Bridge Investment Group Holdings Inc. Reports First Quarter 2023 Results
SALT LAKE CITY--(BUSINESS WIRE)-- Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the quarter ended March 31, 2023.
Net Income (Loss) was $(67.4) million for the quarter ended March 31, 2023. On a basic and diluted basis, net income (loss) attributable to Bridge per share of Class A common stock was $0.03 and $(0.13), respectively.
Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) were $33.4 million, or $0.19 per share after-tax, for the quarter ended March 31, 2023. Fee Related Earnings to the Operating Company were $30.9 million for the quarter ended March 31, 2023.
Robert Morse, Bridge’s Executive Chairman, remarked “During the first quarter we continued to build momentum in our business across multiple metrics: we increased fee-earning AUM 51% year-over-year and closed Multifamily V at a record $2.3 billion, highlighting investors’ confidence in our specialized strategies. We continued to deploy capital into attractive fixed income opportunities and selectively in equity strategies. Additionally, we closed the acquisition of Newbury Partners on March 31, 2023, expanding Bridge into the attractive secondaries sector and integration has been comprehensive and seamless. We have strong conviction in each of our key thematic areas - Residential Rental, Logistics, Private Credit and Secondaries. These are resilient strategies which we believe benefit from durable secular tailwinds.”
Jonathan Slager, Bridge’s Chief Executive Officer, added “Bridge’s specialized investment approach, forward integration into property management and conservative leverage are important differentiators for our company. Over 98% of our fee-earning AUM is in long-term, closed end funds that have no redemption features and a weighted-average duration of 7.5 years, adding to the foundational stability of our business. Despite broader market headwinds, we are well positioned with $4.4 billion of dry powder to invest at what we believe will be an attractive point in the cycle.”
Bridge declared a quarterly dividend of $0.15 per share of its Class A common stock, payable on June 16, 2023 to its Class A common stockholders of record at the close of business on June 2, 2023.
Bridge Investment Group Holdings Inc. issued a full detailed presentation of its first quarter 2023 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “First Quarter 2023 Earnings Presentation.”
Conference Call and Webcast Information
The Company will host a conference call on May 9, 2023 at 9:30 a.m. ET to discuss its first quarter 2023 results. Interested parties may access the conference call live over the phone by dialing 1-877-405-1210 (domestic) or 1-201-689-8721 (international) and requesting Bridge Investment Group Holdings Inc.’s First Quarter 2023 Earnings Conference Call. Participants are asked to dial in a few minutes prior to the call to register for the event. The event will also be available live via webcast which can be accessed here or from 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 May 23, 2023 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13737445.
Bridge is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.8 billion of assets under management as of March 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.
This earnings 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 facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, 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 beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those 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 undertakes no duty to publicly update any forward-looking statements made herein or on the webcast/conference call or otherwise, whether as a result of new information, future developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.
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Bridge Investment Group Holdings Inc.
Bridge Investment Group Holdings Inc.
Jonathan Keehner / Kara Brickman / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
Source: Bridge Investment Group Holdings Inc.
Released May 8, 2023