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 Table of Contents
 
 
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 June 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
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 August
13
, 2021, the registrant had 25,175,240
 
shares of Class A common stock ($0.01 par value per share) outstanding 
 
 
 

Table of Contents
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Table of Contents
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 the factors described under the sections in this Quarterly Report titled “Risk Factors.”
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”)
 
   
Bridge Opportunity Zone Fund II GP LLC (“BOZ II GP”)
 
   
Bridge Opportunity Zone Fund III GP LLC (“BOZ III GP”)
 
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Bridge Opportunity Zone Fund IV GP LLC (“BOZ IV GP”)
 
   
Bridge Multifamily Fund III GP LLC (“BMF III GP”)
 
   
Bridge Multifamily Fund IV GP LLC (“BMF IV 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”)
 
   
“CAGR” refers to compound annual growth rate.
 
   
“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 immediately following consummation of our Initial Public Offering (“IPO”) who may, following the consummation of the IPO, 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.
 
   
“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 and the IPO, and the application of the net proceeds therefrom. See Note 5 to Bridge Investment Group Holdings Inc.’s balance sheets for a description of the Transactions.
Summary Risk Factors
Investing in our Class A common stock involves substantial risk. Our ability to execute our strategy is also subject to certain risks. The risks described under the heading “Risk Factors” included elsewhere in this Quarterly Report on Form
10-Q
may cause us not to realize the full benefits of our strengths or may cause us to be unable to successfully execute all or part of our strategy. Some of the most significant challenges and risks we face include the following:
 
   
The historical performance of our investments may not be indicative of the future results of our investments;
 
   
The substantial growth of our business in recent years may be difficult to sustain in the future;
 
   
Valuation methodologies for certain assets can be subject to significant subjectivity, and the value of assets may not be the same when realized;
 
   
Our revenues are subject to the risks inherent in the ownership and operation of real estate and the construction and development of real estate;
 
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The success of our business depends on the identification and availability of suitable investment opportunities for our funds;
 
   
Difficult economic, market and political conditions may adversely affect our businesses;
 
   
Our ability to retain our senior leadership team and attract additional qualified investment professionals is critical to our success;
 
   
We intend to expand our business and may enter into new investment asset classes, new lines of business and/or new markets;
 
   
Defaults by investors in our funds could adversely affect that fund’s operations and performance;
 
   
The
COVID-19
pandemic has caused severe disruptions in the U.S. and global economy and may affect the investment returns of our funds;
 
   
Fund investors may be unwilling to commit new capital to our funds;
 
   
The due diligence process that we undertake in connection with investments may not reveal all facts that may be relevant in connection with an investment;
 
   
The investment management business is intensely competitive;
 
   
Increased government regulation, compliance failures and changes in law or regulation could adversely affect us and the operation of our funds;
 
   
Our principal asset is our interest in the Operating Company, and, as a result, we will depend on distributions from the Operating Company to pay our taxes and expenses and to pay dividends to holders of our Class A common stock;
 
   
Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition; and
 
   
The Continuing Equity Owners continue to have significant influence over us, including control over decisions that require the approval of stockholders.
 
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PART I. FINANCIAL INFORMATION
 
Item 1.
Financial Statements (unaudited)
BRIDGE INVESTMENT GROUP HOLDINGS INC.
Balance Sheets
(Unaudited)
 
     June 30,
2021
     April 2,
2021
 
    
(unaudited)
        
Assets
:
        
 
 
 
 
Cash and cash equivalents
   $ 100  
 
$
 
100
 
    
 
 
 
 
 
 
 
Total assets
   $ 100  
 
$
 
100
 
    
 
 
    
 
 
 
Stockholder’s equity
:
        
 
 
 
 
Common stock, par value $0.01 per share, 100 shares issued and outstanding
   $ 1  
 
$
1
 
Additional
paid-in
capital
     99  
 
 
99
 
    
 
 
 
 
 
 
 
Total stockholders’ equity
   $ 100  
 
$
 
100
 
    
 
 
    
 
 
 
See notes to the unaudited balance sheets.
 
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BRIDGE INVESTMENT GROUP HOLDINGS INC.
Notes to Balance Sheets
 
1.
ORGANIZATION
Bridge Investment Group Holdings Inc. (the “Company”) was incorporated in the state of Delaware on March 18, 2021. In connection with its incorporation, the Company issued 100 shares of common stock for $100 to
Bridge Investment Group
Holding
s
LLC (the “Operating Company”). The Company was formed for the purpose of completing a public offering and related reorganization transactions in order to conduct the business of Bridge Investment Group Holdings Inc. as a publicly traded entity. On July 20, 2021, the Company completed its initial public offering of 18,750,000 shares of its Class A common stock at a public offering price of $16.00 per share (the “IPO”), receiving approximately $274.3 million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. The net proceeds from the IPO were used to purchase 18,750,000 newly issued Class A Units from the Operating Company at a price per 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. See Note 5, “Subsequent Events,” for additional details. There was no activity between April 2, 2021 and June 30, 2021 and thus the statements of operations, changes in equity, and cash flows have been omitted.
 
