DBRG - Earnings call transcript Q1 2022 | DigitalBridge Group, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the DigitalBridge Group First Quarter 202 Earnings Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Severin Watch. Please go ahead.

Severin White

welcome First and Conference XXXX everyone, Call. morning, to Quarter DigitalBridge's Earnings Good

call company quickly from our on can today Speaking the the harbor, then Jacky our get started. safe CEO; Wu, is CFO. the I'll cover and we and Ganzi, Marc

actual May that materially. not performance, statements the on and financial cause uncertainties or those such be forward-looking, duty differ the could results of areas operations is events the regarding statements All business the future no and number and does we circumstances. information may that Some to call effect of to involve today of make our and including this as pandemic DigitalBridge risks for update intend undertakes discussed X, on and a COVID-XX of it today, considered XXXX,

XX, For XX-K our more recent XX-Q quarter most risk information, and the in SEC March to Great. please in the Form factors our discussed refer XXXX. filed for the with Form ended

So some then we're and compelling with digital XXXX, our transactions. will Q&A. results, standard financial executing Marc going how up cover goals our we're some to made quarter. followed agenda. our from with with in the highlights We've very the to will Jacky great wrap cover Marc progress playbook will start 'XX by quarterly already

Marc? So let's CEO. to get our started. With Ganzi, that, I'll over turn the Marc call

Marc Ganzi

that announced centered ability we'll we're about already at first the we many announced that exceed right. That's importantly, the strategic today. exactly position exciting while and ideas series these we've highly investor; on The sought-after same transactions digital businesses; same assets. on It's your infrastructure building we're guidance, increasing been year, first, goals, and We'll a second, opportunities delivering Severin. today see landscape. and a that full-stack and to deals the shareholders Thanks, us pair operating objectives. and important our that infrastructure months, high-quality to and lastly, high-performance our start time, most attractive of talk owning on key busy a the to our are the in the digital economics we of the financial At investing with X deliver we're In building best time XXXX making exposure progress capital, scaling around of our talk to platform. advancing the about which across the digital our recently

So let's get started.

Next slide, please.

want massive, it's early process. under digital, the progress in took both our to DigitalBridge So we ago, that and on us the accelerated the on that a got highest management deploy It's and managing hits look of the it's unify not? It's as corporate clear to is our asked X balance for X now business. the our It a to It's focused great Wafra was growing business transaction quickly, reached years in to with Their digital cover the the consolidate COVID our I When their ownership April And investment Wafra level. first stages business diversified company. that the to investment great with it's to investors rooted that through many we our is How is And to best of the a us Wafra are question plan. at have sheet time important a mark X investment have agreement in stake the we and first stake. deal them investment a of so today our partners can capital, completely gone this a we've we XXX% critical transformation pandemic, relationship why investors investors. of when This understanding set back buy and such platform margins. fronts you, X use. was that you about. capital-light deal our digital back and

$XX DigitalBridge a of its years. First, XXXX 'XX DigitalBridge accretive guidance in run rate the as earnings. relative to in FRE earnings you, to XXX% flow a XX% incremental on increase prior in few Over way to shareholders, That's million to our it's to our immediately $XX million now shareholders.

ownership are we our IM XXX% investment on businesses funds, high mind, sign to is long-duration into in average, These platform entirely the percent. of at Second, essential we that keep centers. the XX-year in leases and fees And capital, similar business. towers XX-plus cell capital that high sheet organically that our on on balance growth, XX-year, high-margin data growing the We're deploying are DigitalBridge's XX-year, management return the from future are very sheet generate balance funds. to invested

today. multiple a is these rapidly the It's we digital a deployment the I'll duration business. our in we a few akin retain note goes XX.X% and of our counterparties high-growth fees share as the XXx. we that mid-teens talk corporate a and targets. to at our with important much are flows multiples we This of now which value these performance quality to business platform, the price It's such capital do cash about on what with future work capture down years great that funds. of scale management investment in don't that in operating to And executing around line investment-grade the the So we're for digital very

believe also will is We or significant carried this interest. DigitalBridge know carry would You time. over shareholders value this represent to

easier that analyze. taken make Finally, to our latest step we've simplification. is to This the business

higher simpler this fastest-growing We That's exposure investment to metric Digital platform. management greater earnings, are our deal line, owner everyone Bottom and XXX% for easy our digital of an emerge to understand. structure now IM a a with franchise. we from

partners want next DigitalBridge. Before entire the to team partners to thank take Wafra. great been we to we be to will growth as the enter the exceptional of opportunity slide, on move the next phase I at at continue They've and

Next please. slide,

transaction. the So our with announced to decision conventional we which Wafra next a revert was connection to C-Corp, in

resolution Wafra focused transaction highlighting felt readable. the C-corp. of what decision, compelling was our additional what's Ultimately, strategic is value Our and right, what's the doing by operating on of question traditional as catalyzed a afforded as needed a I'm the status move the REIT not nature like flexibility forward it we we

Jacky the customers our serve does we've deliver legacy we analysis, that our taxable noted, clear. highlights regulatory best The additional next the to the been value. between carryforwards our provide with way Most legacy on it to and from strategy. NOLs the future. digital of de for and the estimated change our was million $XX $XX capital our is basis and flexibility fees, into our operations X an about on segment us shareholder REIT decision significant in outside minimis importantly, quite long-term After also shelter years, tax performance status carried does income range NPV serve operating reconstraints it As operating ultimately to careful ability million has pragmatic will always and over businesses. our for of to our execute implications interest determined loss that And strategic the

know, makes operates so there. We as Digital REIT there day, subsidiary, the of already change of lot IM As a think the sense. was end at a taxable you this no change

deal, and uncertainty which like transactions us it removes Capital and it execute AMP pages. the Wafra First, coming in up the I'll to talk about frees

please. slide, Next

A middle global segment our we been is a actually had mutual our of scale relationships us has infrastructure market quite allowed team with that in day the that While business accretive complementary management opportunistic. be background execute, LP the and would the to we what quick with connectivity was that highly strategic AMP a deal equity to acquisition combination transaction Wafra AMP X transaction here that always a Capital's strong wanted us execute terrific team. a gives of

