DigitalBridge Group, Inc. (DBRG) FY2025 10-K Annual Report
DigitalBridge Group, Inc. (DBRG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
DigitalBridge Group, Inc. FY2025 10-K Analysis
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
DigitalBridge Group, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$94M
▼ -84.5% YoY
Net Income
$142M
▲ +101.2% YoY
Net Margin
151.0%
▲ +13938bp YoY
ROE
6.7%
▲ +313bp YoY
Total Assets
$3.4B
▼ -2.7% YoY
EPS (Diluted)
$0.46
▲ +557.1% YoY
Operating Cash Flow
$259M
▲ +331.3% YoY
Source: XBRL data from DigitalBridge Group, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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