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statement of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
 
3.
STOCKHOLDERS EQUITY
The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.01 per share, 250,000,000 shares of Class B common stock with a par value of $0.01 per share, and 20,000,000 shares of preferred stock, with a par value of $0.01 per share.
 
4.
COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company may be subject to various legal, regulatory and/or administrative proceedings. There are currently no such proceedings to which the Company is a party. In the normal course of business, the Company enters into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company, but which have not yet occurred. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
 
5.
SUBSEQUENT EVENTS
In connection with the IPO, the Company completed a series of organizational transactions (“Transactions”). 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 5,835,715 Class A Units, and (ii) the Company in exchange for 143,500
shares of Class A common stock, which the Company further contributed to the Operating Company in exchange
for 143,500 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 Bridge GPs, with the exception of BDS I GP, to (i) the Operating Company, in exchange for 13,166,424 Class A Units, and (ii) the Company in exchange for 395,816 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 395,816 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 97,321,819 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;
 
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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 97,321,819 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 2,180,737 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 $274.3 million, after taking into account the underwriting discounts and commissions and estimated offering expenses payable by the Company;
 
 
 
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 (or plans to use) 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; and
 
   
Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 Class A common shares. The Company used 100% of the net proceeds of approximately $21.1 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.
In connection with the IPO, the Company became the sole managing member of the Operating Company and will control the business and affairs of the Operating Company and its direct and indirect subsidiaries.
In connection with the IPO, the Company entered into a Tax Receivable Agreement with the Operating Company and each of the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) increases in the Company’s allocable share of the tax basis of the Operating Company’s assets resulting from (a) the Company’s purchase of Class A Units directly from the Operating Company and the partial redemption of Class A Units by the Operating Company in connection with the IPO, (b) future redemptions or exchanges (or deemed exchanges in certain circumstances) of Class A Units for Class A common stock or cash and (c) certain distributions (or deemed distributions) by the Operating Company; (2) the Company’s allocable share of the existing tax basis of the Operating Company’s assets at the time of any redemption or exchange of Class A Units (including in connection with the IPO), which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by the Company and (3) certain additional tax benefits arising from payments made under the Tax Receivable Agreement.
On July 6, 2021, the Company adopted the 2021 Incentive Award Plan, which became effective on July 20, 2021, under which 6,600,000 shares of the Company’s Class A common stock will be initially reserved for issuance. In connection with the IPO, the Company granted 2,163,981 shares of Class A common stock pursuant to restricted stock and restricted stock unit awards.
 
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BRIDGE INVESTMENT GROUP HOLDINGS LLC AND BRIDGE GENERAL PARTNERS
Condensed Combined Balance Sheets
(Unaudited)
(in thousands)
 
 
  
June 30,
2021
 
  
December 31,
2020
 
 
  
(Unaudited)
 
  
 
 
Assets
:
                 
Current assets
:
                 
Cash and cash equivalents
   $ 61,548      $ 101,830  
Restricted cash
     5,609        5,524  
Marketable securities
     5,133        5,053  
Receivables from affiliates
     22,309        25,481  
Notes receivable from affiliates
     10,335        40,795  
Notes receivable from employees
            7,431  
Prepaid and other current assets
     5,504        5,184  
    
 
 
    
 
 
 
Total current assets
     110,438        191,298  
Investments (including accrued performance allocation of $246,620 and $199,410 at June 30, 2021 and December 31, 2020
, respectively)
     281,671        215,427  
Long-term notes receivable from employees
     1,739        —    
Tenant improvements, furniture and equipment
 
Less accumulated depreciation of $3,222 and $2,686 at June 30, 2021 and December 31, 2020
, respectively
     3,943        4,158  
Intangible assets – Less accumulated 
amortization of $11,744 and $10,988
 
at June 30, 2021 and December 31, 2020, respectively
     4,154        4,910  
Goodwill
     9,830        9,830  
Other assets
     195        389  
    
 
 
    
 
 
 
Total assets
  
$
411,970
 
  
$
426,012
 
    
 
 
    
 
 
 
Liabilities and members’ equity
:
                 
Current liabilities:
                 
Accrued performance allocations compensation
   $ 31,136      $ 22,167  
Accounts payable and accrued expenses
     12,438        11,137  
Accrued payroll and benefits
     20,006        11,614  
General partner notes payable at fair value
     15,435        16,458  
Insurance loss reserves
     4,883        4,436  
Self-insurance reserves and unearned premiums
     3,457        3,700  
Other current liabilities
     4,699        4,830  
    
 
 
    
 
 
 
Total current liabilities
     92,054        74,342  
 
 
 
 
 
 
 
 
 
Long-term notes
payable, net
     147,927        147,713  
Other long-term liabilities
     2,348        2,486  
    
 
 
    
 
 
 
Total liabilities
     242,329        224,541  
 
 
 
 
 
 
 
 
 
Equity:
                 
Net investment in common control group
     157,253        186,091  
Non-controlling
interest
     12,377        15,376  
Accumulated other comprehensive income
     11        4  
    
 
 
    
 
 
 
Total equity
     169,641        201,471  
    
 
 
    
 
 
 
Total liabilities and members’ equity
  
$
411,970
 
  
$
426,012
 
    
 
 
    
 
 
 
See notes to the condensed combined financial statements.
 
