DigitalBridge Group, Inc. has recently released its 10-Q report, providing a detailed insight into its financial condition and operations. DigitalBridge is an infrastructure investment firm that specializes in digital infrastructure assets, catering primarily to institutional investors. The company's portfolio includes investments in data centers, cell towers, fiber networks, small cells, and edge infrastructure. As of September 30, 2024, DigitalBridge had $34.1 billion of fee-earning equity under management and approximately 300 employees across various global offices.
In the 10-Q report, DigitalBridge highlighted significant developments that affected its business and results of operations in 2024. Notably, the company raised $6.1 billion of capital, primarily for the third series in its flagship value-add strategy and syndications through various co-investment vehicles. Additionally, in 2024, DigitalBridge reduced its leverage by fully exchanging/redempting its remaining $78.4 million of 5.75% senior notes, resulting in annual interest savings of approximately $4.5 million. The company also monetized a substantial portion of marketable equity securities, yielding total net proceeds of $35.0 million.
The report also presented fund performance metrics for DigitalBridge's key investment funds from inception through September 30, 2024. The table included total commitments, invested capital, available capital, investment value, gross multiple of invested capital (MOIC), and internal rate of return (IRR) for various funds, providing insights into the performance of these investment vehicles.
Furthermore, the 10-Q report detailed the results of operations for the three months and nine months ended September 30, 2024. It highlighted that the total revenues were $76.1 million and $262.7 million for the three months ended September 30, 2024 and 2023, respectively, and $540.9 million and $471.1 million for the nine months ended September 30, 2024 and 2023, respectively. The report attributed the decrease in total revenues in the quarter-to-date comparison and the increase in the year-to-date comparison to significant variability in carried interest. Excluding carried interest, revenues were higher in both periods under comparison, driven by an increase in fee income.
The 10-Q report provided a comprehensive overview of DigitalBridge's financial performance, capital activities, and fund performance, offering investors and stakeholders valuable insights into the company's operations and strategic initiatives. Today the company's shares have moved -14.5% to a price of $13.41. Check out the company's full 10-Q submission here.
