Bridge Investment Group Holdings Inc. Reports Second Quarter 2021 Results

Rhea-AI Summary

Bridge Investment Group Holdings Inc. (NYSE: BRDG) reported strong financial results for Q2 2021, with Total Revenue of $72.0 million and Investment Income of $79.9 million. The Net Income applicable to the Operating Company was $83.2 million, and Distributable Earnings reached $55.7 million. Following its IPO on July 20, 2021, the company emphasized growth potential in the logistics sector and reported new highs in fee-paying AUM and distributable earnings. Bridge holds approximately $28.7 billion in assets under management, focusing on U.S. real estate verticals.

Positive

• Total Revenue was $72.0 million for Q2 2021.
• Investment Income reached $79.9 million.
• Net Income applicable to the Operating Company was $83.2 million.
• Distributable Earnings totaled $55.7 million, fully distributed to owners.
• Successful IPO raised capital with 18.75 million shares sold at $16.00 each.
• Record highs in fee-paying AUM and distributable earnings reported.

Negative

• None.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for its second quarter ended June 30, 2021.

Total Revenue and Investment Income for Bridge Investment Group Holdings LLC (the “Operating Company”) were $72.0 million and $79.9 million, respectively, for the quarter ended June 30, 2021.

Net Income applicable to the Operating Company was $83.2 million for the quarter ended June 30, 2021.

Distributable Earnings to the Operating Company were $55.7 million, 100% of which has been or will be distributed to the owners of the Operating Company as of the close of business on June 30, 2021.

On July 20, 2021, the Company closed its Initial Public Offering of 18,750,000 shares of Class A common stock at a public offering price of $16.00 per share.

In releasing these quarterly results, Robert Morse, Bridge’s Executive Chairman, commented, “Our successful IPO is an important step in Bridge’s evolution as a high-performing and purpose-built alternative asset investment management company. We believe our specialized investment focus on the most attractive sectors within real estate and our vertical integration into property management drives attractive returns. We have continued to expand our areas of focus to include Logistics, and greater penetration of the global investor base, initiatives we expect to further amplify our growth and returns.”

Mr. Morse continued, “In addition to reporting strong total revenue and investment income, we are proud that our second quarter results represent new highs for fee-paying AUM, fee-related earnings, realized performance fees and distributable earnings. We see enormous growth opportunity for Bridge’s differentiated approach to investment management, and we look forward to sharing more with our shareholders in the quarters and years ahead.”

Jonathan Slager, Bridge’s Chief Executive Officer, added, “We are excited to share our first earnings update as a public company and to report record second-quarter results. The $16 trillion commercial real estate market has experienced a strong recovery year-to-date across property sectors. We believe Bridge is well positioned to capitalize on these trends given recent strategy launches in Logistics and an active pipeline of next generation strategies. We believe our ability to raise and deploy capital is largely a function of our strong performance, and we look forward to driving similar value creation for our public shareholders as they benefit from growth in our net income and distributable earnings over time.”

Additional Information

Bridge Investment Group Holdings Inc. issued a full detailed presentation of its second quarter 2021 results, which can be viewed at www.bridgeig.com on the Investors section of our home page. The presentation is titled “Second Quarter 2021 Earnings Presentation.”

Conference Call and Webcast Information

The Company will host a conference call on August 11, 2021 at 8:30 a.m. ET to discuss its second 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 Second Quarter 2021 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.

An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 pm ET on August 25, 2021 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international) and providing the passcode 13721951.

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About Bridge Investment Group Holdings Inc.

Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $28.7 billion of assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.

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, condition 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 an investment fund managed by the Company or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210810005894/en/

FAQ

What were Bridge Investment Group's financial results for Q2 2021?

Bridge Investment Group reported a Total Revenue of $72.0 million and Investment Income of $79.9 million for Q2 2021.

How much Net Income did Bridge Investment Group earn in Q2 2021?

Bridge Investment Group's Net Income applicable to the Operating Company was $83.2 million for Q2 2021.

What were the Distributable Earnings for Bridge Investment Group in Q2 2021?

Distributable Earnings for Bridge Investment Group totaled $55.7 million, all of which were distributed to owners.

When did Bridge Investment Group close its IPO?

Bridge Investment Group closed its IPO on July 20, 2021, offering 18,750,000 shares at $16.00 each.

How much does Bridge Investment Group manage in assets?

As of June 30, 2021, Bridge Investment Group manages approximately $28.7 billion in assets.