{"data":{"id":"sw_d5b2cb45fd63a4179046","slug":"digitalbridge-series-h-preferred-trades-40-below-par-as-softbank-deal-looms","title":"DigitalBridge Series H Preferred Trades 40% Below Par as SoftBank Deal Looms","subheadline":"DBRG'H yields near 12% at a steep discount to its $25 liquidation preference, leaving open how the pending SoftBank take-private will treat preferred holders.","summary":"DigitalBridge's 7.125% Series H preferred (DBRG'H) trades near $15, a roughly 40% discount to its $25 par value, as SoftBank's pending acquisition of the company raises unresolved questions about preferred shareholder treatment.","body":"DigitalBridge Group's 7.125% Series H cumulative perpetual preferred stock, traded under the symbol DBRG'H, closed near $15.01 on September 18, 2026, a discount of roughly 40% to its $25 liquidation preference. That gap, which puts the current yield at 11.87%, has persisted even as SoftBank Group Corp. moves toward completing a take-private acquisition of the digital infrastructure asset manager, a deal announced in late December 2025.\n\nThe size of the discount matters because it reflects how the market is pricing risk around a security that carries no fixed maturity date and depends on the issuer's willingness to redeem it at par. DBRG'H has been callable since April 2020, meaning DigitalBridge has had the option, but not the obligation, to redeem the shares at $25 for more than five years without doing so. The 52-week range for the issue spans $13.82 to $23.75, according to trading data, underscoring how much the preferred has moved as the SoftBank deal has progressed. A gap of this size between market price and stated par value first stood out in data tracked on Preferred Stock AI, a Madison Labs research site.\n\nFor holders, the practical question is what happens to a perpetual preferred security when the common equity of its issuer is taken private. Perpetual preferreds like DBRG'H do not automatically convert to cash or common shares in a merger the way many corporate bonds do at maturity; their treatment depends on the specific terms negotiated in the transaction and disclosed in merger documents. DigitalBridge has already taken one concrete step relevant to preferred holders: the company announced its intention to voluntarily delist its preferred stock from the New York Stock Exchange, according to a company release dated September 1, 2026. A delisting would not by itself change the underlying obligation to pay dividends or the $25 liquidation preference, but it could reduce trading liquidity and public price transparency for holders going forward, a distinction investors evaluating the security may want to weigh.\n\nThe backdrop is a company in transition. DigitalBridge describes itself as a global alternative asset manager focused on digital infrastructure, including data centers, cell towers and fiber networks, with $41.0 billion in fee-earning equity under management as of December 31, 2025, and roughly 316 employees across offices in Boca Raton, New York, London, Luxembourg and Singapore. Beyond the SoftBank transaction, the company has continued normal-course activity, including a joint acquisition of VodafoneZiggo Towers alongside Legal & General and TD Asset Management, the opening of a Tokyo office, and the acquisition of PLUS ES to expand smart meter services, according to company disclosures reported by Yahoo Finance. Separately, Wall Street Zen raised its rating on DigitalBridge's common stock, DBRG, to \"Hold\" on September 7, 2026, a view that applies to the equity rather than the preferred series.\n\nDBRG'H is not the only preferred DigitalBridge has outstanding. The company also has Series I preferred, carrying a 7.150% coupon and an 11.85% current yield, and Series J preferred yielding 11.54%, according to data on the issuer's securities. All three trade at elevated yields relative to their stated coupons, a pattern consistent with market pricing that assumes some combination of credit risk, call uncertainty, or deal-related uncertainty rather than a straightforward assumption that the shares will be redeemed at face value.\n\nBroader market conditions on the day were mixed but not unusual for preferred and income-oriented securities. Bitcoin traded near $80,316, down 1.2% over 24 hours, while major cryptocurrencies broadly declined, and semiconductor and technology names showed a wide dispersion of daily moves, with Applied Materials up 6.5% and Qualcomm down 5.8%. None of this activity has a direct bearing on DBRG'H, but it illustrates a session in which risk appetite across asset classes was uneven.\n\nInvestors and analysts tracking DigitalBridge's preferred securities are likely to focus next on any formal disclosure from the company or SoftBank addressing how the Series H, I and J preferred shares will be treated upon completion of the take-private transaction, along with the timeline and mechanics of the previously announced NYSE delisting. Until such terms are disclosed, the discount between DBRG'H's market price and its $25 par value remains, based on available public information, an open question rather than a resolved one.","source":{"name":"Preferred Stock AI","slug":"preferredstock-ai"},"category":"Preferred Stocks","article_type":"News","license":"Free to republish, in full or in part, with attribution to SourceWire and a link to the original article. No fees, registration, or permission required.","quality_score":86,"human_reviewed":false,"original_url":"https://preferredstock.ai/symbol/DBRG-P-H","featured_image":null,"published_at":"2026-09-20T11:24:05.245818+00:00","updated_at":"2026-09-20T11:24:05.245818+00:00","is_demo":false,"attribution":"Via SourceWire. Discovered via Preferred Stock AI.","attribution_html":"Via SourceWire. Discovered via Preferred Stock AI."},"meta":{"demo_data":false}}