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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40622

 

BRIDGE INVESTMENT GROUP HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

82-2769085

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

111 East Sego Lily Drive, Suite 400

Salt Lake City, Utah

84070

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code): (801) 716-4500

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

 

Class A common stock, $0.01 par value

 per share

BRDG

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 3, 2021, the registrant had 25,162,561 shares of Class A common stock ($0.01 par value per share) outstanding and 86,672,703 shares of Class B common stock ($0.01 par value per share) outstanding.

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

1

 

 

PART I. FINANCIAL INFORMATION

5

 

 

 

Item 1.

Financial Statements (unaudited)

5

 

BRIDGE INVESTMENT GROUP HOLDINGS INC.

5

 

Condensed Combined and Consolidated Balance Sheets

5

 

Condensed Combined and Consolidated Statements of Operations

6

 

Condensed Combined and Consolidated Statements of Comprehensive Income

7

 

Condensed Combined and Consolidated Statements of Changes in Shareholders’/Members’ Equity

8

 

Condensed Combined and Consolidated Statements of Cash Flows

10

 

Notes to Condensed Combined and Consolidated Financial Statements

11

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

62

 

 

 

Item 4.

Controls and Procedures

63

 

 

PART II. OTHER INFORMATION

64

 

 

 

Item 1.

Legal Proceedings

64

 

 

 

Item 1A.

Risk Factors

64

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

 

 

 

Item 3.

Defaults Upon Senior Securities

64

 

 

 

Item 4.

Mine Safety Disclosures

64

 

 

 

Item 5.

Other Information

65

 

 

 

Item 6.

Exhibits

65

 

 

SIGNATURES

66

 

i


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts contained in this Quarterly Report may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, fund performance and debt service obligations, are forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.

These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including those described in Part II, Item 1A, “Risk Factors” of this report and Part II, Item 1A, “Risk Factors” in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on August 17, 2021.

You should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Certain Definitions

As used in this Quarterly Report, unless the context otherwise requires, references to:

“We,” “us,” “our,” the “Company,” “Bridge,” “Bridge Investment Group” and similar references refer to Bridge Investment Group Holdings Inc., and, unless otherwise stated, all of its subsidiaries, including the Operating Company and, unless otherwise stated, all of the Operating Company’s subsidiaries.
“Assets under management” or “AUM” refers to the assets we manage (see following discussion in “Operating Metrics”).
“BIGRM” refers to Bridge Investment Group Risk Management, Inc. BIGRM is incorporated in the State of Utah and is licensed under the Utah State Captive Insurance Companies Act.
“Blocker Company” refers to an entity that owns LLC Interests in Bridge Investment Group LLC prior to the Transactions and is taxable as a corporation for U.S. federal income tax purposes.
“Blocker Shareholder” refers to the owner of the Blocker Company prior to the Transactions, who will exchange its interests in the Blocker Company for shares of our Class A common stock in connection with the consummation of the Transactions.
“Bridge GPs” refers to the following entities:
Bridge Office Fund GP LLC (“BOF I GP”)
Bridge Office Fund II GP LLC (“BOF II GP”)
Bridge Seniors Housing & Medical Properties Fund GP LLC (“BSH I GP”)
Bridge Seniors Housing & Medical Properties Fund II GP LLC (“BSH II GP”)
Bridge Seniors Housing Fund III GP LLC (“BSH III GP”)
Bridge Opportunity Zone Fund GP LLC (“BOZ I GP”)

1


 

