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Bridge Investment Group Holdings Inc. Reports First Quarter 2022 Results
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Rhea-AI Summary
Bridge Investment Group Holdings reported strong first-quarter results for 2022, with total revenue reaching $104.1 million, a 78% increase from the previous year, and investment income soaring 253% to $74.8 million. Net income was $97.5 million, marking a 140% year-over-year rise. Distributable earnings also surged by 133% to $47.9 million. The company declared a quarterly dividend of $0.26 per share, payable on June 17, 2022. Bridge attributes its success to strong real estate fundamentals and robust capital-raising efforts.
Positive
Total revenue increased by 78% to $104.1 million.
Investment income surged by 253% to $74.8 million.
Net income rose 140% year-over-year to $97.5 million.
Distributable earnings increased by 133% to $47.9 million.
Dividend declared at $0.26 per share, payable June 17, 2022.
Total fee-earning AUM reached $14.7 billion, up 43% year-over-year.
Negative
None.
SALT LAKE CITY--(BUSINESS WIRE)--
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the first quarter ended March 31, 2022.
TotalRevenue and Investment Income were $104.1 million and $74.8 million, respectively, for the quarter ended March 31, 2022. These increased 78% and 253%, respectively, from revenue and investment income figures of $58.5 million and $21.2 million, respectively, for the quarter ended March 31, 2021.
Net Income applicable to Bridge Investment Group Holdings LLC (the “Operating Company”) was $97.5 million for the quarter ended March 31, 2022, compared to $40.7 million for the quarter ended March 31, 2021, representing a 140% increase year-over-year. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.35.
Distributable Earnings of the Operating Company were $47.9 million, or $0.28 per share after-tax, for the quarter ended March 31, 2022, compared to $16.9 million, or $0.12 per share after-tax, for the quarter ended March 31, 2021 on a proforma basis, representing a 133% increase year-over-year on a per share basis.
Robert Morse, Bridge’s Executive Chairman, remarked, “Bridge delivered the best first quarter in company history despite a more volatile macroeconomic environment. Our Company continues to benefit from increasing allocation to alternative investments in commercial real estate, robust capital raising activities, and our specialized focus on some of the most attractive investment sectors within US real estate. We believe Bridge’s strategic focus on residential, logistics and yield-oriented investments positions us well for continued success.”
Jonathan Slager, Bridge’s Chief Executive Officer, added “Commercial real estate fundamentals in our specialized segments continue to be strong. Our focus on the value-add sector of target markets and forward integration into property management position Bridge to succeed. We had an active quarter, deploying more than $638.6 million and increasing fee-earning AUM to $14.7 billion, up 43% compared to a year ago. Additionally, strong investment performance year-to-date and another successful fundraising quarter for Bridge totaling $1.1 billion represent a solid beginning for 2022.”
Common Dividend
Bridge declared a quarterly dividend of $0.26 per share of its Class A common stock, payable on June 17, 2022 to its Class A common stockholders of record at the close of business on June 3, 2022.
Additional Information
Bridge Investment Group Holdings Inc. issued a full detailed presentation of its first quarter 2022 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “First Quarter 2022 Earnings Presentation.”
Conference Call and Webcast Information
The Company will host a conference call on May 10, 2022 at 8:30 a.m. ET to discuss its first quarter results. Interested parties may access the conference call live over the phone by dialing 1-877-405-1210 (Toll Free) or 1-201-689-8721 (Toll/International) and requesting Bridge Investment Group Holdings Inc.’s First Quarter 2022 Earnings Conference Call. Participants are asked to dial in a few minutes prior to the call to register for the event. The event will also be available live via webcast which can be accessed here or from our Investor Relations website https://ir.bridgeig.com.
An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on May 24, 2022 and can be accessed by dialing 1-877-660-6853 (Toll Free) or 1-201-612-7415 (Toll/International), and providing the passcode 13728883.
About Bridge Investment Group Holdings Inc.
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $38.8 billion of assets under management as of March 31, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
Forward-Looking Statements
This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made of our future performance, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge Investment Group Holdings Inc. undertakes no duty to publicly update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