In that, future earnings existing of portfolio growth potential. to with we great strong a addition long-term FEEUM picked up and investments

highlight transaction. want to I tenets the Wafra, key this with X As to

of equity equity GIF $XXX advanced full over potential other add we ripe ratio had strategies, stack It's million for we you with to LPs $X some billion getting new the where over candidly that First, million write market, time. a relationships, to $X.X high also to LP adding will our II are relationships infrastructure is flagship strategy fund are check. with franchise which was checks basis. and XX% lots IM between be too offerings and mix, This Digital continue strategy, a the digital great to for grow chance small in on a LP global our room $XXX already, second interested When middle $XXX where but we our space overlap for value-add refined in new of we per great believe deploying billion strong a a return build Plus and privilege to typically have digital million Their between the we will time. growth. around

plug-and-play before, and earnings strong This FEEUM long-term is above U.K. earnouts a strong will transaction synergies. valuation very LP be by based is IM and point. this an $X.X $XX generating focus an with We're is of platform annualized rate the professionals increasing team. to run guidance. to will compelling as of on this accretive. great investors. the XX% midpoint team and on in be XX-plus our with our before connectivity This deal, third for any high-caliber out FRE a infrastructure prior by Lifting XXX-plus cost which X.Xx year. adding AMP potential mentioned highly driven a my I actually our that billion relationships about returns pro We've global incredibly We're our forma another at team, FRE done of million adding basis the Second, the shared

of really a as announced you in members formerly of realizing Matt and was great but portfolio, knows This this not Matt, of As of know, and helped the at knows team know, some a our assets. team. the addition the most of you all us recently the Capital Head in assessing AMP of only the Europe. great opportunity we Evans, was

portfolio great right great digital team, and economics great a into IM full-stack So our platform. fits that

please. Next slide,

earnings stunning. of times, the is million midpoint That's highly entry That's for valuation shareholders. pretty price And targets, this DigitalBridge transacted our near million we close. in XXX% a you in of beat already in move out and the Digital When increased guidance going our we transactions back cover IM level of consolidate perspective. since laid from announced we $XX by DigitalBridge our to these shareholders. of when attractive XXXX which some to at once platform now the have factor a And which XX a the deals, our raise, was on all put investment deals you shareholder both and in $XXX about we year at accretive flows fee-related at our we back Digital frankly believe deals step into away. XX% entry you, February, from to share and take deals quarter, these this I proper Wafra we a AMP want to Before earnings

Next slide, please.

the announced we on we've some While investment our larger focus full on level key what call strategy. deals also transactions, executing are particular busy these corporate stack we advancing a level, with

verticals: We credit plan we kind to to important in of across core, seed ventures. X Warehousing scale. of and sheet high-quality have investments the our as companies balance executed deals strategies assets new highlight the we invest those on and and

Telenet. First,

Here, flows, company opportunity will cash of perfect in business we of and long-term XG an Belgium the predictable with that room advantage of over tower the independent a create that their first very It's for continued initiative. high-quality as and footprint they lots have took tenancy contracts to growth counterparties build X,XXX nationwide for with sites network. expansive

provide a plan. Canadian credit need in We of is and solution. exactly digital business-only, infrastructure growth companies loan Second enterprise-grade This growing invested many to term fiber we $XXX is support network. in a We're pension were domestic skill million Everstream. to kind the Everstream's capital, the value-add with well-positioned of partnership

as way new, there our the our It's X to Finally, excited venture high-growth across inaugural serves produces couldn't digital about Celona, Celona, gear emerging million participation we're partnering infrastructure C that these Tier be a technologies. where and CBRS capital the ecosystem which we extend firms. platform companies is is more led XG other and of specifically investment, DigitalBridge into excited exactly round We our structure. of X offerings with This leverage a companies. Series $XX from to networks. and been indoor the Celona permanent these We've great of investment generation have to team scalable is X management flexible other warehoused of wireless next seeding generation capital. on been investments Tier balance with our another corporate all X the builds VCs, sheet, out highlighting of note benefit next important more ventures

Next slide, please.

invest, a a equity QX to up returns The wrap bolts establish DigitalBridge our slightly middle credit to we've even billion stack our to We've market the investor, as the into across with goal, sleeve, of higher before, and the digital to stack investments opportunity CapEx outlined you, and industry. investors. AMP to this risk-adjusted with deal Digital with dropped highlights. as operate framework infrastructure pair us annual raise full new on right is added generate our and operator demand owner returns to capability spend the the So global intersection targeted I it capitalize supply core at where anywhere ability strong the on for venture positions and to go our and in capability believe the capital Plus. full $XXX our with uniquely and

want you unique to more our the take globally to call partner, ability is about quarter. you, to the fact, In something for results Section customers the Wu, But corporates my our show Thank Jacky anywhere financial for through in X. and over truly to hand talk go Jacky. I'll to I up in now, sector for

Jacky Wu

and Marc, you, morning, good Thank everyone.

the As our on in Page morning, report a quarter addition Starting a growth, we quarter the driven by with see successful this financial website. first Shareholders our release available continues strong IM to XX, year-over-year our the supplemental reminder, earnings, filed which section company within of to fundraising. results first of is

$X business. million Year-over-year both $XXX fundraising same the noncash high-margin quarter, period including first loss year. a our which which of sale the in $XX which $XX $X million reported million, billion period portfolio. improved long-term as a exchangeable driven last the catch-up successful was of increase and company $XX grew extinguishment business. AUM and primarily fluctuations our Marc onetime IM year loss trends, in the from approximately we earnings $XX plan first of $XXX last the associated the last XXXX in associated AUM while by quarter, distributable $XXX loss the better quarter income million driven was early incentive as first only of Net growth on this million of period in $XXX deemphasizing revenues is with For to next and represents our a from growth and the XX% continued of important total measure of quarter as focus our by a last discussed Total quarter-over-quarter IM a last EBITDA billion IM Beginning fees we the and from year. $XX quarter, notes legacy of in year-over-year from were of Also, our Digital signed earlier, consolidated growth the results transactions also Healthcare losses, in these million end fees. same result primarily Digital adjusted by grew million same the million $XX expansion year, by with driven in was X million, FEEUM. was after the million, of XX% AFFO from a quarter.

and the add increase our of Capital's equity infrastructure the earnings business, digital IM significantly X companies business, IM global our portfolio first which second infrastructure to fee-related acquisition of of AMP The was and platform. will purchase share was new Wafra the

expect earnings, the our near-term increase our The invest regular long-term guidance We materially as dividend turned strong using company in structure we in high-quality flows management to are to healthy, driven high-growth by common or that positive common over to and AMP plan generates have sector-leading per pending further and share and is in business growth the capital liquidity. we will investment available while quarterly asset-light a excited the businesses. and time, accelerate third first our meet targets, we optimize continue fee following our And digital Recurring transactions. quarter. to Wafra the exceed quarter we initiate dividend in cash

new XX. to were core Moving the period a by last DBP year revenues Page Consolidated digital II same million, increase from fees. $XXX XX% driven