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BRIDGE INVESTMENT GROUP HOLDINGS LLC AND BRIDGE GENERAL PARTNERS
Condensed Combined Statements of Operations
(Unaudited)
(in thousands)
 
 
  
Three Months Ended
June 30,
 
  
Six Months Ended
June 30,
 
 
  
2021
 
  
2020
 
  
2021
 
 
2020
 
Revenues:
  
  
  
 
Fund management fees
  
$
34,536    
$
25,723    
$
65,387    
$
51,442  
Property management and leasing fees
     14,335       14,845       31,081       31,367  
Construction management fees
     2,065       2,215       3,891       3,777  
Development fees
     1,163       373       1,549       577  
Transaction fees
     16,242       8,294       21,568       15,639  
Insurance premiums
     2,022       1,349       3,916       2,505  
Other asset management and property income
     1,611       2,343       3,131       3,543  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
  
 
71,974
 
 
 
55,142
 
 
 
130,523
 
 
 
108,850
 
         
Investment income:
                                
Incentive fees
          
      910      
—  
 
Performance allocations
                                
Realized gains
     35,629       5,324       41,185       9,435  
Unrealized gains (losses)
     43,248       (21,435     57,967       (2,618
Earnings
(losses) 
from investments in real estate
     980       (178     976       (590
    
 
 
   
 
 
   
 
 
   
 
 
 
Total investment income
  
 
79,857
 
 
 
(16,289
 
 
101,038
 
 
 
6,227
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
                                
Employee compensation and benefits
     42,306       19,839       69,457       44,532  
Incentive fee compensation
          
—  
      82      
—  
 
Performance allocations compensation
                                
Realized
 
gains
     3,747       517       4,241       905  
Unrealized
 
gains (losses
)
     6,048       (2,424     7,477       (144
Loss and loss adjustment expenses
     2,132       1,096       2,917       1,678  
Third-party operating expenses
     6,117       7,083       14,743       15,643  
General and administrative expenses
     5,392       4,070       9,492       8,761  
Depreciation and amortization
     727       672       1,480       1,344  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total expenses
  
 
66,469
 
 
 
30,853
 
 
 
109,889
 
 
 
72,719
 
         
Other income (expense)
                                
Net realized and unrealized gains 
     300       152       6,097       807  
Interest income
     557       231       1,165       603  
Interest expense
     (2,554     (444     (4,140     (925
    
 
 
   
 
 
   
 
 
   
 
 
 
Total other income (expense)
  
 
(1,697
 
 
(61
 
 
3,122
 
 
 
485
 
Income before provision for income taxes
     83,665       7,939       124,794       42,843  
Income tax provision
     (424     (170     (834     (182
    
 
 
   
 
 
   
 
 
   
 
 
 
Net
i
ncome
  
 
83,241
 
 
 
7,769
 
 
 
123,960
 
 
 
42,661
 
Net income attributable to
non-controlling
interests
     5,815       4,450       9,764       6,484  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income attributable to the
Company
  
$
77,426
 
 
$
3,319
 
 
$
114,196
 
 
$
36,177
 
    
 
 
   
 
 
   
 
 
   
 
 
 
See notes to the condensed combined financial statements.
 
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BRIDGE INVESTMENT GROUP HOLDINGS LLC AND BRIDGE GENERAL PARTNERS
Condensed Combined Statements of Comprehensive Income
(Unaudited)
(in thousands)
 
 
  
Three Months Ended
June 30,
 
  
Six Months Ended
June 30,
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
Net income
  
$
83,241
 
  
$
7,769
 
  
$
123,960
 
  
$
42,661
 
Other comprehensive income - foreign currency translation adjustments
     6        —          7        —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Comprehensive income
  
 
83,247
 
  
 
7,769
 
  
 
123,967
 
  
 
42,661
 
Less: comprehensive income attributable to non-controlling interests
  
 
5,815
 
  
 
4,450
 
  
 
9,764
 
  
 
6,484
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Comprehensive income attributable to the Company
  
$
77,432
 
  
$
3,319
 
  
$
114,203
 
  
$
36,177
 
    
 
 
    
 
 
    
 
 
    
 
 
 
See notes to the condensed combined financial statements.
 
