Bridge Investment Group Holdings Inc. Reports Third Quarter 2021 Results

Rhea-AI Summary

Bridge Investment Group Holdings Inc. (NYSE: BRDG) reported strong financial results for Q3 2021, with total revenue of $92.2 million, marking a 79% increase year-over-year. Investment income soared by 340% to $84.9 million. Net income applicable to the Operating Company rose 113% to $58.0 million. Distributable earnings reached $42.4 million, up 185%. The company raised a record $1.5 billion in equity commitments, supported by a healthy commercial real estate market. A quarterly dividend of $0.24 was declared, payable on December 17, 2021.

Positive

• Total revenue increased by 79% year-over-year to $92.2 million.
• Investment income rose 340% to $84.9 million.
• Net income applicable to the Operating Company reached $58.0 million, a 113% increase.
• Distributable earnings rose 185% to $42.4 million.
• Raised a record $1.5 billion in equity commitments.

Negative

• None.

SALT LAKE CITY--(BUSINESS WIRE)-- Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for its third quarter ended September 30, 2021.

Total Revenue and Investment Income for Bridge Investment Group Holdings LLC (the “Operating Company”) were $92.2 million and $84.9 million, respectively, for the quarter ended September 30, 2021. These data increased 79% and 340%, respectively, from revenue and investment income figures from the quarter ended September 30, 2020.

Net Income applicable to the Operating Company was $58.0 million for the quarter ended September 30, 2021, compared to $27.2 for the quarter ended September 30, 2020, representing a 113% increase year over year. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.41 for the post IPO period from July 16, 2021 through September 30, 2021.

Distributable Earnings of the Operating Company were $42.4 million for the quarter ended September 30, 2021, compared to $14.9 million for the quarter ended September 30, 2020, on a pro forma basis, an increase of $27.5 million or 185%.

Robert Morse, Bridge’s Executive Chairman, commented that, “Bridge delivered another quarter of strong results, based on record capital raising and deployment across our investment verticals. We ended the quarter with record AUM and momentum in the specialized verticals within real estate in which we compete. Our existing strategies continue to attract new capital and our newly launched Logistics strategies are already active in the markets. We continue to see significant growth opportunity for Bridge’s unique investment approach and the information advantage we gain with our forward vertical integration and property management. We are proud that our third quarter results represent new highs for fee-paying AUM, fee-related earnings, and distributable earnings.”

Jonathan Slager, Bridge’s Chief Executive Officer, added “commercial real estate fundamentals continue to be healthy and are recovering in tandem with economic growth. Bridge took advantage of attractive demand over the third quarter to raise a record $1.5 billion of equity commitments and also to deploy a record $1.3 billion of equity in new investments. Bridge also accelerated the pace of investment realizations in the third quarter to take advantage of strong valuations, especially for multifamily assets. With $2.1 billion of dry powder and $302 million of unrealized performance fees, the future looks bright for continued growth in fee revenue.”

Common Dividend

Bridge declared a quarterly dividend of $0.24 per share of its Class A common stock, payable on December 17, 2021, to its Class A common stockholders of record at the close of business on December 3, 2021.

Additional Information

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

Conference Call and Webcast Information

The Company will host a conference call on November 12, 2021, at 8:30 a.m. ET to discuss its third 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 Third 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 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 pm ET on November 26, 2021, and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13724806.

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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 $31.8 billion of assets under management as of September 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 any investment fund managed by the Company or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211111006085/en/

Investor Relations:

Charlotte Morse

Bridge Investment Group Holdings Inc.

(877) 866-4540

Source: Bridge Investment Group Holdings Inc.

FAQ

What were Bridge Investment Group's Q3 2021 financial results?

For Q3 2021, Bridge reported total revenue of $92.2 million and investment income of $84.9 million, marking increases of 79% and 340% year-over-year, respectively.

How much net income did Bridge Investment Group earn in Q3 2021?

Bridge Investment Group's net income applicable to the Operating Company was $58.0 million for Q3 2021, up 113% from the previous year.

What are the distributable earnings for Bridge in Q3 2021?

Distributable earnings for Q3 2021 were $42.4 million, reflecting a 185% year-over-year increase.

What is Bridge Investment Group's dividend announcement for Q4 2021?

Bridge declared a quarterly dividend of $0.24 per share, payable on December 17, 2021.

How much equity did Bridge raise in Q3 2021?

In Q3 2021, Bridge Investment Group raised a record $1.5 billion in equity commitments.