Company: DBRG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001679688-25-000017
Chunk: 4

Company: DigitalBridge Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 4
---
58,656 (15)Net income (loss) attributable to common stockholders$11,881 $127,551 (115,670)

42

Revenues

Total revenues were $607.0 million in 2024 and $821.4 million in 2023. The decrease of $214.4 million was driven by significant variability in unrealized carried interest and principal investment income, notwithstanding a $65.6 million increase in fee revenue. 

The key components of revenue are discussed in more detail below. 

Fee Revenue

Year Ended December 31,(In thousands)20242023ChangeManagement fees $311,210 $258,288 $52,922 Incentive fees16,548 3,229 13,319 Other fee revenue1,935 2,600 (665)$329,693 $264,117 65,576 

Fee revenue increased $65.6 million or 25% as our FEEUM increased $2.7 billion or 8% year-over-year to $35.5 billion at December 31, 2024. 

Management fees were $52.9 million higher in 2024. This was driven by capital raised for our third flagship fund that held its first close in November 2023, contributing $60.3 million of additional fees in 2024 (including $19.5 million of catch-up fees), and capital deployments in other funds. These increases were partially offset by lower fees from DBP II following a change in fee basis to invested capital and syndication of an investment in 2024, as well as recapitalization of a portfolio company in a co-invest vehicle (aggregate decrease of $21.8 million).

2024 also included higher incentive fee income from our liquid securities strategy, along with incentive fee compensation (as discussed below), which netted to a $3.3 million increase.

Carried Interest Allocation 

Year Ended December 31,(In thousands)20242023ChangeCarried interest allocationDistributed$118 $28,403 $(28,285)Unrealized218,132 334,672 (116,540)$218,250 $363,075 (144,825)

Carried interest allocation represents gross carried interest from our general partner interests in sponsored investment vehicles prior to allocations to management and a third party investor. Unrealized carried interest is subject to adjustments each period, including reversals, based upon