DigitalBridge (NYSE: DBRG) Q3 2025 Earnings
DigitalBridge’s Q3 2025 report is a clean, disciplined, strategically aligned step-change in the story they’ve been building.
Fee Revenue: $94M (+22% YoY)
Fee-Related Earnings: $37M (+43% YoY)
Distributable Earnings: $22M (+102% YoY)
FRE Margins: 38% (33% ex-catch-up fees)
Fee Earning Equity Under Management
Fee-Earning Equity Under Management: $40.7B (+19% YoY)
$1.6B raised in Q3; $4.1B raised year-to-date
$173M in corporate cash + a strong balance sheet
More than 20 gigawatts of secured power across 11 data center platforms. This is market dominance, not market participation.
2.6 gigawatts leased in a single quarter.
Roughly one-third of all U.S. hyperscale leasing in the entire quarter
About half the capacity fully delivered across the industry
If the power bank is DigitalBridge’s moat, its manifestation is these two projects:
Frontier (Texas)
$25B
1.4 gigawatts
Ultra-high-density AI racks
Lighthouse (Wisconsin)
$15B
1 gigawatt
Largest behind-the-meter renewable power commitment in the U.S.
This is infrastructure on a scale almost no one else in the world can execute. These facilities alone could drive DigitalBridge’s economics for years.
Immediate co-invest FEEUM at higher fee rates
Long-term carry realization in 3–5 years
Expansion of the LP base into AI-focused capital pools
DigitalBridge is no longer just a digital infrastructure investor.
It is evolving into a multi-strategy, multi-channel alternative asset manager anchored in digital + power.
New and expanded strategic pillars:
Flagship funds
Higher-margin co-invest programs
Data Center Income Fund (for real estate allocators)
Digital Power strategy (microgrids, grid integration, LNG, solar, storage)
Private wealth distribution via Franklin Templeton
One of the most important moves this quarter was the strategic partnership with Franklin Templeton:
$1.6T AUM
600+ person global salesforce
Access to private wealth & mass affluent markets
DigitalBridge will now distribute digital + energy infrastructure products directly into the private wealth channel — one of the biggest, fastest-growing pools of capital globally.
Evergreen structures mean:
Long-duration capital
Consistent fees
Earlier carry
A more diversified LP mix
DigitalBridge now has:
The power
The platforms
The customers
The capital formation engine
The multi-strategy architecture
The AI tailwinds
And the execution track record
DigitalBridge is the AI infrastructure asset manager of this decade.
