Bridge Investment (BRDG) - 2025 Q1 - Quarterly Results

First Quarter 2025 Results Announcement This section details Bridge Investment Group's Q1 2025 financial performance, dividend status, and company overview Q1 2025 Financial Highlights Bridge Investment Group reported a net loss for Q1 2025, with Fee Related Earnings of $24.6 million and Distributable Earnings of $17.0 million Q1 2025 Financial Results: | Metric | Amount (Millions) | | :----------------------------------- | :---------------- | | Net (Loss) | $(37.6) | | Fee Related Earnings to the Operating Company | $24.6 | | Distributable Earnings of the Operating Company | $17.0 | | Net (Loss) Attributable to Bridge per share of Class A common stock (basic and diluted) | $(0.37) | | Distributable Earnings per share (after-tax) | $0.09 | Dividend Declaration The Company did not declare a quarterly dividend for Q1 2025, but a final dividend is expected prior to the merger closing with Apollo - No quarterly dividend declared for the quarter ended March 31, 2025[4] - A final dividend is expected to be declared and paid to stockholders for any tax distributions made prior to the closing of the transactions with Apollo[4] Additional Information & Conference Call A detailed presentation of Q1 2025 results is available online, but no earnings conference call will be held due to the pending merger - A full detailed presentation of first quarter 2025 results is available on the Investors section of the Company's website at www.bridgeig.com[5](index=5&type=chunk) - The Company will not be holding a first quarter 2025 earnings conference call and webcast in light of the pending merger transaction with Apollo[5] About Bridge Investment Group Bridge is a leading alternative investment manager with approximately $49 billion in AUM as of March 31, 2025, diversified across real estate, credit, renewable energy, and secondaries strategies - Bridge is a leading alternative investment manager, diversified across specialized asset classes[6] Key Company Statistics (as of March 31, 2025): | Metric | Value | | :-------------------------- | :---------------- | | Assets Under Management (AUM) | ~$49 billion | | Focus Verticals | Real estate, credit, renewable energy, secondaries strategies | Legal Disclosures and Disclaimers This section outlines important legal disclaimers, forward-looking statements, and information regarding the proposed transaction with Apollo Forward-Looking Information The report contains forward-looking statements regarding future financial results and the proposed merger, subject to significant risks and uncertainties detailed in SEC filings - Statements regarding future results of operations, financial position, business strategy, capital raising, fund performance, and the proposed merger transaction with Apollo are forward-looking statements[7][26] - Forward-looking statements are subject to certain risks, uncertainties, and assumptions, including those related to the ultimate outcome of the proposed transaction, business disruptions, difficulties in retaining key personnel, global market conditions, regulatory approvals, and cyber-attacks[8][9][27] No Offer or Solicitation This release does not constitute an offer to sell or a solicitation to buy securities; any offer will be made via a prospectus meeting Securities Act requirements - This earnings release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities[11][30] - No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act[12][30] Additional Information Regarding the Transaction and Where to Find It Information on the proposed Apollo-Bridge transaction is available in the Form S-4 registration statement and Joint Proxy Statement/Prospectus filed with the SEC - Apollo filed a registration statement on Form S-4 on April 11, 2025, which constitutes a prospectus of Apollo and includes a preliminary proxy statement of the Company for the Company stockholder meeting[13][31] - Investors are urged to read the Registration Statement, the Joint Proxy Statement/Prospectus, and any other relevant documents filed with the SEC carefully and in their entirety because they contain or will contain important information about the proposed transaction[14][32] Participants in the Solicitation Apollo, Bridge, and their directors/executive officers may be deemed participants in the proxy solicitation, with details available in their respective SEC filings - Apollo, the Company, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders in respect of the proposed transaction[16][33] - Information about the directors and executive officers of Apollo is contained in its Proxy Statement on Schedule 14A, dated April 25, 2025, and for the Company in its most recent Annual Report on Form 