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BRIDGE INVESTMENT GROUP HOLDINGS LLC AND BRIDGE GENERAL PARTNERS
Condensed Combined Statements of Net Investment in Common Control Group
(Unaudited)
(in thousands)
 
     Net
investment
in common
control
group
    Noncontrolling
interests
    Accumulated
other
comprehensive
income
     Total  
Balance at March 31, 2021
   $ 202,167     $ 13,192     $ 5      $ 215,364  
Net income for the period
     77,426       5,815       —          83,241  
Foreign currency translation adjustment
     —         —         6        6  
Capital contributions
     —         323       —          323  
Return of capital
     (7     —         —          (7
Share-based compensation
     13,767       857       —          14,624  
Distributions to members
     (136,100     (7,810     —          (143,910
    
 
 
   
 
 
   
 
 
    
 
 
 
Balance at June 30, 2021
   $ 157,253     $ 12,377     $ 11      $ 169,641  
    
 
 
   
 
 
   
 
 
    
 
 
 
                                   
Balance at March 31, 2020
   $ 168,489     $ 12,990     $ —        $ 181,479  
Net income for the period
     3,319       4,450       —          7,769  
Share-based compensation
     351       37       —          388  
Distributions to members
     (7,438     (8,780     —          (16,218
    
 
 
   
 
 
   
 
 
    
 
 
 
Balance at June 30, 2020
   $ 164,721     $ 8,697     $ —        $ 173,418  
    
 
 
   
 
 
   
 
 
    
 
 
 
                                   
Balance at December 31, 2020
   $ 186,091     $ 15,376     $ 4      $ 201,471  
Net income for the period
     114,196       9,764       —          123,960  
Foreign currency translation adjustment
     —         —         7        7  
Capital contributions
     422       323       —          745  
Share-based compensation
     14,508       957       —          15,465  
Repurchase of membership interests
     (68     (43     —          (111
Distributions to members
     (157,896     (14,000     —          (171,896
    
 
 
   
 
 
   
 
 
    
 
 
 
Balance at June 30, 2021
   $ 157,253     $ 12,377     $ 11      $ 169,641  
    
 
 
   
 
 
   
 
 
    
 
 
 
                                   
Balance at December 31, 2019
   $ 174,465     $ 15,860     $ —        $ 190,325  
Net income for the period
     36,177       6,484       —          42,661  
Capital contributions
     —         273       —          273  
Share-based compensation
     702       73       —          775  
Repurchase of membership interests
     (6,500     —         —          (6,500
Distributions to members
     (40,123     (13,993     —          (54,116
    
 
 
   
 
 
   
 
 
    
 
 
 
Balance at June 30, 2020
   $ 164,721     $ 8,697     $ —        $ 173,418  
    
 
 
   
 
 
   
 
 
    
 
 
 
See notes to the condensed combined financial statements.
 
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BRIDGE INVESTMENT GROUP HOLDINGS LLC AND BRIDGE GENERAL PARTNERS
Condensed Combined Statements of Cash Flows
(Unaudited)
(in thousands)
 
     Six Months Ended June 30
,
 
     2021     2020  
Cash flows from operating activities:
                
Net income
   $ 123,960     $ 42,661  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Depreciation and amortization
     1,480       1,344  
Amortization of deferred financing costs and debt discount and premium
     278       56  
Share-based compensation
     15,465       775  
Equity in income of investments
     (5,725     (285
Changes in unrealized gain on General Partner Notes Payable
     (415     (1,011
Amortization of lease incentives
     (135     (166
Changes in unrealized performance allocations
     (57,967     2,618  
Changes in operating assets and liabilities:
                
Receivables
from affiliates
     3,173       14,024  
Prepaid and other current assets
     (384     (4,201
Other assets
     15       (191
Account payable and accrued expenses
     1,301       (2,837
Accrued payroll and benefits
     8,392       3,135  
Other current liabilities
     (131     2,011  
Insurance loss reserves
     447       721  
Self-insurance reserves and unearned premiums
     (243     (767
Accrued performance allocations compensation
     8,969       (144
Deferred Rent
     (3     42  
    
 
 
   
 
 
 
Net cash provided by operating activities
     98,477       57,785  
    
 
 
   
 
 
 
Cash flows from investing activities:
                
Purchase of investments
     (2,717     (2,408
Proceeds from sale of investments
     81       918  
Issuance of notes receivable
     (146,040     (135,051
Proceeds from 
r
epayment of notes receivable
     182,192       115,150  
Purchase of tenant improvements and office equipment
     (321     —     
    
 
 
   
 
 
 
Net cash provided by (used in) investing activities
     33,195       (21,391
    
 
 
   
 
 
 
Cash flows from financing activities:
                
Capital contributions
     745       273  
Distributions to members
     (157,896     (40,123
Distributions to
non-controlling
interest
     (14,000     (13,993
Repurchase of membership interests
     (111     (6,500
Payments of deferred financing costs
           (121
Repayment of notes payable
           (323 )
Repayments of General Partner
N
otes
P
ayable
     (607      
Proceeds from line of credit
     64,800       46,151  
Payments of line of credit
     (64,800     (33,085
    
 
 
   
 
 
 
Net cash used in financing activities
     (171,869     (47,721
 
  
 
 
   
 
 
 
Net decrease in cash, cash equivalents, and restricted cash
     (40,197     (11,327
Cash, cash equivalents and restricted cash – beginning of period
     107,354       60,110  
 
  
 
 
   
 
 
 
Cash, cash equivalents and restricted cash – end of period
   $ 67,157     $ 48,783  
    
 
 
   
 
 
 
Supplemental disclosure of cash flow information:
                 
Cash paid for income taxes
   $ 834      $ 182  
Cash paid for interest
     3,019        54  
Cash and cash equivalents
   $ 61,548      $ 44,721  
Restricted cash
     5,609        4,062  
 
  
 
 
    
 
 
 
Cash, cash equivalents, and restricted cash
   $ 67,157      $ 48,783  
    
 
 
   
 
 
 
See notes to condensed combined financial statements
.    
 