II the million management the from investment million $X incentive declined quarter our fees fees fourth as onetime anticipated, quarter and liquid the products. final $X As alongside to revenues DBP compared fourth catch-up included of of close

the XX% the from the is also period $XXX increase EBITDA right new fees. DBP of page, II which last at consolidated first the Looking was a quarter, same side driven during adjusted by million year,

XX. Page to Turning

investment have seen growth particularly our business. digital high-margin business, management in continued We in our

accretive into amounts FRE will $XXX page of our pending AMP We XXX% to $XX Capital's line are acquisition revenues to our on increased of Since the last quarter global platform. pro first The shown digital disciplined, deploying and the and FRE capital million, of own infrastructure businesses in a equity for $XXX to be business. million. in are forma and $XXX from revenues acquisition this additionally with the IM with transactions highly fee Wafra share has year, promise following strong Both our yield million annualized million from recurring high-growth increased profile. the

$X strong Turning has company current to liquidity XX. billion. of The Page approximately

We to will will deployment offset to million be from deploy investment and for IM new over $X.X last combined seed remaining from new proceeds legacy investments warehouse expected pending million returned be capital previously of strategies $XXX more X products, management net by the billion $XXX pursuit our investments. than acquisitions. lease This

As structure. acquisitions optimize a billion accumulating fuel liquidity and result, further we to anticipate our of capital $X.X to

and of it We I'd execute and accelerate like And to and will are this growth. M&A help be to Thanks. our digital liquidity excited our Marc. to XXXX. robust, with pipeline for rest fundraising continues as on back very turn And the this us that, pipeline

Marc Ganzi

Jacky. Thanks,

investment seminal X strategic to strategy. we our attractive for you platform management the give consummated financial that some perspective implications so the As the cover said X in our of the more you I on last to and wanted weeks, growth about rationale really earlier today transactions the in is why I

This and They're technology global focused our is is about cannot. serve our ability it to scaling fundamentally infrastructure a customer-centric at and telco businesses that digital on foremost, in operating scale. managers approach. and other REITs customers ways that is First and accelerating

by it to operating and an capital deliver enables So And and execute. asset-light us we scale. model, for need having go anywhere and customers at to raise

investment $XX last on different that here in we're foremost, we deliver. to is the digital right They That new what capital about that in fact. on a infrastructure As and partners new continents is enables want capitalize the formation call, our at flywheel of quarterly serve with to customers. magic over first which deliver. management DigitalBridge, construction the of talked happening cycle us to ability, reinforces highlights, our work opportunities, creates X can today. doing a hard And We today it billion virtuous

objectives. So we're at that the level, we're to capital time, way is we organization, forming the far We have expectations investing asset-light that a energy, capital form believe meet is that our expectations, our what achieve to make corporate of most these global we framework the most by believe capable the sure to those to customers. built efficient

Next slide, please.

have sits digital against We've size REIT we by you the and to how done the effectively think peers. It's here our opportunity comparative meet scale I our it digital So and able get in the this? infrastructure, and out to of and done front clearly. battlefield very us it compete in of on about being leveraging to that see advantages, really

over expertise under the digital assets management. CAGR were in the this and did it of and XXXX, we've roughly win investing north on rapidly hand scale. leveraging differentiators and we'll AUM the more a of merger billion By key had and we When These of the asset-light infrastructure power growing ecosystem evolving about slide, back is first X AUM. much $XX left peers. doing the than in the us way billion compete are drives consistently, last an executing. end that established what model. growth allow growing year, to digital this It's of nimble This our in at we years model. of First, business across our in our quickly be That's the $XX XX% digital

it's right-hand to this it We're done platform. today. the ability form AUM look short tremendous we've at side, on and a our That's ladder, digital rankings period through of and this growth, by see capital very the enabled unique fastly can in the consistently management again time. once investment climbing You

in Next done that world slide, X-decade the we in as short believe are please. And This just AUM we've head had head-to-head a with discussed years, has a leader. growth best enabled the to in that so some X we what of category to have perform start. competing X- established really us a players

years And field to peers. that When slide over growth. our the an in to here at of your level. it's compare left, digital EBITDA REITs the The DigitalBridge growth XX% that graph on is infrastructure infrastructure looking of drives compete X Just against the grow digital to is at portfolio and leading the you company in effective terms scalability last portfolio an us our key. This can diversified digital us the enabled enabled X% our and that for asset-light and of us you averaged to but having see operating outperforming The against model is and not scale our to strong this quicker. have level down the quicker can model we in catch business only operate allows at it's quicker. which platform scale also playing key category the world, XX%, on shareholders, earnings grow up faster leaders CAGR

know you see delivering look centers, data I that business we're institutional when key units and across So follow, all results. you X towers can investors

last year. the tower X had data in REITs. the In years of at end to lower we X,XXX than upper DigitalBridge largest this megawatts X we many towers. megawatts compares looking DataBank sector, look is We Just Vantage, what are and That companies where to ago, leased the right XXX peers. ended hand best-in-class the That's slide our more portfolio XX,XXX right-hand corner, of the than less across page. astonishing. of think the Scala compared traded publicly at towers of we year across last center

scalable factor is compete operate go in the model to we're today It's in locally. asset-light execute that So the we're And have able shareholders. that M&A success delivering IM going we're build-to-suit this our and and market, we the scaling, highly DigitalBridge a where for and capability in us the in gives effectively the the really in to we're you, today. market. that out differentiation the with what's globally compete, platform business firepower compete rooted This is tower

Next slide, please.

our So objectives. going finish where look, I'm key highlighting started to I

all with know, I'd to of like I where clearly of all communicate you this we're about think going you year.

