UNITED STATES Class A common stock, $0.01 par value per share BRDG New York Stock Exchange SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________to Commission File Number: 001-40622 BRIDGE INVESTMENT GROUP HOLDINGS INC. | --- | --- ...

Bridge Investment Group Holdings Inc. (NYSE:BRDG) Q2 2024 Earnings Conference Call August 7, 2024 8:30 AM ET Company Participants Bonni Rosen - Head of Shareholder Relations Robert Morse - Executive Chairman Jonathan Slager - Chief Executive Officer Katie Elsnab - Chief Financial Officer Conference Call Participants Ken Worthington - JP Morgan Bill Katz - TD Cowen Adam Beatty - UBS Operator Greetings and welcome to the Bridge Investment Group Second Quarter 2024 Earnings Call and Webcast. At this time all p ...

Bridge Investment Group Holdings Inc. (BRDG) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.76%. A quarter ago, it was expected that this company would post earnings of $0.16 per share when it actually produced earnings of $0.17, delivering a surprise of 6.25%. Over the last four ...

Exhibit 99.1 BRIDGE INVESTMENT GROUP BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS SECOND QUARTER 2024 RESULTS SALT LAKE CITY, UTAH-August 6, 2024-Bridge Investment Group Holdings Inc. (NYSE: BRDG) ("Bridge" or the "Company") today reported its financial results for the quarter ended June 30, 2024. Net Income (Loss) was $27.5 million for the quarter ended June 30, 2024. On a basic and diluted basis, net los: attributable to Bridge per share of Class A common stock was $(0.11) for the quarter ended June 30, ...

Core Viewpoint - Bridge Investment Group Holdings Inc. (BRDG) has shown a 0.9% increase in share price over the past four weeks, closing at $7.71, with a potential upside of 27.1% based on Wall Street analysts' mean price target of $9.80 [1] Price Targets and Estimates - The mean estimate consists of five short-term price targets with a standard deviation of $1.96, indicating variability among analysts; the lowest estimate is $6.50 (15.7% decline), while the highest is $11.50 (49.2% increase) [2] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement direction, although it does not guarantee the stock will reach the average target [7] Earnings Estimates - Analysts have shown increasing optimism about BRDG's earnings prospects, with a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [9] - Over the last 30 days, the Zacks Consensus Estimate for the current year has risen by 1.7%, with two estimates moving higher and no negative revisions [10] Zacks Rank - BRDG holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating a strong potential upside in the near term [11]

Wall Street expects a year-over-year decline in earnings on higher revenues when Bridge Investment Group Holdings Inc. (BRDG) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its nearterm stock price is how the actual results compare to these estimates. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's d ...

The mean estimate comprises five short-term price targets with a standard deviation of $1.96. While the lowest estimate of $6.50 indicates a 11.7% decline from the current price level, the most optimistic analyst expects the stock to surge 56.3% to reach $11.50. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts. Price, Consensus and EPS Surprise While Wall Street analy ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of approximately $36.8 million for Q1 2024, with distributable earnings increasing by 27% from the previous quarter [3][4] - Fee-related earnings to the Operating Company increased by 19% from the previous quarter, reaching $33.9 million, while distributable earnings were $32.2 million, up 22% from the last quarter [47][48] - Recurring fund management fees increased by 17% year-over-year and 11% from the previous quarter [20] Business Line Data and Key Metrics Changes - Fee-earning AUM grew at a 29% compound annual growth rate, driven by successful fundraising and the acquisition of Newbury Partners [9] - The company launched a new accredited investor-focused product within its net lease industrial income vertical in Q1 [13] - The Multifamily segment reported unlevered underwritten IRRs that are 30% better than pre-pandemic levels [16] Market Data and Key Metrics Changes - Year-to-date CMBS issuance is nearly triple the volume compared to the same point last year, indicating a more active debt capital market [41] - The company has over $100 billion in dry powder across U.S. value-add and opportunistic equity funds, with expectations for markets to open up quickly [15] - The overall transaction volumes in the commercial real estate market remained muted, but signs of a strengthening environment are emerging [14] Company Strategy and Development Direction - The company is optimistic about its positioning and is raising capital globally while investing in selective, high-performing sectors of alternative assets [11] - The 2024 outlook emphasizes investing in areas where the company has developed distinctive competencies, particularly in real estate [10] - The company is focused on enhancing operating efficiencies and driving lower costs for its limited partners [11] Management's Comments on Operating Environment and Future Outlook - Management believes that 2024 represents an attractive entry point to deploy capital into specialized strategies, with a focus on Multifamily and Logistics [37][42] - The company anticipates that the cost of capital and commercial real estate has peaked, with expectations for a rebound in transaction volumes as the Fed signals rate cuts [41] - Management expressed confidence in the operational trends of its property portfolios, which have exceeded NOI projections by 9.6% [43] Other Important Information - The company has logged over 1,000 meetings and calls with current and prospective investors in Q1, indicating strong engagement in capital raising efforts [12] - The balance sheet remains resilient, with net accrued performance revenues on the balance sheet standing at $320.3 million [22] Q&A Session Summary Question: Can you elaborate on the new product in the wealth channel? - The new product is a different structure aimed at building on the success in the wealth channel, offering another investment alternative for wealth partners [26] Question: How do you size the opportunities across each vertical? - The value of existing assets has improved significantly, inciting interest across various strategies, with hopes for tangible capital commitments [29] Question: What is changing to drive value beyond waiting for a better macro backdrop? - The company is focused on maximizing value in investment vehicles and has started to lean into markets due to attractive resets in valuation [59] Question: Can you elaborate on access to financing markets? - The company believes that markets are poised to be more active, with a tightening of spreads and a significant amount of dry powder ready to enter the market [63] Question: What trends are seen in the Multifamily marketplace? - The company is focused on operational strengths to maintain competitiveness, with rent growth needed across the market [86]

