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Here are a few brief analogies to describe DigitalBridge (DBRG):

• The Blackstone for digital infrastructure.

• A combined American Tower and Equinix, but for all digital infrastructure types like cell towers, data centers, and fiber.

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• Digital Infrastructure Asset Management: DigitalBridge provides capital and expertise to acquire, develop, and manage a diversified portfolio of digital infrastructure assets for investors.
• Cell Tower Infrastructure: Through its investments, DigitalBridge offers access to essential infrastructure for wireless communication networks.
• Data Center Infrastructure: DigitalBridge's portfolio includes facilities for secure data storage, processing, and connectivity.
• Fiber Optic Networks: The company's investments encompass high-speed fiber optic cabling for internet and data transmission.
• Small Cell Infrastructure: DigitalBridge's portfolio provides localized wireless network infrastructure to enhance mobile connectivity.
• Edge Infrastructure: Through its holdings, DigitalBridge offers distributed computing and networking resources closer to end-users.

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DigitalBridge (DBRG), as a digital infrastructure REIT and private equity firm, primarily sells its infrastructure capacity and services to other businesses. While DigitalBridge also serves institutional investors (Limited Partners) for its private equity funds, its core business as described in the background involves investing in and operating digital infrastructure assets like towers, data centers, fiber, small cells, and edge infrastructure. The major customers for these underlying assets are large telecommunications companies, cloud service providers, and enterprises.

Examples of major customers for the digital infrastructure assets managed or invested in by DigitalBridge include:

• AT&T Inc. (Symbol: T)
• Verizon Communications Inc. (Symbol: VZ)
• Amazon.com, Inc. (Symbol: AMZN), primarily through its Amazon Web Services (AWS) division

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Marc C. Ganzi, Chief Executive Officer

Marc C. Ganzi has been an investor and operator in the digital infrastructure sector for over 30 years and currently serves as Chief Executive Officer of DigitalBridge. He founded Digital Bridge Holdings in 2013, which he built into a leading global manager of digital infrastructure assets before its merger in July 2019 into the current public company, DigitalBridge Group, Inc. Mr. Ganzi also founded Global Tower Partners ("GTP") in 2003, which grew to become one of the largest privately-owned tower companies in the U.S. before being acquired by American Tower Corporation in 2013 for $4.8 billion. Prior to GTP, he co-founded Apex Site Management, which merged with SpectraSite Communications in 2000.

Thomas Mayrhofer, Chief Financial Officer

Thomas Mayrhofer is the Chief Financial Officer at DigitalBridge, a role he officially assumed by the second quarter of 2024. He brings over two decades of financial and operational experience across the asset management industry. Prior to joining DigitalBridge, Mr. Mayrhofer served as CFO and, subsequently, Chief Operating Officer at alternative asset manager EJF Capital. Before EJF Capital, he spent nearly 18 years at The Carlyle Group in various financial roles, concluding his tenure as Partner and CFO of the firm's Private Equity business, where he had oversight of approximately $100 billion of assets under management.

Ben Jenkins, President and Chief Investment Officer

Ben Jenkins is President and Chief Investment Officer at DigitalBridge. He is also a Co-Founder of Digital Bridge Holdings, which he co-founded with Marc Ganzi in 2013. Mr. Jenkins was previously a Senior Managing Director and head of the Hong Kong office for The Blackstone Group, where he led over a dozen private equity investments, including Global Tower Partners.

Liam Stewart, Chief Operating Officer

Liam Stewart is the Chief Operating Officer at DigitalBridge. Prior to DigitalBridge, Mr. Stewart served as the Chief Financial Officer of Macquarie Infrastructure Corporation. He has approximately 15 years of experience in acquiring, operating, and financing infrastructure assets. Before joining Macquarie, he was a Senior Vice President and Management Partner at Global Tower Partners, where he was responsible for capital markets initiatives.