Bridge Opportunity Zone Fund II GP LLC (“BOZ II GP”)
Bridge Opportunity Zone Fund III GP LLC (“BOZ III GP”)
Bridge Opportunity Zone Fund IV GP LLC (“BOZ IV GP”)
Bridge MF&CO Fund III GP LLC (“BMF III GP”)
Bridge Multifamily Fund IV GP LLC (“BMF IV GP”)
Bridge Multifamily Fund V GP LLC (“BMF V GP”)
Bridge Workforce and Affordable Housing Fund GP LLC (“BWH I GP”)
Bridge Workforce and Affordable Housing Fund II GP LLC (“BWH II GP”)
Bridge Debt Strategies Fund GP LLC ("BDS I GP")
Bridge Debt Strategies Fund II GP LLC (“BDS II GP”)
Bridge Debt Strategies Fund III GP LLC (“BDS III GP”)
Bridge Debt Strategies Fund IV GP LLC (“BDS IV GP”)
Bridge Agency MBS Fund GP LLC (“BAMBS GP”)
Bridge Logistics Net Lease Fund GP LLC (“BLNL GP”)
“Class A Units” refers to the Class A common units of the Operating Company.
“Class B Units” refers to the Class B common units of the Operating Company.
“Continuing Equity Owners” refers collectively to direct or indirect holders of Class A Units and our Class B common stock who may exchange at each of their respective options (subject in certain circumstances to time-based vesting requirements and certain other restrictions), in whole or in part from time to time, their Class A Units (along with an equal number of shares of Class B common stock (and such shares shall be immediately cancelled) for, at our election (determined solely by our independent directors (within the meaning of the New York Stock Exchange, or NYSE, rules) who are disinterested), cash or newly issued shares of our Class A common stock.
“Contributed Bridge GPs” refers to the following entities:
BOF I GP
BOF II GP
BSH I GP
BSH II GP
BSH III GP
BOZ I GP
BOZ II GP
BOZ III GP
BOZ IV GP
BMF III GP
BMF IV GP
BWH I GP
BWH II GP
BDS II GP
BDS III GP
BDS IV GP

2


 

“Fee-earning AUM” refers to the assets we manage from which we earn management fee revenue.
“LLC Interests” refers to the Class A Units and the Class B Units.
“Operating Company,” “Bridge Investment Group LLC” and “Bridge Investment Group Holdings LLC” refer to Bridge Investment Group Holdings LLC, a Delaware limited liability company, which was converted to a limited liability company organized under the laws of the State of Delaware from a Utah limited liability company formerly named “Bridge Investment Group LLC.”
“Operating Company LLC Agreement” refers to Bridge Investment Group Holdings LLC’s amended and restated limited liability company agreement.
“Operating Subsidiaries” refers to the Bridge GPs and the consolidated entities included in the Operating Company.
“Original Equity Owners” refers to the owners of LLC Interests in the Operating Company, collectively, prior to our IPO.
“Transactions” refers to the organizational transactions in connection with the IPO on July 16, 2021, and the application of the net proceeds therefrom. The Transactions included:
The acquisition of the Blocker Company (the “Blocker Merger”), and issuance to the Blocker Shareholder of 266,809 shares of our Class A common stock as consideration in the Blocker Merger;
The contribution by minority investors that own a portion of the fund manager entities for our Seniors Housing and Office funds of their entire interest in these fund managers to (i) the Operating Company in exchange for 5,849,415 Class A Units, and (ii) the Company in exchange for 129,801 shares of Class A common stock, which the Company further contributed to the Operating Company in exchange for 129,801 Class A Units;
The contribution by certain of the current owners of the active general partners in our Seniors Housing, Office, Multifamily, Workforce and Affordable Housing, Opportunity Zone and Debt Strategies funds, which include the Continuing Equity Owners, of controlling interests in the Contributed Bridge GPs to (i) the Operating Company, in exchange for 13,198,943 Class A Units, and (ii) the Company in exchange for 363,294 shares of Class A common stock (which includes 1,794 shares of Class A common stock issued to the Blocker Shareholder as consideration in the Blocker Merger), which the Company further contributed to the Operating Company in exchange for 363,294 Class A Units;
The amendment and restatement of the existing limited liability company agreement of the Operating Company to, among other things, (1) convert the Operating Company to a limited liability company organized under the laws of the State of Delaware, (2) change the name of the Operating Company from “Bridge Investment Group LLC” to “Bridge Investment Group Holdings LLC,” (3) convert all existing ownership interests in the Operating Company into 97,463,981 Class A Units and a like amount of Class B Units and (4) appoint the Company as the sole managing member of the Operating Company upon its acquisition of LLC Interests;
The amendment and restatement of the Company’s certificate of incorporation to, among other things, provide for (1) the recapitalization of the Company’s outstanding shares of existing common stock into one share of Class A common stock, (2) the authorization of additional shares of Class A common stock, with each share of Class A common stock entitling its holder to one vote per share on all matters presented to the Company’s stockholders generally and (3) the authorization of shares of Class B common stock, with each share of Class B common stock entitling its holder to ten votes per share on all matters presented to the Company’s stockholders generally, and that shares of Class B common stock may only be held by the Continuing Equity Owners and their respective permitted transferees;
The contribution by the Original Equity Owners of the Class B Units to the Company in exchange for 97,463,981 shares of Class B common stock (which is equal to the number of Class A Units held directly or indirectly by such Continuing Equity Owners immediately following the Transactions);
The contribution by the Former Equity Owners of their indirect ownership of Class A Units to the Company in exchange for 2,084,796 shares of Class A common stock (which includes 265,015 shares of Class A common stock issued to the Blocker Shareholder as consideration in the Blocker Merger) on a one-to-one basis;
The exchange by the Former Profits Interest Program Participants of their awards for 4,781,623 Class A Units and 282,758 shares of Class A common stock with similar vesting requirements;
The issuance of 18,750,000 shares of Class A common stock to the purchasers in the IPO in exchange for net proceeds of approximately $277.2 million, after taking into account the underwriting discounts and commissions and estimated offering expenses payable by the Company;

