DigitalBridge Group, Inc.

Greetings and welcome to the Digital Bridge Grouping Third Quarter Earnings Conference Call 2025. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Severn White, Managing Director, Head of Public Investor Relations. Thank you, sir. You may begin.

Good morning, everyone, and welcome to DigitalBridge's third quarter 2025 conference call. Speaking on the call today from the company is Mark Danzy, our CEO, and Tom Maroffer, our CFO. I'll quickly cover the safe harbor. Some of the statements that we make regarding our business operations and financial performance may be considered forward-looking. and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. All information discussed on this call is as of today, October 30, 2025, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances. For information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year ending December 31, 2024, in our Form 10-Q to be filed with the SEC for the quarter ending September 30, 2025. With that, let's get started. I'll turn the call over to Mark Anze, our CEO. Mark.

Thanks, Severn, and welcome, everyone, to our third quarter 2025 business update. We appreciate you joining us on the call and look forward to answering your questions. Let's get to the quarter. So this quarter really exemplifies what we've been building towards at GingerBridge. from our near-term financial goals to our longer-term strategic priorities. Let's get started with the key highlights that align with our strategic roadmap. First, financial performance. DigiBridge delivered another quarter of robust growth with fee revenues reaching $94 million, up 22% year over year. Our fee-related earnings grew 43% to $37 million in the third quarter, reflected continued margin improvement as revenue growth continues to outpace expenses. Second, capital formation. We raised $1.6 billion in new capital during the quarter, bringing our year to date to $4.1 billion. And look, we're well positioned, you know, thinking through the fourth quarter here as we remain on track to meet our full year objectives. And as most of you know, the fourth quarter is historically our strongest quarter. Finally, and this is the most important story of the quarter, the relevance and strategic value of our power bank was on full display. We saw record data center leasing activity across our portfolio that will build and accrue significant value for you, our investors, over time. Our portfolio company, Vantage Data Centers, announced the Frontier Mega Campus in Texas, a $25 billion, 1.4 gigawatt development, serving the leading AI infrastructure build-out. This was followed up by a second campus, dubbed Lighthouse, in Wisconsin. a $15 billion-plus development to support the expanding OpenAI and Oracle Stargate project. These landmark transactions demonstrate that our years of securing power across the portfolio are now translating into the largest leasing commitments in data center history. I talked about it last quarter. Having a power bank that is ready to go for our customers is comparative advantage. Let me put this quarter's performance in a broader context. continued financial performance and capital formation that advances us towards exceeding our full-year objectives. But what makes this quarter truly distinctive is how our strategic positioning around power is creating differentiated outcomes at the portfolio level. For years, we've talked about the importance of power as the critical constraint in the AI era. Today, we're seeing that thesis play out in real time, and DigitalBridge is leading from the front. Next page, please. As I've referenced, year-to-date capital formation of $4.1 billion positions the firm to surpass our financial targets. We achieved our $40 billion FIIM target one quarter ahead of schedule, reaching $40.7 billion as of the third quarter. This milestone that reflects both the strength of demand for digital infrastructure and the execution capabilities of the DigitalBridge global platform. The record FIIM today translates directly into revenue and earnings growth. We're seeing particularly robust activity in co-invest, where third quarter fee rates continue to expand relative to historic levels, up to 70 basis points in Q3. I talked about this earlier this year in multiple quarters. We're very focused on expanding margins in our co-investment program, and we're getting it done. That's the key. We're executing. We're finalizing our flagship strategy capital formation, targeting over $7 billion in the next few weeks, As we head into the end of the year, our focus has pivoted to the second credit strategy and our new offerings in power, stabilized data centers, and private wealth that will drive our 2026 capital formation. Having a new product pipeline that sets you up for success is really what it's about in terms of being an alternative asset manager where we have a multi-strategy platform. This is the full effect of DigitalBridge as a full alternative asset manager. This is on display for all of our investors. as we push forward into 2026. Next slide, please. Now, I want to talk about a key component of our private wealth strategy, the partnership we announced with Franklin Templeton in the third quarter to launch our first programmatic private wealth distribution channel. At its heart, the partnership is about democratizing access to institutional quality, differentiated digital and energy infrastructure investments that were previously reserved for institutions. Franklin Templeton's a $1.6 trillion global investment leader, and their CEO, Jenny Johnson, has prioritized this initiative as growing alternative investment portfolios. Importantly, Franklin Templeton are building a diversified, open-ended infrastructure solution that will have the ability to invest across all infrastructure subsectors. They intend to compete head-on with the mainstream supermarket asset managers. On our side, we're bringing our $100 billion-plus in assets under management, And our position is the leading digital infrastructure specialist across data centers, cell towers, fiber networks, digital energy, and edge infrastructure. We're partnering with our friends at Copenhagen Infrastructure Partner, the world's largest dedicated greenfield energy fund manager with $37 billion in AM, and Actis, backed by our friends at General Atlantic, with their deep, sustainable infrastructure expertise. And for their part, Franklin will focus their accredited investor products on the mass affluence segment in the market. a difficult segment to access without significant investment in sales infrastructure. They have a sales force of over 600 people, giving them strong distribution capabilities and reach. The strategic rationale here is compelling. Together, we're