DigitalBridge Group Inc
(NYSE:DBRG)

Colony Capital, Inc. is an American international investment firm based in Boca Raton, FL. The company has over 350 employees operating in 20 offices around the world. Colony Capital invests in real estate and real estate-related debt investments, real estate-dependent operating companies, non-perfo...

Website: www.clny.com

Founded: 1991

Sector: Finance and Insurance

Industry: Securities and Commodity Exchanges

Insurance

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At a glance:

Digital Infrastructure-Focused REIT/Asset Manager: DigitalBridge Group Inc is positioned around owning and managing digital infrastructure assets such as data centers, cell towers, fiber, and small cells, with results tied to demand for connectivity and cloud/AI-driven workloads.
Earnings and Cash Flow Influenced by Asset Sales and Fund Activity: Reported performance can be meaningfully affected by capital recycling, realized gains/losses, and fundraising/deployment cycles, which may introduce volatility versus operating metrics alone.
Leverage and Interest-Rate Sensitivity Remain Key Watch Items: As with many real-asset platforms, financing costs, debt maturities, and refinancing terms can impact profitability and valuation, particularly in higher-rate environments.
Fee-Related Earnings and AUM Growth Are Important Drivers: Growth in assets under management and the mix of management fees, performance fees, and investment income can shape recurring earnings quality and visibility over time.
Digital Demand Tailwinds, Execution Risk on Scaling: Secular tailwinds from data consumption and AI may support long-term growth, but outcomes depend on disciplined capital allocation, operating execution, and tenant/customer concentration dynamics across portfolio companies.

Bull Thesis:

Strong Secular Tailwinds for Digital Infrastructure: DigitalBridge is uniquely positioned to benefit from the insatiable global demand for data, connectivity, and computing power, driven by trends like 5G, AI, IoT, and cloud adoption, which necessitate massive investments in data centers, fiber, towers, and small cells. This long-term structural growth provides a robust foundation for its portfolio companies and managed funds.
Expanding Assets Under Management (AUM) and Fee-Related Earnings (FRE): DigitalBridge's strategy of raising new funds and successfully deploying capital into high-growth digital infrastructure assets is leading to a consistent increase in AUM. This growth in AUM, coupled with a focus on recurring management fees, drives higher and more predictable fee-related earnings (FRE), enhancing the company's stable revenue base and profitability.
Successful Capital Recycling and Portfolio Transformation: The company has demonstrated a strong track record of divesting non-core, legacy assets (e.g., wellness infrastructure) and strategically reallocating capital into high-growth, pure-play digital infrastructure. This ongoing portfolio transformation significantly improves the overall quality, growth profile, and strategic focus of its managed assets, aligning with future market opportunities.
Experienced Management and Strong Institutional Backing: DigitalBridge is led by a highly experienced management team with deep expertise and a proven track record in the digital infrastructure sector. Their ability to attract and retain a robust base of institutional limited partners (LPs) provides significant capital for future growth, fund deployment, and validates the company's investment strategy and execution capabilities.

Bear Thesis:

Headwinds from Elevated Interest Rates: The current high interest rate environment poses a significant challenge for DigitalBridge. It increases the cost of capital for its portfolio companies and new investments, potentially compressing asset valuations, reducing acquisition multiples, and impacting the overall profitability and returns of capital-intensive digital infrastructure projects.
Execution Risk in Fund Raising and Capital Deployment: DigitalBridge faces ongoing execution risk related to its ability to consistently raise new funds in a competitive fundraising environment and effectively deploy that capital into attractive digital infrastructure assets. Delays or failures in these areas could slow AUM growth, impact fee-related earnings, and dilute investor confidence.
Dependence on External Capital and LP Commitments: The company's business model relies heavily on securing commitments from external limited partners for its various funds. A slowdown in institutional capital allocation to alternative assets, a shift in investor sentiment, or a broader economic downturn could hinder future fundraises, limit growth, and impact the company's ability to scale its operations.
Intense Competition for Digital Infrastructure Assets: The digital infrastructure sector is highly competitive, with numerous well-capitalized private equity firms, infrastructure funds, and strategic buyers actively pursuing similar assets. This intense competition can drive up acquisition multiples, reduce potential returns, and make it challenging for DigitalBridge to source and execute accretive deals, potentially impacting fund performance.
Potential Valuation Concerns and Market Perception: Despite strong underlying sector trends, the market may struggle to fully value DigitalBridge's asset management model, potentially leading to valuation concerns. The stock's performance could be sensitive to broader market sentiment towards alternative asset managers or perceived disconnects between its public market valuation and underlying asset values, leading to volatility.

Main Competitors:

Brookfield Asset Management ($BAM) (Global alternative asset management, including significant digital infrastructure investments (data centers, fiber, towers).), Brookfield is a massive global alternative asset manager with a dedicated infrastructure arm (Brookfield Infrastructure Partners). They directly compete with DigitalBridge for acquiring, developing, and managing large-scale digital infrastructure assets globally, leveraging their vast capital, operational expertise, and global presence.
KKR & Co. Inc. ($KKR) (Global alternative asset management, with substantial investments in digital infrastructure (e.g., fiber networks, data centers, telecom assets).), KKR is a leading global investment firm that actively invests in and acquires digital infrastructure assets. They compete with DigitalBridge for attractive investment opportunities, deal sourcing, and capital deployment in the rapidly expanding digital infrastructure sector, often targeting similar asset types and geographies.
Global Infrastructure Partners (GIP) (Independent global infrastructure investor with a portfolio spanning energy, transport, water/waste, and digital infrastructure.), GIP is a prominent independent global infrastructure investor with a significant focus on digital infrastructure assets like data centers and fiber networks. They directly compete with DigitalBridge for large-scale investment opportunities, capital deployment, and strategic partnerships in the digital infrastructure space.
American Tower Corporation ($AMT) (Wireless communication infrastructure (cell towers, small cells, data centers, fiber).), American Tower is a global leader in wireless communication infrastructure. While primarily an operator, they compete with DigitalBridge for acquiring and developing digital infrastructure assets, particularly in the tower and small cell segments. They also represent a major operational player in a core asset class that DigitalBridge invests in.
Equinix, Inc. ($EQIX) (Global data centers and interconnection services (Platform Equinix).), Equinix is the world's largest provider of colocation data centers and interconnection services. As DigitalBridge invests heavily in data centers, Equinix represents a major operational competitor and potential acquisition target/partner in the data center market, influencing asset valuations and market dynamics.

Moat:

DigitalBridge's competitive landscape is characterized by intense capital competition from other large, diversified alternative asset managers and specialized infrastructure funds (e.g., Brookfield, KKR, GIP) for attractive digital infrastructure assets. They also face competition from strategic buyers and large operational players (e.g., American Tower, Equinix) who may acquire or develop similar assets. DigitalBridge's moat lies in its deep sector specialization, global network, operational expertise in digital infrastructure, and ability to raise and deploy significant capital specifically for this asset class, allowing it to identify, acquire, and optimize complex digital infrastructure investments.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31