First, infrastructure full the we're quarter stack made in new building the progress all number ventures, is digital one, investor. a during and and of credit, it with core great We've investments That's key. on track.

up strategies I launched I'm and updating new on the organic next this these on exceed we've meet exceed sets as capital continue continue in targets. to our that forward and progress your form quarter to Second, look, to to financial to expectations. AMP want and objectives and fundraising and us this here our growth put robust see path we year. environment. you we deliver as around looking a Wafra operational our us And The exceed fundraising transactions a we to firmly our guidance,

key. to to that to institutional to platform, accelerate to of rapidly, is our going we're I've focused as partner asset-light opportunity. the a as high-performance the just opportunity. choice win ability our and continue infrastructure This by position grow central capital, highlighted. Third, digital really on and continue massive in And compete is the is This leveraging investment scale our

the and you the initiate Q&A our presentation that, investors, for focused want you, remain high-growth earnings for infrastructure importantly, generates to you. building returns our back most serves this the and turn session. morning. thank you on against platform there, a listening progress to With as have call to shareholders. I'd the like strong digital Thank to our objectives our So customers we operator I to that for year key over

Operator

Instructions]. [Operator

Our first is from Michael of Cowen. question Elias

Michael Elias

Two, may. if I

did the operating should AMP. And I your capital-light part think we you how then guidance? management operating is, and as you the my we emphasized and is, terms as going of of really think between balance think how forward. of question a investment have the on balance? First call, And approach platform should M&A And Wafra transactions the And that for question look mean, business, we in and of follow-up. the forward I further about some we outstanding great also that, of

Marc Ganzi

and Mike, Thanks, questions. appreciate your Yes. and thoughtful attention

work. of So with to of prioritize lot where capital, work do Jacky We did last into a kind and this put question is first, the how where by the getting that's on of we think team the liquidity work we hard allocation to I year a need ourselves go position the we strong that money did.

we we think generate reward so that amount the and that put get got work, we best to And the to we opportunistic, be of and AFFO. the to capital can for earnings is generate fastest

that X ledger, which of that on accelerate this basis, in Wafra is side in help Digital we were quarter, could IM. the found on So AMP that trades in the there and really opportunistic of us our objectives X half

a its to terms further that, X.X% the by strong biggest core little the in capacity ever of about had EBITDA construction our putting about expanding backlog Things that perfection of in a budget dozen business over bookings. roughly our Databank didn't deploy markets. million to across really capital leasing company's a quarter, anything growth, are in strong beating had And pipeline work in think at our find we're Databank. in where this objectives in Vantage projects the over quarter, digital very we're fit and history new did we We still YieldCo's to front $XX capital returns. as we -- Secondly, hyperscale. in where operating with we've and in price hyperscale the

green exactly hyperscale and and we've opportunities you in lot at a shoots where And Vantage So rest it Databank the both would more of our see year. be. have the told of Vantage we I continued to perform expectations. would we see in at Databank, YieldCo say,

that from the outcome. for at invested any was of end And delivered highest on Wafra every made objective this we're stewards the is to manifested the you capital and Just AMP on day, and balance the But the remember, basis, sense that in for quarter, my that our nothing itself returns there perspective. And achieve that sheet. of shareholder.

So incredibly use think you're that, to hawkish that us addition see to be sheet. we look, with going in how balance I the

having We of the strong have envy balance a sheet.

a We as throughout to saw course lot today's you coming sheet going in position, We're liquidity the year. of presentation. the strong the of back have get capital balance to a

maintain high dividend to the some share our we've so we're return about want that maintain on got we in to that that Obviously, preferreds total rule measuring We the putting of redeeming. that eye course, want liquidity, third against back never and and flexibility. out think buybacks quarter. And we And on on keep capital.

to are we're use these as on incredibly how always going So cash. going to about we've been. it thoughtful and intelligent be We're the all priorities

always And think you've cash. think exactly incredibly told heard executed how responsible you the I be this and would. we've we quarter with we've I demonstrates I that Jacky and

don't again, back second I think answered ahead. second I sorry. Your it question, Mike, Run Go your question.

Michael Elias

Well, -- the EBITDA what M&A. assumes operating digital was Yes. guidance, operating -- on outstanding is asking some you have I revenue, which

move over could What on for over then that. but hyperscale year, color. and we've rates debt-to-EBITDA an I a a or really appreciate lot higher I get seen would could deals, also the do a both we Like you over question. But that about your the part when how there's sneak year? wondering Just changed basis it do of look, how has macro basis deals shifts interest data seen is, maybe then there, center last the on about separate what the environment. know rates in and how change. to the I of LTV question, from can view the in your think wondering have net zColo you last I And the That here. last years. And was we've have think second the and I'm in perspective,

Marc Ganzi

Yes.

the me and Let corporate try to we level to down then can story. unpack story go asset the

I flows think why basis, management business. corporate securitize on were to wanted very our year we a from clear investment we our last cash

foremost, and a low. First rates saw were interest window where we

using investors I've in a is which our cost found the structure not And turn, rating finding where cash great that should. always clear strong that and tenant you very companies corporate backed very flows window seeing with key financed. we already debt, and is our Right in been really understood Second, get and we're do in that And fix as securitization how built have done of where get moving the structure, stories stories we that, that we're which agencies is good are and going and tightening a could are counterparties are up. quarter. have And I've continue risk credit thoughtfully. are marketplace we'll it interest now, where the years XX the over that. And going notes to securities last that and to we've you're capital to play codify by and that a this investment-grade marginal to rates stories out are they financed XX-year

done financing able talk at portfolio into is realm of we've move as company our side we've get seen, and you from companies our to zColo hyperscale, think I edge the portfolio the about and down least financeability you in the been and what quarter. and

across down look did that level debt, all lock locking been the that once if our Once using structures, CMBS structures. able long-term year. company to down and ABS last all again, were our of We we last again, portfolio said XX-year I that our we've and you capital last busy businesses, at So year. year of

that. listen prophetic do of sense locking that's a we we tenured you rates and And is years. ebb Vantage. low sense were historically for This my markets to tell that team of flow. not focused capital on have going down a have been at this we and doing CMBS at and But in XX at we Databank a and very you did long-term did calls, to was on We capital If ABS. that carefully I'm XX-year I

some calls the was We So clear. was X year like accidental. given year. I not system. seeing that on We've manifesting And Jacky be we I battle want ago, has plan rates that depth to companies going We were longer. those of just ago. our We all where C-suite now world last place, through felt amount situations. 'XX was people saw money more were Once it's experience were doing and to dot-com let team candidly we and not crash peers. this like than free and We mortgage into again, that the and We crisis. surprised. This inflation. that management been scars the of is leaders, crisis, a the that for quarters REIT challenging itself the digital told move these operating inflation surprised. and pumped you interest a the felt act a I'm our

it, investment having making companies place is our and of businesses our in that management that and here. solid good to what and prepare for being through do. It's a our investment understands those sure cycles portfolio prepare management business, So part we how are great framework those

level. maturities can We're our like patient. cash. So debt little in the we then down Most great going those all the talked We in XXXX. be these at of once of businesses of XX-year originated at are well of are a were capitalized. and we portfolio again, those, We've of a I continue that company a stacks did beginning feel bit And got of corporate to about, be our to on We've few the position XXXX, financings loans patient. we're got most level, in flexibility. XXXX,

want these being we we is move go great choppy think battle-tested, into you unknown, and being management what leadership. When So be you best-in-class markets the having teams. to into with prepared,

don't offense. our grow, about we've understand I companies do moments We're this for record that able And want how too moments. with understand and They'll go Jacky to and through track I this. with you to excited You that protected the that about great joining been actually how And understands front do your sound and you shareholders we're like built of capital. us be with you what's very to in difficult journey us. out to us. but want capital, build protect operate and hopefully, and play invest space, it, from Severin, profit team I'm how once in how -- jubilant

seeing able were that liquidity the go like we're and to is in generate when to we fact greenfield last capital And the do brownfield quarters companies, structure go of opportunity. in and their some and opportunity. these see that and DigitalBridge. lot out X to X a to look ability So of the Because We of you of ability this, capital a at their to form public advantage market becomes lot raise constrained. capital a

