Bridge Investment Group Holdings Inc. - BRDG STOCK NEWS

Bridge Investment Group Holdings Inc. (NYSE: BRDG) has successfully raised $1.74 billion for its Bridge Workforce and Affordable Housing Fund II, surpassing its target of $1.50 billion. The fund will focus on building and rehabilitating affordable housing for residents earning below 80% of area median income. This initiative addresses the U.S. affordable housing crisis, which impacts over 10.5 million households. The company plans to invest over $40 million in community enhancement initiatives to support the needs of residents.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) will announce its third quarter 2022 financial results on November 8, 2022, after market close. A conference call to discuss these results is scheduled for November 9, 2022, at 8:30 am ET. Interested participants can join via phone or live webcast. The company manages approximately $42.0 billion in assets across various real estate sectors, including residential rental and logistics properties, as of June 30, 2022. An audio replay of the call will be available until November 23, 2022.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) has entered a definitive agreement to create a joint venture with Grosvenor's Diversified Property Investments to allocate $100 million for acquiring and enhancing top-tier office assets. This partnership aims to meet the increasing demands for modern, amenitized office spaces in prime locations post-COVID-19. The first asset, Camelback Center in Phoenix, Arizona, has already seen $25.1 million invested in upgrades, and is currently 82% leased. The venture will leverage Bridge's property management and sustainability initiatives.

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.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) has launched a new strategy called Bridge Ventures and appointed Jeremy Ford as its Chief Investment Officer. This initiative aims to invest in PropTech companies at various stages, leveraging increased technology adoption in the real estate sector. With approximately $38.8 billion in assets under management, Bridge seeks to utilize its resources to foster innovation in the industry. Ford’s extensive real estate experience is expected to enhance Bridge’s capabilities in the PropTech market.

Bridge Logistics Properties (BLP), a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG), has acquired a 14.3-acre off-market truck terminal in Rialto, California. This acquisition marks BLP's 21st deal within seven months, totaling $789 million in real estate investments. The newly acquired terminal features a 41,110 square foot facility with excess yard space for trailer parking. BLP's leadership, with significant industry experience, claims the transaction reflects the high demand and low supply for functional truck terminals in key U.S. markets.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) has launched a new strategy named Bridge Solar Energy Development in partnership with Lumen Energy Inc. This initiative aims to simplify the deployment of onsite renewable energy for commercial properties, addressing a market where only 4.5% have solar installations. As commercial solar costs decrease by 69% over the past decade, Bridge Solar plans to offer clean energy at discounted rates. The partnership leverages Lumen's advanced technology for efficient analysis and implementation of solar projects across thousands of properties.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) will release its second quarter 2022 financial results on August 8, 2022, after market close. A conference call is scheduled for August 9, 2022, at 8:30 am ET to discuss the results. Interested participants can access the call by dialing 1-877-405-1210 or through a live webcast. An audio replay will be available until August 23, 2022, at 11:59 pm ET.

Bridge Investment Group Holdings (NYSE: BRDG) has successfully raised $2.9 billion in equity commitments for its Bridge Debt Strategies Fund IV (BDS IV). This diversified fund focuses on originating first mortgage direct loans and investing in Freddie Mac K-Series B-Pieces, targeting underserved areas of the debt market. Chief Investment Officer James Chung highlights the fund's strong positioning in recession-resistant multifamily collateral. As of March 31, 2022, Bridge manages approximately $38.8 billion in assets across various real estate sectors.