revenues
fee revenue	87,309,000	105,746,000	93,300,000	85,262,000	90,139,000	101,551,000	76,582,000	78,605,000	72,955,000
carried interest allocation	-44,729,000	-85,423,000	-120,213,000	-115,074,000	-55,464,000	-45,717,000	-15,799,000	288,244,000	-8,478,000	169,686,000	168,891,000	79,254,000	-54,756,000
principal investment income	24,586,000	22,050,000	25,325,000	20,437,000	5,307,000	1,241,000	9,955,000	15,982,000	2,845,000	93,534,000	17,943,000	30,409,000	3,562,000
other income	5,070,000	5,528,000	5,406,000	6,168,000	5,465,000	9,099,000	5,387,000	7,505,000	7,071,000	11,719,000	10,948,000	14,775,000	11,301,000	2,701,000	2,299,000	2,341,000	6,945,000	6,416,000	4,008,000	1,726,000	4,133,000	12,139,000	11,820,000	12,634,000	5,724,000	14,784,000	38,249,000	14,163,000	13,023,000	12,513,000	11,743,000	14,854,000	11,238,000	10,691,000	10,016,000	13,259,000	11,517,000
total revenues	72,236,000	47,901,000	3,818,000	-3,207,000	45,447,000	66,174,000	76,125,000	390,336,000	74,393,000	-330,790,000	477,080,000	424,933,000	250,160,000	301,081,000	296,623,000	289,409,000	257,459,000	255,857,000	252,174,000	237,187,000	315,704,000	338,844,000	316,677,000	372,366,000	507,513,000	552,361,000	652,495,000	573,439,000	632,903,000	634,244,000	674,769,000	689,599,000	666,664,000	720,344,000	789,853,000	679,372,000	607,165,000
yoy	58.95%	-27.61%	-94.98%	-100.82%	-38.91%	-120.00%	-84.04%	-8.14%	-70.26%	-209.87%	60.84%	46.83%	-2.84%	17.68%	17.63%	22.02%	-18.45%	-24.49%	-20.37%	-36.30%	-37.79%	-38.66%	-51.47%	-35.06%	-19.81%	-12.91%	-3.30%	-16.84%	-5.06%	-11.95%	-14.57%	1.51%	9.80%
qoq	50.80%	1154.61%	-219.05%	-107.06%	-31.32%	-13.07%	-80.50%	424.69%	-122.49%	-169.34%	12.27%	69.86%	-16.91%	1.50%	2.49%	12.41%	0.63%	1.46%	6.32%	-24.87%	-6.83%	7.00%	-14.96%	-26.63%	-8.12%	-15.35%	13.79%	-9.40%	-0.21%	-6.01%	-2.15%	3.44%	-7.45%	-8.80%	16.26%	11.89%
expenses
compensation expense—cash and equity-based	49,150,000	48,023,000	49,315,000	47,002,000	46,110,000	35,550,000	43,426,000	51,661,000	51,184,000	-25,464,000	74,714,000	82,992,000	74,650,000	61,379,000	65,544,000	52,792,000	65,542,000	53,067,000	55,933,000	48,199,000	83,419,000	77,746,000	53,780,000	64,513,000	53,034,000	53,836,000	87,043,000	42,430,000
compensation expense—incentive fee and carried interest allocation	-23,140,000	-17,416,000	-54,000,000	-43,372,000	-22,304,000	-18,592,000	-8,474,000	178,430,000	-6,714,000	113,920,000	72,865,000	36,076,000
administrative and other expenses	19,737,000	21,743,000	15,118,000	11,440,000	15,946,000	36,974,000	27,193,000	26,508,000	24,310,000
interest expense	3,543,000	4,423,000	4,731,000	4,570,000	3,898,000	3,981,000	4,129,000	3,136,000	5,192,000	-148,572,000	49,894,000	56,022,000	67,196,000	55,048,000	53,032,000	46,388,000	44,030,000	69,336,000	39,895,000	37,938,000	72,485,000	96,507,000	71,849,000	106,786,000	123,413,000	128,877,000	130,034,000	141,738,000	149,516,000	148,236,000	145,117,000	153,309,000	148,889,000	156,230,000	152,054,000	140,260,000	126,278,000
transaction-related costs	14,168,000	11,185,000	956,000	4,208,000	4,421,000	2,063,000	1,771,000	671,000	760,000	287,000	896,000	1,113,000	8,527,000	3,329,000	3,879,000	2,756,000	165,000	3,163,000	936,000	64,000	2,685,000
depreciation and amortization	5,320,000	6,513,000	7,130,000	8,585,000	7,226,000	8,215,000	8,227,000	8,097,000	9,167,000	-382,485,000	128,000,000	149,562,000	141,574,000	147,398,000	145,594,000	155,352,000	128,567,000	132,855,000	129,186,000	138,229,000	170,967,000	129,838,000	125,733,000	134,905,000	136,858,000	110,053,000	159,005,000	109,382,000	150,797,000	144,495,000	145,310,000	137,896,000	144,705,000	164,554,000	162,694,000	153,111,000	137,420,000
total expenses	68,778,000	74,471,000	23,250,000	32,433,000	55,297,000	68,191,000	76,272,000	268,503,000	83,899,000	-741,961,000	450,670,000	458,665,000	384,499,000	508,719,000	494,286,000	437,187,000	339,405,000	405,778,000	374,108,000	344,212,000	504,084,000	500,093,000	454,178,000	2,532,116,000	1,005,472,000	1,088,524,000	1,278,684,000	714,115,000	703,658,000	1,023,510,000	769,077,000	805,187,000	851,853,000	1,159,315,000	810,524,000	688,000,000	712,169,000
other gain	4,053,000	59,421,000	6,493,000	9,063,000	-519,000	7,809,000	47,927,000	8,810,000	-5,894,000	-4,426,000	254,827,000	-11,537,000	-142,745,000	-42,557,250	25,908,000			-7,933,500	4,657,000	-27,041,000						-10,165,000	-44,562,000	-89,506,000	-49,077,000	-82,025,000	29,677,000	28,798,000	75,256,000	-18,523,000	-8,822,000	-23,850,000	25,381,000
income from continuing operations before income taxes	7,511,000	32,851,000	-12,939,000	-26,577,000	-10,369,000	5,792,000	47,780,000	130,643,000	-15,400,000	406,745,000	281,237,000	-45,269,000	-277,084,000
income tax benefit	8,000	-4,875,000	221,000	-753,000	-301,000	-818,000	-887,000	7,000	-1,246,000	4,162,000	143,000	-3,269,000	-1,042,000	-31,239,000	7,841,000	2,518,000	7,413,000	-8,870,000	10,973,000	75,239,000	25,825,000	13,285,000	9,922,000			-252,000	-9,968,000	-2,585,000	-1,111,000	24,622,000	1,767,000	584,000	32,808,000	91,409,000	10,613,000	86,000
income from continuing operations	7,519,000	27,976,000	-12,718,000	-27,330,000	-10,670,000	4,974,000	46,893,000	130,650,000	-16,646,000	410,907,000	281,380,000	-48,538,000	-278,126,000			-53,310,000				3,823,000										-413,082,000	-13,946,000	-41,629,000	-26,416,000
income from discontinued operations	-5,503,000	-1,702,000	-86,000	1,646,000	-4,185,000	-5,462,000	1,439,000	-722,000	-14,120,000	-299,659,000	-2,603,000	-3,978,000	-14,218,000									-18,948,000	-177,014,000	-6,502,000	474,000	1,415,658,000	60,350,000	-504,000				-219,000	117,000	-486,000	1,481,000		12,560,000
net income	2,016,000	26,274,000	-12,804,000	-25,684,000	-14,855,000	-488,000	48,332,000	129,928,000	-30,766,000	111,248,000	278,777,000	-52,516,000	-292,344,000	-37,245,000	-120,987,000	-68,081,000	-343,684,000	-42,865,000	-51,364,000	-95,083,000	-627,599,000	-306,130,000	-361,230,000	-2,718,993,000	-404,057,000	931,728,000	-565,842,000	-484,646,000	-30,155,000	-413,082,000	-13,946,000	-41,848,000	-26,299,000	-294,584,000	72,589,000	105,192,000	52,190,000
yoy	-113.57%	-5484.02%	-126.49%	-119.77%	-51.72%	-100.44%	-82.66%	-347.41%	-89.48%	-398.69%	-330.42%	-22.86%	-14.94%	-13.11%	135.55%	-28.40%	-45.24%	-86.00%	-85.78%	-96.50%	55.32%	-132.86%	-36.16%	461.03%	1239.93%	-325.56%	3957.38%	1058.11%	14.66%	40.23%	-119.21%	-139.78%	-150.39%
qoq	-92.33%	-305.20%	-50.15%	72.90%	2944.06%	-101.01%	-62.80%	-522.31%	-127.66%	-60.09%	-630.84%	-82.04%	684.92%	-69.22%	77.71%	-80.19%	701.78%	-16.55%	-45.98%	-84.85%	105.01%	-15.25%	-86.71%	572.92%	-143.37%	-264.66%	16.75%	1507.18%	-92.70%	2862.01%	-66.67%	59.12%	-91.07%	-505.82%	-30.99%	101.56%
net income margin %	2.79%	54.85%	-335.36%	800.87%	-32.69%	-0.74%	63.49%	33.29%	-41.36%	-33.63%	58.43%	-12.36%	-116.86%	-12.37%	-40.79%	-23.52%	-133.49%	-16.75%	-20.37%	-40.09%	-198.79%	-90.35%	-114.07%	-730.19%	-79.62%	168.68%	-86.72%	-84.52%	-4.76%	-65.13%	-2.07%	-6.07%	-3.94%	-40.89%	9.19%	15.48%	8.60%
net income attributable to noncontrolling interests:
redeemable noncontrolling interests	1,126,000	999,000	1,796,000	1,397,000	-748,000	987,000	580,000	158,000	733,000	1,869,000	132,000	-2,441,000	6,943,000	5,211,000	-6,442,000	-14,327,000	-11,220,000	18,934,000	7,269,000	6,025,000	2,449,000	2,932,000	-2,158,000	390,000	-548,000	242,000	364,000	509,000	1,444,000	-5,750,000	865,000	1,873,000	-696,000	20,528,000	1,678,000	720,000	617,000
investment entities	-19,213,000	-41,320,000	-46,577,000	-59,785,000	-27,882,000	4,931,000	34,024,000	32,921,000	1,467,000	-13,515,000	-17,746,000	-39,667,000	-84,828,000	-36,283,000	-60,623,000	-29,102,000	-63,045,000	-57,433,000	-124,301,000	36,616,000	-355,862,000	-171,592,000	-149,154,000	-470,052,000	-21,749,000	938,616,000	15,170,000	-13,414,000	49,988,000	-11,910,000	32,382,000	27,420,000	20,102,000	42,231,000	36,906,000	23,800,000	27,059,000
operating company	138,000	1,539,000	563,000	1,082,000	-7,000	-1,355,000	-50,000	5,426,000	-3,338,000	7,627,000	19,918,000	-1,745,000	-16,662,000	-1,583,000	-4,834,000	-3,090,000	-22,862,000	-1,946,000	4,311,000	-14,980,000	-27,896,000	-15,411,000	-22,651,000	-225,057,000	-39,601,000	-2,867,000	-53,560,000	-29,989,000	-6,611,000	-25,345,000	-4,403,000	-5,728,000	-4,378,000	-21,605,000	97,000	2,330,000	-1,083,000
net income attributable to digitalbridge group, inc.	19,965,000	65,056,000	31,414,000	31,622,000	13,782,000	-5,051,000	13,778,000	91,423,000	-29,628,000	115,267,000	276,473,000	-8,663,000	-197,797,000	-79,301,750	-49,088,000			-76,919,250	61,357,000
preferred stock dividends	14,660,000	14,660,000	14,661,000	14,660,000	14,660,000	14,660,000	14,661,000	14,660,000	14,660,000	14,660,000	14,645,000	14,675,000	14,676,000	14,766,000	15,283,000	15,759,000	15,759,000	16,139,000	17,456,000	18,516,000	18,516,000	18,516,000	18,517,000	18,516,000	19,474,000	27,138,000	27,137,000	27,138,000	27,137,000	27,137,000	27,185,000	31,388,000	31,387,000	32,344,000	33,176,000	34,339,000	30,813,000
net income attributable to common stockholders	5,305,000	50,396,000	16,753,000	16,962,000	-878,000	-19,711,000	-883,000	76,763,000	-44,288,000	100,607,000	261,828,000	-22,411,000	-212,473,000	-90,727,500	-63,273,000			-91,257,500	41,036,000											-397,214,000	-69,975,000	-92,806,000		-368,082,000	1,650,000	38,555,000	-5,216,000
income per share—basic
income from continuing operations per common share—basic	0.06	0.29	0.09	0.09	0.01	-0.07	-0.02	0.44	-0.2	0.84	1.61	-0.12	-1.25
net income attributable to common stockholders per common share—basic	0.03	0.28	0.09	0.1	-0.01	-0.11	-0.01	0.44	-0.28	0.61	1.6	-0.14	-1.34	-0.593	-0.39			-0.19	0.08
income per share—diluted
