Company: DBRG
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001679688-25-000084
Chunk: 10

Company: DigitalBridge Group, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 2
Chunk 10
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 2025, respectively, and $8.8 million and $2.9 million in the three and six months ended June 30, 2024, respectively, reflecting predominantly unrealized fair value changes in financial assets and financial liabilities. 

The net gain in 2025 was driven by net unrealized gains in marketable equity securities of consolidated funds ($5.9 million and $2.1 million in the three and six month periods, respectively) and the InfraBridge contingent consideration liability ($3.8 million in the six month period). 

The net gain in 2024 was driven by fair value decrease in the DBRG stock warrant liability ($8.4 million and $3.0 million in the three and six month periods, respectively).

Income Tax Benefit (Expense)

Income tax expense was immaterial, just over $1.0 million or less, in all periods under comparison. The Company has operating losses and capital loss carryforwards that can be applied against current income tax expense for its domestic entities, and the deferred tax assets of these entities are currently subject to a full valuation allowance, resulting in an immaterial income tax effect for its domestic entities. With respect to the Company's foreign subsidiaries, the resulting foreign income tax impact remains immaterial. 

Income (Loss) from Discontinued Operations

Discontinued operations had net income of $1.6 million in the three months ended June 30, 2025 and net losses of $2.5 million, $0.7 million and $14.8 million in the six months ended June 30, 2025 and the three and six months ended June 30, 2024, respectively. The more significant loss in the year-to-date period in 2024 included primarily a loss on a guarantee related to the previous bulk sale of the Company's real estate investments.

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Operating Metrics 

Assets Under Management and Fee Earning Equity Under Management

We present below our AUM and FEEUM, which are key operating metrics in the alternative investment management industry. Our calculation of AUM and FEEUM may differ from other investment managers, and as a result, may not be directly comparable to similar measures presented by other investment managers.

Assets Under Management

AUM represents the total capital for which we provide investment management services and our general partner capital. AUM is generally composed of third party capital managed by the Company and its affiliates, including capital that is not yet fee earning, or not subject to fees and/or carried