DigitalBridge Skips Guidance Ahead of SoftBank Close
GAAP net income attributable to common stockholders was $212.7 million, or $1.15 a share, as carried interest and principal investment income swung to gains.
DigitalBridge Group, Inc. (DBRG) reported GAAP net income attributable to common stockholders of $212.7 million, or $1.15 a share, for the second quarter ended June 30, 2026, versus $16.96 million, or $0.10 a share, a year earlier.
The swing came from carried interest and principal investment income. Carried interest allocation reversed a $115.1 million reversal a year earlier into a $286.0 million allocation. Principal investment income rose to $127.8 million from $20.4 million. Total GAAP revenues were $508.7 million, compared with a $3.2 million loss of revenues in the year-ago quarter. Fee revenue was $87.8 million.
Net carried interest allocation was $95.8 million. Net principal investment income was $127.9 million.
In light of the proposed transaction with SoftBank Group Corp., the company said it will not host a conference call or provide detailed financial guidance with the second-quarter release. On December 29, 2025, DigitalBridge entered into a definitive agreement under which SoftBank will acquire all outstanding common shares for $16.00 a share in an all-cash deal. The transaction has been approved by common stockholders and remains subject to other closing conditions.
Fee-related earnings were $26.6 million, with the FRE margin at 30%. FRE fee revenue was $88.1 million, up 3% year over year and 7% on an ex-Catch-Up Fee basis. FRE declined 17% year over year and 7% ex-Catch-Up Fees. Cash compensation was $43.2 million. Administrative and other expenses were $18.3 million.
Distributable earnings were $17.8 million, or $0.09 a share, after a loss of $18.6 million a year earlier. Last-twelve-month distributable earnings were $91.9 million, 38% higher than the prior twelve-month period.
Fee earning equity under management was $40.2 billion at June 30, 2026, after a $0.4 billion sequential decline from $40.8 billion at the end of the first quarter. The roll-forward showed inflows of $0.2 billion and outflows/realizations of $0.8 billion in the second quarter. The blended fee rate was 0.85%.
By strategy, FEEUM included $15.3 billion in co-investment vehicles, $7.1 billion in DigitalBridge Partners II, $7.1 billion in DigitalBridge Partners III, $3.3 billion in InfraBridge, $3.2 billion in Core, Credit and Liquid Strategies, $3.1 billion in DigitalBridge Partners I, and $1.0 billion in separately capitalized portfolio companies.
The company refinanced $400 million of corporate debt, issuing $300 million of senior notes and establishing a $100 million revolver, both maturing June 2031, and used proceeds to repay a maturing series of notes in the same aggregate principal amount. Available corporate cash was $294 million at June 30, 2026, $136 million higher than a year earlier, with full availability of the $100 million revolver. Total corporate debt was $300 million at a 6.3% blended average cost. Preferred stock stood at $822 million at a 7.1% cost.
On August 3, 2026, the board declared a cash dividend of $0.01 a common share, payable October 15, 2026, and declared cash dividends on Series H, I and J preferred stock of $0.4453125, $0.446875 and $0.4453125 a share, respectively, payable October 15, 2026.