income from continuing operations per common share—diluted	0.06	0.29	0.09	0.09	0.01	-0.07	-0.02	0.44	-0.2	0.82	1.49	-0.12	-1.25
net income attributable to common stockholders per common share—diluted	0.03	0.28	0.09	0.1	-0.01	-0.11	-0.01	0.44	-0.28	0.61	1.48	-0.14	-1.34	-0.593	-0.39			-0.19	0.08
weighted-average number of shares
basic	179,333	175,456	178,183	173,059	171,680	168,437	171,542	170,358	161,043	159,868	160,564	158,089	158,446	154,495	162,398	615,932	569,940	491,456	485,833	479,643	474,899	473,558	471,739	471,253	479,106	479,588	479,776	479,228	478,874	496,993	484,754	488,676	530,680	532,600	542,855	544,023	506,405
diluted	180,241	175,733	178,506	173,093	171,930	168,818	171,542	172,066	161,043	169,720	173,862	158,089	158,446	154,495	162,398	615,932	569,940	491,456	485,833	479,643	474,899	473,558	471,739	471,253	479,106	479,588	479,776	479,228	478,874	496,993	484,754	488,676	530,680	532,600	542,855	544,023	506,405
dividends declared per common share	0.01	0.008	0.01	0.01	0.01	0.008	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.003	0.01							0.028			0.11	0.083	0.11	0.11	0.11	0.083	0.11	0.11	0.11	0.203	0.27	0.27
preferred stock repurchases
fee income										47,527,000	65,240,000	65,742,000	59,126,000	44,255,000	41,263,000	44,318,000	42,837,000	56,000,000	50,226,000	45,157,000	33,679,000	46,791,000	43,919,000	43,540,000	43,505,000	45,600,000	111,854,000	35,433,000	33,500,000	40,000,000	35,055,000	39,924,000	36,842,000	53,527,000	59,693,000	54,319,000	53,250,000
property operating income										169,934,500	214,058,000	234,753,000	230,927,000	246,408,000	244,336,000	234,251,000	202,511,000	189,909,000	194,854,000	188,985,000	275,216,000	269,503,000	246,122,000	293,816,000	425,416,000	446,568,000	462,155,000	488,788,000	540,130,000	534,391,000	567,981,000	590,638,000	554,730,000	572,787,000	613,665,000	500,531,000	426,854,000
property operating expense										72,459,500	94,481,000	98,231,000	97,126,000	102,165,000	105,987,000	97,290,000	84,003,000	78,950,000	80,226,000	77,140,000	132,264,000	114,163,000	108,393,000	193,643,000	263,633,000	266,576,000	274,351,000	279,240,000	293,079,000	299,420,000	307,795,000	320,674,000	305,770,000	311,437,000	332,006,000	253,717,000	216,349,000
investment expense										4,183,000	5,728,000	5,253,000	5,751,000	7,625,000	9,510,000	7,187,000	9,565,000	8,230,000	7,263,000	5,871,000
placement fees										917,000	15,000	3,653,000														1,429,000	64,000		309,000	1,372,000	5,184,000
administrative expenses										19,086,500	24,077,000	25,763,000	26,506,000	39,037,000	29,909,000	26,353,000	27,885,000	34,256,000	28,933,000	28,505,000	18,957,000	34,964,000	23,500,000	20,405,000	32,758,000	25,812,000	22,013,000	20,146,000	24,014,000	24,362,000	23,278,000	25,790,000	24,863,000	30,895,000	26,502,000	30,145,000	25,914,000
preferred stock repurchases/redemptions												-927,000			-1,098,000
compensation expense (reversal)—incentive fee and carried interest													-36,831,000				-20,352,000
interest income														7,717,000	8,725,000	8,499,000	5,166,000	3,532,000	3,086,000	1,319,000	2,676,000	10,411,000	14,816,000	22,376,000	32,868,000	45,409,000	40,237,000	35,055,000	46,250,000	47,340,000	59,990,000	44,183,000	63,854,000	83,339,000	106,479,000	111,263,000	115,544,000
compensation expense—incentive fee and carried interest														92,738,000	80,831,000	49,069,000		25,921,000	31,736,000	8,266,000
equity method earnings														25,160,000	-52,382,000	27,427,000	19,207,000	85,219,000	6,987,000	51,481,000		-136,009,000	-62,998,000		115,702,000	38,064,000	46,777,000	-259,288,000	34,065,000
equity method earnings—carried interest														176,944,000	121,698,000	110,779,000		29,878,000	58,382,000	11,169,000		6,627,000	6,082,000	-2,324,000	-18,411,000	5,424,000	-474,000	1,836,000	4,422,000
loss from continuing operations before income taxes														-5,860,000	-102,439,000	-55,828,000	-243,699,000	-24,502,000	-51,908,000	-71,416,000	-216,002,000	-300,467,000	-194,138,000	-2,704,771,000	-396,207,000	-483,678,000	-616,224,000	-481,557,000
loss from continuing operations														-37,099,000	-94,598,000		-236,286,000	-33,372,000	-40,935,000		-190,177,000	-287,182,000	-184,216,000	-2,712,491,000	-404,531,000	-483,930,000	-626,192,000	-484,142,000	-30,155,000
loss from discontinued operations														-146,000	-26,389,000	-14,771,000	-107,398,000	-147,648,750	-10,429,000	-98,906,000	-437,422,000
loss from continuing operations per common share—basic														-0.19	-0.3	-0.04	-0.3		-0.06	-0.02	-0.3
loss from continuing operations per common share—diluted														-0.19	-0.3	-0.04	-0.3		-0.06	-0.02	-0.3
other loss																-46,256,000	-149,881,000				-8,714,000	-49,830,000	-12,979,000	-173,030,000	-3,471,000
net loss attributable to digitalbridge group, inc.																-21,562,000	-246,557,000			-122,744,000
net loss attributable to common stockholders																-37,321,000	-262,316,000			-141,260,000	-264,806,000	-140,575,000	-205,784,000	-2,042,790,000	-361,633,000	-26,251,000	-554,953,000	-468,890,000	-102,113,000				-72,714,000
loss per share—basic
net loss attributable to common stockholders per common share—basic																-0.06	-0.46			-0.29	-0.56
loss per share—diluted
net loss attributable to common stockholders per common share—diluted																-0.06	-0.46			-0.29	-0.56
equity method losses—carried interest																	-31,079,000				-222,000
impairment loss																					15,232,000	29,089,000	36,169,000	2,001,557,000	387,268,000	471,227,000	564,899,000	84,695,000	25,622,000	288,494,000	76,497,000	69,834,000	153,398,000	375,007,000	24,073,000	12,761,000	8,519,000
settlement loss																									5,090,000
preferred stock redemption																		2,127,000	2,865,000													-3,995,000			-918,000	5,448,000
investment and servicing expense																					8,108,000	14,632,000	30,532,000	11,394,000	12,178,000	26,696,000	13,096,000	20,017,000	18,979,000	11,699,000	11,117,000
compensation expense—carried interest and incentive fee																					-33,000	994,000	912,000	-1,162,000	-9,181,000	3,300,000	10,846,000
equity method losses																					-18,686,000			-372,535,000
net loss attributable to colony capital, inc.																					-246,290,000	-122,059,000	-187,267,000	-2,024,274,000	-342,159,000	-4,263,000	-527,816,000	-441,752,000	-74,976,000
transaction costs																						2,160,000	3,310,000	75,000	421,000	685,000	100,000	318,000	2,504,000	3,681,000	228,000	2,641,000	716,000	1,443,000	4,636,000	2,440,000	87,340,000
provision for loan loss																										33,000	17,233,000	15,003,000	3,611,000	6,783,250	7,825,000		5,375,000	3,226,750	5,116,000	1,067,000	6,724,000
gain on sale of real estate																						1,928,000	13,258,000	2,868,000	7,932,000	19,162,000	8,224,000	6,077,000	52,301,000	70,965,000	35,120,000	42,702,000	18,444,000	40,669,000	72,541,000
basic loss per share
loss from continuing operations per basic common share																						-0.838	-0.22	-4.33	-0.76	-0.95	-1.22	-0.98	-0.21				-0.14
net loss per basic common share																						-1.378	-0.44	-4.33	-0.76	-0.06	-1.16	-0.98	-0.21				-0.14
diluted loss per share
loss from continuing operations per diluted common share																						-0.838	-0.22	-4.33	-0.76	-0.95	-1.22	-0.98	-0.21				-0.14
net loss per diluted common share																						-1.378	-0.44	-4.33	-0.76	-0.06	-1.16	-0.98	-0.21				-0.14
income tax expense																								-7,720,000	-8,324,000												-3,709,000
compensation expense—carried interest																												1,146,000
compensation expense																														37,842,250	46,726,000	55,159,000	49,484,000	89,286,000	85,022,000	80,759,000	91,818,000
cash and equity-based compensation																													34,176,000
carried interest and incentive compensation																													1,051,000
income before income taxes																													-29,044,000	-437,704,000	-15,713,000	-42,213,000	-59,224,000	-385,507,000	60,495,000	105,106,000	43,339,000
earnings from investments in unconsolidated ventures																														11,984,500	13,798,000	1,875,000	32,265,000	31,318,000	17,447,000	122,394,000	113,992,000
net income attributable to colony capital, inc.																														-370,077,000	-42,790,000	-65,413,000
basic earnings per share
income from continuing operations per basic common share																														-0.81	-0.15	-0.19
net income per basic common share																														-0.81	-0.15	-0.19		-0.69		0.07	-0.01
diluted earnings per share
income from continuing operations per diluted common share																														-0.81	-0.15	-0.19
net income per diluted common share																														-0.81	-0.15	-0.19		-0.69		0.07	-0.01
investment, servicing and commission expense																																25,951,000	18,653,000	23,629,000	18,421,000	13,740,000	11,807,000
benefit from loan loss																																13,933,000
net income attributable to colony northstar, inc.																																	-41,327,000	-335,738,000	33,908,000	78,342,000	25,597,000
net income from continuing operations																																		53,982,500	71,108,000	105,192,000	39,630,000
net income from continuing operations per basic common share																																		0.008		0.07	-0.03
net income from continuing operations per diluted common share																																		0.008		0.07	-0.03
gain on sale of real estate assets																																				15,190,000	8,970,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31