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BRIDGE INVESTMENT GROUP HOLDINGS LLC, BRIDGE GENERAL PARTNERS AND SUBSIDIARIES
Notes to Condensed Combined Financial Statements
 
1.
ORGANIZATION
Bridge Investment Group Holdings LLC (formerly Bridge Investment Group LLC) (the “Operating Company”), a Delaware limited liability
company, was formed on December 2, 2011, to act as a holding company of certain affiliates that provide an array of real estate-related services. The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the following investment manager entities (collectively, the “Fund Managers”): Bridge Multifamily Fund Manager LLC, Bridge Seniors Housing Fund Manager LLC, Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC, Bridge Development Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, Bridge Logistics Net Lease Fund Manager LLC and Bridge Logistics Properties Fund Manager LLC. The Fund Managers provide real estate and fund investment advisory services on a discretionary basis to multiple investment funds and other vehicles, including joint venture real estate projects, separately managed accounts and privately offered real estate-related limited partnerships, including any parallel investment vehicles and feeder funds (collectively, the “funds”). The Operating Company is entitled to the management fees of the funds. Each time that a new fund family is established, a new general partner for that fund family is also established. These general partners are collectively referred to as the Bridge GPs. The Bridge GPs are entitled to any performance fees from the funds.
The Operating Company and the Bridge GPs, collectively defined as “Bridge” or the “Company,” are under common control by the direct owners of Bridge. The owners have the ability to control the Operating Company and each of Bridge GPs, and manage and operate these entities through the Fund Managers, a common board of directors, common ownership, and shared resources and facilities. Bridge represents the predecessor history for the combined operations.
Bridge Investment Group Holdings Inc. was incorporated in the state of Delaware on March 18, 2021 for the purpose of facilitating an initial public offering and other related transactions in order to carry on the Operating Company’s business. On July 20, 2021, the Company completed its initial public offering of 18,750,000 shares of its Class A common stock at a public offering price of $16.00 per share (the “IPO”), receiving approximately $274.3 million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. The net proceeds from the IPO were used to purchase 18,750,000 newly issued Class A Units from the Operating Company at a price per 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.
On closing of the IPO, owners of the Bridge GPs contributed their interests in the respective Bridge GPs in exchange for LLC interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Bridge GPs. These condensed combined financial statements include 100% of operations of the Bridge GPs for the periods presented on the basis of common control.
Pursuant to a reorganization into a holding company structure, Bridge Investment Group Holdings Inc. is a holding company and its principal asset is a controlling equity interest in the Operating Company. As the sole managing member of the Operating Company, Bridge Investment Group Holdings Inc. operates and controls all of the business and affairs of the Operating Company, and through the Operating Company and its subsidiaries, conduct its business.
These financial statements should be read in conjunction with our annual financial statements and include all adjustments necessary for a fair presentation.
 
2.
SIGNIFICANT ACCOUNTING POLICIES
Basis of Combination and Presentation
— The accompanying condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Operating Company and Bridge GPs have historically been under common control. The condensed combined financial statements include the accounts of Bridge wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed combined financial statements.
Principles of Consolidation
— The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.
Variable Interest Entities
— A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company may perform a related party analysis to assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.
 
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Voting Interest Entities
— Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements.
At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and
non-controlling
interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Non-controlling
Interests
Non-controlling
interests represent the share of consolidated entities owned by third parties. Bridge recognizes each
non-controlling
shareholder’s respective ownership at the estimated fair value of the net assets at the date of formation or acquisition.
Non-controlling
interests are subsequently adjusted for the
non-controlling
shareholder’s additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. Net income is allocated to
non-controlling
interests based on the weighted-average ownership interest during the period. The net income that is not attributable to Bridge is reflected in net income attributable to
non-controlling
interests in the combined statements of operations and comprehensive income and net investment in the common control group.
Use of Estimates
The preparation of condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 
The outbreak of the novel coronavirus
(“COVID-19”)
pandemic has caused uncertainty and disruption in the global economy and financial markets. As a result, management’s estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.
Cash and Cash Equivalents
— The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. Cash balances may be invested in money market accounts that are not insured. The Company holds and invests its cash with high-credit quality institutions in amounts that regularly exceed the amount insured by the FDIC for a single financial institution. However, the Company has not realized any losses in such cash investments or accounts and believes it is not exposed to any significant credit risk.
Restricted Cash
— Restricted cash primarily consists of a collateral trust account for the benefit of the insurance carriers associated with BIGRM. These funds are held as collateral for the insurance carriers in the event of a claim that would require a high deductible payment from BIGRM.
Marketable Securities
— The Company’s marketable securities are classified as
available-for-sale
and reported at fair value, with changes in fair value recognized through realized and unrealized gains (losses) on investments. Fair value is based on quoted prices for identical assets in active markets. Realized gains and losses are determined on the basis for the actual cost of the securities sold. Dividends on equity securities are recognized in income when declared.
Fair Value
— GAAP establishes a hierarchal disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.
 
