DigitalBridge Group, Inc. (DBRG): Business Model Canvas [Dec-2025 Updated]

You're trying to map out where the next wave of institutional capital is flowing, and honestly, the pure-play digital infrastructure asset manager is where the action is. We're breaking down the Business Model Canvas for DigitalBridge Group, Inc. (DBRG), which boils down to a sharp strategy: raise massive funds from LPs, deploy that capital into mission-critical assets like data centers poised for the AI buildout, and collect management fees on their $40.7 billion in FEEUM (Fee-Earning Equity Under Management) as of Q3 2025. Their whole game is connecting deep pockets with essential digital plumbing, from towers to fiber to hyperscale power, backed by secured power capacity of 20.9 GW. See exactly how they structure their value capture, from fee revenue to performance carry, right below.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Key Partnerships

You're looking at the network DigitalBridge Group, Inc. uses to deploy capital and secure assets; it's a mix of deep institutional backing and strategic operational alliances. Honestly, the strength here is in the sheer scale of committed capital they can bring to bear.

The firm's capital formation efforts in 2025 were anchored by the close of DigitalBridge Partners III ("DBP III"), which secured total capital formation of $11.7 billion. This included over $7.2 billion in fund commitments and $4.5 billion in fund LP co-investment commitments as of November 2025.

DigitalBridge Group, Inc. manages approximately $108 billion in digital infrastructure assets globally as of September 2025. Furthermore, the Fee-Earning Equity Under Management (FEEUM) reached $40.7 billion as of the third quarter of 2025, achieving the $40 billion target one quarter early.

Here's a breakdown of the key relationships driving this deployment:

The relationships with carriers and hyperscalers are evidenced by leasing activity, which is critical for recurring revenue. DigitalBridge reported a record 2.6 gigawatts of data center leasing in the third quarter of 2025, representing over one-third of total U.S. hyperscale leasing for that quarter.

The firm's operational advantage is partly supported by its power capacity, which enabled this leasing. DigitalBridge management highlighted a 21-gigawatt secured power bank as a key differentiator.

The expansion into private wealth is a deliberate move to broaden capital sources, complementing the core institutional base. This strategy is expected to drive future management fee growth.

• DigitalBridge's Q3 2025 Fee Revenue was $94 million, up 22% year-over-year.
• Fee-Related Earnings (FRE) for Q3 2025 reached $37 million, a 43% increase year-over-year.
• The partnership with KT Corporation is DigitalBridge's first with a major Korean telecommunications company.
• More than 65% of DBP III commitments came from existing DigitalBridge Partners fund series investors.
• The firm raised $1.6 billion in new capital during the third quarter of 2025.

The collaboration with KT Corporation specifically targets large-scale AI factory-type data centers in South Korea, positioning DigitalBridge in a key Asian hub.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Key Activities

You're looking at the core engine of DigitalBridge Group, Inc. (DBRG), which is all about putting massive amounts of capital to work in the physical assets powering the digital world. This isn't just passive investing; it's active development and management, especially with the AI boom driving everything.

Raising capital for flagship, credit, and new digital energy funds

The activity here is relentless fundraising to feed the deployment machine. DigitalBridge Group, Inc. is constantly bringing in capital from limited partners (LPs) across its various strategies. For instance, the firm closed its third value-added digital infrastructure fund, DigitalBridge Partners III (DBP III), securing over $7.2 billion in fund commitments and an additional $4.5 billion in fund LP co-investment commitments, totaling $11.7 billion for that strategy alone. This success helped push the Fee-Earning Equity Under Management (FEEUM) to $40.7 billion as of the third quarter of 2025, hitting the firm's full-year target a quarter early. To be fair, the fundraising mix is key; they are launching new strategies like the Data Center Income Fund and scaling the Digital Power strategy, which is attracting LPs focused on energy infrastructure.

