Bridge Investment Group Results Presentation Deck
Glossary
Assets Under Management Assets under management, or AUM, represents the sum of (a) the fair value of the assets of the funds and vehicles we
manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our
commitments to the funds and vehicles and those of Bridge affiliates). Our AUM is not reduced by any outstanding
indebtedness or other accrued but unpaid liabilities of the assets we manage. Our calculations of AUM and fee-earning AUM
may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar
measures presented by other investment managers. In addition, our calculation of AUM includes uncalled commitments to
(and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether
such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the
agreements governing the funds and vehicles we manage or advise.
Distributable Earnings
Fee-Earning AUM
Fee Related Earnings
Distributable Earnings, or DE, is a key performance measure used in our industry and is evaluated regularly by management
in making resource deployment and compensation decisions, and in assessing our performance. DE differs from net income
before provision for income taxes, computed in accordance with U.S. GAAP in that it does not include depreciation and
amortization, unrealized performance allocations and related compensation expense, unrealized gains (losses), share-based
compensation, cash income attributable to non-controlling interests, charges (credits) related to corporate actions and non-
recurring items. Although we believe the inclusion or exclusion of these items provides investors with a meaningful indication
of our core operating performance, the use of DE without consideration of the related U.S. GAAP measures is not adequate
due to the adjustments described herein. This measure supplements and should be considered in addition to and not in lieu
of the results of operations discussed further in our most recent annual report on Form 10-K and quarterly report of Form
10-Q under "Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Components of
our Results of Operations-Combined Results of Operations" prepared in accordance with U.S. GAAP. Our calculations of DE
may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar
measures presented by other investment managers.
Fee-Earning AUM, or FEAUM, reflects the assets from which we earn management fee revenue. The assets we manage that
are included in our FEAUM typically pay management fees based on capital commitments, invested capital or, in certain cases,
NAV, depending on the fee terms.
Fee Related Earnings, or FRE, is a supplemental performance measure used to assess our ability of to generate profits from
fee-based revenues that are measured and received on a recurring basis. FRE differs from income before provision for
income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of
Distributable Earnings, and also adjusts Distributable Earnings to exclude realized performance allocations income and
related compensation expense, net insurance income, earnings from investments in real estate, net interest (interest income
less interest expense), net realized gain/(loss), and, if applicable, certain general and administrative expenses when the timing
of any future payment is uncertain. FRE is not a measure of performance calculated in accordance with U.S. GAAP. The use of
FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Our
calculations of FRE may differ from the calculations of other investment managers. As a result, these measures may not be
comparable to similar measures presented by other investment managers.
BRIDGE INVESTMENT GROUP
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