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Financial assets and liabilities measured and reported at fair value are classified as follows:
 
   
Level 1 — Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
 
   
Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level 2 inputs include prices in markets with few transactions,
non-current
prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Level 2 inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.
 
   
Level 3 — Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.
In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. (See Note 8 for further detail
.
)
Fair Value Option
— The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. (See Note 8 for further detail). The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company elected the fair value option for the General Partner Notes Payable.
Investments
— A
non-controlling,
unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.
Changes in fair value of equity method investments are recorded in realized and unrealized gains (losses).
Equity Method Investments
The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive
non-proportionate
earnings allocation formula or a preferred return to certain investors. The Company’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Bridge calculates the accrued performance allocations that would be due to Bridge for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued performance allocations to reflect either (a) positive performance resulting in an increase in the accrued performance allocation to the general partner, or (b) negative performance that would cause the amount due to Bridge to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued performance allocation to the general partner. In each scenario, it is necessary to calculate the accrued performance allocation on cumulative results compared to the accrued performance allocation recorded to date and make the required positive or negative adjustments. Bridge ceases to record negative performance allocations once previously accrued performance allocations for such fund have been fully reversed. Bridge is not obligated to pay guaranteed returns or hurdles in this situation, and therefore, cannot have negative performance allocations over the life of a fund. The carrying amounts of equity method investments are reflected in investments in the combined balance sheets.
For certain equity method investments, the Company records its proportionate share of income on a one to three-month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the combined statements of cash flows under the cumulative earnings approach.
 
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Impairment
Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.
For investments under the measurement alternative, if the carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.
For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment (“OTTI”) involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.
Receivables from Affiliates
— Receivables consist principally of amounts due from the funds and other affiliates. These include receivables associated with fund or asset management fees, property management fees and other fees. Additionally, the Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the private funds managed by the Company and related properties operated by the Company, which include: (i) organization and offering costs associated with the formation and offering; (ii) direct and indirect operating costs associated with managing the operations of the properties; and (iii) costs incurred in performing investment due diligence.
The Company facilitates the payments of these fees, which are recorded as receivables-principally from affiliated parties on the combined balance sheets, until such amounts are repaid. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted capital raising, and establishes an allowance for any balances considered not collectible. None of the receivables were considered not collectible at the respective balance sheet dates.
Notes Receivable from Affiliates and Employees
— During the normal course of business, the Company makes short-term uncollateralized loans to the funds for asset acquisition and working capital. The Company also has notes receivable with employees to purchase an equity interest in the Company or its affiliates or managed funds. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method.
Prepaid and Other Current Assets
— Prepaid and other current assets consist of prepaid expenses, primarily related to software contracts, which are usually for multiple months and are amortized on a straight-line basis over the life of the contract. Additionally, there was a $1.1 million refundable deposit until January 1, 2021 related to a subscription in a sponsored fund, which was invested on January 1, 2021.
Tenant Improvements, Furniture and Equipment
— Tenant improvements, furniture and equipment are stated at cost, net of depreciation. Tenant improvements are depreciated on a straight-line basis over shorter of remaining lease term or remaining useful life of the improvement. Depreciation of furniture and equipment is computed on the straight-line basis over estimated useful lives of three to ten years.
Intangible Assets
— The Company’s finite-lived intangible assets primarily consist of acquired contractual rights to earn future management and advisory fee income. Intangible assets with a finite life are amortized based on the pattern in which the estimated economic benefits of the intangible asset on a straight-line basis, ranging from 6 to 10 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the intangible. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the asset.
Goodwill
— The Company has goodwill of $9.8 
million related to the acquisition of Bridge Property Management, L.C. (“BPM”) and Bridge Acquisitions, Asset Management, and Dispositions LLC (“BAA&D”) in 2012, and Bridge Commercial Real Estate LLC (“BCRE”) and other Fairlead companies in 2016. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of December 31, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. The Company performed annual goodwill impairment assessments as of December 31, 2020 and 2019 and determined that there
was no impairment of goodwill as of either date.
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The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. As of June 30, 2021, there were no indicators of goodwill impairment.
Other Assets
— Other assets is comprised of deferred income taxes related to the operations of BIGRM and financing costs related to a line of credit arrangement, which are amortized on the straight-line basis over the life of the line of credit. Additionally, the Company capitalized costs to obtain the contracts when the investor is deemed to be a customer.
Accounts Payable and Accrued Expenses
— Accounts payables and accrued expenses include payables to vendors, interest payable, and payables to the properties and funds during the normal course of business.
Other Current Liabilities
— Other current liabilities include unearned management fees, advanced payments and short-term deferred rent obligations.
Other Long-term Liabilities
— Other long-term liabilities include long-term deferred rent obligations and lease incentives.
Business Combinations
Definition of a Business
— The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.
Asset Acquisitions
— For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.
Acquisitions of Businesses
— The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and
non-controlling
interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and
non-controlling
interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.
Revenue Recognition
— Revenues consist of fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums and other asset management and property income. The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied.
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Table of Contents
Fund Management Fees
Fund management fees are generally based on a defined percentage of total commitments, invested capital or NAV of the investment portfolios managed by the Fund Managers. Following the expiration or termination of the investment period, the basis on which management fees are earned for certain
closed-end
funds and managed accounts, generally changes from committed capital to invested capital with no change in the management fee rate. The fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Management fees are recognized as revenue in the period advisory services are rendered, subject to our assessment of collectability. Fund management fees also include management fees for joint ventures and separately managed accounts. For Company sponsored
closed-end
funds, the capital raising period is generally
18-24
months. The Fund Managers charge
catch-up
management fees to investors who subscribe in later closings in amounts equal to the fees they would have paid if they had been in the initial closing (plus interest as if the investor had subscribed in the initial closing).
Catch-up
management fees are recognized in the period in which the limited partner subscribes to the fund. Fund management fees are presented net of placement agent fees, where Bridge is acting as an agent in the arrangement.
Property Management and Leasing Fees
Property management fees are earned as the related services are provided under the terms of the respective property management agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. The Company also earns revenue associated with the leasing of commercial assets. The revenue is recognized upon the execution of the lease agreement.
Construction Management Fees
Construction management fees are earned as the services are provided under the terms of the property management agreement with each property.
Development Fees
Development fees are earned as the services are provided under the terms of the development agreement with each asset.
Transaction Fees
The Company earns transaction fees associated with the due diligence related to the acquisition of assets and financing of assets. The fees are recognized upon the acquisition of the asset or origination of the mortgage or other debt, as applicable.
Insurance Premiums
BIGRM insures multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, lessor legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period.
Other Asset Management and Property Income
Other Asset Management and Property Income is comprised of, among other things interest on
catch-up
management fees, fees related to
in-house
legal and tax professional fees, which is generally billed on an hourly rate to various Bridge funds and properties and other miscellaneous fees.
Investment Income (inclusive of incentive fees performance allocation)
Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Substantially all performance income is earned from funds and joint ventures managed by affiliates of the Company.
Incentive Fees
Incentive fees comprise fees earned from certain fund investor investment mandates for which the Company does not have a general partner interest in a fund. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period.
 
