Financial Performance - Net income for the fourth quarter of 2024 was $15.4 million, while the full year net income was $16.7 million[2]. - Distributable earnings for the fourth quarter were $32.6 million, or $0.18 per share after-tax, and for the full year were $128.4 million, or $0.69 per share after-tax[3]. - Fee related earnings for the fourth quarter were $34.4 million, and for the full year were $136.6 million[2]. - Total revenues for the fourth quarter were $103.4 million, compared to $94.1 million in the same quarter of 2023, representing a 13.8% increase[17]. - Total expenses for the fourth quarter were $99.7 million, compared to $94.8 million in the same quarter of 2023, reflecting a 5.5% increase[17]. - Net income attributable to Bridge Investment Group Holdings Inc. for the fourth quarter was a loss of $4.0 million, with a loss per share of $(0.15)[19]. - GAAP net income for Q4 2024 was $15.4 million, a significant increase of 2,181% compared to $0.7 million in Q4 2023[20]. - Distributable Earnings (DE) for Q4 2024 were $32.6 million, a 29% increase from $25.3 million in Q4 2023[20]. - The company reported a net investment and interest income expense of $(4.711) million for the quarter[1]. - Distributable After-Tax Earnings available to Common Shareholders for Q4 2024 was $5,839 million, translating to $0.18 per share based on 33,194,308 shares outstanding[103]. Asset Management - The company managed approximately $50 billion in assets as of December 31, 2024[6]. - Gross Assets Under Management (AUM) at the end of Q4 2024 stood at $49.8 billion, up from $47.7 billion in Q4 2023[20]. - As of December 31, 2024, the total Assets Under Management (AUM) reached $49.845 billion, reflecting a 1.3% increase from the previous quarter and a 4.5% increase year-over-year[93]. - The Fund's Fair Equity Assets Under Management (FEAUM) increased to $22.306 billion, representing a 2.5% growth for the quarter and a 2.8% increase year-over-year[94]. - Carry-eligible AUM reached $18.3 billion, representing over 82% of Fee Earning AUM[64]. - Total assets as of December 31, 2024, amounted to $1,247.4 million, while total liabilities were $741.5 million[72]. Capital Activity - Capital raised in Q4 2024 was $0.8 billion, a 174% increase compared to $0.3 billion in Q4 2023[20]. - Capital deployed in Q4 2024 was $0.6 billion, a decrease of 37% from $0.9 billion in Q4 2023[20]. - New capital commitments raised during the quarter amounted to $1.073 billion, while distributions totaled $619 million[93]. - The company raised approximately $15.6 billion of capital over the last five years, indicating strong investor support[74]. Dividends - The company declared a quarterly dividend of $0.11 per share, payable on March 28, 2025[4]. - The company declared a quarterly dividend of $0.11 per share of Class A common stock, payable on March 28, 2025[20]. Performance Allocations - Performance allocations for the full year included realized gains of $49.2 million and unrealized losses of $(42.4) million[17]. - Realized performance allocations for Q4 2024 were $18.8 million, a 102% increase from $9.3 million in Q4 2023[20]. - Total net fund-level fee revenues for Q4 2024 reached $71,500 million, with fund management fees contributing $62,298 million[105]. - Total Fee Related Earnings attributable to the Operating Company was $34,401 million, with realized performance allocations and incentive fees amounting to $17,578 million[105]. Employee Compensation - Cash-based employee compensation and benefits increased to $37,275,000 in Q3 2023 from $29,351,000 in Q4 2022[87]. - Cash-based employee compensation and benefits for Q4 2024 totaled $(39,013) million, impacting overall fee-related expenses[105]. Market Outlook - The company anticipates continued market expansion and new product development to enhance future earnings potential[106]. - The performance of residential housing funds was notably strong, attributed to the company's vertical integration strategy[66]. Financial Metrics - Distributable Earnings attributable to the Operating Company for Q3 2023 were $40,798,000, up from $35,637,000 in Q4 2022[89]. - The company achieved a recurring fund management fees CAGR of approximately 17% from FY20 to FY24[76]. - Fee Related Earnings to the Operating Company in Q4 2024 increased by 6% quarter over quarter, driven by lower Fee Related Expenses[56]. - Distributable Earnings to the Operating Company increased by 15% quarter over quarter, primarily due to lower Fee Related Expenses and higher net realized performance fees[56]. Fund Performance - The total investment-level returns for the Bridge Multifamily Funds showed a cumulative investment multiple of 1.29x and an unlevered net IRR of 13.3% as of December 31, 2024[112]. - The Bridge Multifamily V fund, launched in July 2021, reported a current investment multiple of 0.79x and an unlevered net IRR of (15.7)%[112]. - Total investment-level for Single Family Funds reached $324 million with a cumulative investment of $308 million, yielding a 15.3% investor return[114]. - Opportunity Zone Funds reported a total investment of $950 million, with a cumulative investment of $1,003 million, resulting in a negative return of (4.3)%[114]. - Logistics Value Fund has a total investment of $336 million and a cumulative investment of $309 million, showing a negative return of (3.4)%[114]. - Total Debt Strategies Funds accumulated $5,646 million in committed capital, with a cumulative investment of $20,294 million, yielding an 8.4% investor return[114]. - Bridge Debt IV has a total investment of $2,888 million and a cumulative investment of $10,269 million, resulting in a 3% investor return[114]. Definitions and Clarifications - Distributable Earnings (DE) is a key performance measure that differs from net income before taxes, excluding various non-recurring items[118]. - Assets Under Management (AUM) includes the fair value of assets and uncalled capital commitments, not reduced by any outstanding liabilities[118]. - Fee-Earning AUM (FEAUM) reflects assets from which management fee revenue is earned, based on capital commitments or invested capital[118]. - Dry Powder represents uncalled committed capital available for investment, indicating potential future investment capacity[118]. - Fee Related Revenues includes fund management fees, transaction fees, and net earnings from property operators, contributing to overall earnings growth[119]. - Fee Related Expenses are adjusted to exclude incentive fees and non-recurring items, enhancing the clarity of operational performance[119]. - Fund management fees are based on total commitments and net asset value, typically recognized on a quarterly basis[119]. - The Operating Company serves as a holding entity for affiliates providing asset management services, ensuring streamlined operations[119]. - Sponsored Funds are structured to pay fees, indicating a diversified revenue stream for the company[119].