assets
cash and cash equivalents	382,508,000	382,508,000	302,154,000	302,154,000	302,154,000	302,154,000	345,335,000	345,335,000	345,335,000	345,335,000	434,044,000	426,883,000	668,524,000	918,254,000	1,602,102,000	1,602,102,000	1,602,102,000	1,602,102,000	1,277,733,000	1,006,195,000	788,361,000	703,544,000	658,446,000	1,099,467,000	1,361,769,000	1,205,190,000	455,330,000	353,984,000	321,199,000	461,912,000	416,795,000	480,230,000	484,827,000	921,822,000	877,928,000	599,920,000	633,210,000
restricted cash	12,982,000	12,982,000	4,144,000	4,144,000	4,144,000	4,144,000	4,915,000	4,915,000	4,915,000	4,915,000	104,626,000	154,687,000	155,690,000	118,485,000	99,121,000	99,121,000	99,121,000	99,121,000	87,551,000	91,144,000	125,959,000	161,919,000	167,109,000	145,229,000	166,568,000	203,923,000	257,435,000	336,491,000	326,635,000	366,758,000	413,803,000	398,981,000	453,366,000	471,078,000	394,052,000	300,680,000	316,288,000	22,477,000
investments	2,266,403,000	2,266,403,000	2,492,268,000	2,492,268,000	2,492,268,000	2,492,268,000	2,476,093,000	2,476,093,000	2,476,093,000	2,476,093,000	1,879,981,000	1,288,877,000	1,226,952,000
goodwill	465,602,000	465,602,000	465,602,000	465,602,000	465,602,000	465,602,000	465,991,000	465,991,000	465,991,000	465,991,000	466,092,000	923,112,000	907,937,000	761,368,000	761,368,000	761,368,000	761,368,000	761,368,000	761,368,000	761,368,000	761,368,000	842,929,000	851,757,000	851,757,000	1,373,891,000	1,452,891,000	1,374,809,000	1,514,561,000	1,534,561,000	1,534,561,000	1,534,561,000	1,534,561,000	1,534,561,000	1,534,561,000	1,828,816,000	1,808,393,000	1,717,365,000	243,328,000
intangible assets	48,395,000	48,395,000	72,460,000	72,460,000	72,460,000	72,460,000	103,750,000	103,750,000	103,750,000	103,750,000																												201,631,000
other assets	138,914,000	138,914,000	52,504,000	52,504,000	52,504,000	52,059,000	78,953,000	78,953,000	78,953,000	78,953,000	165,340,000	607,554,000	642,451,000	654,050,000	740,395,000	740,395,000	740,395,000	740,395,000	739,603,000	736,624,000	834,318,000	1,017,119,000	534,734,000	527,309,000	640,220,000	682,648,000	516,964,000	621,673,000	757,752,000	503,317,000	483,519,000	431,222,000	441,839,000	444,968,000	470,600,000	459,702,000	420,143,000	80,056,000
due from affiliates	104,378,000	104,378,000	124,186,000	124,186,000	124,186,000	124,186,000	85,815,000	85,815,000	85,815,000	85,815,000	69,695,000	71,149,000	67,285,000	45,360,000	49,230,000	49,230,000	49,230,000	49,230,000	45,527,000	39,613,000	62,257,000	83,544,000	78,801,000	77,897,000	48,503,000	51,480,000	53,148,000	44,407,000	45,186,000	45,779,000	41,849,000	44,308,000	43,582,000	51,518,000	91,239,000	63,777,000	50,749,000
total assets	3,419,182,000	3,419,182,000	3,513,318,000	3,513,318,000	3,513,318,000	3,513,318,000	3,562,550,000	3,562,550,000	3,562,550,000	3,562,550,000	6,872,091,000	10,757,065,000	10,743,429,000	11,028,503,000	14,197,816,000	14,197,816,000	14,197,816,000	14,197,816,000	15,442,981,000	15,921,346,000	16,625,250,000	20,200,560,000	19,043,050,000	16,183,534,000	19,160,062,000	19,832,184,000	22,123,994,000	22,658,538,000	23,221,033,000	22,215,249,000	22,305,280,000	22,819,717,000	23,564,492,000	24,785,650,000	25,990,764,000	25,288,332,000	24,909,731,000	850,627,000
liabilities
debt	298,804,000	298,804,000	296,362,000	296,362,000	296,362,000	296,362,000	371,783,000	371,783,000	371,783,000	371,783,000				5,156,140,000	4,860,402,000	4,860,402,000	4,860,402,000	4,860,402,000	4,571,210,000	3,877,664,000	6,877,291,000	7,789,738,000	7,085,994,000	9,211,114,000	9,453,338,000	8,983,908,000	8,666,108,000	8,739,667,000	10,712,788,000	10,039,957,000	9,867,976,000	9,994,115,000	10,495,429,000	10,827,810,000	10,791,975,000	10,418,978,000	10,249,548,000
other liabilities	670,155,000	670,155,000	725,766,000	725,766,000	725,766,000	725,507,000	681,451,000	681,451,000	681,451,000	681,451,000	668,572,000	1,158,427,000	1,133,568,000																									30,847,000
total liabilities	968,959,000	968,959,000	1,022,128,000	1,022,128,000	1,022,128,000	1,022,128,000	1,053,387,000	1,053,387,000	1,053,387,000	1,053,387,000	3,846,753,000	6,596,134,000	6,484,204,000	6,458,440,000	8,926,203,000	8,926,203,000	8,926,203,000	8,926,203,000	9,406,541,000	9,515,805,000	9,958,991,000	12,910,692,000	11,913,745,000	10,449,899,000	10,765,184,000	10,899,662,000	12,142,558,000	12,113,495,000	11,998,129,000	11,059,494,000	10,813,377,000	11,399,991,000	11,852,406,000	12,402,114,000	12,888,731,000	12,035,182,000	11,734,715,000	590,437,000
commitments and contingencies
redeemable noncontrolling interests	33,226,000	33,226,000	24,356,000	24,356,000	24,356,000	24,356,000	17,862,000	17,862,000	17,862,000	17,862,000	27,178,000	31,920,000	107,413,000	100,574,000	359,223,000	359,223,000	359,223,000	359,223,000	348,170,000	346,511,000	315,922,000	305,278,000	287,231,000	29,066,000	3,162,000	6,107,000	5,987,000	7,945,000	7,463,000	9,385,000	34,389,000	33,523,000	31,648,000	34,144,000	108,990,000	79,504,000	79,472,000
equity
stockholders’ equity:
preferred stock, 0.01 par value per share...	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	794,670,000	800,303,000	800,355,000	854,232,000	854,232,000	854,232,000	854,232,000	916,105,000	999,490,000	999,490,000	999,490,000	999,490,000	999,490,000	999,490,000	999,490,000	1,407,495,000	1,407,495,000	1,407,495,000	1,407,495,000	1,407,495,000	1,407,495,000	1,606,966,000	1,606,966,000	1,606,996,000	1,624,444,000	1,604,651,000
common stock, 0.01 par value per share...
class a, 237,250 shares authorized; 182,368 and 182,643 shares issued and outstanding	1,826,000
class b, 250 shares authorized; 0 and 0 shares issued and outstanding
additional paid-in capital	8,066,683,000	8,066,683,000	7,999,165,000	7,999,165,000	7,999,165,000	7,999,165,000	7,855,842,000	7,855,842,000	7,855,842,000	7,855,842,000	7,835,826,000	7,846,440,000	7,823,722,000	7,818,068,000	7,820,807,000	7,820,807,000	7,820,807,000	7,820,807,000	7,625,552,000	7,622,382,000	7,576,873,000	7,570,473,000	7,559,551,000	7,540,197,000	7,532,213,000	7,553,599,000	7,538,356,000	7,621,655,000	7,610,947,000	7,598,019,000	7,618,518,000	7,616,918,000	7,634,952,000	7,913,622,000	7,947,994,000	7,958,872,000	7,994,460,000	250,997,000
accumulated deficit	-6,761,498,000	-6,761,498,000	-6,837,502,000	-6,837,502,000	-6,837,502,000	-6,837,502,000	-6,842,502,000	-6,842,502,000	-6,842,502,000	-6,842,502,000	-6,941,470,000	-7,201,651,000	-7,176,706,000	-6,962,613,000	-6,576,180,000	-6,576,180,000	-6,576,180,000	-6,576,180,000	-6,557,621,000	-6,601,522,000	-6,460,262,000	-6,195,456,000	-6,054,881,000	-5,849,098,000	-3,806,308,000	-3,389,592,000
accumulated other comprehensive income	5,616,000	5,616,000	505,000	505,000	505,000	505,000	1,411,000	1,411,000	1,411,000	1,411,000	113,000	1,122,000	-1,478,000	-1,509,000	42,383,000	42,383,000	42,383,000	42,383,000	66,880,000	83,675,000	101,056,000	122,123,000	76,610,000	44,367,000	16,222,000	47,668,000	20,888,000	26,967,000	22,138,000	13,999,000	17,732,000	23,930,000	49,037,000	47,316,000	25,831,000	6,884,000		-280,000
total stockholders’ equity	2,107,297,000	2,107,297,000	1,958,582,000	1,958,582,000	1,958,582,000	1,958,582,000	1,811,055,000	1,811,055,000	1,811,055,000	1,811,055,000	1,690,773,000	1,442,207,000	1,452,321,000	1,660,698,000	2,146,934,000	2,146,934,000	2,146,934,000	2,146,934,000	2,055,857,000	2,108,952,000	2,222,035,000	2,501,471,000	2,585,594,000	2,739,777,000	4,746,426,000	5,216,043,000	5,663,731,000	6,361,718,000	6,868,705,000	7,006,052,000	7,480,994,000	7,609,531,000	8,000,973,000	8,407,925,000	8,936,172,000	9,090,165,000	9,179,874,000
noncontrolling interests in investment entities	268,977,000	268,977,000	430,528,000	430,528,000	430,528,000	430,528,000	605,311,000	605,311,000	605,311,000	605,311,000	1,241,556,000	2,639,606,000	2,650,893,000	2,743,896,000	2,653,173,000	2,653,173,000	2,653,173,000	2,653,173,000	3,515,888,000	3,836,609,000	4,003,905,000	4,327,372,000	4,085,739,000	2,776,604,000	3,233,910,000	3,254,188,000	3,855,334,000	3,861,047,000	3,996,206,000	3,779,728,000	3,590,546,000	3,393,981,000	3,267,834,000	3,539,072,000	3,627,353,000	3,643,836,000	3,450,385,000
noncontrolling interests in operating company	40,723,000	40,723,000	77,724,000	77,724,000	77,724,000	77,724,000	74,935,000	74,935,000	74,935,000	74,935,000	65,831,000	47,198,000	48,598,000	64,895,000	112,283,000	112,283,000	112,283,000	112,283,000	116,525,000	113,469,000	124,397,000	155,747,000	170,741,000	188,188,000	411,380,000	456,184,000	456,384,000	314,333,000	350,530,000	360,590,000	385,974,000	382,691,000	411,631,000	402,395,000	429,518,000	439,645,000	465,285,000
total equity	2,416,997,000	2,416,997,000	2,466,834,000	2,466,834,000	2,466,834,000	2,466,834,000	2,491,301,000	2,491,301,000	2,491,301,000	2,491,301,000	2,998,160,000	4,129,011,000	4,151,812,000	4,469,489,000	4,912,390,000	4,912,390,000	4,912,390,000	4,912,390,000	5,688,270,000	6,059,030,000	6,350,337,000	6,984,590,000	6,842,074,000	5,704,569,000	8,391,716,000	8,926,415,000	9,975,449,000	10,537,098,000	11,215,441,000	11,146,370,000	11,457,514,000	11,386,203,000	11,680,438,000	12,349,392,000	12,993,043,000	13,173,646,000	13,095,544,000	185,665,000
total liabilities, redeemable noncontrolling interests and equity	3,419,182,000	3,419,182,000	3,513,318,000	3,513,318,000	3,513,318,000	3,513,318,000	3,562,550,000	3,562,550,000	3,562,550,000	3,562,550,000	6,872,091,000	10,757,065,000	10,743,429,000	11,028,503,000	14,197,816,000	14,197,816,000	14,197,816,000	14,197,816,000	15,442,981,000	15,921,346,000	16,625,250,000	20,200,560,000	19,043,050,000	16,183,534,000	19,160,062,000	19,832,184,000	22,123,994,000	22,658,538,000	23,221,033,000	22,215,249,000	22,305,280,000	22,819,717,000	23,564,492,000	24,785,650,000	25,990,764,000	25,288,332,000	24,909,731,000
class a, 237,250 shares authorized; 182,643 and 174,202 shares issued and outstanding		1,826,000
class b, 250 shares authorized; 0 and 150 shares issued and outstanding			2,000	2,000
class a, 237,250 shares authorized; 182,615 and 174,202 shares issued and outstanding			1,742,000
class a, 237,250 shares authorized; 180,887 and 174,202 shares issued and outstanding				1,742,000
class a, 237,250 shares authorized; 176,094 and 174,202 shares issued and outstanding					1,742,000
class b, 250 shares authorized; 150 shares issued and outstanding					2,000
assets of discontinued operations						445,000	1,698,000	1,698,000	1,698,000	1,698,000
liabilities of discontinued operations						259,000	153,000	153,000	153,000	153,000
class a, 237,250 shares authorized; 174,202 and 163,209 shares issued and outstanding						1,742,000
class b, 250 shares authorized; 150 and 166 shares issued and outstanding						2,000
class a, 237,250 shares authorized; 174,015 and 163,209 shares issued and outstanding							1,632,000
class b, 250 shares authorized; 166 shares issued and outstanding							2,000	2,000	2,000	2,000	2,000	2,000