Here's a snapshot of the capital formation momentum through the first three quarters of 2025:

Active asset management: acquiring, scaling, and exiting digital infrastructure

DigitalBridge Group, Inc. manages assets across more than 30 portfolio companies worldwide, claiming to manage $108 billion in assets overall. The scaling activity is intense, particularly in data centers, where they are fueling the growth of market leaders like Vantage Data Centers and Switch. The core of their asset management is driving operational improvements that translate into higher Fee-Related Earnings (FRE). For Q3 2025, FRE hit $37 million, a 43% YoY increase, showing the impact of deployed capital on fee generation. They are also expanding their LP base through a strategic partnership with Franklin Templeton to access private wealth and mass affluent markets.

The firm's asset management focus includes:

• Fueling expansion of existing platforms.
• Establishing new platforms like the Digital Power strategy.
• Driving leasing activity across platforms.
• Positioning assets for future monetization and carry realization.

Deploying capital into high-demand digital assets (e.g., $18 billion planned for 2025)

The deployment plan is aggressive. DigitalBridge Group, Inc. planned to deploy $18 billion in 2025, focusing heavily on AI-driven infrastructure like hyper-scale data centers, edge computing, and fiber networks. This deployment is what activates the newly raised capital, turning commitments into fee-earning assets. Beyond the 2025 plan, the firm anticipates deploying over $43 billion in capital expenditures across its portfolio between now and the end of 2026, with DigitalBridge's share being just under $30 billion to bring that capacity online. Furthermore, one analyst note mentioned a $2 billion private credit deployment target for 2025.

Developing hyperscale data centers, or AI factories, with secured power

This is where the physical work happens, building the 'AI factories' that will power the next decade. A major activity is securing the necessary power, which CEO Marc Ganzi noted is a critical constraint. DigitalBridge Group, Inc. has built an industry-leading secured power bank across its portfolio now standing at nearly 21 gigawatts (GW). This power bank supports massive projects, such as the $25 billion Frontier mega-campus in Texas, which is a 1.4GW hyperscale facility. Another key development is the Lighthouse project in Wisconsin, a 1GW facility backed by the largest behind-the-meter renewable power commitment in the U.S.. The leasing activity reflects this development: the company reported a record 2.6 gigawatts (GW) of data center leasing in Q3 2025, which represented roughly one-third of all U.S. hyperscale leasing for that quarter.

Key infrastructure development metrics:

• Secured Power Bank: Nearly 21 GW.
• Frontier Campus Investment: $25 billion.
• Lighthouse Campus Investment: $15 billion.
• Q3 2025 Leased Capacity: 2.6 GW.

Managing portfolio company balance sheets and financing

A crucial, though less visible, activity is managing the financing structure of the underlying assets. DigitalBridge Group, Inc. leverages substantial institutional relationships to provide flexible and creative financing solutions to its portfolio companies. These structures aim for higher leverage, lower interest costs, fixed rates, and longer maturities compared to traditional financing. This involves dynamic portfolio company balance sheet management, including securitization of digital infrastructure assets. On the corporate side, liquidity remains a focus; as of Q3 2025, the company reported $173 million in corporate cash. Furthermore, the firm has been simplifying its corporate structure, having redeemed the remaining $78 million balance of its 5.75% Exchangeable Senior Notes due 2025. If you're tracking the corporate entity, its Total Assets were reported around $3.49 billion as of September 2025.

Finance: draft 13-week cash view by Friday.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Key Resources

You're looking at the core assets DigitalBridge Group, Inc. (DBRG) deploys to win in the digital infrastructure space. These aren't just line items; they are the engine for their fee and carried interest generation. Honestly, the scale of their managed capital and their power focus is what sets them apart right now.

The foundation of DigitalBridge Group, Inc.'s resource base is its massive pool of capital under management, which directly translates into recurring fee revenue. As of the third quarter of 2025, the Fee-Earning Equity Under Management (FEEUM) stood at $40.7 billion, marking a strong 19 percent year-over-year increase. This achievement hit a key internal target one quarter ahead of schedule, showing real execution speed.