Geoffrey Goldschein, Chief Legal Officer and Company Secretary

Geoffrey Goldschein serves as Chief Legal Officer and Company Secretary at DigitalBridge. He is responsible for managing legal affairs and providing legal support to the company's operations. Mr. Goldschein has 20 years of experience advising on fund formations, U.S. securities laws, and portfolio company transactions. Before joining DigitalBridge, he spent ten years as legal counsel at Macquarie Infrastructure and Real Assets (MIRA) for various listed and unlisted infrastructure funds.

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The key risks to DigitalBridge's business include:

1. Dependence on Capital Raising, Fund Performance, and Intense Competition: DigitalBridge's business model as a global digital infrastructure REIT and private equity firm relies heavily on its ability to attract and retain investors and raise capital for its funds. The company operates in an intensely competitive investment management landscape, where the performance of its funds is crucial. Poor fund performance could lead to a decline in revenue and necessitate the repayment of previously paid performance fees, adversely affecting its financial condition and ability to raise capital for future funds. Market saturation in the digital infrastructure sector could also make it challenging to identify attractive investment opportunities and slow the pace of capital deployment and fee generation.
2. Exposure to Interest Rate Fluctuations and Leverage: DigitalBridge utilizes leverage to finance its various businesses. Increases in interest rates could negatively impact the value of its investments and cause interest expenses to rise, potentially reducing earnings or leading to losses. Changes in debt financing markets or higher interest rates could also hinder the ability of its funds and portfolio companies to access capital markets on attractive terms, affecting investment and realization opportunities. While the corporate leverage is managed, there is significant leverage used at the asset level for digital infrastructure investments.
3. Revenue and Earnings Volatility: DigitalBridge's revenues, earnings, and cash flow can be highly variable, making it challenging for the company to achieve steady earnings growth on a quarterly basis. This variability, coupled with intense competition, can lead to volatility in the company's share price. Furthermore, the accounting recognition for large-scale, long-duration infrastructure investments can lead to a disconnect between GAAP revenue and Fee-Related Earnings, creating operational and financial volatility.

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The rapid global expansion and technological advancements in Low Earth Orbit (LEO) satellite internet constellations, such as Starlink and Project Kuiper, present an emerging threat. These satellite networks offer an alternative for high-speed internet connectivity, particularly in underserved or rural areas. This could potentially reduce the demand growth or total addressable market for new ground-based fiber infrastructure, traditional cell towers, and small cell deployments in certain geographies, impacting the investment case or tenant acquisition rates for specific segments of DigitalBridge's extensive portfolio focusing on ground-based access infrastructure.

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DigitalBridge Group, Inc. operates in several significant digital infrastructure markets. The addressable market sizes for their main products and services are as follows:

• Data Centers: The global data center market was valued at approximately USD 269.79 billion in 2025 and is projected to grow to USD 699.13 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 11.10% during the forecast period. North America is a dominant region, accounting for 38.50% of the global data center market share in 2025. The North American data center market alone was valued at USD 166.24 billion in 2025 and is anticipated to reach USD 452.69 billion by 2035, growing at a CAGR of 10.48%.
• Fiber Infrastructure: The global fiber optic cable market size was valued at USD 12.82 billion in 2025 and is estimated to grow to USD 22.74 billion by 2031, at a CAGR of 9.84% during the forecast period. North America holds the largest share in the global fiber optic cable industry.
• Small Cells (part of broader tower infrastructure): The global small cell 5G network market size was valued at USD 7.54 billion in 2025 and is projected to grow from USD 10.73 billion in 2026 to USD 140.27 billion by 2034, exhibiting a CAGR of 37.90%. Asia Pacific dominated this market in 2025, holding a 37.70% share, while the North America small cell network market held approximately 45% share in 2024.
• Edge Infrastructure: The global edge infrastructure market was valued at US$ 69.14 billion in 2025 and is anticipated to reach US$ 150.20 billion by 2032, at a CAGR of 11.9% from 2026 to 2032. The global edge computing market, which encompasses edge infrastructure, was estimated at USD 23.65 billion in 2024 and is expected to reach USD 327.79 billion in 2033, growing at a CAGR of 33.0%. North America dominated the global edge computing market with the largest revenue share of over 38% in 2024.