That's the We others to presentation is may are go unconstrained. not a our This answer, was teams and focus here capital the the having of long-winded local we today, to need our need for whole at be DigitalBridge, importantly, ability go conservative sorry having -- execute really to having do compete quarter back. anywhere, Mike. something today, the pull while key, to but and in is most key to I'm the this this purpose of presentation

Jacky Wu

And just X to areas. break I'll guidance answer into question, up your

So and The obviously, those our Street transaction, and in releases our guidance. to are both guided said AMP to the that Wafra we've additive

because in never guide in But we M&A opportunities still the have until as IM So is signed exceed products form continue Digital of to our of qualified. that remaining side, as for warehouse or guidance meet prudent as sheet discussed, liquidity in and return both What XXXX AMP the capital we we what and of did guidance assets and the longer-term will said XXXX for just on billion we not do well up I've the terms expect and $X.X in so Wafra. we operating the to it's to guided legacy Digital balance that we and overlabor strategies our addition that we monetize. new have near-term to it's of as M&A. to back we

the us So and shareholders. return sense love makes there'll businesses deploy. still digital our acquire businesses to be we to infrastructure of in continue the and for and go will degree plenty price firepower We for general, to the

Operator

question of next KBW. from Jade Rahmani is Our

Jade Rahmani

environment, Considering business the that firstly, Secondly, manage to you how play priorities? REIT any did into in of factors evolving the cyclical macroeconomic do terms decision?

Marc Ganzi

Let's question first. take the second

at was the day. had on X here earnings I to that the REIT, REIT years, with buy faster a sheet. we unit. question, X business And lot nature, XX can saw in by capital, those trading versus pretty duration to flows XX on the about ability tax AMP, at cash a multiple seeing all, were IM. it the and that, business world look see we more invested end that. we a that returns, multiple was been from the X-year takes you ultimately, to that XX And that's Operating, XXx I Jade. of and think We're that do, of at around way market returns can at form go earnings within and growing the blended and exactly long-term us, period, the that we And be a capital to with if we side situation. in XX, what deals look actually. grow assets look see bring the time I times me we've put I And returns when very I clear sustainable are, capital all have create did best a it's Digital seen the we to declaration believe which further business to decision constrained was are cyclical is than what for to a best business, superior, the a buy you Jade, the to we're trade other returns. pay long-term XXx digital the which out opportunity at What no at operating you at we've me the not down that again, When could tower and as with When look everyone don't unit you what do on we public opportunities easy with versus the by U.S., that some on vastly to XX, it that And sense builders. tax that Wafra, Jade, the makes balance have and seeing declaration with at Digital private investors balance a the sheet.

guys. easy had I deployed explained So when we're XX%. and transaction, for to getting AMP, for the north deployed for we you we that the of capital That's capital arithmetic Jacky Wafra returns

allocation other not them the We came we in was decision decisions, That chose in we were the it. we investment of that's on quarter. in allocation And terms capital that this made Jade, that decision us so to balance do what to was sheet. committee. took and of front capital the There put

key that's so really here. And really,

the thing the end the is, non-REIT REIT at think situation. of the versus I other day,

we're earnings in As de That's release, you'll right? growing over leakage that in $XX tax fast a X minimis, million We years. the an million When model. $XX we to the look want you mentioned where next EBITDA investors how We compare there's to mean going believe they're see the XX% they -- and business investors that's of about where where infrastructure. be. I invest want their wallets over in couple with quarters want today that next be. to growth, to that's at to digital unconstrained

constrained, again little model you've for Our appeal where the our simple, to the we Jade, been public in And got interest this stock is XX tough, to out, doing being where pointed got I've we're as them rising You've you've competitors right? core really ability this rates, cyclicals bit you off, inflation, environment, market got customers selling rising light, asset Jade. somewhat not more is this we're company. serve the and years, of tenet constrained. are this a like liquidity to nimble, the key is more we're you've once

home the we basis, that ability we we And We grow to And a is are advantage. the are have our can concept I of in this the get global And not to numbers And keep our infrastructure you digital give a That future X next and investing made. ability should peers. the C-Corp and over our the lease get X fact. clear to to shareholders. you it's We think that for got where that And years and quarter-to-quarter time, want faster customers in The competitive advantage. investing to right infrastructure showing get customers up up do faster. on is more believe every a to just bookings, show more has in with X, does customers. of the at we bats, we and us, by now it's to go to more for if team model more digital our for a over startlingly and is go grow our way is public and that investors keep management up win. we driving to them, us This capital this and the today. built remember, investment. serve and that quarter, one be. That's We than moving a invest certainly, it's flexibility is by decisions this anywhere we

Jade Rahmani

Okay. management trend. things what manage how And of focused would be you're cyclicality downturn, as But fees you various the investment the infrastructure on? business be respect baseline the or and a a the to lots secular how would be sector has the is business with that positive. would countercyclical Also clearly, digital impacted in demand attributes for

Marc Ganzi

Yes.

a So question. great that's

got we've micro, XX the companies around into the getting So world.