Part I. Financial Information [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2024, showing a net loss of **$36.8 million** and total assets of **$1.22 billion** [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements show a Q1 2024 net loss of **$36.8 million**, improved from **$67.4 million** in Q1 2023, with revenues at **$102.8 million** Condensed Consolidated Balance Sheet Data (in thousands USD) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $1,224,551 | $1,288,818 | | Total Liabilities | $720,468 | $743,470 | | Total Equity | $504,083 | $545,348 | Condensed Consolidated Statement of Operations Data (in thousands USD) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $102,790 | $91,448 | | Total Investment Loss | $(48,701) | $(103,863) | | Net Loss | $(36,800) | $(67,431) | | Net Income Attributable to BRDG Inc. | $9,818 | $2,034 | | Diluted EPS | $(0.05) | $(0.13) | Condensed Consolidated Statement of Cash Flows Data (in thousands USD) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $25,089 | $12,815 | | Net Cash from/(used in) Investing Activities | $13,713 | $(315,996) | | Net Cash (used in)/from Financing Activities | $(33,752) | $197,373 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, and financial line items, including a **$1.8 million** credit loss reserve and **$446.8 million** in Private Placement Notes - The company operates as an alternative investment manager, holding approximately **30%** economic interest in its Operating Company as of March 31, 2024[33](index=33&type=chunk)[46](index=46&type=chunk) - A **$1.8 million** credit loss reserve was recognized in Q1 2024, primarily due to unfavorable market conditions affecting Bridge Office Fund LP (BOF I) receivables[93](index=93&type=chunk)[238](index=238&type=chunk) - Accrued performance allocations decreased to **$320.3 million** as of March 31, 2024, with a **$52.9 million** loss recognized in Q1 2024[119](index=119&type=chunk) - As of March 31, 2024, the company had **$446.8 million** in Private Placement Notes and **$15.5 million** outstanding on its Credit Facility, which was amended to **$150.0 million** commitments[214](index=214&type=chunk)[209](index=209&type=chunk)[445](index=445&type=chunk) - Total share-based compensation expense was **$11.8 million** in Q1 2024, with **$94.8 million** in unrecognized compensation cost for unvested awards[270](index=270&type=chunk)[272](index=272&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, with AUM at **$48.0 billion**, **$102.8 million** Q1 2024 revenues, and a **$36.8 million** net loss [Overview and Business Environment](index=46&type=section&id=Overview%20and%20Business%20Environment) Bridge operates as a leading alternative investment manager with **$48.0 billion** AUM, facing headwinds in commercial real estate and cessation of management fees from BOF I - The company is a leading alternative investment manager with approximately **$48.0 billion** in AUM as of March 31, 2024[278](index=278&type=chunk) - Ongoing economic headwinds pressure the commercial real estate sector (**4%** of AUM), with management fees from Bridge Office Fund LP (BOF I) ceasing[280](index=280&type=chunk) [Results of Operations](index=58&type=section&id=Results%20of%20Operations) Q1 2024 total revenues increased **12%** to **$102.8 million**, expenses grew **57%** to **$96.9 million**, and investment loss narrowed to **$48.7 million** Revenue Changes (Q1 2024 vs Q1 2023, in thousands USD) | Revenue Type | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Fund management fees | $61,105 | $53,849 | 13% | | Transaction fees | $6,800 | $2,377 | 186% | | Construction management fees | $1,697 | $3,285 | -48% | | **Total revenues** | **$102,790** | **$91,448** | **12%** | - Total investment loss improved to **$(48.7) million** in Q1 2024 from **$(103.9) million** in Q1 2023, driven by smaller unrealized performance allocation losses[353](index=353&type=chunk) Expense Changes (Q1 2024 vs Q1 2023, in thousands USD) | Expense Type | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Employee compensation & benefits | $62,840 | $51,178 | 23% | | Unrealized performance allocations comp. | $3,178 | $(14,670) | -122% | | General & administrative expenses | $11,349 | $13,893 | -18% | | **Total expenses** | **$96,930** | **$61,656** | **57%** | [Non-GAAP Financial Measures](index=62&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures show Q1 2024 Distributable Earnings decreased **4%** to **$32.2 million**, while Fee Related Earnings increased **10%** to **$33.9 million** Non-GAAP Performance Summary (Attributable to Operating Co., in thousands USD) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Distributable Earnings | $32,171 | $33,395 | -4% | | Fee Related Earnings | $33,943 | $30,872 | 10% | - The increase in Fee Related Earnings was driven by a **19%** rise in total fee-related revenues, primarily from higher fund management and transaction fees[389](index=389&type=chunk) - The