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Dec 31, 2023
DigitalBridge Q4 2023 Earnings Report
DigitalBridge reported strong Q4 2023 results, marked by growth in investment management fees and fee-related earnings, and the successful deconsolidation of its Operating segment.
Key Takeaways
DigitalBridge reported Q4 2023 total revenues of $350 million and GAAP net income attributable to common stockholders of $101 million, or $0.61 per share. Distributable Earnings were $17.9 million, or $0.10 per share. The company highlighted a strong finish to 2023 with the best quarter in investment management fees and fee-related earnings.
Fee Revenue in the investment management segment was $72.2 million, up 59% year-over-year.
Fee Related Earnings in the investment management segment (IM FRE) were $39.8 million, up 64% year-over-year.
Assets Under Management (AUM) of $80.1 billion, up 52% year-over-year.
Fee Earning Equity Under Management (FEEUM) of $32.8 billion, up 47% year-over-year.
Revenue by Segment
Forward Guidance
DigitalBridge provided indicative 2024 guidance for selected key metrics to facilitate investor analysis, focusing principally on growth and profitability over a 3-5 year cycle. Fee-Related Earnings incorporates Corporate Overhead, consistent with their simplified Income Statement.
Positive Outlook
- Ending FEEUM: $36-$38B
- Fee Revenue: $335-360M (+32% midpoint)
- Fee Related Earnings (FRE): $150-165M (+51% midpoint)
- New Capital Formation of $7B offset by expected realizations from DBP I / DBP II
- Growth driven by new FEEUM activation (organic capital formation, no M&A)
Challenges Ahead
- Guidance figures do not assume any contributions from incentive fees, carried interest and principal investment income
- There can be no assurance that actual amounts will not be materially higher or lower than these expectations.
- Readers should refer to the discussion in the Cautionary Statement Regarding Forward-Looking Statements section at the beginning of this presentation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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