Bridge Investment (BRDG)2025-02-24 13:13Financial 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].