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Performance Allocation
Carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s partnership agreement or other governing documents. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner based on a fund’s cumulative investment returns. Accordingly, the amount recognized as performance allocation revenue reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period.
As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within accrued performance allocations compensation in the combined balance sheet.
Carried interest is realized when an underlying investment is profitably disposed of, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally do not become realized until the end of a fund’s life.
The Company accounts for carried interest, which represents a performance-based capital allocation from a fund General Partner to the Company, as earnings from financial assets within the scope of ASC 323,
Investments—Equity Method and Joint Ventures
. The underlying investments in the funds upon which the allocation is based reflect valuations on a three-month lag. The Company recognizes performance allocation as a separate revenue line item in the combined statements of operations with uncollected carried interest as of the reporting date reported within investments in the combined balance sheet.
Employee Compensation and Benefits
— Compensation comprises salaries, bonus (including discretionary awards), related benefits, share-based compensation, and cost of processing payroll. Bonuses are accrued over the employment period to which they relate. Equity-classified awards granted to employees that have a service condition only are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. Fair value is determined using a Monte Carlo valuation at date of grant or date of remeasurement. The Company recognizes compensation expense over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. Please refer to Note 22 for additional information.
Performance Allocations Compensation
— A portion of the performance allocations earned is awarded to employees in the form of carried interest (“carry awards”). The Company evaluates performance allocation awards to determine if they are liability-classified carry awards or equity-classified carried awards.
Liability-classified carry awards to employees and other participants are accounted for as a component of compensation and benefits expense contemporaneously with our recognition of the related realized and unrealized performance allocation revenue. Upon a reversal of performance allocation revenue, the related compensation expense, if any, is also reversed. Liabilities recognized for carried interest amounts due to affiliates are not paid until the related performance allocation revenue is realized. The Company records incentive fee compensation when it is probable that a liability has been incurred and the amount is reasonably estimable. The incentive fee compensation accrual is based on a number of factors, including the cumulative activity for the period and the expected timing of the distribution of the net proceeds in accordance with the applicable governing agreement.
Third-party Operating Expenses
— Third-party operating expenses represent transactions, largely operation and leasing of assets, with third party operators of real estate owned by the funds where the Company was determined to be the principal rather than the agent in the transaction.
Realized and Unrealized Gains (Losses)
— Realized gains (losses) occur when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. The Company’s share of the investee’s income and expenses for the Company’s equity method investments (exclusive of carried interest) is also included within realized and unrealized gains (losses). Realized and unrealized gains (losses) are presented together as realized and unrealized gains (losses) in the combined statements of operations.
 