3


 

The use of the net proceeds from the IPO to purchase 18,750,000 newly issued Class A Units directly from the Operating Company at a price per Class A Unit equal to the initial public offering price per share of Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses payable by the Company;
The Operating Company used the net proceeds from the sale of Class A Units to the Company (1) to pay $137.1 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners and (2) for general corporate purposes to support the growth of the business;
The Company entered into (1) a stockholders agreement with certain of the Continuing Equity Owners (including each of our executive officers), (2) a registration rights agreement with certain of the Continuing Equity Owners (including each of our executive officers) and (3) a tax receivable agreement with the Operating Company and the Continuing Equity Owners (the “Tax Receivable Agreement”);
On July 16, 2021, the Company reacquired 9,375,000 shares of the outstanding shares of Class B common stock in connection with its IPO. The Company subsequently cancelled and retired 9,375,000 shares of Class B common stock; and
Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 shares of our Class A common stock. The Company used 100% of the net proceeds of approximately $18.2 million, after taking into account the underwriting discounts and commissions and estimated offering expenses, to purchase 1,416,278 newly issued Class A Units directly from the Operating Company, at a price per Class A Unit equal to the initial public offering price per share of Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Operating Company used all of the net proceeds from the sale of Class A Units to the Company related to this over-allotment option to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners.

 

4


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Combined and Consolidated Balance Sheets (Unaudited)

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except shares and per share amounts)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

188,338

 

 

$

101,830

 

Restricted cash

 

 

5,450

 

 

 

5,524

 

Marketable securities

 

 

9,108

 

 

 

5,053

 

Receivables from affiliates

 

 

33,668

 

 

 

25,481

 

Notes receivable from affiliates

 

 

19,475

 

 

 

40,795

 

Notes receivable from employees

 

 

 

 

 

7,431

 

Prepaid and other current assets

 

 

5,805

 

 

 

5,184

 

Total current assets

 

 

261,844

 

 

 

191,298

 

Accrued performance allocations

 

 

301,910

 

 

 

199,410

 

Other investments

 

 

38,485

 

 

 

16,017

 

Long-term notes receivable from employees

 

 

4,364

 

 

 

 

Tenant improvements, furniture and equipment, net

 

 

4,200

 

 

 

4,158

 

Intangible assets, net

 

 

3,791

 

 

 

4,910

 

Goodwill

 

 

9,830

 

 

 

9,830

 

Deferred tax assets

 

 

62,537

 

 

 

161

 

Other assets

 

 

21

 

 

 

228

 

Total assets

 

$

686,982

 

 

$

426,012

 

 

 

 

 

 

 

 

Liabilities and shareholdersʼ/membersʼ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accrued performance allocations compensation

 

$

19,997

 

 

$

22,167

 

Accounts payable and accrued expenses

 

 

9,774

 

 

 

11,137

 

Accrued payroll and benefits

 

 

13,987

 

 

 

11,614

 

General Partner Notes Payable at fair value

 

 

12,007

 

 

 

16,458

 

Insurance loss reserves

 

