10. Earnings per Share
The following table presents the basic and diluted earnings per common share computations.
 Year Ended December 31,
(In thousands, except per share data)202520242023
Net income (loss) allocated to common stockholders
Income (Loss) from continuing operations attributable to DigitalBridge Group, Inc.$145,978 $89,214 $241,279 
Preferred stock repurchases/redemptions (Note 7)
— — 927 
Preferred dividends(58,641)(58,641)(58,656)
Income (Loss) allocated to participating securities(1,846)(221)(2,179)
Income (Loss) from continuing operations attributable to common stockholders85,491 30,352 181,371 
  Income (Loss) from discontinued operations attributable to common stockholders(4,104)(18,692)(55,999)
Net income (loss) attributable to common stockholders—basic81,387 11,660 125,372 
Interest expense attributable to exchangeable notes (Note 6)
— — 5,050 
Net income (loss) allocated to common stockholders—basic and diluted$81,387 $11,660 $130,422 
Weighted average common shares outstanding
Weighted average number of common shares outstanding—basic175,456 168,437 159,868 
Weighted average effect of dilutive shares (1)(2)(3)
277 381 9,852 
Weighted average number of common shares outstanding—diluted175,733 168,818 169,720 
Income (Loss) per share—basic
Income (Loss) from continuing operations$0.48 $0.18 $1.13 
Income (Loss) from discontinued operations(0.02)(0.11)(0.35)
Net income (loss) attributable to common stockholders per common share—basic$0.46 $0.07 $0.78 
Income (Loss) per share—diluted
Income (Loss) from continuing operations$0.48 $0.18 $1.10 
Income (Loss) from discontinued operations(0.02)(0.11)(0.33)
Net income (loss) attributable to common stockholders per common share—diluted$0.46 $0.07 $0.77 
__________
(1)    The calculation of diluted earnings per share includes the weighted average effect of class A common shares and share equivalents issuable in relation to the following dilutive securities: (i) performance stock units (Note 12) of 140,500, 130,415 and 118,484 in 2025. 2024 and 2023, respectively; (ii) DBRG stock warrants that were in-the-money (Note 9) of 136,408 in 2025; (iii) Wafra contingent consideration that was settled in March 2024 (Note 7) of 250,920 in 2024 and 1,209,536 in 2023; and (iv) senior notes that are no longer outstanding effective April 2024 (Note 6) of $5.0 million of interest expense and 8,524,130 shares in 2023.
(2)    The calculation of diluted earnings per share excludes the effects of the following as their inclusion would be antidilutive: (i) DBRG stock warrants that were in-the-money (Note 9) of 752,100 in 2024 and 667,400 in 2023; and (ii) senior notes that are no longer outstanding effective April 2024 (Note 6) of $0.4 million and $3.1 million of interest expense and 2,310,200 and 912,900 shares in 2024 and 2023, respectively.
(3)    OP units may be redeemed for registered or unregistered class A common stock of the Company on a one-for-one basis and are not dilutive. At December 31, 2025 , 2024 and 2023, 5,795,060, 11,923,400 and 12,375,800 of OP units, respectively, were not included in the computation of diluted earnings per share in the respective periods presented.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 21, 2025
2023Feb 23, 2024
2022Feb 27, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Mar 1, 2018

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.