focused on a massive investment opportunity. There's a $94 trillion global infrastructure need by 2040. We're positioned at a pivotal inflection point as AI, electrification, and connectivity megatrends accelerate infrastructure demand. Now, why does this matter for you, our DigiBridge shareholders? Look, first, there's three reasons. One, evergreen capital. This is an incremental source of capital and fium that layers over time in a long-duration structure. Second, it's an earnings contributor. Fee revenues convert to fee-related earnings as the platform scales. And then third, earlier carry realizations. the potential private wealth carry is paid as accrued earlier than our traditional institutional structure. This partnership launches exactly at the right time and it supports our strategy of building a multi-channel approach to wealth sales. It enables us to reach multiple client segments across the broader wealth universe. There's a secular migration of wealth management allocations to private infrastructure. This is happening. The institutional quality solutions we're designed are meant to provide stable, inflation-linked cash flows with resilience through economic cycles. We're capturing what we believe is a massive opportunity. And Franklin Templeton gives us distribution platform and private wealth client access to do it at scale. And that's the key component, that we're doing this at scale. Next slide, please. Let me bring this all together with what I believe is the defining characteristic of the Ditteridge portfolio today, our power bank. To be credible and to be honest with our customers today, if you don't have a power bank, you really can't have a conversation in terms of leasing megawatts and gigawatts. Last quarter, I highlighted this. We have over 20 gigawatts of total secured power across our data center portfolio. That's not a projection. That's actual power that we can access. That's critical to understand that, that this is not a hope dividend or something that we're trying to accomplish. This is power that exists inside of existing land existing facilities, existing campuses, with our 11 existing platforms. In the third quarter, we put that power bank to work and leased a record 2.6 gigawatts across the Ginger Bridge portfolio. To put that in perspective, that represents one-third of total record U.S. hyperscale leasing for the quarter. One-third. That's not market share. That's market dominance in the most important segment of the data center industry today. Here's what it means in practical terms. When the world's largest technology companies need to deploy AI infrastructure at scale, they come to our portfolio companies. They come because the portfolio companies have a long track record of delivering for them and because they've got the power. And in today's environment, power is everything. You cannot build a one gigawatt AI campus without one gigawatt of power. It's just that simple. Ultimately, the 2.6 gigawatts of third quarter leasing translates directly into new capital formation, be revenues and carried interest and long-term value creation. These are decade-plus contracts with investment-grade counterparties. The revenue visibility is exceptional, and the returns are improving relative to what we underwrote when the power was originally sourced. So as you think about DigitalBridge's positioning today, think about it this way. One, we have the power. Two, we have the platforms. Three, we have the customer relationships. And four, We are executing. That combination is creating outcomes that very few firms in the world can deliver. I would argue we're actually the only firm that can deliver it on a global basis. And we're only in the early innings of this cycle. I cannot be more excited about this development. Again, this has been set up. This has been our conversation with you, our investors, for the last three quarters. How would we translate this 20-plus gigawatt power bank into comparative advantage? This is as easy as you can see it for investors today. We have the capability, we have the advantage, and we're executing. Next slide, please. Now, let me put the power bank into broader context of what we're building across the entire DigiRidge portfolio. Look, across our 11 data center platforms, we're deploying significant capital to support the growth of the AI ecosystem on a truly global scale, catalyzing development from hyperscale to private cloud to the edge, spanning North America, Europe, Asia Pacific, and Latin America. And the key to this is it's a customer-driven investment model following the logos to where the hyperscale, enterprise, and cloud customers are demanding capacity. In North America, Switch, Vantage, Databank, and Expedient are each scaling to meet differentiated customer segments. From the largest hyperscale AI workloads to enterprise edge computing, In Europe, Vantage of Me and Yonder, our newest platform, is building out critical capacity across multiple markets. Vantage Asia Pack and AIMS are positionings for rapid growth in Asia Pacific, while Scala continues to lead in Latin America. And Atlas Edge is capturing the emerging opportunities at the intersection of connectivity and compute in Europe, where inferencing will come into full focus in the next decade. We have the products for every type of workload. And we have the products for every type of workload in every geography. This is by far the most unique and differentiated data center platform in the world. What makes us powerful is the diversity and complimentary of these platforms. We're not a one product shop. We have the right platform for hyperscale GPU compute, for private cloud workloads, for enterprise co-location, edge infrastructure, and of course, now we move to inferencing. That breadth means we can serve the full spectrum of AI infrastructure demands. And it means our customer relationships deepen as their core requirements evolve. And that's what I love. I love evolving with customers. Just like we did 30 years ago when we evolved with towers from analog to digital and to multiple different technologies over the last few decades. We're capturing that same business model with our customers today in data centers. The capital we're deploying across these platforms is measured in tens of billions of dollars over the next several years. It's directly tied to contracted customer demand and secured power positions. This is DigitalBridge's competitive advantage at scale, a global platform with local expertise backed by institutional capital following customer demand and enabled by our market-leading power bank. So with that exciting overview, let me turn over the call to Tom to walk you through the financial details, and I'll come back later to wrap it up. Tom?