 

5,418

 

 

 

4,436

 

Self-insurance reserves and unearned premiums

 

 

4,349

 

 

 

3,700

 

Other current liabilities

 

 

8,644

 

 

 

4,830

 

Total current liabilities

 

 

74,176

 

 

 

74,342

 

 

 

 

 

 

 

 

Notes payable, net

 

 

148,035

 

 

 

147,713

 

Other long-term liabilities

 

 

2,285

 

 

 

2,486

 

Due to affiliates

 

 

44,411

 

 

 

 

Total liabilities

 

 

268,907

 

 

 

224,541

 

 

 

 

 

 

 

 

Shareholdersʼ/membersʼ equity:

 

 

 

 

 

 

Net investment in common control group

 

 

 

 

 

186,091

 

Preferred stock, $0.01 par value, 20,000,000 authorized, 0 issued and
   outstanding as of September 30, 2021

 

 

 

 

 

 

Class A common stock, $0.01 par value, 500,000,000 authorized; 25,162,561
   issued and outstanding as of September 30, 2021

 

 

230

 

 

 

 

Class B common stock, $0.01 par value, 239,208,722 authorized; 86,672,703
    issued and outstanding as of September 30, 2021

 

 

867

 

 

 

 

Additional paid-in capital

 

 

52,779

 

 

 

 

Retained earnings

 

 

10,303

 

 

 

 

Accumulated other comprehensive income (loss)

 

 

(2

)

 

 

4

 

Bridge Investment Group Holdings Inc. equity

 

 

64,177

 

 

 

186,095

 

Non-controlling interests in Bridge Investment Group
  Holdings LLC or Common Control Group

 

 

194,771

 

 

 

15,376

 

Non-controlling interests in Bridge Investment Group Holdings Inc.

 

 

159,127

 

 

 

 

Total shareholdersʼ/membersʼ equity

 

 

418,075

 

 

 

201,471

 

Total liabilities and shareholdersʼ/membersʼ equity

 

$

686,982

 

 

$

426,012

 

 

See notes to condensed combined and consolidated financial statements.

5


 

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Combined and Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except shares and per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

Fund management fees

 

$

40,576

 

 

$

26,624

 

 

$

105,963

 

 

$

78,066

 

Property management and leasing fees

 

 

22,510

 

 

 

13,747

 

 

 

53,592

 

 

 

45,114

 

Construction management fees

 

 

2,097

 

 

 

1,792

 

 

 

5,988

 

 

 

5,569

 

Development fees

 

 

1,018

 

 

 

738

 

 

 

2,567

 

 

 

1,315

 

Transaction fees

 

 

21,907

 

 

 

5,085

 

 

 

43,475

 

 

 

20,724

 

Insurance premiums

 

 

2,530

 

 

 

2,220

 

 

 

6,446

 

 

 

4,725

 

Other asset management and property income

 

 

1,533

 

 

 

1,146

 

 

 

4,664

 

 

 

4,690

 

Total revenues

 

 

92,171

 

 

 

51,352

 

 

 

222,695

 

 

 

160,203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

Incentive fees

 

 

 

 

 

 

 

 

910

 

 

 

 

Performance allocations:

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains

 

 

30,999

 

 

 

4,437

 

 

 

72,184

 

 

 

13,872

 

Unrealized gains

 

 

53,042

 

 

 

14,663

 

 

 

111,009

 

 

 

12,045

 

Earnings (losses) from investments in real estate

 

 

823

 

 

 

183

 

 

 

1,799

 

 

 

(407

)

Total investment income

 

 

84,864

 

 

 

19,283

 

 

 

185,902

 

 

 

25,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

31,763

 

 

 

22,826

 

 

 

101,220

 

 

 

67,358

 

Incentive fee compensation

 

 

 

 

 

 

 

 

82

 

 

 

 

Performance allocations compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain

 

 

1,855

 

 

 

438

 

 

 

6,096

 

 

 

1,343

 

Unrealized gain

 

 

2,682

 

 

 

1,542

 

 

 

10,159

 

 

 

1,398

 

Loss and loss adjustment expenses

 

 

1,429

 

 

 

1,535

 

 

 

4,346

 

 

 

3,213

 

