DigitalBridge Group, Inc.DBRG
DigitalBridge Group, Inc. Segments Disclosure
16. Segment Reporting
Beginning in 2024, the entirety of the Company's business, inclusive of all income and expense from continuing operations of the Company as a whole, is reported as a single reportable segment. The Company no longer distinguishes income (loss) items and attributes costs between its investment management business and corporate activities. The approach of managing the whole Company as a single business is consistent with the manner in which its Chief Executive Officer, in the role as the Company's chief operating decision maker or CODM, assesses the allocation of resources and performance of the Company.
In 2024, prior to the fourth quarter, the segment earnings measure was net income (loss) from continuing operations attributable to DigitalBridge Group, Inc. Effective the fourth quarter of 2024, the segment earnings measure takes into account the cost of financing through preferred stock to arrive at net income (loss) from continuing operations attributable to common stockholders.
The CODM is provided with significant expense categories that are consistent with those disclosed in the consolidated statements of operations and additionally, budgeted fee revenue, compensation and administrative expenses of the Company. This information, along with the segment earnings measure, is used by the CODM to monitor financial performance from core operations of the business against budget and in making strategic decisions regarding key areas of growth for the business and consequently, investment or divestment of resources. The CODM does not review disaggregated assets by segment.
Segment information for prior periods have been conformed to current period presentation.
Segment Results of Operations
The following table presents net income (loss) from continuing operations attributable to common stockholders for the Company's single reportable segment and is reconciled to the consolidated statement of operations.
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Revenues | ||||||||||||||||||||
| Fee revenue | $ | 374,447 | $ | 329,693 | $ | 264,117 | ||||||||||||||
| Carried interest allocation | (376,174) | 218,250 | 363,075 | |||||||||||||||||
| Principal investment income | 73,119 | 30,023 | 145,448 | |||||||||||||||||
| Other income | 22,567 | 29,062 | 48,743 | |||||||||||||||||
| Total revenues | 93,959 | 607,028 | 821,383 | |||||||||||||||||
| Expenses | ||||||||||||||||||||
| Compensation expense—cash and equity-based | 190,450 | 181,821 | 206,892 | |||||||||||||||||
| Compensation expense—incentive fee and carried interest allocation | (137,092) | 144,650 | 186,030 | |||||||||||||||||
| Administrative and other expenses | 64,247 | 114,985 | 86,937 | |||||||||||||||||
| Interest expense | 17,622 | 16,438 | 24,540 | |||||||||||||||||
| Transaction-related costs | 20,770 | 5,265 | 10,823 | |||||||||||||||||
| Depreciation and amortization | 29,454 | 33,706 | 36,651 | |||||||||||||||||
| Total expenses | 185,451 | 496,865 | 551,873 | |||||||||||||||||
| Other income (loss) | ||||||||||||||||||||
| Other gain (loss), net | 74,458 | 58,652 | 96,119 | |||||||||||||||||
| Income (loss) from continuing operations before income taxes | (17,034) | 168,815 | 365,629 | |||||||||||||||||
| Income tax benefit (expense) | (5,708) | (2,944) | (6) | |||||||||||||||||
| Income (loss) from continuing operations | (22,742) | 165,871 | 365,623 | |||||||||||||||||
| Income (loss) from continuing operations attributable to noncontrolling interests: | ||||||||||||||||||||
| Redeemable noncontrolling interests | 3,444 | 2,458 | 6,503 | |||||||||||||||||
| Investment entities | (175,564) | 72,144 | 104,364 | |||||||||||||||||
| Operating Company | 3,400 | 2,055 | 13,477 | |||||||||||||||||
| Income (loss) from continuing operations attributable to DigitalBridge Group, Inc. | $ | 145,978 | $ | 89,214 | $ | 241,279 | ||||||||||||||
| Preferred stock dividends | 58,641 | 58,641 | 58,656 | |||||||||||||||||
| Preferred stock repurchases | — | — | (927) | |||||||||||||||||
| Income (loss) from continuing operations attributable to common stockholders | $ | 87,337 | $ | 30,573 | $ | 183,550 | ||||||||||||||
| Reconciliation of segment earnings measure to consolidated statement of operations: | ||||||||||||||||||||
| Income (loss) from continuing operations attributable to common stockholders | $ | 87,337 | $ | 30,573 | $ | 183,550 | ||||||||||||||
| Income (loss) from discontinued operations attributable to common stockholders | (4,104) | (18,692) | (55,999) | |||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 83,233 | $ | 11,881 | $ | 127,551 | ||||||||||||||
Geography
Geographic information about the Company's total revenues from continuing operations and long-lived assets, excluding assets of discontinued operations, are as follows. Geography is generally presented as the location in which income generating services are substantially performed.
| Year Ended December 31, | ||||||||||||||||||||
(In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Total revenues by geography: | ||||||||||||||||||||
| United States | $ | 40,926 | $ | 537,665 | $ | 754,628 | ||||||||||||||
Europe (1) | 42,341 | 57,383 | 56,280 | |||||||||||||||||
| Other | 1,644 | 94 | 75 | |||||||||||||||||
Total (2) | $ | 84,911 | $ | 595,142 | $ | 810,983 | ||||||||||||||
| (In thousands) | December 31, 2025 | December 31, 2024 | ||||||||||||
| Long-lived assets by geography: | ||||||||||||||
| United States | $ | 16,319 | $ | 17,514 | ||||||||||
| Europe | 10,878 | 18,547 | ||||||||||||
| Other | 1,028 | 2,551 | ||||||||||||
Total (3) | $ | 28,225 | $ | 38,612 | ||||||||||
(1) Revenues generated in Europe are predominantly U.S. dollar denominated.
(2) Total revenues excludes cost reimbursement income from affiliates (Note 15) that is included within other income, and income from discontinued operations.
(3) Long-lived assets include lease right-of-use assets and fixed assets, and exclude financial instruments, goodwill, intangible assets and assets of discontinued operations.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 28, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.