decrease in Distributable Earnings was influenced by increased fee-related expenses and changes in net realized performance allocations and net investment income[389](index=389&type=chunk)[390](index=390&type=chunk) [Liquidity and Capital Resources](index=67&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company had **$62.0 million** in cash and **$134.5 million** available under its Credit Facility, with **$25.1 million** cash from operations - As of March 31, 2024, the company had **$62.0 million** in cash and **$15.5 million** outstanding on its Credit Facility, with **$134.5 million** available capacity[414](index=414&type=chunk) Cash Flow Summary (Q1 2024, in thousands USD) | Activity | Cash Flow | | :--- | :--- | | Provided by Operating Activities | $25,089 | | Provided by Investing Activities | $13,713 | | Used in Financing Activities | $(33,752) | - In February 2024, the Credit Facility was amended, reducing total commitments from **$225.0 million** to **$150.0 million** and extending maturity to June 2026[443](index=443&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's main market risk is tied to the fair value of investments in managed funds, impacting performance fees, and interest rate risk from its SOFR-based Credit Facility - The company's predominant market risk relates to the fair value of investments in managed funds, affecting performance allocations, while management fees are less impacted[431](index=431&type=chunk) - Interest rate risk stems from the variable-rate Credit Facility (SOFR-based) and cash deposits, with the Credit Facility rate at approximately **7.47%** as of March 31, 2024[466](index=466&type=chunk)[314](index=314&type=chunk) - Foreign exchange rate risk is not material as the company lacks significant foreign currency assets or transactions[467](index=467&type=chunk) [Controls and Procedures](index=71&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The principal executive and financial officers concluded that disclosure controls and procedures were effective at a reasonable assurance level as of the reporting period end[455](index=455&type=chunk) - No material changes occurred in internal control over financial reporting during Q1 2024[434](index=434&type=chunk) Part II. Other Information [Legal Proceedings](index=72&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to various ordinary course legal proceedings, none expected to materially affect its business or financial results - The company reports no legal proceedings are expected to have a material effect on its business or financial results[471](index=471&type=chunk) [Risk Factors](index=72&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2023 Annual Report on Form 10-K filing - No material changes to risk factors have occurred since the 2023 Annual Report on Form 10-K filing[472](index=472&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=72&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during Q1 2024, other than those previously disclosed on Form 8-K - No unregistered sales of equity securities occurred during the quarter, other than as previously disclosed on Form 8-K[457](index=457&type=chunk) [Defaults Upon Senior Securities](index=72&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - No defaults upon senior securities were reported[458](index=458&type=chunk) [Mine Safety Disclosures](index=72&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - This section is not applicable[459](index=459&type=chunk) [Other Information](index=72&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - No other information was reported for this item[460](index=460&type=chunk) [Exhibits](index=73&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data - The report includes standard exhibits such as CEO/CFO certifications and Inline XBRL documents[475](index=475&type=chunk)[462](index=462&type=chunk)

Financial Performance - GAAP Net income attributable to Bridge Investment Group Holdings Inc was $98 million for Q1 2024[21, 22] - GAAP Net loss was $368 million for the 1st quarter of 2024[10] - Total revenues were $10279 million, a 12% increase compared to $91448 million in Q1 2023[9, 24] - Fee Related Earnings ("FRE") to the Operating Company was $339 million, a 10% increase compared to $309 million in Q1 2023[24] - Distributable Earnings ("DE") of the Operating Company was $322 million, a 4% decrease compared to $334 million in Q1 2023[24] Assets Under Management (AUM) - Gross AUM was $480 billion, a 2% decrease compared to $488 billion in Q1 2023[24, 46] - Fee-Earning AUM was $220 billion, a 1% decrease compared to $222 billion in Q1 2023[24, 31] - The company had $31 billion of dry powder at the end of Q1 2024, a 30% decrease compared to $44 billion in Q1 2023[24] Capital Activity - Capital raised was $02 billion, a 78% decrease compared to $07 billion in Q1 2023[24] - Capital deployed was $03 billion, a 62% decrease compared to $09 billion in Q1 2023[24]