BRIDGE INVESTMENT GROUP HOLDINGS INC. ANNOUNCES SECOND QUARTER 2022 RESULTS
SALT LAKE CITY, UTAH – August 8, 2022 – Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced its financial results for the second quarter ended June 30, 2022.
Total revenue and investment income were $99.0 million and $104.9 million, respectively, for the three months ended June 30, 2022. They increased 38% and 31%, respectively, from income and investment income of $72.0 million and $79.9 million, respectively, for the quarter. ended June 30, 2021.
Net income was $124.4 million for the three months ended June 30, 2022, compared to $83.2 million for the three months ended June 30, 2021, representing a 50% increase from a year to year. On a basic and diluted basis, net income attributable to Bridge per Class A common share was $0.44.
Distributable income of Bridge Investment Group Holdings LLC (the “Operating Company”) was $54.6 million, or $0.32 per share after tax, for the three months ended June 30, 2022, compared to $36. $6 million, or $0.25 per share after tax, for the quarter ended June 30, 2021 on a pro forma basis, representing a 28% year-over-year increase per share.
Robert Morse, Executive Chairman of Bridge, said, “Bridge reported its best quarter for distributable earnings in company history, up 14% from the first quarter of 2022, in a more challenging macroeconomic environment. This was driven by strong margins and achievements. Our specialized investment approach and vertically integrated business model continues to generate attractive returns for our investors. While we recognize the challenges that current conditions present for alternative asset managers as a whole, we are well positioned to navigate the way forward with long-term committed capital, a strengthened balance sheet and our carefully curated focus. on some of the most attractive investment sectors in U.S. real estate.”
Jonathan Slager, Managing Director of Bridge, added, “Bridge delivered another strong quarter with fundraising of $1.5 billion and deployment of $938.2 million, increasing gross assets under management to 42. $.0 billion and fee-earning assets under management at $15.5 billion, up 46% and 44%, respectively, from a year ago. During the quarter, we completed the final close of our Debt Strategies Fund IV, which raised $2.9 billion in equity commitments, nearly twice the amount raised in the previous fund, demonstrating the scalability of our activity. Bridge also made significant investment moves in the second quarter to take advantage of continued interest in US real estate, particularly multi-family assets. »
Bridge has declared a quarterly dividend of $0.30 per Class A common share, payable on September 16, 2022 to its Class A common stockholders of record at the close of business on September 2, 2022.
Bridge Investment Group Holdings Inc. has released a full and detailed presentation of its second quarter 2022 results, which can be viewed in the Investors section of our website at www.bridgeig.com. The presentation is titled “Presentation of Second Quarter 2022 Results”.
Conference Call and Webcast Information
The Company will host a conference call on August 9, 2022 at 8:30 a.m. ET to discuss its second quarter 2022 results. Interested parties may access the live conference call by telephone by dialing 1-877-405-1210 (toll-free). toll-free) or 1-201-689-8721 (toll-free/international) and requesting the Bridge Investment Group Holdings Inc. Second Quarter 2022 Earnings Conference Call. Attendees are asked to dial the number a few minutes before the call to register for the event. The event will also be available live via webcast accessible here or on our Investor Relations website https://ir.bridgeig.com.
An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on August 23, 2022 and can be accessed by dialing 1-877-660-6853 (toll-free) or 1-201- 612-7415 (toll/international) and providing the access code 13731486.
About Bridge Investment Group
Bridge is a leading vertically integrated real estate investment manager, diversified across specialty asset classes, with approximately $42.0 billion in assets under management as of June 30, 2022. Bridge combines its national operating platform with dedicated teams of investment professionals focused on select US real estate. real estate verticals: residential leasing, offices, development, logistics real estate, net lease and mortgage backed by real estate.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical fact may be forward-looking statements. In some cases, you can identify forward-looking statements by words such as “outlook”, “could”, “believe”, “expect”, “potential”, “opportunity”, “continue”, “may”, “will”, “should”, “over time”, “seek”, “predict”, “intend”, “plan”, “estimate”, “anticipate”, “expect” or negative versions of these words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that these forward-looking statements are based on our beliefs, assumptions and expectations as of the date of our future performance, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and are beyond our control. Actual results may differ materially. nt of those expressed or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge Investment Group Holdings Inc. undertakes no obligation to publicly update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, unless the law requires it.
Nothing in this press release constitutes an offer to sell or the solicitation of an offer to buy securities of the Company or any investment fund managed by the Company or its affiliates.
Bridge Investment Group Holdings Inc.
Bridge Investment Group Holdings Inc.