DigitalBridge Group's three legacy preferred stock series (H, I and J) are all trading near 38% to 40% discounts to their $25 liquidation preference, with current yields above 11.5%, a pattern that first stood out in data tracked on Preferred Stock AI, a Madison Labs research site. The Series J preferred, a 7.125% cumulative perpetual issue sold in 2017, was recently changing hands around $15.46, down roughly $9.54 from par, for a current yield of 11.52%. The Series I preferred carries a 7.15% coupon with an 11.76% yield, and the Series H preferred shows an 11.83% yield, according to figures listed alongside the Series J page.
The discounts are notable because they are opening up while DigitalBridge's pending acquisition by indirect subsidiaries of SoftBank Group Corp., announced in late December 2025, continues to move forward. In most preferred stock structures, a change-of-control transaction does not automatically force redemption at par; holders can be left owning securities in a private or restructured entity, at a price the acquirer sets through a tender, negotiated deal, or continued trading, or the shares can simply keep trading on whatever remains of the public float. DigitalBridge's own filing data show the Series J shares carry a "limited change-of-control conversion" feature, a contractual provision that can alter what holders are entitled to receive if control of the company changes hands, though the practical mechanics of that provision in this transaction have not been detailed publicly.
For preferred holders, the gap between the trading price and the $25 face value matters because it reflects the market's own pricing of uncertainty about what happens at deal close. All three DigitalBridge series have been callable for years, the Series J since September 2022, meaning the company already has the contractual right to redeem the shares at par at its discretion, a right it has not exercised. A security trading 38% to 40% below the price at which it could theoretically be redeemed signals, in the plainest reading of that spread, that market participants are not pricing in a near-term redemption at face value. Compounding the question, DigitalBridge disclosed on September 1, 2026, an intention to voluntarily delist its preferred stock from the New York Stock Exchange, according to a report that day from Yahoo Finance. A delisting would not by itself extinguish the securities' cumulative dividend obligations or liquidation preference, but it would remove the exchange-traded liquidity that current holders rely on to exit positions at a quoted price, adding another variable to what the shares might realistically be worth to a holder before or after the SoftBank transaction closes.
DigitalBridge is a global alternative asset manager focused on digital infrastructure (data centers, cell towers and fiber networks), serving institutional investors including pension funds, sovereign wealth funds and insurers. As of December 31, 2025, the firm managed $41.0 billion in fee-earning equity under management and employed 316 people across offices in Boca Raton, New York, London, Luxembourg and Singapore. The company has continued expanding its operating businesses even as the SoftBank deal proceeds, including a disclosed agreement to acquire PLUS ES, an Australian smart metering platform, according to Yahoo Finance and Gurufocus reporting in late August 2026. The common shares, DBRG, recently traded near a 52-week high around $15.74, a divergence from the preferred series' multi-year lows that underscores how differently the market is treating DigitalBridge's common equity versus its legacy preferred capital.
The discount emerged against a broader market backdrop of risk aversion on the day in question, with several large-cap names including Oracle, Palo Alto Networks and Blackstone down more than 4% intraday and major cryptocurrencies including Bitcoin and Ethereum also lower. That context does not explain the structural gap between DigitalBridge's preferred prices and their $25 par value, which predates the day's broader selloff, but it illustrates a market environment in which yield-sensitive and illiquid securities have been under added pressure.
Going forward, holders and other market participants are likely to watch for further SEC disclosures detailing how DigitalBridge and SoftBank intend to treat the Series H, I and J preferred shares at closing, any tender offer or redemption notice tied to the transaction, and the formal timeline and mechanics of the announced NYSE delisting. Until such terms are made explicit in a filing, the current trading discounts represent the market's own interpretation of the risk involved, not a confirmed outcome for what preferred holders will ultimately receive.