Bridge Investment Group Holdings, Inc. (NYSE:BRDG) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET
Company Participants
Bonni Rosen - IR Officer
Robert Morse - Executive Chairman
Jonathan Slager - CEO & Director
Katherine Elsnab - CFO, CAO & Corporate Controller
Conference Call Participants
Michael Cyprys - Morgan Stanley
William Katz - Crédit Suisse
Kenneth Worthington - JPMorgan Chase & Co.
Operator
Good day, ladies and gentlemen, and welcome to the Bridge Investment Group's Third Quarter 2022 Earnings Call and Webcast. [Operator Instructions].
At this time, it is my pleasure to turn the floor over to your host, Bonni Rosen, Head of Shareholder Relations. Bonni, the floor is yours.
Bonni Rosen
Good morning, everyone. Welcome to the Bridge Investment Group Third Quarter 2022 Financial Results Conference Call. Our prepared remarks include comments from our Executive Chairman, Robert Morse; Chief Executive Officer, Jonathan Slager; and Chief Financial Officer, Katie Elsnab. We will hold a Q&A session following the prepared remarks.
I'd like to remind you that today's call may include forward-looking statements, which are uncertain and outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 10-K. During the call, we will also discuss certain non-GAAP financial metrics. The reconciliation of the non-GAAP metrics are provided in the appendix of our supplemental slides. The supplemental materials are accessible on our IR website at ir.bridgeig.com. These slides can be found under the Presentations portion of the site along with the third quarter earnings call of event link. They are also available live during the webcast.
It is now my pleasure to turn the call over to Bob.
Robert Morse
Thank you, Bonnie, and good morning to all. We are pleased to share Bridge's third quarter results with you and our strategy to navigate our investment activities in the current turbulent market conditions. Bridge reported strong results for the third quarter. Distributable earnings per share increased 12% year-over-year to $0.29, driven by the consistent growth in fee-earning AUM and management fee revenue. Fee related earnings to the operating company increased 39% year-over-year to $41.6 million. Gross AUM ended the quarter at $43.8 billion and fee-earning AUM of $16.6 billion at quarter end represents an increase of 37% year-over-year. Katie will provide additional detail on our income statement and balance sheet progression over the quarter.