Third-party operating expenses

 

 

11,581

 

 

 

6,033

 

 

 

26,325

 

 

 

21,676

 

General and administrative expenses

 

 

6,703

 

 

 

4,448

 

 

 

16,196

 

 

 

13,209

 

Depreciation and amortization

 

 

699

 

 

 

672

 

 

 

2,179

 

 

 

2,016

 

Total expenses

 

 

56,712

 

 

 

37,494

 

 

 

166,603

 

 

 

110,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Investment income (loss)

 

 

2,565

 

 

 

(143

)

 

 

8,663

 

 

 

663

 

Interest income

 

 

1,008

 

 

 

358

 

 

 

2,172

 

 

 

961

 

Interest expense

 

 

(2,407

)

 

 

(1,701

)

 

 

(6,547

)

 

 

(2,626

)

Total other income (expense)

 

 

1,166

 

 

 

(1,486

)

 

 

4,288

 

 

 

(1,002

)

Income before provision for income taxes

 

 

121,489

 

 

 

31,655

 

 

 

246,282

 

 

 

74,498

 

Income tax provision

 

 

(2,607

)

 

 

(397

)

 

 

(3,441

)

 

 

(579

)

Net income

 

 

118,882

 

 

 

31,258

 

 

 

242,841

 

 

 

73,919

 

Net income attributable to non-controlling interests in Bridge
  Investment Group Holdings LLC

 

 

60,900

 

 

 

4,089

 

 

 

70,663

 

 

 

10,574

 

Net income attributable to Bridge Investment Group Holdings LLC

 

 

57,982

 

 

 

27,169

 

 

 

172,178

 

 

 

63,345

 

Net income attributable to Common Control Group prior to Transactions and IPO

 

 

3,775

 

 

 

27,169

 

 

 

117,971

 

 

 

63,345

 

Net income attributable to non-controlling interests in Bridge Investment
  Group Holdings Inc. subsequent to Transactions and IPO

 

 

43,904

 

 

 

 

 

 

43,904

 

 

 

 

Net income attributable to Bridge Investment Group Holdings Inc.
  subsequent to Transactions and IPO

 

$

10,303

 

 

$

 

 

$

10,303

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of Class A common stock - Basic and Diluted(1)

 

$

0.41

 

 

 

 

 

$

0.41

 

 

 

 

Weighted-average shares of Class A common stock outstanding - Basic and Diluted(1)

 

 

22,284,351

 

 

 

 

 

 

22,284,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Represents the period following the Transactions and the IPO, from July 16, 2021 through September 30, 2021, as described in note 23.

 

 

See notes to condensed combined and consolidated financial statements.

6


 

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Combined and Consolidated Statements of Comprehensive Income (Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

118,882

 

 

$

31,258

 

 

$

242,841

 

 

$

73,919

 

Other comprehensive income (loss) - foreign currency
  translation adjustments, net of tax

 

 

(13

)

 

 

1

 

 

 

(6

)

 

 

1

 

Total comprehensive income

 

 

118,869

 

 

 

31,259

 

 

 

242,835

 

 

 

73,920

 

Less: comprehensive income attributable to non-controlling
  interests in Bridge Investment Group Holdings LLC

 

 

60,900

 

 

 

4,089

 

 

 

70,663

 

 

 

10,574

 

Comprehensive income attributable to Bridge Investment
  Group Holdings LLC

 

 

57,969

 

 

 

27,170

 

 

 

172,172

 

 

 

63,346

 

Less: comprehensive income attributable to Common Control
  Group prior to Transactions and IPO

 

 

3,775

 

 

 

27,170

 

 

 

117,971

 

 

 

63,346

 

Less: comprehensive income attributable to non-controlling
  interests in Bridge Investment Group Holdings Inc. subsequent
  to Transactions and IPO

 

 

43,904

 

 

 

 

 

 

43,904

 

 

 

 

Comprehensive income attributable to Bridge Investment
  Group Holdings Inc. subsequent to Transactions and IPO

 

$

10,290

 

 

$

 

 

$

10,297

 

 

$

 

 

See notes to condensed combined and consolidated financial statements.

7


 

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Combined and Consolidated Statements of Changes in Shareholders’/Members’ Equity (Unaudited)