10-K[16][33] Industry Information Industry and competitive position information is based on independent research and management estimates, with projections subject to inherent uncertainty and risk - Information concerning the industry, competitive position, and markets is based on independent industry and research organizations, other third-party sources, and management estimates[35] - Projections, assumptions, and estimates of future performance are subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially[35] Non-GAAP Financial Measures This presentation utilizes non-GAAP financial measures such as Distributable Earnings and Fee Related Earnings, which have limitations and are preliminary and unaudited - This presentation uses non-GAAP financial measures such as Distributable Earnings, Fee Related Earnings, Fee Related Revenues, and Performance Related Earnings to supplement GAAP financial information[36] - Non-GAAP financial measures may not be comparable to similarly titled measures of other companies due to differing calculation methodologies[36] - All current period amounts presented in this presentation are preliminary and unaudited[37] Q1 2025 Financial Performance This section details Bridge Investment Group's Q1 2025 GAAP and non-GAAP financial results, including earnings, performance fees, and capitalization GAAP Condensed Consolidated Statements of Operations Bridge Investment Group reported total revenues of $96.3 million and a net loss of $(37.6) million for Q1 2025, compared to $102.8 million revenue and $(36.8) million net loss in Q1 2024 GAAP Condensed Consolidated Statements of Operations (Unaudited) (in thousands): | Metric | Three Months Ended March 31, 2025 (Thousands) | Three Months Ended March 31, 2024 (Thousands) | | :------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Total revenues | $96,296 | $102,790 | | Total investment loss | $(7,698) | $(48,701) | | Total expenses | $115,709 | $96,930 | | Loss before provision for income taxes | $(36,958) | $(48,646) | | Net loss | $(37,603) | $(36,800) | | Net (loss) income attributable to Bridge Investment Group Holdings Inc. | $(12,176) | $9,818 | - GAAP Net loss was $(37.6) million for the 1st quarter of 2025[40] - Loss per share of Class A common stock - basic and diluted was $(0.37) for the 1st quarter, partially attributed to approximately $17.0 million in transaction costs related to the Merger Agreement[40] Q1 2025 Financial and Operating Highlights Total revenue decreased by 6% YoY to $96.3 million, with Net Loss increasing by 2% YoY; FRE and DE also saw significant year-over-year declines, while Gross AUM grew 3% Q1 2025 Financial Highlights (in Millions, except per share data): | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--------------------------------------- | :------ | :------ | :--------- | | Total Revenue | $96.3 | $102.8 | (6)% | | Net Loss | $(37.6) | $(36.8) | (2)% | | Loss (Income) per share, Basic | $(0.37) | $0.24 | (254)% | | Fee Related Earnings ("FRE") to the Operating Company | $24.6 | $33.9 | (28)% | | Distributable Earnings ("DE") of the Operating Company | $17.0 | $32.2 | (47)% | | After-tax DE per share | $0.09 | $0.17 | (47)% | Q1 2025 Key Operating Metrics: | Metric | Q1 2025 | Q1 2024 | YoY Change | | :------------------------------------ | :-------- | :-------- | :--------- | | Gross AUM | $49.4 Bn | $48.0 Bn | 3% | | Fee-Earning AUM | $22.0 Bn | $22.0 Bn | -0% | | Capital Raised | $0.2 Bn | $0.2 Bn | 4% | | Capital Deployed | $0.6 Bn | $0.3 Bn | 73% | | Dry Powder | $3.1 Bn | $3.1 Bn | -0% | | Realized Performance Allocations | $4.7 MM | $13.0 MM | (64)% | | Unrealized Accrued Performance Allocations | $327.2 MM | $320.3 MM | 2% | - At the end of the first quarter of 2025, the Company had $3.1 billion of dry powder, a majority of which is in real estate equity and credit vehicles[45] Non-GAAP Financial Measures (FRE & DE) Fee Related Revenues decreased to $72.6 million in Q1 2025 due to reduced management and transaction fees, while Fee Related Expenses increased, leading to a significant decline in Distributable Earnings Non-GAAP Financial Measures (in thousands): | Metric | Three Months Ended March 31, 2025 (Thousands) | Three Months Ended March 31, 2024 (Thousands) | | :------------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Fee Related Revenues | $72,643 | $79,349 | | Fee Related Expenses | $(49,252) | $(46,125) | | Total Fee Related Earnings | $23,391 | $33,224 | | Total Fee Related Earnings to the Operating Company | $24,565 | $33,943 | | Distributable Earnings attributable to the Operating Company | $16,975 | $32,171 | - Q1 2025 decrease in total net fund-level fee revenues was driven by a reduction in management fees due to dispositions in Credit and