This capital base is heavily weighted toward the most critical resource for the AI era: power for data centers. DigitalBridge Group, Inc. has secured a total power capacity of 20.9 GW across its data center portfolio. That capacity is being deployed rapidly; they reported record leasing of over 2.6 GW in Q3 2025 alone. Here's the quick math: that single quarter's leasing represented approximately one-third of all U.S. hyperscale leasing activity, which is a massive resource advantage when chasing the biggest cloud tenants.

The firm's platform is built on its portfolio companies and the deep operating expertise of its senior investment team. This isn't just a capital allocator; it's an operator-led firm with a heritage of roughly 30 years investing in and operating across the digital ecosystem. Their ability to source proprietary deals is tied directly to this operational knowledge base.

Here's a snapshot of the key quantifiable resources as of late 2025:

The platform's strength is also visible in the scale of its capital formation efforts, especially with the recent closing of its flagship fund. This successful fundraising effort is a direct resource that fuels future growth and fee generation. What this estimate hides is the immediate deployment velocity required to keep pace with AI demand.

• DigitalBridge Partners III (DBP III) secured over $7.2 billion in fund commitments.
• DBP III included $4.5 billion in fund LP co-investment commitments.
• Total capital formation for the DBP III strategy reached $11.7 billion.
• Year-to-date capital raised across strategies was $4.1 billion.

The portfolio itself is a critical resource, comprising established operators and high-growth platforms across the digital infrastructure value chain. You see this in the quality of the co-investors, like Blackstone, who participate alongside DigitalBridge Group, Inc. in key deals. The platform's reach extends across North America, EMEA, and Asia-Pacific.

Key portfolio companies and affiliated assets include:

• Vantage Data Centers (North America, EMEA, APAC platforms).
• Yondr Group (Global hyperscale data centers).
• CoreWeave (Recent debt financing participation).
• DataBank (Co-investment participation).
• Zayo Group Holdings (Fiber infrastructure).
• AIMS (Southeast Asia data center operator).
• Netomnia (UK fiber network infrastructure).

The team's ability to structure and close these large-scale capital vehicles is a non-quantifiable but essential resource. For instance, the partnership with Franklin Templeton is a resource designed to democratize access to these infrastructure investments via a private wealth distribution channel. Finance: review the Q4 capital formation pipeline against the $7 billion flagship target for immediate resource allocation.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors commit capital to DigitalBridge Group, Inc. (DBRG) right now, which boils down to access, scale, and active management in the most critical digital sectors.

Access to institutional-quality, differentiated digital infrastructure investments

DigitalBridge Group, Inc. provides access to assets that are essential for the modern economy, managing capital for a diverse investor base including public pensions and sovereign wealth funds. The firm's Fee-Earning Equity Under Management (FEEUM) reached $40.7 billion as of the third quarter of 2025, representing a 19% year-over-year jump. This scale allows for participation in differentiated, large-scale opportunities.

The company is actively expanding its investor base, notably through a strategic partnership with Franklin Templeton, which provides access to private wealth and mass affluent markets.

Strategic positioning for the AI buildout with massive scale and power capacity

DigitalBridge Group, Inc. is positioned as an investment manager focused on the infrastructure enabling Artificial Intelligence (AI). This is evidenced by the sheer power capacity secured across its data center portfolio. The firm has secured more than 20 gigawatts (GW) of power capacity across its 11 data center platforms.

The demand driving this is explosive; hyperscaler capital expenditure increased by 50% year-over-year to $380 billion as of the second quarter of 2025. This demand translates into concrete leasing activity, with DigitalBridge Group, Inc. reporting over 2.6 GW leased in the third quarter of 2025 alone.

The scale of commitment to AI infrastructure is visible in major projects:

• Frontier (Texas): $25 billion investment, 1.4 GW capacity.
• Lighthouse (Wisconsin): $15 billion investment, 1 GW capacity.