communicating are a X, We week. those with X companies times

are sense good costs. above And on the are And Are One, our budget? of large, costs today, by business that, and Are very not you Jade. given and that a tell sold, from here budget? will have that finding construction we that materially actually cost goods we're given deviating construction plan. things KPIs. the I of inflation and our we matter dashboards our We

our of greater for seeing would businesses. So a something to X%, me that deviation not X% than all just be material and we're across

you better greenfield we certain XXX this are will When within we others. out $XX-plus Now going Jade, controlling parameters. billion a and management large, CapEx stay to and find billion there put regions are XXX those at think costs manage going feel portfolio, to than teams year, we're deviation, you're we standard that point But certainly by like certain basis a to of $X-plus the on outliers. within

another is The across retain the CEOs to sat a are lines the [indiscernible] stay It's theme all intense where costs. back happening to and Jade, you I global harder concerned and work. the infrastructure front our but is not incent are construction pinch, -- an in on and market for digital employees to it doing feel labor about I'm Jade, The do skyrocketed. labor with but I has just cost to absolute is people sectors. showing of same Jade, phenomenon not XX a that labor you feel how Good up and right? about X that of with news of But challenge for common sort about employees in is panel you just they're construction. saying that real Angeles us is thing, So work. Los I and the happening ever, came where concerned I'll getting come work, a competition the CEOs, And everyone tell things that's labor. am conference on from here's concerned. you than am

trenching micro data the these jobs that people towers, today. most I in digital center fiber, So climb mean coveted engineers. that for infrastructure do folks are

so think company our focused There's that have they're up, overworked. sure today. be to And gone and strong our that they're employees. CEOs portfolio you keep a mentally our and wages And a companies, on anywhere and These We're mission X% keep not of our lot Generally market. key morale would are hard on to as our few portfolio people. very of losing is the at but make expect, is make from retaining depending are they're they're satisfied built. #X I XX%, speaking, it's competitive We're them working paid employees our sure sort infrastructure things overworked. happy, to

what's happening rates about of Interest We the is Liquidity rates cyclicality disappearing is out very in rising. consequences the definitely terms fast. are one the of system So talked earlier. labor you interest mentioned. that of of

companies portfolios access capital. to have Our

So portfolio done. a We that the this we the to wanted had in done company done got are we that down quarter not got at financings really of capital constrained. material financings level. All couple get

capital is companies So DigitalBridge not constrained. for access to

So that's news. good

of is cost you borrowing Our going imagine. would as up,

company cost been have Previous to down portfolio at X we've long-term have where over because securitized are financing X certainly, our debt new last of levels. So bonds financings Jade, decision not where conscious impacted we a years I the impacted. or indentures fix our to made

that a decision made So facts. we based on that the conscious was

very We news. lining is a bookings had terms are new bookings. up. here's silver Now in the good strong of The quarter

you, anecdotally we're heard I of we our are new tell that terms like in BTS going companies. the We're that think feel will orders. in highlighted winning of bookings. our that around globe we rents new across up. We've I winning all presentation today portfolio

it's the XX%, whether are depending X% And to on the zColo, rates we we're increase rental class. the for the being it's seeing of to on a build-to-suit, space properties our able asset XX% anywhere a reprice So basis. high rental to side a of to global side whether from low X%

inflation new customers for been our reset rental facilities and we're we've that customers has to for. for building creeped as are able So that entering rates up,

basis index. In of addition a all that, escalators to big international and index, CPI revenues have majority fixed on as are all CPI our an our mostly leases

have leases expense Latin reimbursement our obviously So business are in America, we global a pass-throughs. America Asia, as in North protected. that and operates inflation Europe, of Most here

bearing not are burden utility costs the we're of pass-throughs high level So CAM a at other or that costs the types from property basis. of

like we Jacky -- you I'm the market coming. situated. well how feel into positive very So business, and we're bookings situated we seeing of growth, conditions our portfolio as think constructive continue really We're, this feel sort and the once companies DigitalBridge are see but this to really business I advantage long environment. we're as turbulent and the I portfolio across of we all that of to which generally remain are about I again giving not jubilant take a think good picture, heading And companies, DigitalBridge

Operator

Dan Riley. question B. Day Our is next from of

Daniel Day

Congrats on busy very a very, quarter.

I the fee on wanted synergies sort seems acquisition. If AMP funds, in just little the first is it margin the pretty FEEUM Just for of do I the low. X the to FRE math, management funds, like dig with a me. potential there margin,

sort upside ability line more get in any a and guess FRE I So where the guys and at? that at assets acquired you multiple to those on XX% you that to with are margin of

Marc Ganzi

it. Appreciate Dan. Thanks, Yes.

Street, foremost, we numbers the first were pre-synergies. today you, -- that published So to and The we

about we're We is don't We want a go serve out to up DNA. synergy So economics then at just That's about going generally not say, expectations. your drove Jenkins. to Jacky base cost attitude things. talk case, new is give to these [indiscernible] the But what kind and deal do revenue. a or deal improvement. we he improvement I'll like Ben deal And and we feel and of about speaking, level didn't that. want Xx deliver Jacky Xx. you to number exceed the tend as we Jacky, the there, the and our That's you talk prevailing generally and let with to there

Jacky Wu

Yes, sure. Marc. and about good underneath And we're little was under Obviously, with obviously platform very the Ben just and belt funds. I funds a transaction, AMP's But excited equity their of a couple scale. albeit

as et that extensible to can cetera, back platform as scale back able our be we platform. plug investment management, office Now to to able office our be play the IM functions service other like and and side in and both well into to scalable support

it for relatively that closer us accrete in guidance is you So our see time showing of margin to expect margin you'll AMP the XX%. over levels up time sub-XX% and short for towards the of overlay terms should FRE to

Daniel Day

another And me. one for then Great.

acquisition, to in You were a on warehouse it's be vehicles put like the needed? guys and that of to hand capital cash meet need your bit to the to the guess Is you shares anything of the Or I about think of patient have force couple next you're tied the that feel to these of been the the up BrightSpire there's the willing you a of cash those acquisitions. with those quarters just to moving side going that worries lot sort no do meeting needed parts comfortable with there to still if to capital acquisitions? support sort there you shares, little sell for sort there's even

Marc Ganzi

No.

cash put couple liquidity actually We've is out. those haven't even we our in a of the on shape, think haven't closed actually. we I transactions, and which great warehoused --

actual our long the couple We've on of review X, X quite of side as weeks. position is cash with will some magnitude coming AMP May transaction regulators. [indiscernible] up as So The a as a because of that take X of strong. actually got maybe months has of Wafra today, regulatory short in months, closing

transaction couple We've will close of So take time. bit which little doesn't warehoused Telenet for months. that a the a more

views. give So our let which on liquidity from BrightSpire, position, Jacky is once a strength. position Commentary of his I'll again,

team around But Jacky. where continue very traded confidence Mazzei we think The your the Mike doing. is. conviction constative to strong the business to bit are know I continue have and what business. a shares don't think inherent be I and we that have We on little in the thoughts, ultimately below value

Jacky Wu

to work, these we're and something not be sell hand -- have be is things going great to to team he's else. That's his their that yield going he business, Mike to doing forced to and say our rising. is fund dividend And implemented nothing just opinion, The that X% force turnaround right. both No. doing has able to we are and in fantastic. our

it shareholders team the the him do for funding have do that a So we But will want and infrastructure. makes liquidity we we Mike do and responsible constructively the plan And we be our and with need with sense all perspective we'll BrightSpire. is sellers. other what of to to and digital