Seniors Housing strategies, the conversion of fee basis for Newbury Fund III, and the timing of transaction fees[57] - Q1 2025 increase in compensation and benefits was largely due to merit increases and variable compensation[57] - Q1 2025 decrease in Distributable Earnings was related to the timing and amount of realization of performance allocations and a net insurance loss largely due to claims settled in the captive insurance company[59] Earnings Summary Fee Related Earnings to the Operating Company decreased 29% QoQ in Q1 2025 due to reduced fees and increased expenses, while Distributable Earnings decreased 48% QoQ primarily from timing of realizations and an insurance loss - Fee Related Earnings to the Operating Company in Q1 2025 decreased 29% quarter over quarter driven by a reduction in transaction fees and fee related performance revenue, coupled with an increase in cash-based compensation and net administrative expenses[92] - Distributable Earnings to the Operating Company decreased 48% quarter over quarter largely due to the timing and amount of realizations and net insurance loss[92] QoQ Change in Key Earnings Metrics (in Millions): | Metric | Q4 2024 | Q1 2025 | QoQ Change | | :------------------------------------------ | :------ | :------ | :--------- | | Fee Related Earnings to the Operating Company | $34.4 | $24.6 | (29)% | | Distributable Earnings attributable to the Operating Company | $32.6 | $17.0 | (48)% | Performance Fee Summary Accrued performance allocations totaled $327.2 million as of Q1 2025, with 82% from key housing funds, while realized performance allocations to the Operating Company decreased 64% YoY to $4.7 million Performance Allocations (Q1 2025): | Metric | Amount (Millions) | | :------------------------------------------ | :---------------- | | Accrued Performance Allocations | $327.2 | | Accrued Performance Allocations attributable to the Operating Company | $122.6 | | Realized Performance Allocations (Q1 2025) | $4.7 | - 82% of accrued performance allocations are related to Multifamily Fund IV and Workforce & Affordable Housing Fund I[101] - Carry-eligible AUM is $18.0 billion, representing over 82% of FEAUM[101] Distributable Earnings and Capitalization After-tax Distributable Earnings per share for Class A common stock decreased to $0.09 in Q1 2025, with total assets at $1,183.3 million and liabilities at $728.1 million as of March 31, 2025 Distributable Earnings Per Share (Q1 2025 vs Q1 2024): | Metric | Q1 2025 | Q1 2024 | | :------------------------------------------ | :------ | :------ | | After-Tax Distributable Earnings Per Share | $0.09 | $0.17 | Balance Sheet Highlights (as of March 31, 2025): | Category | Amount (Millions) | | :---------------- | :---------------- | | Total assets | $1,183.3 | | Total liabilities | $728.1 | Assets Under Management (AUM) Overview This section provides an overview of Bridge Investment Group's AUM trends, drivers, fee related revenue, and long-duration capital strategy Gross AUM and Fee-Earning AUM Trends Gross AUM increased 3% YoY to $49.4 billion with a ~20% 5-year CAGR, while Fee-Earning AUM remained stable at $22.0 billion with a similar CAGR AUM Trends (as of Q1 2025): | Metric | Q1 2025 | Q1 2024 | YoY Change | 5-Yr CAGR (1Q'20 vs 1Q'25) | | :-------------------- | :-------- | :-------- | :--------- | :-------------------------- | | Gross AUM | $49.4 Bn | $48.0 Bn | 3% | ~20% | | Fee-Earning AUM | $22.0 Bn | $22.0 Bn | -0% | ~20% | Fee-Earning AUM Drivers Capital raised in Q1 2025 totaled $209 million, primarily in Credit strategies, with $576 million deployed, while Fee-Earning AUM decreased 1% QoQ due to dispositions - $209 million of capital raised in Q1 2025, driven by Credit strategies, with 87% of inflows from institutional and 13% from individual investors[67] - $576 million of deployment in Q1 2025, mostly driven by Credit, Multifamily, Seniors Housing, and Logistics strategies[67] - Fee-earning AUM decreased 1% in Q1 2025 compared to Q4 2024 primarily due to dispositions in Credit and Seniors Housing strategies[67] Fee Related Revenue Breakdown Recurring fund management fees and transaction fees both decreased QoQ in Q1 2025, primarily due to dispositions and timing of deployment in residential strategies - Recurring fund management fees decreased during Q1 2025 compared to Q4 2024 largely attributed to dispositions in Bridge Seniors Housing Fund I[78] - Catch-up management fees were $0.1 million in Q1 2025 compared to $1.1 million in Q4 2024[78] - Transaction fees decreased in Q1 2025 compared to Q4 2024 largely due to the timing of deployment in residential strategies[78] Fee Related Revenue Components (in Millions): | Metric | Q1 2025 | Q4 2024 | | :---------------------- | :------ | :------ | | Management Fees | $59.3 | $62.3 | | Transaction Fees | $3.2 | $8.0 | | All Other Fees | $10.1 | $11.7 | | Total Fee Related Revenue | $72.6 | $82.0 | Long Duration Capital and Fee Visibility Bridge's capital structure emphasizes long-duration capital, with 68% of FEAUM having a remaining duration over 5 years and over 97% in closed-end funds, ensuring strong fee visibility - 68% of total FEAUM is greater than 5 years of remaining duration, with a weighted-average FEAUM remaining duration of 6.2 years[83] - Over 97% of FEAUM is in long-term, closed-end funds with no redemption features, contributing to fee visibility[83] - Commitments on capital raised in the 1st quarter averaged 8.7 years in duration[83] Fund Performance Track Record This section presents the investment performance track record for Bridge Investment Group's equity and debt strategies funds Equity Strategies Funds Performance Bridge's equity funds show varied performance, with strong returns in Multifamily and Single-Family Rental, consistent performance in Secondaries, and mixed to negative results in Workforce & Affordable Housing, Seniors Housing, Logistics Value, and Opportunity Zone strategies Selected Equity Strategies Funds Performance (Investor Levered Net IRR as of March 31, 2025): | Fund Category | Total Funds Net IRR | Best Performing Fund | Worst Performing Fund | | :-------------------------- | :------------------ | :------------------- | :-------------------- | | Multifamily | 13.1% | Bridge Multifamily II (23.0%) | Bridge Multifamily V ((15.4)%) | | Workforce & Affordable Housing | 4.9% | Bridge Workforce Housing I (10.2%) | Bridge Workforce Housing II ((0.6)%) | | Seniors Housing | (2.2)% | Bridge Seniors III (6.3%) | Bridge Seniors I ((4.1)%) | | Secondaries | 11.9% | Newbury Equity Partners II (14.8%) | Newbury Equity Partners I (8.2%) | | Single-Family Rental | 15.2% | Bridge SFR Predecessor Fund II (16.5%) | Bridge Single-Family Rental IV (9.5%) | | Logistics Value | (2.6)% | Bridge Logistics Value I ((2.6)%) | Bridge Logistics Value I ((2.6)%) | | Opportunity Zone | (4.2)% | Opportunity Zone I ((4.0)%) | Opportunity Zone II ((4.4)%) | - Strong performance by residential housing funds (Multifamily, Single-Family Rental) is driven by Bridge's vertical integration[105] - Bridge Multifamily V is approximately 71% called with approximately $0.6 billion of dry powder available to deploy before the end of the investment period in July 2025[104] Debt Strategies Funds Performance Bridge's Debt Strategies Funds consistently show positive performance, with total funds achieving an 8.4% Investor Levered Net IRR and Bridge Debt IV as the top performer at 9.3% Debt Strategies Funds Performance (Investor Levered Net IRR as of March 31, 2025): | Fund | Investor Levered Net IRR | | :-------------------------- | :----------------------- | | Bridge Debt I | 5.9% | | Bridge Debt II | 7.1% | | Bridge Debt III | 8.7% | | Bridge Debt IV | 9.3% | | Total Debt Strategies Funds | 8.4% | Company Overview This section provides a profile of Bridge Investment Group, highlighting its differentiated approach as a leading alternative investment manager Bridge Investment Group Profile Bridge is a leading vertically integrated alternative investment manager with $49.4 billion in Gross AUM and $113.2 million in LTM Q1 2025 Pre-Tax Distributable Earnings, recognized for its diversified asset classes and fundraising - Bridge is a leading vertically integrated alternative investment manager, diversified across specialized asset classes[119] Key Company Statistics (as of March 31, 2025): | Metric | Value | | :------------------------------------------ | :---------------- | | Gross AUM | $49.4 Bn | | LTM Q1 2025 Pre-Tax Distributable Earnings | $113.2 MM | | Principal, Employee, and Affiliate Capital Commitments | ~$700 MM | | Recurring Fund Management Fees CAGR (1Q20-1Q25) | ~18% | - Ranked 13 global private equity real estate firm for fundraising by PERE (June 2024)[119] Differentiated Approach Bridge employs a differentiated approach featuring data-driven market selection, a vertically integrated model for efficiency, and citizenship initiatives embedded in governance, fostering knowledge sharing and quality execution - Data-driven approach to market selection, incorporating intel from local ~2,250 on-the-ground colleagues and macroeconomic factors and trends[126] - Vertically integrated model allows for control over the value chain, promotes knowledge sharing, and provides quality operating execution at a lower cost[126] - Citizenship initiatives, including social & community programs, charitable giving, and diversity & inclusion, are embedded into firm governance and structure[128] Appendix This appendix provides detailed