Global, diversified exposure across the entire digital ecosystem (towers, fiber, data centers)

The value proposition includes owning a diversified portfolio spanning the entire digital ecosystem. This is not just about one asset class; it's about owning the infrastructure that keeps the digital economy running. The firm manages assets across towers, fiber networks, and data centers.

Evidence of active asset management and ecosystem building includes the planned sale of its Nordic asset, Digita Group, expected to close in the first quarter of 2026. Under DigitalBridge Group, Inc.'s ownership, Digita grew from approximately 200 tower sites to over 950 locations in Finland and Iceland.

Active investor-operator model that drives value creation in portfolio companies

DigitalBridge Group, Inc. employs an active investor-operator model, focusing on acquiring, scaling, and then selling digital infrastructure assets to drive value. The growth in Fee-Related Earnings (FRE) reflects this success. For the third quarter of 2025, FRE was $37 million, a 43% year-over-year increase, with FRE Margins at 38%.

Here's a quick look at the core fee-based performance versus the headline GAAP revenue, which is often distorted by accounting rules for carried interest:

Stable, long-term contracted revenue from mission-critical infrastructure

The focus on infrastructure means the revenue is tied to long-term, essential services. While specific weighted average contract length (WACL) figures aren't explicitly stated here, the stability is implied by the robust growth in the core fee business, which is the recurring management fee component. Fee Revenue reached $93.5 million in the third quarter of 2025, up 22% year-over-year.

Management shows confidence in this recurring base by affirming a quarterly dividend of $0.0100 per share, payable in January 2026. The company is executing on its fundraising goals, having raised $4.1 billion year-to-date in 2025, with $1.6 billion raised in the third quarter alone.

Finance: draft 13-week cash view by Friday.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Customer Relationships

You're looking at how DigitalBridge Group, Inc. (DBRG) manages its relationships with the capital providers and the end-users of its digital infrastructure assets as of late 2025. It's a multi-pronged approach, balancing massive institutional mandates with new channels for broader wealth access.

Institutional relationship management for large, long-term capital commitments

The core relationship management here is about maintaining deep, long-term alignment with sophisticated capital allocators. This is where the bulk of the capital under management resides, and the focus is on delivering on the mandate for digital infrastructure exposure.

As of the third quarter of 2025, DigitalBridge Group, Inc. managed $108 billion in digital infrastructure assets globally, up from $106 billion in Q2 2025. The Fee Earning Equity Under Management (FEEUM) reached $40.7 billion as of Q3 2025, hitting the $40 billion target a quarter early.

The relationship structure is reinforced by significant capital formation activity, showing LPs are committing further capital to the strategy. For instance, the DigitalBridge Partners III (DBP III) fund secured $11.7 billion in total commitments, which included $4.5 billion in LP co-investment commitments, announced in November 2025. Year-to-date capital formation through Q3 2025 totaled $4.1 billion, with $1.6 billion raised in the third quarter alone.

Here's a quick look at the scale of capital managed, which underpins these long-term commitments:

Dedicated investor relations for public shareholders and LPs

For public shareholders, the relationship is managed through transparent reporting, including quarterly earnings calls, such as the Q3 2025 call on October 30, 2025. The focus for this group is on the growth of Fee-Related Earnings (FRE) and Fee Revenue. FRE grew 43% to $37 million in Q3 2025, with Fee Revenue reaching $94 million, a 22% year-over-year increase. The LTM (Last Twelve Months) FRE margin stood at 38% as of Q3 2025.

For Limited Partners (LPs), the relationship is characterized by alignment, evidenced by the co-investment program. The DBP III fund included $4.5 billion in LP co-investment commitments. The firm's diverse investor base includes:

• Public and private pensions
• Sovereign wealth funds
• Asset managers
• Insurance companies
• Endowments

Strategic partnership approach with hyperscale customers for co-development

DigitalBridge Group, Inc. structures relationships with hyperscale customers as co-development agreements, directly aligning infrastructure build-out with proven demand. This is a customer-driven investment model, following the logos demanding capacity.

In North America, portfolio companies are deploying capital exceeding $40 billion for critical AI and cloud infrastructure. This includes major developments like Vantage Data Centers' Frontier mega campus in Texas, a $25 billion, 1.4 gigawatt development, and the Lighthouse campus in Wisconsin, a $15 billion-plus development, both supporting the OpenAI and Oracle Stargate project. Furthermore, the firm expanded its Asia-Pacific footprint, securing $1.6 billion for regional operations, including a 300MW+ hyperscale campus in Johor, Malaysia.

A key recent strategic relationship is the Memorandum of Understanding (MOU) signed November 26, 2025, with KT Corporation to develop next-generation AI data centers in Korea. This is DigitalBridge Group, Inc.'s first collaboration with a major Korean telecommunications company.

Programmatic distribution model for the emerging private wealth channel

The firm is actively building a new channel to serve the private wealth market, aiming to democratize access to its institutional-quality assets. This is a relatively new, but key, relationship focus for late 2025.

DigitalBridge Group, Inc. announced a partnership in the third quarter of 2025 with Franklin Templeton, a $1.6 trillion global investment leader, to launch its first programmatic private wealth distribution channel. This channel is designed to build a diversified open-ended infrastructure solution that can invest across all infrastructure subsectors.

The company is also bringing its $100 billion-plus in assets under management to this channel, positioning itself as the leading specialist across data centers, cell towers, fiber networks, digital energy, and edge infrastructure.

Finance: finalize the 2026 capital formation targets based on private wealth channel pipeline by end of January 2026.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Channels

The Channels block for DigitalBridge Group, Inc. centers on how they reach their investors and deploy capital into their portfolio companies, primarily through their investment management platform.

Investment Management Platform (Flagship funds, Credit funds, Co-investments)

The core channel is the deployment of capital raised across their managed vehicles, which is tracked by Fee-Earning Equity Under Management (FEEUM). DigitalBridge Group, Inc. is actively managing a total portfolio AUM of $108 billion as of November 2025. The firm has a stated goal to grow FEEUM to over $40 billion in 2025.

The platform's scale and activity across its main investment channels are detailed below:

The flagship channel, DigitalBridge Partners III (DBP III), closed with total capital formation of $11.7 billion, which includes $7.2 billion in fund commitments and $4.5 billion in fund LP co-investment commitments. The firm is also progressing credit strategies and developing new initiatives in digital energy and stabilized data centers.

Direct investment in portfolio companies (e.g., Vantage Data Centers)

DigitalBridge Group, Inc. actively operates and scales businesses across its portfolio. A significant channel for deployment is large-scale platform transactions, such as Zayo's agreement to acquire Crown Castle's fiber business for approximately $4.25 billion, which expands Zayo's fiber footprint by approximately 90,000 route miles.

The firm's data center portfolio capacity is a key asset channel:

• Secured power bank capacity across the portfolio: 20.9 GW.
• Data center capacity built or under construction: 5.4 GW.
• Data center leasing signed in Q3 2025: over 2.6 GW.
• Portfolio demand pipeline: 9.9 GW (+38% YoY).

Regarding specific portfolio company interests, DigitalBridge Group, Inc.'s stake in DataBank had an implied valuation of approximately $486 million following a secondary transaction in Q1 2025. Vantage Data Centers was involved in announcing a Stargate Data Center Site in Wisconsin.

Programmatic private wealth distribution via third-party partners

The expansion of the private wealth channel is a noted strategic focus. There was an uptick in private wealth channel traction noted in Q1 2025 fundraising dynamics. The firm is developing its multi-strategy platform with new offerings, including private wealth, planned for 2026. Furthermore, DigitalBridge Group, Inc. partnered with Franklin Templeton to deliver private infrastructure solutions.

Global network of industry relationships for proprietary deal sourcing

Strong relationships built on consistent delivery generate new and proprietary investment opportunities. This network facilitates strategic partnerships, such as the signing of a Strategic Memorandum of Understanding (MOU) with KT Corporation to develop Next-Generation AI Data Centers in Korea. The firm's ability to partner deeply with investors is highlighted by the robust co-investment participation in DBP III, with more than 65% of commitments coming from existing investors.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Customer Segments

DigitalBridge Group, Inc. deploys and manages capital across the digital ecosystem for a diverse set of capital partners.

The investor base is global and includes several distinct categories of sophisticated capital providers.

• Public pensions
• Sovereign wealth funds
• Asset managers
• Insurance companies
• Endowments

Institutional Investors (Public pensions, sovereign wealth funds, endowments)

This segment forms the core of DigitalBridge Group, Inc.'s capital base, providing long-term investment capital for its funds.

The firm announced total commitments of $11.7 billion for DigitalBridge Partners III in November 2025. During the second quarter of 2025, the company reported $1.3 billion in new capital formation, driven principally by new data center co-invest capital formation. The Fee Revenue growth is overwhelmingly driven by new capital formation in the DigitalBridge Partners (DBP) series of funds. At March 31, 2025, FEEUM stood at $37.3 billion, a 15% increase year-over-year.

Hyperscale Cloud Providers (Major customers for data center capacity)

These entities are the primary demand drivers for the physical infrastructure DigitalBridge Group, Inc. invests in and scales through its portfolio companies.

The market environment is characterized by explosive demand, with hyperscaler capital expenditure increasing by 50% year-over-year to reach $380 billion. DigitalBridge Group, Inc.'s portfolio company, Vantage Data Centers, is launching a $25 billion, 1.4GW hyperscale data center campus in Texas specifically to serve these global hyperscale customers. The development will include 10 data centers totaling 3.7 million square feet. Portfolio companies also include operators serving other enterprise tenants.

Global Telecommunications Carriers and Content Providers

DigitalBridge Group, Inc. engages with major network operators and content creators to build out the connective tissue and edge infrastructure.

In November 2025, DigitalBridge Group, Inc. signed a Strategic Memorandum of Understanding (MOU) with KT Corporation to develop Next-Generation AI Data Centers in Korea. Portfolio company Zayo is expanding its fiber network, having agreed to acquire Crown Castle Fiber Solutions for approximately $4.25 billion, which expands its route miles by approximately 90,000.

High-Net-Worth and Private Wealth Investors (via new fund offerings)

While the majority of disclosed capital is institutional, the firm's strategy includes deploying capital across various fund structures that can attract private wealth.

The firm is focused on scaling its private credit strategies, targeting up to $2 billion in originations in 2025. The overall FEEUM target for 2025 was set at $40 billion. The company's Q1 2025 distributable earnings included a $34.9 million gain from partial realization of its DataBank investment, showing activity in asset monetization that benefits investors across all fund types.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Cost Structure

You're looking at the hard costs DigitalBridge Group, Inc. incurs to run its asset management and investment platform as of late 2025. These are the expenses that eat into the Fee Revenue before you get to the Fee-Related Earnings (FRE).

Compensation and Employee-Related Expenses for the Asset Management Team

Compensation is a major cost driver, heavily weighted toward performance, but the base operating costs are what matter for FRE margin. For the first quarter of 2025, the reported Compensation expense-cash and equity-based was $46,110 thousand, or $46.110 million. Keep in mind, Fee-Related Earnings (FRE) for Q2 2025 was $32.0 million, which is the Fee Revenue of $85.4 million net of associated compensation and administrative expenses. This tells you the core operating cost base is significant relative to recurring fee income.

General and Administrative Costs for the Corporate Structure

General and administrative costs reflect the overhead of running the corporate structure. In the first quarter of 2025, Administrative and Other Expenses were $15.9 million. This figure for Q1 2025 was lower by $8.4 million compared to a prior period, largely due to insurance recoveries related to past litigation costs of $10.6 million and lower placement fees of $3.0 million. However, this was partially offset by a loss accrual related to an employment arbitration of $5.3 million in Q1 2025.