Company Overview - Bridge Investment Group Holdings Inc. (BRDG) is anticipated to report a year-over-year increase in earnings due to higher revenues for the quarter ended December 2024 [1] - The consensus estimate for quarterly earnings is $0.16 per share, reflecting a year-over-year change of +14.3% [3] - Expected revenues are projected to be $81.32 million, which is a 15.3% increase from the same quarter last year [3] Earnings Expectations - The stock may experience upward movement if the earnings report exceeds expectations, with the release scheduled for February 24 [2] - Conversely, if the earnings miss expectations, the stock could decline [2] - The consensus EPS estimate has been revised 2.78% higher in the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Bridge Investment Group is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.04% [10][11] - This suggests a bearish outlook from analysts regarding the company's earnings prospects [10] - The company currently holds a Zacks Rank of 4, making it challenging to predict a beat on the consensus EPS estimate [11] Historical Performance - In the last reported quarter, the company was expected to post earnings of $0.18 per share but only achieved $0.15, resulting in a surprise of -16.67% [12] - Over the past four quarters, Bridge Investment Group has beaten consensus EPS estimates two times [13] Industry Comparison - In the Zacks Real Estate - Operations industry, Cushman & Wakefield (CWK) is expected to report earnings of $0.48 per share for the same quarter, indicating a year-over-year change of +6.7% [17] - CWK's revenue is projected to be $2.65 billion, up 3.7% from the previous year [17] - Despite a 3.5% downward revision in EPS estimates over the last 30 days, CWK has an Earnings ESP of 7.14%, suggesting a likely beat on the consensus EPS estimate [18]

Group 1 - Bridge Investment Group Holdings Inc. (NYSE: BRDG) reports $49.2 billion in assets under management, leveraging proprietary data and technology platforms to identify investment opportunities [1] - The company has a history of providing returns to investors and is supported by a team of investment professionals [1] - The focus of the analysis includes small and medium-cap companies across Europe, the United States, and South America, with an emphasis on mature industries such as mining, oil and gas, and real estate [1] Group 2 - The investment strategy targets an internal rate of return of approximately 5%-7%, with a preference for M&A deals, deep value investments, and dividend investing [1] - The analyst expresses a beneficial long position in BRDG shares, indicating confidence in the company's performance [2]