GAAP and non-GAAP financial reconciliations, AUM roll forwards, and comprehensive investment performance summaries GAAP Condensed Consolidated Balance Sheets As of March 31, 2025, total assets were $1,183.3 million, a decrease from $1,247.4 million at December 31, 2024, with total liabilities also decreasing to $728.1 million GAAP Condensed Consolidated Balance Sheets (in thousands): | Metric | As of March 31, 2025 (Thousands) | As of December 31, 2024 (Thousands) | | :-------------------------------- | :------------------------------- | :---------------------------------- | | Cash and cash equivalents | $65,134 | $90,599 | | Accrued performance allocations | $327,150 | $339,560 | | Total assets | $1,183,254 | $1,247,380 | | Accrued performance allocations compensation | $58,699 | $57,610 | | Notes payable | $447,507 | $447,325 | | Total liabilities | $728,127 | $741,482 | | Total equity | $455,127 | $505,898 | Unaudited Historical Non-GAAP Measures This section provides a detailed historical breakdown of non-GAAP measures, including Net income (loss), Distributable Earnings attributable to the Operating Company, and Total Fee Related Earnings, across multiple quarters from Q1 2023 to Q1 2025 Historical Non-GAAP Measures (in thousands): | Metric | Q1 2023 (Thousands) | Q1 2024 (Thousands) | Q1 2025 (Thousands) | | :------------------------------------------ | :------------------ | :------------------ | :------------------ | | Net income (loss) | $(67,431) | $(36,800) | $(37,603) | | Distributable Earnings attributable to the Operating Company | $33,395 | $32,171 | $16,975 | | Total Fee Related Earnings to the Operating Company | $30,872 | $33,943 | $24,565 | Unaudited Historical Reconciliation of Non-GAAP Distributable Earnings per Share This section reconciles GAAP shares to After-tax Non-GAAP Distributable Earnings per Share, showing the calculation steps and historical values from Q1 2023 to Q1 2025 After-Tax Non-GAAP Distributable Earnings Per Share (Historical): | Metric | Q1 2023 | Q1 2024 | Q1 2025 | | :------------------------------------------ | :------ | :------ | :------ | | DE attributable to the Operating Company (in thousands) | $33,395 | $32,171 | $16,975 | | After-tax DE available to common shareholders (in thousands) | $4,686 | $5,445 | $3,181 | | Weighted-average shares of Class A Common stock outstanding- Basic and Diluted | 25,068,319 | 31,342,979 | 35,311,240 | | After-Tax Non-GAAP Distributable Earnings Per Share | $0.19 | $0.17 | $0.09 | Unaudited Historical Non-GAAP to GAAP Reconciliation This section provides a detailed reconciliation of various non-GAAP financial measures to their closest GAAP equivalents, including performance allocations, employee compensation, general and administrative expenses, and other income/expense items, across multiple quarters - Detailed reconciliation tables are provided for various financial metrics from Q1 2023 to Q1 2025, bridging non-GAAP measures to GAAP, including realized performance allocations, employee compensation, and general and administrative expenses[143][144][146] AUM and FEAUM Roll Forward Gross AUM decreased 1.0% QoQ to $49,350 million in Q1 2025, while Fee-Earning AUM decreased 1.5% QoQ to $21,982 million due to liquidations offsetting new capital AUM Roll Forward (Three Months Ended March 31, 2025) (in millions): | Metric | Amount (Millions) | | :-------------------------------- | :---------------- | | Balance as of beginning of period | $49,845 | | New capital / commitments raised | $216 | | Distributions / return of capital | $(531) | | Change in fair value and acquisitions | $(180) | | AUM as of end of period | $49,350 | | % Change | (1.0)% | FEAUM Roll Forward (Three Months Ended March 31, 2025) (in millions): | Metric | Amount (Millions) | | :-------------------------------- | :---------------- | | Balance as of beginning of period | $22,306 | | Increases (capital raised/deployment) | $397 | | Changes in fair market value | $6 | | Decreases (liquidations/other) | $(727) | | FEAUM as of end of period | $21,982 | | % Change | (1.5)% | FEAUM by Fund This section details Fee-Earning AUM for individual funds as of March 31, 2025, with Bridge Debt Strategies Fund IV, Bridge Multifamily Fund V, and Newbury Equity Partners Fund V as top contributors - Top three funds by FEAUM as of March 31, 2025, are Bridge Debt Strategies Fund IV ($2,427 million), Bridge Multifamily Fund V ($2,239 million), and Newbury Equity Partners Fund V ($1,951 million)[156] - Total FEAUM was $21,982 million as of March 31, 2025, compared to $21,953 million as of March 31, 2024[157] Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding This section provides a reconciliation of GAAP shares of common stock outstanding to total shares