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Bridge Investment Group Holdings Inc. Reports Second Quarter 2022 Results
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Rhea-AI Summary
Bridge Investment Group Holdings Inc. (NYSE: BRDG) announced strong financial results for the second quarter ended June 30, 2022. Total revenue reached $99.0 million, a 38% increase, while investment income rose by 31% to $104.9 million. Net income surged 50% to $124.4 million, equating to $0.44 per share. Distributable earnings also climbed 28% to $54.6 million, or $0.32 per share. The company raised $1.5 billion in fundraising inflows and deployed $938.2 million, bringing gross assets under management to $42.0 billion.
Positive
Total revenue increased by 38% to $99.0 million.
Investment income rose 31% to $104.9 million.
Net income grew 50% year-over-year to $124.4 million.
Distributable earnings per share increased by 28% to $0.32.
Fundraising inflows were $1.5 billion, bringing total assets under management to $42.0 billion.
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 second quarter ended June 30, 2022.
TotalRevenue and Investment Income were $99.0 million and $104.9 million, respectively, for the quarter ended June 30, 2022. These increased 38% and 31%, respectively, from revenue and investment income figures of $72.0 million and $79.9 million, respectively, for the quarter ended June 30, 2021.
Net Income was $124.4 million for the quarter ended June 30, 2022, compared to $83.2 million for the quarter ended June 30, 2021, representing a 50% increase year-over-year. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.44.
Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) was $54.6 million, or $0.32 per share after-tax, for the quarter ended June 30, 2022, compared to $36.6 million, or $0.25 per share after-tax, for the quarter ended June 30, 2021 on a proforma basis, representing a 28% increase year-over-year on a per share basis.
Robert Morse, Bridge’s Executive Chairman, remarked, “Bridge reported its best quarter for distributable earnings in company history, increasing 14% from Q1 2022, against a more challenging macroeconomic backdrop. This was driven by strong margins and realizations. Our specialized investment approach and vertically integrated business model continue to drive attractive returns for our investors. While we acknowledge the challenges presented by current conditions for alternative asset managers broadly, we are well positioned to navigate the road ahead with long-term committed capital, a strengthened balance sheet and our carefully curated focus on some of the most attractive investment sectors within US real estate.”
Jonathan Slager, Bridge’s Chief Executive Officer, added “Bridge delivered another strong quarter with fundraising inflows of $1.5 billion and deployment of $938.2 million, increasing gross assets under management to $42.0 billion and fee earning assets under management to $15.5 billion, up 46% and 44% respectively, from a year ago. During the quarter, we completed the final closing of our Debt Strategies Fund IV, which raised $2.9 billion in equity commitments, almost two times the amount raised in the predecessor fund, demonstrating the scalability of our business. Bridge also had significant investment realizations in the second quarter to take advantage of continuing interest in U.S. real estate, especially for multifamily assets.”
Common Dividend
Bridge declared a quarterly dividend of $0.30 per share of its Class A common stock, payable on September 16, 2022 to its Class A common stockholders of record at the close of business on September 2, 2022.
Additional Information
Bridge Investment Group Holdings Inc. issued a full detailed presentation of its second quarter 2022 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “Second Quarter 2022 Earnings Presentation.”
Conference Call and Webcast Information
The Company will host a conference call on August 9, 2022 at 8:30 a.m. ET to discuss its second quarter 2022 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 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 August 23, 2022 and can be accessed by dialing 1-877-660-6853 (Toll Free) or 1-201-612-7415 (Toll/International), and providing the passcode 13731486.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $42.0 billion of assets under management as of June 30, 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.