class a, 237,250 shares authorized; 173,600 and 163,209 shares issued and outstanding								1,632,000
class a, 237,250 shares authorized; 166,052 and 163,209 shares issued and outstanding									1,632,000
common stock
class a, 237,250 shares authorized; 163,209 and 159,763 shares issued and outstanding										1,632,000
real estate											3,050,577,000	6,178,467,000	5,964,807,000	5,921,298,000	4,972,284,000	4,972,284,000	4,972,284,000	4,972,284,000	4,914,813,000	4,491,287,000	7,702,711,000	8,727,920,000	7,860,474,000	8,987,902,000	10,458,057,000	10,860,518,000	9,722,420,000	10,348,430,000	14,536,041,000	13,619,014,000	13,958,524,000	14,254,108,000	14,100,874,000	14,464,258,000	14,354,541,000	13,884,204,000
deferred leasing costs and intangible assets											697,754,000	1,052,822,000	1,098,520,000	1,092,167,000	1,187,627,000	1,187,627,000	1,187,627,000	1,187,627,000	1,241,042,000	1,230,625,000	1,392,528,000	1,524,968,000	1,275,039,000	565,221,000	595,250,000	638,853,000	438,365,000	372,351,000	546,903,000	540,264,000	563,712,000	610,853,000	691,896,000	852,872,000	932,498,000	1,035,767,000	1,019,204,000
assets held for disposition											3,982,000	53,514,000	11,263,000	57,526,000	3,676,615,000	3,676,615,000	3,676,615,000	3,676,615,000	5,470,027,000	6,691,392,000	4,094,657,000	4,105,801,000	4,379,558,000
corporate debt											371,121,000	370,461,000	569,771,000
non-recourse investment-level debt											2,786,052,000	5,025,845,000	4,752,050,000
intangible liabilities											20,833,000	28,447,000	28,441,000	29,824,000	33,301,000	33,301,000	33,301,000	33,301,000	34,759,000	36,325,000	89,915,000	94,196,000	109,616,000	87,195,000	102,077,000	111,484,000	95,502,000	100,730,000	141,744,000	159,386,000	167,270,000	173,702,000	187,864,000	191,109,000	206,484,000	221,853,000	228,623,000
liabilities related to assets held for disposition											175,000	12,954,000	374,000	380,000	3,088,699,000	3,088,699,000	3,088,699,000	3,088,699,000	3,831,563,000	4,728,558,000	1,936,643,000	3,697,541,000	3,908,474,000
class a, 237,250 shares authorized; 163,264 and 159,763 shares issued and outstanding											1,632,000
class a, 237,250 shares authorized; 162,475 and 159,763 shares issued and outstanding												1,624,000
class a, 949,000 shares authorized; 161,834 and 159,763 shares issued and outstanding													6,473,000
class b, 1,000 shares authorized; 166 shares issued and outstanding													7,000	7,000	7,000
equity and debt investments														1,322,050,000	935,153,000						777,819,000	1,737,479,000	1,911,988,000	1,825,448,000	2,177,961,000	2,313,805,000	2,291,121,000	2,373,690,000	2,769,616,000
loans receivable														137,945,000	173,921,000	173,921,000	173,921,000	173,921,000	112,252,000	52,791,000	85,272,000	1,295,337,000	1,325,144,000	1,398,087,000	1,588,427,000	1,552,824,000	1,454,199,000	1,487,611,000	1,596,673,000	1,659,217,000	1,784,491,000	1,791,889,000	1,972,179,000	3,223,762,000	3,455,902,000	4,009,089,000	4,039,995,000
accrued and other liabilities														1,272,096,000	928,042,000	928,042,000	928,042,000	928,042,000	951,882,000	854,339,000	1,036,218,000	1,310,100,000	789,866,000	869,947,000	837,281,000	1,015,898,000	923,432,000	1,020,709,000	1,037,166,000	707,921,000	642,902,000	679,658,000	791,439,000	898,161,000	1,019,816,000	968,868,000	964,027,000
class a, 949,000 shares authorized; 159,763 and 142,144 shares issued and outstanding														6,390,000
dividends and distributions payable															15,759,000	15,759,000	15,759,000	15,759,000	16,899,000	18,516,000	18,516,000	18,516,000	18,516,000	18,516,000	77,228,000	83,301,000	86,588,000	84,221,000	83,996,000	84,013,000	84,604,000	86,656,000	90,791,000	188,202,000	187,145,000	186,990,000
class a, 949,000 shares authorized; 162,975 and 142,144 shares issued and outstanding															5,685,000
equity investments																935,153,000	935,153,000	935,153,000	793,065,000	820,307,000										2,446,336,000
class a, 949,000 shares authorized; 655,750 and 568,577 shares issued and outstanding																5,685,000
class b, 1,000 shares authorized; 666 shares issued and outstanding																7,000	7,000
class a, 949,000 shares authorized; 597,480 and 568,577 shares issued and outstanding																	5,685,000
class a, 949,000 shares authorized; 568,577 and 483,406 shares issued and outstanding																		5,685,000
class b, 1,000 shares authorized; 666 and 734 shares issued and outstanding																		7,000	7,000
due to affiliates																			228,000	403,000	408,000	601,000	1,279,000	1,336,000	34,301,000	34,064,000	36,285,000					9,383,000	13,105,000	23,534,000	32,384,000	34,945,000	39,878,000
class a, 949,000 shares authorized; 493,456 and 483,406 shares issued and outstanding																			4,934,000
class a, 949,000 shares authorized; 491,922 and 483,406 shares issued and outstanding, respectively																				4,920,000
class b, 1,000 shares authorized; 734 shares issued and outstanding																				7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000
class a, 949,000 shares authorized; 487,103 and 483,406 shares issued and outstanding, respectively																					4,871,000
preferred stock redemptions payable																										402,855,000						200,000,000			322,118,000
class a, 949,000 shares authorized; 483,406 and 487,044 shares issued and outstanding, respectively																						4,834,000
class a, 949,000 shares authorized; 481,662 and 487,044 shares issued and outstanding, respectively																							4,817,000
assets held for sale																								705,217,000	749,416,000	870,052,000	5,560,203,000	5,205,340,000	786,467,000	941,258,000	638,151,000	637,802,000	1,002,838,000	781,630,000	1,603,933,000	1,190,122,000	1,276,695,000
liabilities related to assets held for sale																								261,791,000	260,959,000	268,152,000	2,334,643,000	2,168,168,000	22,435,000	68,217,000	50,625,000	256,477,000	273,778,000	273,298,000	328,809,000	203,548,000	77,141,000
class a, 949,000 shares authorized; 481,391 and 487,044 shares issued and outstanding, respectively																								4,814,000
class a, 949,000 shares authorized; 480,118 and 487,044 shares issued and outstanding, respectively																									4,802,000
class a, 949,000 shares authorized; 487,044 and 483,347 shares issued and outstanding, respectively																										4,871,000
class a, 949,000 shares authorized; 487,018 and 483,347 shares issued and outstanding, respectively																											4,871,000
distributions in excess of earnings																											-3,307,886,000	-2,699,276,000	-2,176,730,000	-2,018,302,000	-1,567,662,000	-1,443,717,000	-1,294,996,000	-1,165,412,000	-650,135,000	-505,554,000	-401,069,000
class a, 949,000 shares authorized; 487,013 and 483,347 shares issued and outstanding, respectively																												4,870,000
class a, 949,000 shares authorized; 484,775 and 483,347 shares issued and outstanding, respectively																													4,848,000
debt securities, at fair value																														96,833,000
class a, 949,000 shares authorized; 483,347 and 542,599 shares issued and outstanding, respectively																														4,834,000
class b, 1,000 shares authorized; 734 and 736 shares issued and outstanding, respectively																														7,000	7,000
investments in unconsolidated ventures																															2,330,847,000	2,491,342,000	2,549,630,000	1,655,239,000	1,572,592,000	1,526,807,000	1,561,640,000	55,836,000
securities, at fair value																															139,028,000	144,421,000	288,900,000	383,942,000	408,663,000			44,210,000
class a, 949,000 shares authorized; 490,319 and 542,599 shares issued and outstanding, respectively																															4,904,000
class a, 949,000 shares authorized; 489,764 and 542,599 shares issued and outstanding, respectively																																4,898,000
class b, 1,000 shares authorized; 708 and 736 shares issued and outstanding, respectively																																7,000
class a, 949,000 shares authorized; 500,643 and 542,599 shares issued and outstanding, respectively																																	5,007,000
class b, 1,000 shares authorized; 736 shares issued and outstanding																																	7,000
class a, 949,000 and 658,369 shares authorized, respectively; 542,599 and 166,440 shares issued and outstanding, respectively																																		5,426,000
class b, 1,000 shares authorized; 736 and 770 shares issued and outstanding, respectively																																		7,000
class a, 949,000 and 658,369 shares authorized, respectively; 547,844 and 166,440 shares issued and outstanding, respectively																																			5,479,000
class b, 1,000 shares authorized; 742 and 770 shares issued and outstanding, respectively																																			7,000	7,000
securities available for sale, at fair value																																				409,871,000	413,570,000
class a, 949,000 and 658,369 shares authorized, respectively; 551,190 and 166,440 shares issued and outstanding, respectively																																				5,512,000
real estate assets																																					13,460,872,000
dividends payable																																					175,498,000
class a, 949,000 and 658,369 shares authorized; 557,404 and 166,440 shares issued and outstanding																																					5,574,000
class b, 1,000 shares authorized; 770 and 770 shares issued and outstanding																																					8,000
accumulated other comprehensive loss																																					-23,750,000
cash																																						131,666,000
receivables																																						71,423,000
term loan																																						468,425,000
credit facility
accounts payable and accrued expenses																																						85,503,000
commission payable																																						5,662,000
redeemable non-controlling interests																																						74,525,000
northstar asset management group inc. stockholders’ equity
performance common stock, 0.01 par value...																																						52,000
preferred stock, 0.01 par value...
common stock, 0.01 par value...																																						1,884,000
retained earnings																																						-68,541,000
total northstar asset management group inc. stockholders’ equity																																						184,112,000
non-controlling interests																																						1,553,000
total liabilities and equity																																						850,627,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31

