Company: DBRG
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001679688-25-000100
Chunk: 6

Company: DigitalBridge Group, Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 6
---
30, 2025 and 2024, respectively. The large swings in total revenues were driven by significant variability in unrealized carried interest, specifically large net reversals in 2025 and net positive allocations in year-to-date 2024. Additionally, there were increases to fee revenue, driven mainly by capital raised for our third flagship fund.

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

Fee Revenue

Three Months Ended September 30,Nine Months Ended September 30,(In thousands)20252024Change20252024ChangeManagement fees $84,945 $71,145 $13,800 $246,647 $219,647 $27,000 Management fees—catch up (1)8,261 4,866 3,395 20,792 3,895 16,897 Incentive fees— 291 (291)606 2,823 (2,217)Other fee revenue94 280 (186)656 1,777 (1,121)$93,300 $76,582 16,718 $268,701 $228,142 40,559 __________

(1)    Catch-up fees are management fees charged in any given period that pertain to prior periods. With respect to subsequent closing of commitments during the fundraising period, management fees based upon commitments are charged retroactively to the fee activation date at initial closing of the fund through the subsequent close date.

Fee revenue increased $16.7 million or 22% to $93.3 million in the quarter-to-date comparison and $40.6 million or 18% to $268.7 million in the year-to-date comparison.  

The increases in both the quarter-to-date and year-to-date comparisons were driven by (i) additional capital raised for our third flagship fund, which contributed incremental management fees of $11.5 million and $40.6 million (of which $3.4 million and $16.9 million were incremental catch-up fees), respectively, and (ii) deployment of capital and new capital raised for co-investment vehicles, partially offset by (iii) lower management fees from InfraBridge funds, in particular the effect of a change in fee basis from committed to invested capital effective late December 2024 (decreased $3.5 million and $13.1 million, respectively).  

Year over year, FEEUM increased $6.