Company: DBRG
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001679688-25-000043
Chunk: 110

Company: DigitalBridge Group, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 110
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/or incentive fees or carried interest. FEEUM is generally based upon committed capital, invested capital, NAV or gross asset value ("GAV"), pursuant to the terms of each underlying investment management agreement.

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Presented below are total AUM and FEEUM by product:

(In billions)March 31, 2025December 31, 2024Assets Under Management$99.6$95.6Fee Earning Equity Under ManagementDBP Series$16.7$15.9Co-Investment Vehicles12.311.5InfraBridge3.73.7Core, Credit and Liquid Strategies3.43.2Separately Capitalized Portfolio Companies1.21.2$37.3$35.5

The following table summarizes changes in FEEUM:

Three Months Ended March 31, 2025(In billions)Fee Earning Equity Under ManagementBalance at January 1$35.5 Inflows (1)2.0 Outflows (2)(0.3)Market activity and other (3)0.1 Balance at March 31$37.3 

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(1)    Inflows include closing on new capital raised where fees are earned on committed capital, deployment of capital where fees are earned on invested capital, new subscriptions where fees are based on NAV, other changes in invested capital such as the effect of recapitalization and syndication, and FEEUM from acquired investment vehicles. 

(2)    Outflows include redemptions and withdrawals in Liquid Strategies, realizations where fees are based on invested capital, other changes in invested capital such as the effect of recapitalization and syndication, change in fee basis from committed to invested capital, permanent write-down in investment values, and expiration of fee paying capital.

(3)    Market activity and other include changes in investment value based on NAV or GAV, and the effect of foreign exchange rates. 

FEEUM increased $1.8 billion or 5% to $37.3 billion at March 31, 2025, driven by capital raise for our third flagship fund, and capital deployments.

Non-GAAP Supplemental Financial Measures 

We report the following non-GAAP financial measures attributable to the Operating Company: Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”). FRE and DE are common metrics utilized in the investment management sector.

We present FRE and DE at the Operating Company level, that is, net of amounts attributed to noncontrolling