DigitalBridge Group, Inc.

DigitalBridge reported fee revenue of $93 million-$94 million in Q3 2025, up 22% year over year, with FRE of $37 million, up 43% year over year. Tom Mayrhofer said distributable earnings were $22 million, fee-earning equity under management was $40.7 billion, and the company closed $1.6 billion of new fee-earning commitments in the quarter. He also noted an $8 million contribution from catch-up fees, LTM FRE margin of 38%, and 33% LTM margin excluding catch-up fees; available corporate cash was $173 million and corporate assets were about $1.7 billion. For carry, the company reported a $20 million reversal of carried interest and $25 million of principal investment income. Looking ahead, management said it is on track to meet or potentially exceed the top end of 2025 FRE guidance, expects FRE margins to stay elevated through the final close of the flagship fund in Q4 2025, and said the next few weeks should bring over $7 billion in flagship strategy capital formation.

Marc Ganzi framed the quarter as evidence that DigitalBridge’s strategy is working: power-secured data center platforms are converting into leasing wins, new capital, and future carry. He repeatedly stressed that the company’s 20-plus gigawatts of secured power is a real competitive advantage, not a projection, and tied that to record leasing and major AI campus wins like Vantage’s Frontier and Lighthouse projects. His tone was very confident and expansive, with repeated emphasis that the company is still in the early innings of a multi-year cycle.

Tom Mayrhofer focused on the earnings quality and balance sheet. He said Q3 fee revenue was $93 million, up 22%, and FRE was $37 million, up 43%, with $8 million of catch-up fees helping the quarter; excluding catch-up fees, FRE would have been $29 million, up 36%. He highlighted $22 million of distributable earnings, $173 million of corporate cash, about $1.7 billion of corporate assets, and $54 million of warehouse investments that he expects to recycle over the next year as third-party capital is raised. He also said LTM FRE margin was 38% and that margins should stay elevated through the fourth-quarter flagship fund close.

Analysts focused on when carry will be realized, how much runway the big new data-center projects have, and whether more private-wealth partnerships are coming. Ganzi said carry can accrue at several points—when power is secured, leases are signed, and data halls are delivered—and said full monetization generally takes 3 to 5 years, with more realizations expected in 2026 than this year. On private wealth, he said Franklin Templeton is not exclusive and DigitalBridge expects additional partnerships over time, but is prioritizing a successful launch there first. He also said the new Data Center Income Fund is aimed at real-estate allocators and that Q3’s big leases and the 7-gigawatt sales funnel show continued demand.