Group 1 - The stock of Bridge Investment (NYSE: BRDG) has recently fallen, despite previously being considered a hold due to solid dividends and modest upside potential [1] - The article reflects a value investing approach, focusing on finding bargains in various markets, particularly emerging markets [1] - The author expresses admiration for renowned investors and emphasizes an owner-mindset while largely ignoring macroeconomic noise [1] Group 2 - The author has a beneficial long position in BRDG shares, indicating a personal investment interest in the company [2] - The article is written independently, with no compensation received from any company mentioned, ensuring the expression of personal opinions [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [3]

Financial Data and Key Metrics Changes - The company reported GAAP net income of approximately $10.6 million for Q3 2024, with diluted net income per share of Class A common stock at $0.04 [5] - Distributable earnings were $28.2 million or $0.15 per share after tax, with a declared dividend of $0.10 per share [5][39] - Fee-related revenue increased by 3% from the previous quarter to $82.5 million, driven by inflows into workforce and affordable housing and debt strategies [39] Business Line Data and Key Metrics Changes - The company acquired $349 million in multifamily and workforce assets, $40 million in logistics assets, and deployed $966 million in debt strategies during Q3 2024 [10] - The debt strategies vertical had its largest lending quarter in over two years, originating 15 loans totaling over $720 million [27] - In the multifamily segment, investments of $784 million were underwritten to unlevered IRRs that are 23% better than pre-pandemic levels [30] Market Data and Key Metrics Changes - The commercial property price index showed signs of stabilization, with a 3% increase in 2024 [24] - Absorption in the multifamily sector exceeded deliveries, with 193,000 units absorbed compared to 163,000 delivered in Q3 [33] - The company noted that multifamily starts are down 42% from peak levels, indicating a strong demand picture [33] Company Strategy and Development Direction - The company aims to capitalize on investment opportunities in a buyer's market while remaining selective in capital deployment [9] - Investments have been made in logistics, PE secondaries, and renewable energy to supplement traditional residential rental and commercial real estate-backed fixed income [52] - The company is expanding its distribution capabilities both domestically and internationally, with a focus on major pension funds and consultants [19] Management's Comments on Operating Environment and Future Outlook - Management believes the long winter of real estate declines has bottomed, with increasing investor dialogue and deal evaluations [6] - There is optimism regarding the recovery of commercial real estate values and transaction volumes, driven by a significant loan maturity wall and pent-up demand [60] - The company expects to see substantial improvements in capital raising and deployment in the coming quarters [51] Other Important Information - The company raised approximately $607 million in Q3, with $429 million in debt strategies and $115 million in workforce and affordable housing [22] - Fee-related earnings for the operating company were $32.4 million, decreasing from the previous quarter due to higher compensation-related expenses [44] - The company anticipates that insurance income will stabilize to more normalized levels in the next quarter [48] Q&A Session Summary Question: Outlook for real estate market recovery - Management expects a significant pent-up demand for transaction volumes and believes that the recovery in values will take place despite some short-term challenges [60][61] Question: Fundraising expectations for retail side - The company is optimistic about breaking escrow on a retail vehicle this quarter and expects positive momentum in fundraising [64] Question: Operating leverage and investment spend levels - Management indicated that investments in logistics and distribution will continue, with expectations for significant development fees from existing projects [69][70] Question: Fundraising magnitude improvement in Q4 - Management anticipates notable increases in logistics contributions and overall fundraising in Q4 compared to Q3 [75] Question: Compensation and performance expectations - Management emphasized the importance of maintaining morale and motivation among teams, leading to a step-up in compensation [78][80] Question: Deployment backdrop in multifamily - Management highlighted strong absorption rates in multifamily and expects continued growth in rent and NOI [87][88]

1 3 rd QUARTER 2024 EARNINGS PRESENTATION November 6, 2024 e Boom IME 21 WE VI BBIDGE Disclaimer The information contained herein does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Bridge Investment Group Holdings Inc. ("Bridge" or the "Company"), Bridge Investment Group Holdings LLC (the "Operating Company") or any affiliate of Bridge, or any fund or other investment vehicle managed by Bridge or an ...