cash flows from operating activities
net income	2,016,000	26,274,000	-12,804,000	-25,684,000	-14,855,000	-488,000	48,332,000	129,928,000	-30,766,000	111,248,000	278,777,000	-52,516,000	-292,344,000																	-413,082,000	-13,946,000	-41,848,000	-26,299,000	-294,584,000	72,589,000	105,192,000	52,190,000
adjustments to reconcile net income to net cash from operating activities:
unrealized carried interest (allocation) reversal	18,119,000	55,714,000	63,582,000
unrealized principal investment loss	-21,122,000	-7,562,000	-24,681,000
equity-based compensation	6,944,000	7,532,000	8,827,000	10,704,000	7,155,000	-71,000	8,757,000	17,350,000	8,680,000	10,052,000	15,010,000	25,965,000	16,612,000	7,591,000	19,055,000	9,345,000	18,719,000	19,415,000	9,040,000	11,642,000	19,319,000	8,544,000	7,744,000	10,422,000	8,249,000	14,522,000	10,122,000	8,266,000	6,663,000	11,753,000	8,557,000	9,397,000	12,169,000	43,125,000	41,206,000	37,914,000	32,184,000
amortization of deferred financing costs	406,000
depreciation and amortization	5,320,000	6,510,000	7,130,000	8,585,000	7,226,000	8,215,000	8,227,000	8,097,000	9,167,000	66,415,000	128,000,000	149,562,000	141,574,000	147,398,000	145,594,000	155,352,000	130,906,000	138,042,000	138,095,000	170,113,000	190,305,000	138,819,000	166,425,000	135,547,000	137,491,000	119,376,000	171,347,000	154,742,000	150,797,000	144,495,000	145,310,000	137,896,000	144,705,000	164,554,000	162,694,000	153,111,000	137,420,000
deferred income tax expense	-866,000	987,000	-947,000	-866,000	-295,000	-1,552,000	-999,000	125,000	-734,000	799,000	-3,337,000	1,588,000	881,000										-11,179,000
other loss	4,100,000	-45,666,000	-5,129,000	-12,337,000	623,000	-1,080,000	-48,362,000	-7,176,000	19,267,000					-7,042,000	-34,748,000	46,703,000	17,332,000	-42,677,000	-99,665,000	-11,088,000	213,661,000		13,094,000	173,432,000	9,279,000	8,791,000	44,547,000	88,223,000	49,077,000					23,729,000	14,912,000
other adjustments	-847,000	175,000	301,000	-474,000	-287,000	-262,000	16,000	-229,000	32,000	-498,000	154,000	324,000	182,000	-503,000	269,000	223,000	-986,000	-2,589,000	-1,819,000	-2,500,000	-576,000	-7,365,000	-1,069,000	-1,767,000	-1,747,000	-3,215,000	-687,000	-2,173,000	-2,036,000	-1,794,000	-1,704,000	-3,163,000	4,082,000	-1,179,000	5,019,000	332,000	-78,000
decrease in other assets and due from affiliates	-8,868,000	-11,524,000	1,159,000	11,263,000	11,997,000	-23,893,000	13,804,000	-6,453,000	1,940,000	-10,282,000	-19,851,000	-411,000	23,486,000	25,793,000	-2,932,000	16,697,000	-4,186,000	19,523,000	-34,902,000	-25,600,000	-31,721,000												-18,742,000
increase in other liabilities and due to affiliates	-45,152,000	42,713,000	18,655,000	27,482,000	-25,547,000	-134,605,000	-2,893,000	176,239,000	-43,269,000
net cash generated by (used in) operating activities	-39,950,000	75,559,000	56,499,000	76,973,000	50,298,000	28,704,000	35,901,000
cash flows from investing activities
contributions to and acquisition of equity investments	-72,350,000	-121,787,000	-84,340,000	-163,237,000	-26,529,000	-53,860,000	-41,483,000	-15,718,000	-59,129,000	-114,406,000	-64,480,000	-264,705,000	-140,998,000	-124,996,000	-146,513,000	-83,486,000	-215,040,000	-138,028,000	-114,595,000	-179,222,000	-117,776,000	-141,457,000	-129,166,000	-33,088,000	-126,837,000	-25,200,000	-105,637,000	-15,185,000	-101,335,000
return of capital from equity and debt investments	27,784,000	38,907,000	9,091,000	38,984,000	29,658,000	22,407,000
proceeds from sale of equity investments	146,093,000	55,549,000	46,577,000	38,895,000	14,651,000	27,363,000	46,995,000	8,569,000	23,471,000	58,996,000	41,478,000	286,955,000	308,254,000	38,504,000	244,270,000	45,039,000	194,524,000	250,430,000	152,373,000	70,713,000	90,509,000	32,978,000	13,413,000	10,430,000	231,078,000	12,999,000	124,495,000	8,658,000	19,505,000
purchase of fixed assets	-146,000	-59,000	-363,000	-622,000	-306,000	-283,000	0	-250,000	-3,055,000
net cash generated by (used in) investing activities	101,381,000	-28,485,000	-29,005,000	-85,980,000	17,474,000	-4,373,000	10,380,000
cash flows from financing activities
dividends paid to preferred stockholders	-14,660,000	-14,660,000	-14,661,000	-14,660,000	-14,660,000	-14,660,000	-14,661,000	-14,660,000	-14,660,000	-14,660,000	-14,660,000	-14,675,000	-14,766,000	-14,766,000	-16,111,000	-15,758,000	-15,760,000	-17,279,000	-19,073,000	-18,516,000	-18,516,000	-18,516,000	-18,516,000	-18,516,000	-23,785,000	-27,137,000	-27,137,000	-27,137,000	-27,137,000	-27,137,000	-29,357,000	-31,387,000	-32,821,000	-30,228,000	-29,034,000	-37,769,000	-33,151,000
dividends paid to common stockholders	-1,827,000	-1,825,000	-1,811,000	-1,766,000	-1,744,000	-1,738,000	-1,737,000	-1,662,000	-1,634,000	-1,639,000	-1,624,000	-1,615,000	-1,599,000									0	0	-52,853,000	-53,657,000	-53,659,000	-53,654,000	-53,410,000	-53,426,000	-54,015,000	-53,952,000	-55,852,000	-146,700,000	-148,260,000	-149,022,000	-134,150,000	-50,724,000
shares canceled for tax withholdings on vested equity awards	-11,861,000	-411,000	-776,000	-400,000	-5,037,000	-395,000	-929,000	-213,000	-8,303,000	-504,000	-7,959,000	-5,354,000	-4,863,000	-227,000	-1,535,000	-5,067,000	-11,410,000	-790,000	-1,673,000
contributions from noncontrolling interests	821,000	7,603,000	10,332,000	14,228,000	4,197,000	3,887,000	4,792,000	10,700,000	9,609,000	20,950,000	26,907,000	38,540,000	29,684,000	552,712,000	1,503,954,000	215,790,000	353,156,000	29,085,000	24,292,000	54,915,000	123,852,000	552,384,000	1,127,687,000	139,096,000	87,083,000	21,641,000	110,129,000	199,903,000	247,033,000	312,065,000	302,442,000	297,111,000	108,270,000	86,313,000	185,311,000	225,021,000	676,787,000
distributions to and redemption of noncontrolling interests	-11,100,000	-6,354,000	-652,000	-591,000	-4,631,000	-129,000
net cash generated by (used in) financing activities	-38,627,000	-15,647,000	-7,568,000	-3,189,000	-21,875,000	-13,035,000	-15,886,000
effect of foreign exchange on cash, cash equivalents and restricted cash	-904,000	113,000	-997,000	3,111,000	1,911,000	-3,474,000
net increase in cash, cash equivalents and restricted cash	21,900,000	31,540,000	18,929,000	-9,085,000	47,808,000	7,822,000	32,560,000	13,775,000	-98,109,000	-188,420,000	-42,900,000	-242,644,000	-212,525,000	266,349,000	324,554,000	-778,184,000	-542,225,000	337,316,000	254,806,000	139,732,000	71,383,000				108,484,000					-314,000	-48,216,000	-58,466,000	-454,194,000
cash, cash equivalents and restricted cash—beginning of period	395,490,000	0	0	0	306,298,000	0	0	0	350,250,000	0	0	0	1,036,739,000
cash, cash equivalents and restricted cash—end of period	417,390,000	31,540,000	18,929,000	-9,085,000	354,106,000	7,822,000	32,560,000	13,775,000	252,141,000	-188,420,000	-42,900,000	-242,644,000	824,214,000
amortization of deferred financing costs and debt discount and premium		406,000	406,000	1,106,000	524,000	524,000	524,000	584,000	664,000	1,364,000	2,036,000	5,537,000	12,182,000	3,467,000	3,495,000	3,169,000	96,279,000	8,635,000	5,123,000	7,642,000	43,729,000	-15,459,000	5,434,000	10,367,000	15,260,000	41,758,000	16,201,000	25,984,000	19,594,000	20,325,000	21,221,000	25,291,000	22,802,000	23,945,000	18,172,000	20,866,000	20,736,000
other equity method losses										1,905,000	-20,000	2,694,000	10,609,000
distributions of income from equity investments
repayment of loans receivable						0
investment deposits									766,000	-1,932,000	-539,000	4,035,000	-5,704,000	50,366,000	816,000	-37,185,000	-13,367,000	-21,075,000	0			-3,510,000	-1,523,000	-3,034,000	-3,593,000	-1,718,000	7,043,000	-5,959,000	-14,294,000	61,259,000	-81,349,000	-11,841,000	-2,383,000	2,454,000	44,196,000	-37,987,000	-9,143,000
acquisition of infrabridge, net of cash acquired										0	0	-1,102,000	-313,164,000
net receipt (payment) on settlement of derivatives										0	0
acquisition of and additions to real estate, related intangibles and leasing commissions										-40,361,000	-102,136,000	-348,055,000	-162,918,000	-239,306,000	-172,165,000	-907,398,000	-822,368,000	-220,206,000	-451,211,000	-82,920,000	-74,024,000	-1,280,386,000	-1,146,990,000	-53,684,000	-78,283,000	-120,278,000	-207,580,000	-322,697,000	-1,267,762,000	-601,593,000	-205,302,000	-306,180,000	-236,392,000
cash derecognized in deconsolidation of sponsored funds and investment entities
proceeds from databank recapitalization
repayment or redemption of senior notes						0	0
repurchases of preferred stock										0
borrowings from investment level debt										0
repayments of investment level debt										-5,323,000
payment of deferred financing costs and prepayment penalties on investment level debt										0	-17,000	-8,530,000	-29,482,000
payment of contingent consideration to wafra						0	0	0	-17,500,000	0	0	0	-90,000,000
cash recognized in consolidation of sponsored fund
cash derecognized in deconsolidation of sponsored funds							0
unrealized carried interest allocation					34,026,000	177,986,000	15,799,000	-288,126,000	8,478,000	-169,210,000
unrealized principal investment income					29,731,000	3,930,000	-7,304,000	-7,813,000	-468,000	-93,534,000
loss on debt extinguishment
paid-in-kind interest added to loan principal										-404,000	0																								-10,188,000	-8,732,000	-7,572,000
straight-line rent income										-4,266,000	-2,222,000	-1,854,000	-1,944,000	-7,071,000	-13,153,000	-734,000	-4,530,000	780,000	-2,643,000	-6,818,000	18,800,000
amortization of above- and below-market lease values										448,000	352,000	619,000	245,000	266,000	83,000	-9,000	-132,000	-109,000	-159,000	-788,000	6,098,000	-943,000	-1,439,000	-558,000	-3,506,000	-9,831,000	-3,251,000	-3,088,000	-3,643,000	-2,114,000	-3,245,000	422,000	-1,925,000	-8,343,000	-1,379,000	-3,619,000	-1,978,000
impairment of real estate and intangible assets																																				12,761,000	8,519,000
acquisition of loans receivable and debt securities														0	-7,866,000	-55,342,000	-101,607,000	-79,045,000	-43,482,000	-15,274,000	-9,697,000					0	0	-320,000	-451,000
net disbursements on originated loans														0	0	-10,411,000	-205,507,000	0	-15,286,000	-14,355,000	-3,631,000	-39,234,000	-2,762,000	-114,182,000	-63,812,000	-74,144,000	-54,401,000	-18,523,000	-21,892,000	-42,953,000	-186,456,000	-76,970,000	-11,573,000	-109,094,000	-111,679,000	-62,438,000	-109,579,000
proceeds from sales of loans receivable and debt securities																0	126,644,000									0	37,329,000	15,547,000	13,373,000
proceeds from paydown and maturity of debt securities														7,000	0	0	566,000	717,000	362,000			1,242,000	1,307,000	1,549,000	1,623,000	2,025,000	3,142,000	2,700,000	3,338,000
proceeds from sales of real estate investment holding entities
other investing activities														0	106,000	0	-875,000	0	-749,000			-6,163,000	5,593,000	3,423,000	-1,742,000	5,457,000	-1,727,000	4,900,000	14,176,000	216,000	3,258,000	-2,477,000	-582,000	11,017,000	-2,107,000	21,000	-2,271,000
borrowings on corporate debt
repurchases of common stock														-46,998,000
acquisition of noncontrolling interest														0	0	0	-32,076,000
return of capital from equity method investments								12,651,000	15,979,000	13,466,000	10,120,000	3,384,000	52,259,000	688,000	32,908,000	13,823,000	11,829,000	48,426,000	26,746,000	12,780,000	2,253,000	170,980,000	1,840,000	92,726,000	29,386,000	47,661,000	57,960,000	100,238,000	18,310,000
repayments of loans receivable										0	0			0	4,751,000	3,360,000	15,845,000	-6,409,000	128,336,000	354,888,000	8,798,000	96,463,000	73,377,000	8,858,000	49,133,000	1,490,000	1,592,000	137,689,000	89,199,000	30,891,000	55,035,000	17,349,000	40,085,000	310,821,000	302,951,000	126,725,000	90,577,000
distributions to and redemptions of noncontrolling interests								-2,614,000	-15,983,000	-19,268,000	-16,935,000	-83,760,000	-43,839,000	-424,477,000	-1,234,415,000					-39,739,000	-32,857,000	-98,990,000	-63,523,000	-129,471,000	-68,320,000	-2,404,216,000	-93,803,000	-220,077,000	-129,734,000	-147,574,000	-128,663,000	-141,201,000	-101,426,000
