Company: DBRG
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001679688-25-000017
Chunk: 13

Company: DigitalBridge Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 13
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 tax paid or payable by the Company in any one period, the Company believes their inclusion in DE is appropriate to more accurately reflect amounts available for distribution.

48

Non-GAAP Results 

Results of our non-GAAP measures attributable to the Operating Company were determined as follows: 

Year Ended December 31,(In thousands)20242023ChangeFee revenue (1)$329,784 $267,148 $62,636 Cash compensation (1)(151,265)(125,954)(25,311)Administrative and other expenses (1)(71,410)(63,159)(8,251)Start-Up FRE— 3,751 (3,751)Fee-Related Earnings—attributable to Operating Company107,109 81,786 25,323 Realized principal investment income (2)15,884 8,497 7,387 Distributed carried interest and incentive fees subject to realization events, net of associated expense allocation285 27,927 (27,642)Interest, dividend and other income14,424 22,868 (8,444)Interest expense and preferred dividends(72,672)(79,985)7,313 Placement fees and other expenses(9,590)(8,714)(876)Income tax benefit (expense)(2,944)(6)(2,938)Start-up FRE— (3,751)3,751 Distributable Earnings, after tax—attributable to Operating Company$52,496 $48,622 3,874 ________

(1)    These amounts are determined based upon the definition of FRE as described above and therefore, differ from those presented on the consolidated statements of operations.

(2)    For purposes of DE, 2023 included distributions from a portfolio company in the former Operating segment.

Fee-Related Earnings

FRE was $25.3 million or 31% higher at $107.1 million in 2024 as fee revenue increased $62.6 million or 23%, partially offset by higher compensation and administrative costs. Fee revenue in 2024 benefited from the capital raised for our third flagship fund, which also contributed $19.5 million of catch-up fees. Additionally, 2024 included higher incentive fee revenue from our liquid securities strategy, along with incentive fee compensation, which netted to a $3.0 million increase. However, this was partially offset by lower fees from DBP II following a change