Financial Performance - Total revenues for the three months ended September 30, 2024, were $101.5 million, a decrease of $4.8 million or 4% compared to $106.3 million in the same period in 2023 [322]. - Total revenues for the nine months ended September 30, 2024, were $309.1 million, an increase of $12.5 million, or 4%, compared to the same period in 2023 [345]. - Net income for the three months ended September 30, 2024, was $10,583 thousand, compared to a loss of $(17,894) thousand for the same period in 2023 [386]. - Distributable Earnings attributable to the Operating Company for the nine months ended September 30, 2024, was $95,890 thousand, down from $109,200 thousand in 2023, representing a decrease of 12.1% [388]. - Total Fee Related Earnings for the three months ended September 30, 2024, was $32,248 thousand, compared to $37,113 thousand in 2023, a decline of 13.1% [388]. - Total Fee Related Earnings to the Operating Company decreased by $3.7 million, or 10%, for the three months ended September 30, 2024, compared to the same period in 2023 [393]. Assets and Liabilities - Total assets as of September 30, 2024, were $1,246.8 million, down from $1,288.8 million as of December 31, 2023 [402]. - Total liabilities as of September 30, 2024, were $723.9 million, down from $743.5 million as of December 31, 2023 [402]. - As of September 30, 2024, $11.7 million was outstanding under the Credit Facility, with $138.3 million of available capacity [402]. - The Operating Company has a Credit Facility with total commitments reduced from $225.0 million to $150.0 million, with the ability to increase by an additional $75.0 million [419]. Investment Performance - As of September 30, 2024, the company has approximately $49.2 billion in Assets Under Management (AUM) [261]. - The company managed approximately 100% of multifamily properties and 66% of office properties owned by its funds as of September 30, 2024 [274]. - The Bridge Workforce Fund II saw an increase in AUM from $1.149 billion to $1.372 billion, reflecting a growth of approximately 19.5% [310]. - The Newbury Equity Partners Fund III experienced a significant decrease in AUM from $886 million to $408 million, a decline of approximately 53.9% [310]. - Total investment fair value for Multifamily Funds is $7.706 billion, resulting in a total investment MOIC of 1.63x and an investor levered net IRR of 14.3% [313]. Revenue Sources - Fund management fees decreased by $0.4 million, or 1%, primarily due to unfavorable market conditions in the commercial office sector, resulting in a total of $61.1 million for the three months ended September 30, 2024 [323]. - Property management and leasing fees decreased by $1.8 million, or 9%, due to a reduction in the number of managed properties, totaling $17.7 million for the period [324]. - Construction management fees saw a significant decrease of $1.2 million, or 40%, attributed to fewer real estate asset acquisitions, totaling $1.8 million [325]. - Fee-earning AUM as of September 30, 2024, was $21.769 billion, a slight decrease of 0.05% compared to $21.779 billion as of September 30, 2023 [310]. Expenses - Total expenses for the three months ended September 30, 2024, were $99.0 million, an increase of $10.0 million or 11% compared to $88.9 million in 2023 [333]. - Employee compensation and benefits increased by $5.6 million, or 10%, reaching $64.1 million, largely due to inflation adjustments and changes in headcount [333]. - General and administrative expenses increased by $0.2 million, or 2%, primarily due to nonrecurring transaction costs and credit losses written off related to BOF I [337]. - Loss and loss adjustment expenses increased by $4.3 million, or 144%, primarily due to a one-time loss associated with a claim in the captive insurance company [335]. Market Conditions - The Federal Reserve paused interest rate increases in Q4 2023, with inflation moderating at approximately 2.5% in 2024 [269]. - The company’s future performance may be adversely affected by economic headwinds impacting occupancy rates and valuations in the commercial office sector [266]. - The company’s ability to attract new capital is influenced by the increasing demand for private market investments and shifting asset allocation policies [264]. Capital Management - The company had $2.9 billion of undeployed capital available for future investment or reinvestment as of September 30, 2024 [312]. - Of the undeployed capital, $1.6 billion is currently fee-earning based on commitments, while $1.2 billion will be fee-earning upon deployment [312]. - The weighted-average fixed coupon rate on privately offered notes is 5.03%, while the interest rate on the Credit Facility was approximately 7.40% as of September 30, 2024 [297]. Compliance and Regulations - The Company is classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of certain accounting standards [432]. - As of September 30, 2024, the Company was in full compliance with all debt covenants [428].

