Bridge Investment (BRDG) - 2024 Q3 - Quarterly Results

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].