Daniel Day

for then And one Awesome. me. last

in the would Just you you've the over maybe on add weeks. mean increased out couple you've acquired firepower a bunch XX. securitized here to that raise And markets. obviously, then of the to much capital quantify Slide last how of FRE capacity have laid I you can

because of of those the the be them over I a should rest So them is of this are good guess now and callable taking then year. top mind how of course callable chunk

Jacky Wu

Sure. Yes.

in digital and best accelerate growth, said both and to and always highest use products we've the is new acquisitions foremost, operating and of First funds cash. IM infrastructure and seeding

we that the higher done do We'll to balance for use to and and fair redeem infrastructure capital the realized go capital we So of the and digital certainly, a are don't long comes for shareholders. When better capital see that. us have that. preferred and continue as for sheet, back our new to game so that strategies comes that's another back

If businesses way yield coupon we've BrightSpire, got X%. we kind there's the go about redeem that the has quickly or talked where have range. on to see of that products it appropriate. to us So hand, at infrastructure -- look balance prefer immediately there's and new of will and if to no X% sheet, is a in just acquire we and our for and we digital go excess go those cash things

Operator

is RBC. question from Jonathan of next Atkin Our

Jonathan Atkin

So I just think but finer to put to point. you portions of a talked maybe this,

And securitization kind market, of how your does Given return Infra, or about thinks AMP the leverage costs, there the higher Databank GIF I that of affect debt financing on a I acquisitions for, on you tie-ins does just bought. expectations? then companies how Zayo and you've you've guess kind little talk like bit potential that referenced? -- that are horizon given unlevered affect with any in when what And can putting about

Marc Ganzi

for you Sure. participating. Jonathan, thank

the the question. latter Let's go maybe and to first start with then

GIF to in wind portfolios, II as process X already sizable think relates I being and it I was down. have GIF I of the GIF AMP,

strategy. any disposition don't So that don't continue. personnel. change change any the the see orderly of portfolio in the We see will We in

X orderly over to candidly, are alpha so office our focus greenfield, our On an in be financings, our businesses monetizations assets have way create to got may where is capital we portfolio, customer X X grow And fund, some opportunistic of brownfield, investment we But IT, to overlay for which that back the years. to logos, is through of GIF we've human X bear. ridge wind bringing sort years. II, leveraging the digital our framework, how firepower, new incremental be the would next over growing. down next a There those relatively that

the think X is Jonathan, a decades. last to you've I model, gotten know this pretty over well

lot portfolio our DNA really synergies. So injecting a and of some of our And strategy into that there's important. is

an CBRS for I income nail the hit just creating using lines technology digital the head. example, by our and mean, You bringing airports, right in those to on expertise. whether, create to of airports the opportunity new

which million team to so opportunity invest they logos There's logos at where their million. $XXX in of business on X that's AMP, And size advantage is the the And we in this expectations check is that did got important and of I that strong DigitalBridge years, and partners opportunity exceeding remember, I've incredibly X there there's growth. size $XXX GIF renewables average between the transaction. plans. big in then on highlighted last have Jonathan, they've that million. between in the part great an further. their in to are terms and digital continue to for and $XXX is at DigitalBridge why GIF X II AMP to $XXX decarbonization, Focusing a digital are check grow They're AMP, me. a The average partners million

these in infrastructure, and middle market So models. bulge categories. different are business are They different They're playing we're doing infrastructure. in big

this funnel, the A we weren't because our That come because through of really would us was middle check for too penetrating say small. a infrastructure is great asset the no have digital class. of we'd So to that lot market is opportunities part constraint. size

middle we're Now and that there's in a synergies market We're of we're finding space, lot a of playing unconstrained. opportunity, there. lot

the excited synergies, relationships bring said unlock the grow We to Jacky portfolio GIF then balance earlier, strategy. there's opportunity and we our unlock GIF opportunity our and importantly, stabilize a growth DNA on and our there Create lot the the about AMP it. banking that in relationships most and sheet really value then in all of Plus of bear value, inject customer and to platform. II as relationships So and platform I think what for the Digital call

how about first question, capital debt do about in deals. not we're new important, is which we think So deals now do doing, how markets, think which really financing prospective is your we

levels that of taking things on new that are of now One, better part say we're would X the So about leverage talk are investment through coming deals for in lower been talking months. X have and of terms today, we committee about assets. I there

environment. Why? this to where not stretch. levered lower take So is an We an environment It's where you we're is you risk. This don't think underwriting risk-off returns. a environment incremental

you're a what a capital the platforms. is lot lot around new in prudence seeing care and new of investments and of structure So

the you we spreads rates is models. to a Second, same the and have you had on which moving, we've and used XXXXs have that discussions view moving the up, have Similar XX-year XXXX early X- in conversations I to recalibrated to and I and in our you take curve. base Jonathan, and and XXXX, we have

that's that what up. spreads that X moving And rates which outcomes, did up. basis, already on ago. quarters get get we've so already again, moving And done. were lower returns. we We're to We to you you Once is base different

to me accept underwriting rates, being lower that's -- asset lower important, been never a at underwriting turn, I've returns prepared, generally our base model around time. And Atkin think in here we higher XXx you've do to a work. haven't higher put big don't lowering been and a around for spreads, ready XX-plus that. a We record long other return, do really the broken So multiple and because multiples again, a people Jonathan make leverage, for you, for being models. has multiples once That's that. We exit years. changed

exit conservative. multiples we because precipitously haven't won't already were We they and pretty moved

having We not deals place multiple and about the years. been that have XX changed we in way in framework about for investment having an is that's a framework decades. literally this So underwrite

me asset you really for plan that test, an business well speech long time. test. have have We we the have heard a Those know a of

not is we good into. exit assets leverage is There's are, and about and did growth, survive, rates, environment then which and no growth, way about dot-com M&A we You you around interest we're to mistake. where us. surgical the how PTS underwrite it we around in the no was And a do. not and the out much is we've digital way we in surprise look plan, thrive where to total know about mystery This environment this This layer infrastructure. levels, We business churn, been around the 'XX which 'XX. again, in -- go selling to incredibly We're team don't because that doing surprise We're to thrive. we exactly growth, what environment us. which and an in does so This feel the at where is we're we then in environment much ultimately, go going did growth very is long, to going the once leasing we make and the is multiples. crash, this a

Operator

JPMorgan. next Our Choe of question from is Richard

Richard Choe

wanted I Great. to up. follow

the digital the keep part that sense it the operating change or in as a the of it Or that IM, is side deals longer? does maybe to now part XX XX, does more company? spin With Or it opportunities months sense operating to right make overall just Digital next in make the could the of over off?