effect of exchange rates on cash, cash equivalents and restricted cash								-43,000	-661,000	1,439,000	-747,000	700,000	-626,000	574,000	-624,000	-1,764,000	-651,000	-3,415,000	-5,715,000	2,255,000	4,050,000	3,870,000	5,968,000	1,182,000	-3,650,000	8,197,000	-6,814,000	1,561,000	-1,196,000	-4,646,000	-1,972,000	-9,752,000	4,832,000
net cash from operating activities									-27,009,000	41,557,000	99,875,000	72,020,000	20,185,000	67,809,000	127,470,000	66,046,000	1,257,000	66,825,000	76,516,000	128,833,000	-23,937,000	7,000	47,574,000	101,981,000	-59,669,000	-63,722,000	95,439,000	72,515,000	66,636,000	113,666,000	181,919,000	111,428,000	99,952,000	164,124,000	200,556,000	162,017,000	22,920,000
capital expenditures									0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows									-27,009,000	41,557,000	99,875,000	72,020,000	20,185,000	67,809,000	127,470,000	66,046,000	1,257,000	66,825,000	76,516,000	128,833,000	-23,937,000	7,000	47,574,000	101,981,000	-59,669,000	-63,722,000	95,439,000	72,515,000	66,636,000	113,666,000	181,919,000	111,428,000	99,952,000	164,124,000	200,556,000	162,017,000	22,920,000
net cash from investing activities									-21,968,000	-210,972,000	-196,518,000	-312,684,000	-258,870,000	15,953,000	216,281,000	-1,043,493,000	-1,102,149,000	60,867,000	-322,898,000	416,497,000	-7,901,000	-950,057,000	-1,096,488,000	-52,356,000	166,921,000	5,136,605,000	-79,477,000	66,761,000	-924,951,000	-350,195,000	18,625,000	203,599,000	-140,242,000	723,832,000	353,543,000	-239,698,000	493,865,000
net cash from financing activities									-48,471,000	-20,444,000	54,490,000	-2,680,000	26,786,000	182,013,000	-18,573,000	201,027,000	559,318,000	213,039,000	506,903,000	-407,853,000	99,171,000	1,009,802,000	692,715,000	-334,372,000	4,882,000	-4,385,459,000	26,138,000	-96,940,000	676,675,000	240,861,000	-246,788,000	-363,741,000	-418,736,000	-868,128,000	-264,612,000	32,918,000	-246,683,000
amortization of discount and net origination fees on loans receivable and debt securities																						-1,064,000	-1,131,000	-3,365,000	-594,000	-4,387,000	-5,466,000	-4,323,000	-5,426,000	-2,010,000	-6,837,000	-6,352,000	-7,995,000
distributions of income from equity method investments										49,000	50,000	3,120,000	557,000	30,884,000				-18,000	1,803,000	749,000	520,000	10,167,000	3,692,000	68,257,000	20,496,000	65,198,000	23,475,000	27,821,000	26,923,000	22,529,000	22,542,000	11,617,000	23,307,000	21,674,000	16,552,000	14,338,000	19,633,000
allowance for doubtful accounts																		-346,000	3,418,000	17,000	205,000	-1,408,000	4,775,000	3,476,000	404,000	2,572,000	-198,000	30,000	4,389,000	1,659,000	3,097,000
gain on sales of real estate																		-197,000	-514,000	-2,968,000	-45,750,000	-26,661,000	-12,248,000	4,919,000	-7,932,000	-1,448,984,000	-12,899,000	-6,624,000	-52,301,000	-70,965,000	-35,120,000	-42,702,000	-18,444,000	-40,669,000
increase in accrued and other liabilities and due to affiliates										125,739,000	115,399,000	37,074,000	-85,149,000	71,421,000	80,356,000	52,339,000	-55,136,000	25,352,000	55,718,000							-19,053,000							-30,056,000
proceeds from sale of fixed assets
cash and restricted cash derecognized in deconsolidation of investment entities
proceeds from databank recapitalization, net of carried interest distribution										0
repayments of corporate debt, including senior notes										0
other gain											-255,566,000	9,981,000	142,644,000																				-63,976,000				-22,446,000
cash and restricted cash assumed by buyer in sales of real estate investment holding entities															0	0	-189,453,000
cash and restricted cash derecognized in databank deconsolidation
carried interest (allocation) reversal												-79,254,000	54,756,000
principal investment loss												-30,409,000	-3,562,000
impairment of real estate and related intangibles and right-of-use ("rou") asset
loss on extinguishment of debt
cash transferred to buyer in sale of real estate, net of proceeds received
repayments of corporate debt, including repurchase of senior notes
borrowings from investment-level debt												375,900,000	1,241,890,000
repayments of investment-level debt												-98,428,000	-1,060,239,000
redemptions/repurchases of preferred stock														0
paid-in-kind interest added to loan principal, net of interest received													-544,000	-2,257,000	-2,110,000	-1,633,000	-1,144,000	-94,000	14,350,000	-1,591,000	-4,267,000	-1,542,000	-6,022,000	-9,616,000	-21,218,000	-19,855,000	-17,581,000	-15,248,000	-9,780,000	-12,879,000	-8,914,000	-10,129,000	-6,486,000
impairment of real estate and related intangibles and right-of-use asset														0	0	12,183,000	23,802,000	-40,733,000
proceeds from sales of real estate, net of property level cash transferred to buyer
net receipts on settlement of derivatives													3,401,000	-4,600,000				0	0	1,210,000	15,913,000		0	23,870,000	3,227,000
net loss														-37,245,000	-120,987,000	-68,081,000	-343,684,000	-42,865,000	-51,364,000	-95,083,000	-627,599,000				-404,057,000	931,728,000	-565,842,000	-484,646,000	-30,155,000
adjustments to reconcile net loss to net cash from operating activities:
equity method losses														-191,259,000	-45,306,000	-152,903,000	-116,000	-71,196,000	60,196,000	-93,271,000	111,519,000	129,218,000	56,916,000			-49,625,000	-82,068,000
goodwill impairment																						0	0	515,000,000	79,000,000	401,000,000
unrealized settlement loss																						0	0	0	3,890,000
loss on extinguishment of exchangeable notes														0	0	0	133,173,000
proceeds from sales of loans receivable and debt securities, including transfers of warehoused loans														40,229,000
proceeds from sales of real estate, including transfers of warehoused assets, net of property level cash transferred to buyer
proceeds from sale of corporate fixed assets																		0
acquisition of dbh, net of cash acquired, and payment of deferred purchase price																						0
debt borrowings
debt repayments
payment of deferred financing costs														19,000	-121,000	-11,587,000	-6,999,000	-17,769,000	-11,329,000	-486,000	-18,543,000	-46,220,000	-6,079,000	-2,311,000	-140,000	-25,660,000	-1,757,000	-38,085,000	-16,700,000	-8,792,000	-11,662,000	-3,064,000	-5,112,000	-31,630,000	-9,875,000	-45,125,000	-9,439,000
contribution from wafra																						0
other financing activities																										-8,639,000	1,351,000	-1,717,000	-1,138,000	-2,244,000	162,000			5,354,000	-7,026,000	-906,000	-4,670,000
deferred income tax benefit															851,000	-6,605,000	-9,040,000	30,814,000			-34,480,000				-9,138,000	-7,824,000			-840,000	-18,470,000	-5,779,000	-3,716,000	-41,465,000
proceeds from sales of real estate															0	0	96,660,000	80,053,000	29,706,000	268,922,000	64,808,000	172,758,000	88,423,000	43,276,000	126,741,000	5,448,908,000	216,588,000	147,990,000	294,667,000
repayment or repurchase of senior notes															0	0	-14,237,000
borrowings from corporate credit facility and securitized financing facility																		0
repayment of borrowings from corporate credit facility and securitized financing facility
borrowings from secured debt															324,500,000	363,582,000	326,500,000	943,813,000	452,774,000	13,598,000	684,537,000	1,983,426,000	24,485,000	870,000	8,052,000	1,395,037,000	243,003,000	1,856,633,000	1,169,777,000	611,344,000	747,269,000	341,858,000	90,550,000	1,376,545,000
repayment of secured debt															-464,058,000	-1,558,000	-3,894,000
cash, cash equivalents and restricted cash, beginning of period															0	0	1,766,245,000	0	0	0	963,008,000	0	0	0	1,424,698,000	0	0	0	832,730,000	0	0	0	1,393,920,000
cash, cash equivalents and restricted cash, end of period															324,554,000	-778,184,000	1,224,020,000	337,316,000	254,806,000	139,732,000	1,034,391,000	63,622,000	-350,231,000	-283,565,000	1,533,182,000	695,621,000	35,286,000	43,897,000	649,894,000	-314,000	-48,216,000	-58,466,000	939,726,000
net (payments) receipts on settlement of derivatives
repayment of borrowings from corporate credit facility securitized financing facility
distributions to and redemptions by noncontrolling interests																	-35,962,000	-119,293,000
provision for loan losses																										33,000	17,233,000	15,003,000	3,611,000				5,375,000				6,724,000
settlement of forward starting interest rate swap																										-141,225,000
loss on induced conversion of exchangeable debt
cash receipts in excess of accretion on purchased credit-impaired loans																										12,242,000	8,741,000	1,538,000	8,607,000	23,772,000	91,302,000	22,692,000	21,463,000
cash and restricted cash assumed by buyer upon sale of hotel portfolio in receivership																		0
acquisition of databank, net of cash acquired
repurchase of common stock																						0	0	0	-24,749,000	0	0	0	-10,734,000	-24,114,000	0	-108,755,000	-210,274,000	-75,565,000	-56,627,000	-111,976,000	-56,009,000
proceeds from issuance of exchangeable senior notes																						0
repayment of senior notes																		0	0
repayment of borrowings from corporate credit facility																		0				0	-400,000,000			-254,200,000	-423,000,000			0	-181,000,000	-371,000,000	-183,000,000	-211,000,000	-192,000,000	-130,000,000	-880,600,000
repayments of secured debt																		-540,728,000	-49,644,000	-453,446,000	-600,082,000	-1,360,851,000	-141,442,000	-70,030,000	-111,678,000	-3,098,400,000	-250,800,000	-1,898,050,000	-498,259,000	-416,519,000	-870,293,000	-559,707,000	-139,471,000	-1,432,530,000
redemption of preferred stock																		-64,000,000				0	0	0	-402,855,000					0				-322,118,000	0
payment of cash collateral on derivative																							2,000,000	3,870,000	-6,641,000
payment of offering costs
impairment of real estate and related intangibles and right-of-use assets																				242,587,000	123,760,000	40,344,000	151,961,000	1,486,557,000	308,268,000
proceeds from sale of non-real estate fixed assets																				0	14,946,000
borrowings from corporate credit facility																						0	0	0	600,000,000	70,000,000	522,200,000			0	181,000,000	271,000,000	233,000,000	261,000,000	121,000,000	201,000,000	458,000,000
decrease in accrued and other liabilities and due to affiliates																					-7,460,000		37,423,000	27,220,000	-81,407,000			20,227,000	-37,205,000	7,864,000	20,584,000
repayment of convertible senior notes																					-31,502,000
shares canceled for tax withholdings on vested stock awards																					-7,718,000	-1,011,000	-512,000	-1,157,000	-5,069,000	-226,000	-394,000	0	-3,007,000	-2,153,000	0	-298,000	-31,752,000
benefit from loan losses																														15,901,000	7,825,000			6,834,000	5,116,000
decrease (increase) in other assets and due from affiliates
cash and restricted cash contributed to clnc
proceeds from sale of equity interests in securitization trusts, net of cash and restricted cash deconsolidated																														0	0
net receipts (payments) on settlement of derivatives																										2,528,000
repurchase of convertible senior notes																						0
redemption of op units for cash																														0	-2,734,000
straight-line rents																							-6,535,000	-5,312,000	-2,069,000	-7,478,000	-761,000	-6,973,000	-5,529,000	-7,207,000	-7,369,000	-7,001,000	-7,753,000	-7,031,000	-9,514,000	-8,213,000	-7,906,000
net decrease in cash, cash equivalents and restricted cash																							-350,231,000				35,286,000	43,897,000	-182,836,000
payment of deferred purchase price on dbh acquisition
equity method earnings																									-97,291,000				-38,487,000
increase in other assets and due from affiliates																									-6,406,000	-7,450,000	-136,000	-12,767,000	-3,584,000	9,764,000	2,675,000
impairment of real estate and intangibles																										70,227,000	177,899,000	84,695,000	25,622,000	288,494,000	76,497,000
change in fair value of contingent consideration—internalization																														0	0	8,750,000	-10,480,000	-6,260,000
