DigitalBridge Group, Inc. Liquidation Value

DigitalBridge Group, Inc. (DBRG) is a digital infrastructure-focused alternative asset manager operating as a taxable C-Corp through its Operating Company (OP). As of March 31, 2026, total consolidated assets were $3.33B against total liabilities of $914.6M, yielding GAAP stockholders' equity (including NCI) of $2.39B. Under a liquidation lens, recovery to common equity is severely constrained by the capital structure and asset composition.

On the asset side, cash and restricted cash totaling approximately $417M receives a 100% haircut credit. Other receivables of $123.2M (likely fee receivables and principal investment receivables) receive a 90-95% recovery assumption. Goodwill of $465.6M is written to zero under liquidation conventions. Finite-lived intangibles net of $43.4M (management contracts, primarily) are zeroed. PP&E net of $6.6M receives a 50-70% haircut. Operating lease ROU assets of $19.9M are zeroed (the corresponding liability remains). OtherInvestments of $121.2M (consolidated liquid fund positions: $118M long, $81M short per MD&A) and OtherReceivables of $123.2M (likely includes GP and GP-affiliate fund investments carried at fair value via equity method) represent the primary at-risk asset classes. Equity method investments drove $24.6M of income recognition this quarter versus $(29.7M) in Q1 2025, and a 10% decline in fund NAV would reduce OP's share of principal investment income by approximately $77M per the filing's own sensitivity disclosure.

On the liability side, long-term debt stands at $299.2M (Class A-2 Notes at 3.93%, anticipated repayment September 2026 — within 6 months of the filing date). This debt matures imminently; refinancing is in process per MD&A. Accrued liabilities and other liabilities total $615.4M, which is the largest liability line and includes carried interest clawback reserves, compensation accruals ($23.8M accrued salaries), and other payables. Preferred stock liquidation preference is $821.9M at $25/share, sitting senior to common equity in any wind-down. Operating lease obligations of $30M on existing office leases plus a $58M commitment on a future lease not yet commenced (expected July 2026, 10.8-year term) represent additional face-value obligations that do not extinguish on wind-up.

Company-level CLV per MFFAIS metadata is reported at $82.1M, which is directionally consistent with the structural reality: after zeroing goodwill ($465.6M), intangibles ($43.4M), and ROU assets, and applying face-value liabilities including $821.9M preferred liquidation preference, $299.2M debt, and $615.4M accrued/other liabilities, recovery to common equity is materially negative. The pending SoftBank acquisition at $16.00/share provides a contingent upside event but does not change the static liquidation posture. Filing discusses the carried interest clawback obligation in MD&A ($3.7M company share, $32.6M total) but this is not separately tagged as a balance-sheet liability line in XBRL; it is included within AccruedLiabilitiesAndOtherLiabilities.

Prior filing comparison: The prior filing (10-K, December 31, 2025) shows operating lease liability of $32.2M versus $30.0M at March 31, 2026 (modest reduction from payments), and the same $58M uncommenced future lease commitment. Goodwill is unchanged at $465.6M. Debt principal is unchanged at $300M. The primary change between periods is the passage of time toward the September 2026 debt repayment date, which now represents a near-term liquidity obligation requiring refinancing.