 10-K on SEC EDGAR. USD.
DigitalBridge Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global investment manager focused on digital infrastructure including data centers, cell towers, fiber networks with $41.0B fee earning equity under management
- New strategic event: Agreement for acquisition by SoftBank at $16.00 per share, expected completion in H2 2026, becoming SoftBank’s indirect wholly-owned subsidiary
- Expanded offerings: Broadened investment platform to include core equity, credit, liquid securities, and InfraBridge for middle market digital and traditional infrastructure
- Workforce and footprint: 316 employees with primary offices in Boca Raton, New York, London, Luxembourg, and Singapore as of Dec 31, 2025
- Noteworthy risk factor: Merger subject to stockholder approval and regulatory conditions, with termination fees of $96M/$154M for DBRG/SoftBank if deal fails
Management Discussion & Analysis
- Total revenues $94.0M in 2025 vs $607.0M in 2024, down $513.1M largely due to carried interest reversal of $376.2M vs $218.3M allocation prior year
- Operating margin (FRE margin) improved to 38% in 2025 vs 32% in 2024; Fee-Related Earnings $142.0M up 33% YoY from $107.1M
- Best segment: Fee Revenue $374.4M up 14% driven by capital raised in third flagship fund (+$41.9M fees); Worst: Unrealized carried interest reversal ($376.2M) vs positive $218.3M prior
- Cash on hand $139M, $100M available under VFN facility; Dividend declared $0.01/share common stock; Preferred dividends $58.6M annually; VFN capacity reduced from $300M to $100M saving $1M fees
- Outlook cautious due to carried interest reversals; Management emphasizes liquidity sufficiency and ongoing evaluation of capital structure and market opportunities for flexibility
Risk Factors
- Regulatory risk: Merger approval contingent on Hart-Scott-Rodino Act clearance and approvals from FERC, FCC, CFIUS, MAS, FCA, and EU Foreign Subsidies Regulation 2022/2560
- Geopolitical risk: Exposure to escalating US-China tensions, Russia-Ukraine war, and Middle East conflicts affecting investments and exit opportunities
- Operational risk: Dependence on timely capital raising; inability to quickly adjust portfolio impedes response to economic or political changes
- Competitive risk: Increasing competition from larger firms and technology companies with greater resources targeting digital infrastructure assets
- Financial risk: $93 million termination fee payable if Merger is terminated under qualifying circumstances, impacting liquidity and financial condition
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