cash and restricted cash assumed in merger, net of payments for merger-related liabilities
proceeds from syndication of investment, net of cash and restricted cash deconsolidated
proceeds from sale of townsend, net of cash assumed by buyer
acquisition of cpi, net of cash and restricted cash acquired
acquisition of thl hotel portfolio, net of cash and restricted cash acquired
return of borrower escrow deposits
acquisition of dbh
proceeds from issuance of preferred stock																																		-30,000	304,670,000
repurchase of exchangeable senior notes																																		0	-3,500,000
cash and restricted cash contributed to colony credit																														0	0
acquisition of dbh, net of cash acquired
payments of cash collateral on derivative, net of cash received
net receipts (payments) on settlement of derivative instruments																												10,185,000	19,608,000
receipts (payments) of cash collateral on derivative																													-31,054,000
payment of cash collateral on derivatives																																	-10,900,000
accretion in excess of cash receipts on purchased credit-impaired loan
other (gain) loss																														82,025,000	-29,677,000
contributions to investments in unconsolidated ventures																														-337,987,000	-20,978,000	-98,518,000	-90,680,000	-158,115,000	-153,149,000	-196,130,000	-15,541,000
acquisition of loans receivable and securities																														-4,591,000	-17,179,000	-8,744,000	-73,733,000
proceeds from sales of loans receivable and securities																														66,893,000	32,981,000	30,516,000	95,217,000
proceeds from sales of real estate, net of debt assumed by buyers																														279,778,000	156,007,000	316,000,000	112,562,000	267,747,000
proceeds from paydown and maturity of securities																														1,740,000	14,847,000	10,329,000	16,709,000	21,159,000	29,609,000	30,850,000	31,321,000
proceeds from sale of investments in unconsolidated ventures																														1,779,000	140,146,000
receipt (return) of borrower escrow deposits
net (payments) receipts on settlement of derivative instruments																																	-18,811,000
reissuance of preferred stock to an equity method investee
acquisition of noncontrolling interests
earnings from investments in unconsolidated ventures																															-13,798,000	-1,875,000	-32,265,000	-31,318,000	-17,447,000	-122,394,000	-113,992,000
return of capital from investments in unconsolidated ventures																															30,475,000	70,199,000	159,929,000
cash and restricted cash assumed from consolidation of sponsored fund
net payments on settlement of derivative instruments																															5,838,000				3,250,000
settlement of call spread option
increase in escrow deposits
change in escrow deposits related to financing arrangements
costs associated with contributions from noncontrolling interests
impairment of real estate and management contract intangibles																																	153,398,000
cash and restricted cash contributed to colony northstar credit																																	-141,153,000
proceeds from sale of investments in unconsolidated venture																																		0
amortization of discount and net origination fees on purchased and originated loans																																		-4,517,000	-18,290,000	-14,070,000	-18,182,000
net gain on remeasurement of net assets of consolidated investment entities
foreign currency loss recognized on repayment of loans receivable
increase in other assets, operating restricted cash and due from affiliates
payment of merger-related liabilities, net of cash acquired																																		0	0	0	-44,437,000
proceeds from syndication of investment, net of cash deconsolidated																																		21,600,000
internalization of manager, net of cash acquired
acquisition of cpi, net of cash acquired																																		0	0	0	-35,711,000
acquisition of thl hotel portfolio, net of cash acquired																																		0
increase in restricted cash related to investing activities																																		-140,435,000
increase in escrow deposits related to financing arrangements																																		1,660,000
cash held by investment entities consolidated
effect of exchange rates on cash and cash equivalents																																		716,000	3,434,000	6,100,000	913,000
net increase in cash and cash equivalents																																		20,544,000	292,921,000	-38,663,000	271,015,000
total cash and cash equivalents, beginning of period																																		0	0	0	376,005,000
cash and cash equivalents included in assets held for sale																																			-14,913,000	5,373,000	-13,810,000
cash and cash equivalents, end of period																																		43,894,000	278,008,000	-33,290,000	633,210,000
accretion in excess of cash receipts on purchased credit impaired loan
impairment loss
payment on cash collateral on derivative
changes in operating assets and liabilities:
increase in restricted cash related to operating activities
increase in due from affiliates																																			-11,940,000
increase in other assets																																			-21,230,000
increase in accrued and other liabilities
increase in due to affiliates
distributions from investments in unconsolidated ventures																																			65,086,000	74,423,000	26,664,000
acquisition of loans receivable																																			0
proceeds from sales of loans receivable																																			0	80,836,000	34,000,000
cash receipts in excess of accretion on purchased credit impaired loans																																			50,495,000	25,226,000	75,156,000
acquisition of real estate, related intangibles and leasing commission, and improvements of real estate																																			-402,465,000	-616,582,000	-175,197,000
acquisition of securities																																			-9,676,000
proceeds from sales of securities																																			1,949,000	0	24,788,000
cash assumed from consolidation of sponsored fund
distributions to noncontrolling interests																																			-253,936,000	-97,778,000	-278,162,000
redemption of units in operating company																																			0
supplemental disclosure of cash flow information:
cash paid for interest																																			131,888,000	114,832,000	88,029,000
cash paid for income taxes																																			15,230,000	20,268,000	1,249,000
supplemental disclosure of noncash investing and financing activities:
dividends and distributions payable																																			155,000	11,492,000	175,498,000
assets acquired in merger																																			-44,622,000	-202,636,000	17,461,773,000
liabilities assumed in merger																																			-23,431,000	-93,651,000	11,416,937,000
noncontrolling interests assumed in merger																																			-768,000	-8,556,000	602,014,000
common stock issued for acquisition of nsam and nrf																																			0	-7,870,000	5,718,004,000
preferred stock issued for acquisition of nrf																																			0	0	1,010,320,000
debt assumed by buyer of real estate reported as discontinued operations																																			0	0	1,258,558,000
net assets acquired in cpi restructuring																																			0
net assets acquired in thl hotel portfolio
preferred stock redemption payable
investment deposits applied to acquisition of loans receivable, real estate and cpi group
share repurchase payable																																					10,177,000
loan payoff and real estate sale proceeds held in escrow																																			-41,905,000	17,298,000	45,870,000
net settlement of redemption and investment in equity method investee
redemption of op units for common stock																																			3,978,000	18,172,000	638,000
proceeds from secured financing in other assets
foreclosure of collateral assets underlying loans receivable																																			5,641,000	768,000	8,167,000
amounts payable relating to improvements in operating real estate																																			3,222,000	1,565,000	246,000
contributions receivable from noncontrolling interests																																			-6,766,000
exchange of note for class a common shares
net assets of investment entity deconsolidated
net assets of sponsored fund consolidated, net of cash assumed
change in fair value of contingent consideration																																				-4,850,000	-3,400,000
gain on sales of real estate assets																																				-15,190,000	-6,862,000
increase in restricted cash
decrease in accrued and other liabilities																																				-62,022,000	-10,151,000
proceeds from sales of real estate assets, net of debt assumed by buyer																																				69,762,000	903,841,000
proceeds from sale of investment in unconsolidated venture
change in restricted cash																																				22,011,000	-1,548,000
borrowings from mortgage and other secured debt																																				2,152,569,000	501,890,000
repayment of borrowings from mortgage and other secured debt																																				-1,987,969,000	-577,568,000
change in escrow deposits for financing arrangements																																				-742,000	6,828,000
settlement of call spread options																																				0	6,900,000
payment of fees and expenses related to contributions from noncontrolling interests																																				0	-6,765,000
investment deposits applied to acquisition of loans receivable, real estate and cpi																																				0	66,020,000
proceeds from redemption of preferred equity interest in an investee included in other receivable
amounts payable relating to purchase of securities available for sale
decrease in due from affiliates																																					-10,847,000
decrease in other assets																																					-51,072,000
investments in purchased loans receivable																																					-538,136,000
proceeds from sale of investment																																					239,081,000
repurchase of preferred stock
net asset acquired in cpi restructuring																																					232,181,000
redemption of op units for cash in accrued and other liabilities																																					5,085,000
cash flows from operating activities:
equity in losses of unconsolidated ventures
impairment on convertible debt
allowance for uncollectible accounts
amortization of equity-based compensation
unrealized loss on investments and other
realized loss on investments and other
deferred income tax
other income
distribution from unconsolidated ventures
straight line rental expense
change in assets and liabilities:
restricted cash
receivables
other assets
other liabilities
accounts payable and accrued expenses
commission payable
cash flows from investing activities:
acquisition of townsend
investment in convertible debt
investments in unconsolidated ventures
settlement of acquisition of securities
payment related to the sale of the island interest
cash flows from financing activities:
contribution from northstar realty
borrowings from credit facility
borrowings from term loan
repayment of term loan
repayment of credit facility
payment of financing costs
call spread premium
repurchase of shares related to equity-based awards and tax withholding
excess tax benefit from equity-based compensation
dividends
contributions from redeemable non-controlling interests
distributions to redeemable non-controlling interests
retirement of shares of common stock
effect of foreign exchange rate changes on cash
net increase in cash
cash - beginning of period
cash - end of period

DigitalBridge Group Inc(NYSE:DBRG)

DigitalBridge Group Inc
(NYSE:DBRG)