DigitalBridge Group's 7.15% Series I Cumulative Redeemable Perpetual Preferred Stock, traded under the symbol DBRG'I, closed at $14.90 on September 25, 2026, a level that leaves the security roughly 40.38% below its $25 liquidation preference. The gap first stood out in data tracked on Preferred Stock AI, a Madison Labs research site, which shows the preferred carrying a current yield of 11.99% against an annual dividend of $1.7875 per share. That discount sits near the low end of the issue's 52-week range of $23.96 to $14.05, even as SoftBank Group Corp.'s pending acquisition of DigitalBridge has continued to advance through regulatory review.
The pricing gap is notable because DigitalBridge's common stock, which trades under DBRG, closed the same session at $15.98, within a few cents of its own 52-week high of $16.00. Common shareholders have priced in confidence that the SoftBank transaction, announced in late December 2025, will close on the terms agreed, while the preferred has continued to trade well below the price at which the company could redeem it. DBRG'I has been callable since June 5, 2022, meaning DigitalBridge has had the option to redeem the shares at $25 par for more than four years without doing so.
For preferred stockholders, the mechanics matter. DBRG'I is cumulative, meaning any missed dividend would still be owed before common shareholders could be paid, and it carries a limited change of control conversion feature built into its original terms. That kind of provision is designed to give preferred holders some protection or conversion right if control of the issuer changes hands, which is directly relevant to a take-private transaction like the one SoftBank has proposed. How such provisions are ultimately applied depends on the specific deal terms and disclosures DigitalBridge files with the SEC, and none of the material reviewed specifies the exact treatment DBRG'I will receive at closing.
The divergence between the common and preferred share prices may matter to investors who hold or follow either security, because it reflects two different sets of assumptions being priced by two different parts of the capital structure. Common shareholders appear to be pricing in deal completion near current levels, while preferred holders are pricing in either uncertainty about redemption timing, uncertainty about post-close capital structure, or simply a broader discount that has applied across DigitalBridge's preferred stack. The company's other listed preferred issues show a similar pattern: the Series H preferred, carrying a 7.125% coupon, shows a 12.10% current yield, and the Series J preferred shows an 11.58% yield, both consistent with the kind of steep discounts to par seen across DBRG'I.
DigitalBridge describes itself as a global alternative asset manager focused on digital infrastructure, including data centers, cell towers and fiber networks, serving institutional investors such as pension funds, sovereign wealth funds, insurers and endowments. As of December 31, 2025, the company reported $41.0 billion in fee-earning equity under management and 316 employees across offices in Boca Raton, New York, London, Luxembourg and Singapore. SoftBank's proposed acquisition, structured through indirect subsidiaries, was announced in late December 2025, and according to a Yahoo Finance report dated September 22, 2026, DigitalBridge has since received all regulatory approvals required to complete the acquisition.
The broader market backdrop on the day of the preferred's latest close showed mixed conditions across asset classes, with major cryptocurrencies including bitcoin and ethereum both down roughly 2% to 3% over 24 hours, and large technology names posting divergent moves, including gains for Microsoft and Qualcomm alongside declines for Meta Platforms and Intel. None of that broader volatility appears directly tied to DigitalBridge's preferred pricing, but it forms part of the market environment in which fixed-income-like instruments such as perpetual preferred stocks are currently trading.
Investors watching DBRG'I going forward are likely to focus on the timeline for SoftBank's acquisition to close now that regulatory approvals are in hand, any disclosure DigitalBridge makes about redemption or conversion terms for its outstanding preferred series, and whether the discount narrows or widens as the deal proceeds toward completion. The company's next scheduled preferred dividend payment, tied to its quarterly pay dates in January, April, July and October, will offer one more data point on how the cumulative structure is being honored heading into the transaction's close.