outstanding, including unvested participating shares and partnership units Shares Outstanding Reconciliation (Q1 2025): | Metric | Count | | :------------------------------------------ | :---------- | | GAAP Shares of Common Stock Outstanding | 35,355,675 | | Unvested Participating Shares of Common Stock | 9,340,583 | | Total Participating Shares of Common Stock | 44,696,258 | | Participating Partnership Units | 96,236,604 | | Unvested Participating Partnership Units | 185,917 | | Total Shares Outstanding | 141,118,779 | Reconciliation of GAAP Loss per Share to Distributable Earnings per Share This section details the adjustments made to reconcile GAAP net income (loss) available to common shareholders to Distributable Earnings per share, illustrating the impact of non-GAAP adjustments - The reconciliation adjusts GAAP Net income (loss) available to Common Shareholders ($(13,218) thousand) to Distributable After-Tax Earnings available to Common Shareholders ($3,181 thousand) for Q1 2025[161][162] - Key adjustments include adding back depreciation and amortization, unrealized performance allocations, share-based compensation, and transaction and non-recurring costs[161] Non-Controlling Interests This section details the allocation of Fee Related Earnings and Distributable Earnings with non-controlling interests, explaining the impact of profits interests conversions on non-controlling interest and share count - The Operating Company receives 24% to 40% of the gross performance allocations[166] - Conversions of 2019, 2020, and 2021 profits interests resulted in a reduction in non-controlling interest and an increase in Net Income to the Operating Company, while also increasing share count (expected to be anti-dilutive)[167] Composition of Fund Management Fees This section illustrates the composition of fund management fees over time, showing the proportion derived from funds launched in prior years, current year, and one-time catch-up fees - The majority of fund management fees consistently come from funds launched in prior years (e.g., 98% in LTM 1Q25)[170] - Fees from funds launched in the current year and one-time catch-up fees represent a small percentage of total fund management fees[170][171] Investment Performance Summary This section provides a comprehensive table of investment performance for various closed-end funds across equity and debt strategies, including Committed Capital, Invested Capital, Realized and Unrealized Investment Values, MOIC, and Investor Levered/Unlevered Net IRR as of March 31, 2025 - Detailed performance metrics (IRR, MOIC, investment values) are provided for numerous funds across Multifamily, Workforce & Affordable Housing, Secondaries, Seniors Housing, Office, Single-Family Rental, Opportunity Zone, Logistics Value, and Debt Strategies[173][176] - Performance varies significantly by fund and strategy, with some showing strong positive IRRs (e.g., Multifamily II at 23.0%) and others negative (e.g., Bridge Multifamily V at (15.4)%)[173] Notes to Performance Summary This section provides important disclaimers and definitions related to the investment performance data, clarifying how IRRs and MOICs are calculated, the scope of funds included, and the inherent limitations and assumptions - Investment performance presented is intended to illustrate the performance of investments held by the funds and other vehicles managed and the potential for performance-based fees[179] - Definitions for key metrics such as Cumulative Fund Committed Capital, Unreturned Drawn Capital, Cumulative Investment Invested Capital, Realized/Unrealized Investment Value, MOIC, and Investor Levered/Unlevered Net IRR are provided[179] - Past performance of prior funds within a strategy is not a guarantee of future results, and IRRs for newer funds with short measurement periods may be amplified and not meaningful[179][180] Glossary This section provides definitions for key financial and operational terms used throughout the report Glossary of Terms This section defines key financial and operational terms used throughout the report, including Assets Under Management (AUM), Distributable Earnings (DE), Dry Powder, Fee-Earning AUM (FEAUM), Fee Related Earnings (FRE), Fee Related Expenses, Fee Related Revenues, Fund Management Fees, Operating Company, and Sponsored Funds - Provides definitions for core financial metrics such as Assets Under Management (AUM), Distributable Earnings (DE), Fee Related Earnings (FRE), and Fee-Earning AUM (FEAUM), clarifying their calculation and limitations compared to U.S. GAAP[183][184][186] - Explains operational terms including Dry Powder, Fee Related Expenses, Fee Related Revenues, Fund Management Fees, Operating Company, and Sponsored Funds[183][186][187]