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The realized and unrealized change in gain (loss) associated with the financial instruments that we elect the fair value option is also included in realized and unrealized gains (losses).
Interest Income
— Interest (other than interest on
catch-up
management fees) and other investment income are included in interest income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method.
Foreign Currency
— The U.S. dollar is the Company’s functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within other income (expense) in the combined statements of operations. For the three and six months ended June 30, 2021, transaction losses related to foreign currencies revaluation were immaterial.
In addition, the consolidated results include certain foreign subsidiaries that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Tax Provision
— Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC 740,
Income Taxes
(“ASC 740”), a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized.
The Company’s policy is to recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the condensed combined financial statements. At June 30, 2021 and December 31, 2020, the Company did not have a liability recorded for payment of interest and penalties associated with uncertain tax positions.
Other than BIGRM and Bridge PM, Inc., Bridge and its subsidiaries are limited liability companies and, as such, are not subject to income taxes; the individual Members of Bridge are required to report their distributive share of the Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns.
Comprehensive Income
— Comprehensive income consists of net income and other appreciation (depreciation) affecting the net investment of the common control group that, under GAAP, are excluded from net income. The Company’s other comprehensive income includes foreign currency translation adjustments.
Segments
— The Company operates its business in a single segment, which is how the chief operating decision maker (who is our chairman) reviews financial performance and allocates resources.
Recently Adopted Accounting Standards
Consolidation —
In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)
2018-17,
an update to ASC Topic 810,
Consolidations
. ASU
2018-17
requires reporting entities to consider indirect interests held by related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety in determining whether a decision-making fee is a variable interest. ASU
2018-17
is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2019, with early adoption permitted. The Company adopted the provisions of ASU
2018-17
on January 1, 2020. This adoption did not have an impact on the condensed combined financial statements.
Fair Value
— In August 2018, the FASB issued ASU
No. 2018-13,
Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements.
The ASU requires new disclosures of changes in unrealized gains and losses in other comprehensive income for recurring Level 3 fair value measurements of instruments held at balance sheet date, as well as the range and weighted average or other quantitative information, if more relevant, of significant unobservable inputs for recurring and nonrecurring Level 3 fair values. Certain previously required disclosures are eliminated, specifically around the valuation process required for Level 3 fair values, policy for timing of transfers between levels of the fair value hierarchy, as well as amounts and reason for transfers between Levels 1 and 2. Additionally, the new guidance clarifies or modifies certain existing disclosures, including clarifying that information about measurement uncertainty of Level 3 fair values should be as of reporting date and requiring disclosures of the timing of liquidity events for investments measured under the NAV practical expedient, but only if the investee has communicated this information or has announced it publicly. The provisions on new disclosures and modification to disclosure of Level 3 measurement uncertainty are to be applied prospectively, while all other provisions are to be applied retrospectively. ASU
No. 2018-13
was effective January 1, 2020. The adoption of this standard did not have a material effect on the Company’s existing disclosures.
 
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Recent Accounting Pronouncements (Not Yet Adopted)
In February 2016, the FASB issued ASU
2016-02,
Leases
(Topic 842). ASU
2016-02
requires an entity to recognize
right-of-use
assets and lease liabilities on its balance sheet for all leases and to disclose certain information about leasing arrangements. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public business entities, ASU
2016-02
was effective for annual reporting periods beginning after December 15, 2018. On June 3, 2020, the FASB extended the adoption date for all other entities, including emerging growth companies (“EGCs”), as defined by the SEC, that have elected to defer adoption until the standard is effective for
non-public
business entities, to annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted. The Company qualifies as an EGC and has elected to take advantage of the extended transition period afforded to EGCs as it applies to the adoption of new accounting standards. Upon adoption of this guidance, the Company expects to record
right-of-use
assets and lease liabilities on its combined balance sheets, relating to its operating leases. However, the Company does not expect the adoption to materially impact its combined statements of operations because substantially all of its leases are classified as operating leases, which will continue to be recognized as expense on a straight-line basis under the new guidance.
In June 2016, the FASB issued ASU
2016-13,
Financial Instruments—Credit Losses
, which changes the accounting for recognizing impairments of financial assets. Under this guidance, credit losses for certain types of financial instruments will be estimated based on expected losses. The guidance also modifies the impairment models for
available-for-sale
debt securities and purchased financial assets with credit deterioration since their origination. This guidance is effective for annual and interim periods beginning after December 15, 2022 for EGCs that have elected to defer adoption until the guidance becomes effective for
non-public
entities, with early adoption permitted. The Company does not expect the adoption to have a material impact to our financial statements.
In December 2019, the FASB issued ASU
2019-12,
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU
2019-12
is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the condensed combined financial statements.
 
3.
REVENUE
Fund Management Fees:
The Company earns base management fees for
the day-to-day operations
and administration of its managed private funds and other investment vehicles. The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands):