DigitalBridge Group (NYSE: DBRG) reported its second quarter earnings for 2023 on Friday. Total revenues were $425 million, GAAP net loss attributable to common stockholders was $(22) million, or $(0.14) per share, and Distributable Earnings were $10 million, or $0.06 per share.
“We continued to advance our strategic position as a leading global digital infrastructure asset manager during the second quarter,” said Marc Ganzi, Chief Executive Officer, “with strong capital formation and progress on the deconsolidation of our operating segment. That progress keeps us on track to achieve our key strategic priorities for 2023. At the portfolio level, we continued to invest and support the growing demand for compute and connectivity driven by increasingly powerful AI and cloud thematics.”
The company said it made significant progress towards achieving its key 2023 priorities, including strong capital formation, operating segment deconsolidation, and support for the continued growth of its portfolio companies.
Highlights included:
- 2Q23 Investment Management Fee Revenue increased 47 percent YoY and Fee Related Earnings increased 35 percent, driven by higher Fee Earning Equity Under Management from credit, core, and co-invest strategies and a full quarter contribution from the InfraBridge acquisition.
- DigitalBridge raised $2.7 billion since last quarter, driven by initial commitments to the latest Digital Bridge Partner Series and successful co-invest syndications. Limited Partner interest in digital infrastructure remains robust.
- DBRG remains on track to meet its fundraising targets for the year.
- DBRG expects to receive commitments sufficient to deconsolidate DataBank by the end of August 2023 which will generate at least $45 million of incremental proceeds to the balance sheet. Vantage SDC remains on track for successful deconsolidation by the end of 2023.
On August 1, 2023, the company’s Board of Directors declared:
- a cash dividend of $0.01 per common share to be paid on October 16, 2023, to shareholders of record at the close of business on September 30, 2023
- cash dividends with respect to each series of the company’s cumulative redeemable perpetual preferred stock