Core Viewpoint - Bridge Investment Group Holdings Inc. reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.18 per share, and down from $0.22 per share a year ago, indicating an earnings surprise of -16.67% [1] Financial Performance - The company posted revenues of $82.47 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.97%, compared to $81.5 million in the same quarter last year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Since the beginning of the year, Bridge Investment Group shares have increased by approximately 12.1%, while the S&P 500 has gained 21.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $84.23 million, and for the current fiscal year, it is $0.74 on revenues of $328.95 million [7] Industry Outlook - The Real Estate - Operations industry, to which Bridge Investment Group belongs, is currently in the top 40% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of the stock may be influenced by the overall industry outlook, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]

Financial Performance - Net Income for Q3 2024 was $10.6 million, with a basic and diluted net income per share of $0.11 and $0.04, respectively[1]. - Total revenue for Q3 2024 was $101.5 million, a decrease of 4% year-over-year[18]. - GAAP net income for Q3 2024 was $10.6 million, representing a 159% increase year-over-year[18]. - Distributable earnings (DE) of the operating company decreased by 31% to $28.2 million[18]. - Distributable earnings attributable to the Operating Company for Q3 2024 were reported at $2 million[78]. - Net income available to common shareholders for Q3 2024 was $3,533,000, with a total net income of $10,583,000[79]. - Distributable Pre-Tax Earnings available to common shareholders amounted to $6,710,000, after accounting for an income tax expense of $1,678,000[79]. Earnings and Dividends - Fee Related Earnings to the Operating Company were $32.4 million, while Distributable Earnings were $28.2 million, equating to $0.15 per share after-tax[2]. - A quarterly dividend of $0.10 per share of Class A common stock was declared, payable on December 20, 2024[4]. - Total Fee Related Earnings attributable to the Operating Company was $32,358 thousand in Q3 2024, down from $36,039 thousand in Q3 2023, a decrease of 10.5%[27]. - The basic after-tax non-GAAP distributable earnings per share for the quarter was $0.29, compared to $0.21 in the previous quarter, showing a 38% increase[70]. Assets Under Management - Bridge Investment Group Holdings Inc. manages approximately $49.2 billion in assets as of September 30, 2024[7]. - Gross assets under management (AUM) remained stable at $49.2 billion[18]. - As of September 30, 2024, the total Assets Under Management (AUM) was $49,194 million, reflecting a 0.5% increase from the previous quarter[73]. - The Fund's Fair Equity Assets Under Management (FEAUM) as of September 30, 2024, was $21,769 million, showing a slight decrease from $21,779 million year-over-year[74]. Capital Raising and Investment Strategy - Capital raised in Q3 2024 was $0.6 billion, a 102% increase year-over-year[18]. - The company raised $1,065.1 million in capital in 2024, with 90% of inflows driven by Credit, Workforce Housing, and Renewable strategies[35]. - The company has a diversified investment strategy across specialized asset classes, including real estate, credit, renewable energy, and secondaries strategies[7]. - The company is focusing on market expansion and new strategies, including the development of new funds and investment vehicles[84]. Expenses and Compensation - Total expenses for Q3 2024 were $98.97 million, an increase from $88.95 million in Q3 2023[18]. - The company reported cash-based employee compensation and benefits of $(44,779) thousand in Q3 2024, compared to $(37,275) thousand in Q3 2023, an increase of 20.1%[27]. - The company reported a significant increase in cash-based employee compensation, reaching $58,557 thousand in Q3 2024[71]. Future Outlook - The company expressed optimism about future business conditions due to improvements in debt markets and capital costs, indicating a potential recovery in volumes and valuations[3]. - The company highlighted strong secular tailwinds and favorable supply/demand dynamics as indicators of a positive future[3]. - Future outlook includes continued growth in fund management fees and performance income, driven by strategic investments and market conditions[84]. Performance Metrics - The company emphasizes that forward-looking statements are based on current beliefs and assumptions, which may not guarantee future performance[8]. - The presentation includes non-GAAP financial measures such as Fee Related Earnings and Performance Related Earnings, which may not be comparable to similar measures used by other companies[15]. - Distributable Earnings (DE) is a key performance measure, evaluated before provision for income taxes, and does not include certain non-recurring items[96]. - The Fee Related Earnings (FRE) measure assesses the ability to generate recurring revenue, adjusting for various expenses not included in U.S. GAAP calculations[96].

Investors in Bridge Investment Group Holdings Inc. (BRDG) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct 18, 2024 $17.50 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or t ...