Here's a quick look at the expense breakdown from the Q1 2025 filing, showing where the operating dollars went:

The FRE margin for Q2 2025 improved to 37%, showing revenues are outpacing these core operating costs, which is what management focuses on.

GP Commitments and Seed Investments for New Fund Launches

When DigitalBridge Group, Inc. launches new funds, it commits its own capital as the General Partner (GP) and often provides seed capital. In the second quarter of 2025, the firm funded $48.2 million of GP commitments. On top of that, they funded $32.7 million of seed investments for new initiatives in 2Q25. This deployment of corporate capital into new fund launches is a direct, planned cost of scaling the asset management business.

Interest Expense and Financing Costs for Portfolio Company Debt

Financing costs are a key element, especially given the asset-heavy nature of digital infrastructure. For the second quarter of 2025, the reported Interest expense was $3,136 thousand, or approximately $3.14 million. This figure covers interest on corporate debt, though the costs for portfolio company debt are generally borne by those entities, they impact the overall ecosystem's cost of capital.

Costs Associated with Developing and Securing Power for New Assets

Addressing power constraints is a major strategic cost area. DigitalBridge Group, Inc. launched the Takanock platform in partnership with ArcLight to solve power needs for data centers. This platform has an aggregate commitment to invest up to $500 million in data center power infrastructure solutions. This commitment represents a significant future cost outlay dedicated to securing the necessary power infrastructure to support the growth of their data center portfolio companies.

You should track the utilization of the corporate liquidity:

• Available corporate cash as of June 30, 2025: $158 million.
• Revolver availability reduced from $300 million to $100 million in Q2 2025 for cost savings.

Finance: draft 13-week cash view by Friday.

DigitalBridge Group, Inc. (DBRG) - Canvas Business Model: Revenue Streams

You're looking at how DigitalBridge Group, Inc. (DBRG) actually brings in the money, which is heavily weighted toward management fees from its massive pool of assets. Honestly, the structure is classic for an alternative asset manager, but the scale in 2025 is what matters.

The core of the revenue engine is the recurring fee base, driven by their Fee-Earning Equity Under Management (FEEUM). As of the third quarter of 2025, DBRG reported that FEEUM grew to $40.7 billion, a 19% year-over-year increase. This growth directly fuels the management and advisory fees.

Here's a breakdown of the key revenue components based on recent reporting periods:

The Fee Revenue from Investment Management for the third quarter of 2025 hit $93.5 million, showing a 22% jump compared to the third quarter of 2024. This revenue stream is the most stable part of the business you need to watch.

Fee-Related Earnings (FRE), which is essentially the profit from those management fees after deducting related expenses, was $37.3 million in Q3 2025. This number is important because it shows margin expansion; the FRE margin in Q3 2025 expanded to 40%, up from 34% in the same period last year. That's defintely strong operational leverage.

Carried Interest/Performance Fees are lumpy, meaning they aren't predictable quarter-to-quarter. They depend entirely on the performance of the underlying funds relative to their preferred return hurdles. To give you a concrete example of the volatility, in the first quarter of 2025, carried interest actually resulted in a net reversal of $5.0 million because fund marks trailed the hurdle rate for certain limited partners.

Realized Principal Investment Income is the cash you get when DBRG sells a piece of an asset it held on its own balance sheet, separate from the fund management activities. A prime example from early 2025 was the $34.9 million received from the partial realization of the DataBank investment in Q1 2025, which significantly boosted distributable earnings for that period.

You can see the revenue mix is designed to balance stability with upside potential:

• Stable Base: Management fees derived from the $40.7 billion FEEUM.
• Operational Profitability: Strong FRE growth at 43% year-over-year in Q3 2025.
• Upside Potential: Episodic gains from Carried Interest and Principal Realizations.

The Q1 2025 DataBank transaction provided gross cash proceeds of $59 million to DBRG, with the realized gain component feeding into the Principal Investment Income line.

Finance: draft 13-week cash view by Friday.