DigitalBridge Group, Inc. (NYSE:DBRG) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET
Company Participants
Severin White - MD and Head, IR
Marc Ganzi - CEO
Jacky Wu - CFO
Conference Call Participants
Michael Elias - Cowen
Jade Rahmani - KBW
Ric Prentiss - Raymond James
Richard Choe - JPMorgan
Eric Luebchow - Wells Fargo
Jon Atkin - RBC Capital Markets
Operator
Greetings, and welcome to the DigitalBridge Group Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Severin White. Please go ahead.
Severin White
Good morning, everyone, and welcome to DigitalBridge's third quarter 2023 earnings conference call. Speaking on the call today from the Company is Marc Ganzi, our CEO; and Jacky Wu, our CFO. I'll quickly cover the safe harbor, and then we can get started.
Some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. All information discussed on the call is as of today, November 1, 2023, and DigitalBridge does not intend and undertakes no duty to update it for future events or circumstances. For more information, please refer to the risk factors discussed in our most recent Form 10-K filed with the SEC for the year ending December 31, 2022, and our Form 10-Q to be filed with the SEC for the quarter ending September 30, 2023.
Great. Let's get started with Marc providing an update on our key objectives for 2023. Jacky will outline our financial results and turn it back over to Marc to talk about the opportunities we are capitalizing on DigitalBridge Credit.
With that, I’ll turn the call over to Marc Ganzi, our CEO. Marc?
Marc Ganzi
Thanks, Severin. I'm pleased to share our results for 3Q 2023 as we posted some very strong financial performance that was a function of both the steady progress we've made building a predictable fee income earning stream and the one-time benefits we realized from our simplification initiatives.
So first, let's start by covering our top 3 priorities for 2023, beginning with fundraising. In Q3 we generated strong year-over-year growth in our investment management platform, with fee income up 57% and segment level FRE up 36%, both slightly higher than last quarter's already strong growth, powered by higher FEEUM from core, credit and co-investment along with our second full quarter of contribution from InfraBridge.