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DigitalBridge Group, Inc. (DBRG) is expected to drive future revenue growth over the next 2-3 years through several key strategies focused on its digital infrastructure asset management platform.

Here are 3-5 expected drivers of future revenue growth for DigitalBridge:

1. Growth in Fee-Earning Equity Under Management (FEEUM) through successful fundraising: As an asset-light investment manager, DigitalBridge's primary revenue driver is fee-based, directly linked to the amount of capital it manages. The company has explicitly emphasized successful fundraising initiatives, such as the launch of its flagship fund, DigitalBridge Partners III, which contributes significantly to the expansion of its FEEUM.
2. Increased Capital Deployment into High-Demand Digital Infrastructure Assets: DigitalBridge is focused on deploying capital into high-growth digital infrastructure segments including data centers, cell towers, fiber networks, small cells, and edge infrastructure. This strategic investment in core digital assets directly generates management fees and carried interest, driving revenue growth.
3. Expansion and Optimization within Key Digital Infrastructure Verticals, particularly Data Centers driven by AI: A significant driver is the growing demand for digital infrastructure, especially data centers, fueled by artificial intelligence (AI). DigitalBridge is actively positioning itself to meet this "AI-led demand," with its data center portfolio showing robust growth in recurring monthly revenue (MRR).
4. Launch of New Investment Platforms and Strategic Partnerships: DigitalBridge plans to launch new investment platforms and focus on investments within its current portfolio companies. Additionally, strategic partnerships, such as the one with KT Corporation for AI data centers in Korea, are expected to expand its market reach and asset base, thereby contributing to future fee generation.

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Share Repurchases

• DigitalBridge authorized a $200 million share repurchase program on July 5, 2022, which includes the repurchase of both common and preferred shares.

Share Issuance

• In July 2022, DigitalBridge announced its intention to effectuate a reverse stock split in the third quarter of 2022, exchanging one Class A common equity share for every four existing shares.
• On April 22, 2024, the company issued 8.2 million additional Class A common shares to exchanging noteholders as part of the exchanges and redemption of the remaining $78 million balance of its 5.75% Exchangeable Senior Notes due 2025.

Inbound Investments

• On December 29, 2025, SoftBank Group Corp. announced a definitive agreement to acquire DigitalBridge Group, Inc. for approximately $4.0 billion in cash, valuing each common share at $16.00.
• DigitalBridge closed its third value-added digital infrastructure fund, DigitalBridge Partners III (DBP III), on November 18, 2025, securing over $7.2 billion in fund commitments and an additional $4.5 billion in limited-partner co-investment commitments, totaling $11.7 billion for the strategy.
• In the first quarter of 2025, DigitalBridge raised $1.2 billion in new fee-earning commitments, primarily for its flagship fund, bringing total commitments for that fund to $6.3 billion.

Outbound Investments

• DigitalBridge completed the $11 billion take-private acquisition of Switch, a major data center operator, in 2022.
• The company expanded into Asia-Pacific markets through Vantage's APAC platform with a $1.6 billion equity investment to add 1 GW of capacity across five markets, driven by AI-fueled demand, announced on October 30, 2025.
• In Q1 2025, DigitalBridge portfolio company Zayo announced a $4.5 billion acquisition of Crown Castle's fiber business, significantly enhancing Zayo's fiber footprint.

Capital Expenditures

• DigitalBridge plans a $43 billion capital expenditure deployment, as reported on August 7, 2025.
• The primary focus of capital expenditures is on scaling capacity and refining operations to capture demand from AI, 5G, and cloud, specifically targeting high-density, AI-ready racks (70–100kW+ per rack), liquid-cooling capable builds, edge interconnection, and fiber backbones.
• By October 30, 2025, DigitalBridge had secured 20.9 GW of power across its data center portfolio, with record leasing of over 2.6 GW in Q3 2025, positioning it as a key player in AI infrastructure buildout.