Marc Ganzi

Well, think the look, the operating set. changes environment don't opportunity I

Good we plan, to business respond our nature happens what any an changed economy. strategy. haven't haven't businesses to our built changed cyclical We of in are

And to investing a environment a costs, churn. growth, rates wages, been maybe through this. Jonathan, As earlier like lease we've I in an it, said consequences we're higher through really and We how this because understand it. rates, investing when of inflation, these to higher problem in like for built you market don't navigate construction maybe higher We waters. been you've understand more interest the have higher

we you buying And capital. enormous we a that opportunistic. to form we lot stake quarter us what opportunity. it think can the believe there'll being Wafra first means we AMP, out saw if form I believe capital, was in of buying By the continue by be that and

about And business, it building so In scale. that scaling on the basis, Everything to this that talked we we've model, of us today part scale. invested IM is and to to built that it key. I'm where drum we've in the are we're to grow that wasn't asset-light presentation and in banging grow you're to the going that the going faster. next numbers. quarters, be X today, for clear X in That's and If on to see enables the

our this You're to serve in build raise, it it FEEUM customers. there's total the we're tenant and company, we're X see levels of you're to At asset which going built to our tenant growth, see it going to to and going in X scaling, grow. in see continue you're capital there's to going our is highest and only,

the there's to best to to ability just them, anywhere to go you provided to bit continue with environment get is this a where customer and wants a capital respond way analyst, talked that form and We like so go And in the an the a needs, out opportunities risk-adjusted returns. to which and right of customer about previous take Jonathan, the recalibration. you is

accept right? models, new your recalibrate You realities. You

you higher costs. interest You accept accept rates, higher construction

the to what got changes. exit we're a it. and accept nothing doing. multiples. have wages, every You go We we wake work. lower higher capital you to know We've we up But on, accept execute pipeline do We day, to big

you to hear and our those new operations. accepting today So it's new hope our And that's commentary do It's just a It's nuance, in realities. slight through this just I very we're presentation. in that right? strategy. to well what It's pivot. do, It's then is not and in a a team underwriting prepared not comes realities in our a change prepared not change our to that.

Richard Choe

It kind these Or now we costs how scale in strategies level, the costs side, guess fall what start-up does. for at you these if for kind and new out expect pointed you've to and will the I should that IM Are then of or of are on costs And supplemental. so, broken at long? there continue off? Digital

Jacky Wu

Sure.

scale. them at We already expect be to

balance warehouse now excited about been come will to then and sheet. once will professionals capital fruition, these finalized we back And the sheet investment on strategies -- grow these form we've to the be to come top run them. in we've the excited. able that. gone in and they're we'll We're that of invested and we're and balance So And

Operator

Prentiss Our question Rick from of James. is next Raymond

Richard Prentiss

earnings quarter, for busy want post us. for X quarter guys Busy to questions. ask day in I you

you further are, company of even and what to simplify more us, at get monitor your metrics do is obviously, lot First, I the gives and for the manage is more. transaction. the line to how flexibility times Bottom question. company, a now story the investors appreciate to think a first what the from most we investors number look story Wafra you the progress do with the to you that value and the for you're that it are important the question simplifying

Marc Ganzi

looking smiling. each other, at we're are I and Jacky Yes.

the be will always FRE, ultimately, I simplest And think then earnings. metric and distributable is EBITDA right?

flow back FRE drives delivering And so on And are will the next pyramid per be then FRE it's the we right? EBITDA. What will right? you? be that, back the Ric, the top Earnings EBITDA, quarter. of think because think the dividend about to basics, I share. for turning third We're we level when in job growth, ultimately, that the high-growth, and back growth FRE deliver is for distributable to fueled a think our organization the Jacky be will has great done And ultimately We going been revenue awesome we're cash shareholders. earnings at building -- this. us He's positive. high-performing that a fastest to that's by very to EBITDA strong getting

earnings know, You the be I continue but and want to returning number saw AFFO more back if continue quarter, you for this free to cash and our that shareholders. to for passion profitability positive. going don't Jacky, drive comment that, I flow that we're to share and you on and to

Jacky Wu

and is in from see to that correct. guidance earnings could we accelerate $XX realize of And and that year's Wafra, very and for to get we we're million pretty you the million certainly That's that acquiring fundraise add the fundraising, per the $XX rest as AMP the beyond substantially and more near-term. share, the the going FEEUM from back

Richard Prentiss

there. comment share per Obviously, important an is

didn't plan? let's bit you guys potential, and a You program? guys what dates stock need we kind do something Slide too. you share do, an a just guys sure think talk plan you active of the Would price, have Because Help not you for understand always not type do you XX, are would you how and in share might if like dividends, I as that assume but busy, touched us us in about leverage, to blackout But opportunity share be XXb the authorized buyback put a little what times, have on see have of you about couple including repurchase. that face repurchases to place.

Jacky Wu

Sure.

the So in be will quarter. you to on the we've that guys highlighted turned dividend third

get investing Board as but would to closer one, there come form works business for allocation be infrastructure You that we exactly but with should there. to be and that we our recurring to more date one Don't highlight and broad-based will will X just which between want program that adequately a optimizes that of a our and digital into back value businesses. capital back shareholders, the that to expect

So capital infrastructure. our to back first the invest and foremost sector. will that makes optimizing value shareholders degree digital balance to is structure. we we to in it and then our But with love We'll continue sense,

Operator

back gentlemen, would Ladies to Ganzi turn I concludes session. like call and to that the any Marc question-and-answer for the remarks. closing

Marc Ganzi

excited us. get with over a appreciate as opportunities in Well, time, of is Jacky company. your that front Jacky, We that to and to we're encourage out sit going focused about access respects, to your Severin in always open thank moments. some here appreciate support. in attention and said about time types your myself our you, the the team is We those and these spend your myself everyone. this with sales a for challenging the by where team We and your us earlier, remain dialogue I us, the incredibly exciting times. entire are, interest, -- built the all to you team to shareholders. These and coming and remain and But weeks means, of to engaging reach shareholders more robust growth of our

your call and that, with quarterly your Thank for DigitalBridge. again time care. conclude interest So in today. you the Take I'll

Operator

this call. for Ladies today's us. and Thank you concludes gentlemen, joining

You lines. may now disconnect your

DigitalBridge (DBRG) 5 May 222022 Q1 Earnings call transcript