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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
o 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)
Delaware82-2769085
(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 classTrading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.01 par value per shareBRDGNew 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 x No o
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 x No o
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 fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyo
Emerging growth companyx
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of August 1, 2022, the registrant had 29,130,835 shares of Class A common stock ($0.01 par value per share) outstanding and 85,691,621 shares of Class B common stock ($0.01 par value per share) outstanding.



TABLE OF CONTENTS
Page
Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021
Condensed Consolidated and Combined Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
Condensed Consolidated and Combined Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
Condensed Consolidated and Combined Statements of Changes in Shareholders’/Members’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2022 and 2021
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2022 and 2021



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, about, among other things, our operations, taxes, earnings and financial performance, and dividends. All statements other than statements of historical facts contained in this 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 “outlook,” “indicator,” “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. Accordingly, we caution you that any such forward looking statements are not guarantees of future performance and are subject to known and unknown risks, assumptions and uncertainties that are difficult to predict and beyond our ability to control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results, performance or achievements may prove to be materially different from the results 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 I, Item 1A, “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 18, 2022.
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 on Form 10-Q, unless the context otherwise requires, references to:
we, us, our, the Company, Bridge, Bridge Investment Group and similar references refer: (1) following the consummation of the Transactions, including our initial public offering, or the IPO, 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, and (2) prior to the completion of the IPO, to the Operating Company and, unless otherwise stated, all of the Operating Company’s subsidiaries and the Contributed Bridge GPs.
assets under management or “AUM” refers to the assets we manage. Our AUM represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and vehicles and those of Bridge affiliates). Our AUM is not reduced by any outstanding indebtedness or other accrued but unpaid liabilities of the assets we manage. Our calculations of AUM and fee-earning AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of AUM (but not fee-earning AUM) includes uncalled commitments to (and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the agreements governing the funds and vehicles we manage or advise.
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.
Bridge GPs refers to the following entities:
Bridge Office Fund GP LLC (“BOF I GP”)
Bridge Office Fund II GP LLC (“BOF II GP”)
2


Bridge Office Fund III GP LLC (“BOF III 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”)
Bridge Opportunity Zone Fund IV GP LLC (“BOZ IV GP”)
Bridge Opportunity Zone Fund V GP LLC (“BOZ V 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 Net Lease Income Fund GP LLC (“BNLI GP”)
Bridge Logistics U.S. Venture I GP LLC (“BLV I GP”)
Bridge Logistics Value Fund II GP LLC (“BLV II GP”)
Bridge Logistics Developer GP LLC (“BLD GP”)
Bridge Single-Family Rental Fund IV GP LLC (“BSFR IV GP”)
Bridge Solar Energy Development Fund GP LLC (“BSED GP”)
Class A common stock” refers to the Class A common stock, $0.01 par value per share, of the Company.
Class A Units” refers to the Class A common units of the Operating Company.
Class B common stock” refers to the Class B common stock, $0.01 par value per share, of the 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, 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
3


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
fee-earning AUM” refers to the assets we manage from which we earn management fee or other revenue.
IPO” refers to the initial public offering of shares of the Company’s Class A common stock.
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” in connection with the IPO.
Original Equity Owners” refers to the owners of LLC Interests in the Operating Company, collectively, prior to the IPO.
Transactions” refers to the IPO and certain organizational transactions that were effected in connection with our IPO, and the application of the net proceeds therefrom. See Note 1, “Organization,” to the condensed, consolidated and combined financial statements included elsewhere in this annual report for a description of the Transactions.
4


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
June 30, 2022December 31, 2021
Assets(Unaudited) (Audited)
Cash and cash equivalents$102,777 $78,417 
Restricted cash7,401 5,455 
Marketable securities, at fair value10,777 8,035 
Receivables from affiliates34,186 35,379 
Notes receivable from affiliates66,104 118,508 
Other assets44,836 44,463 
Other investments73,395 44,006 
Accrued performance allocations575,527 439,548 
Intangible assets, net5,862 3,441 
Goodwill55,982 9,830 
Deferred tax assets, net65,221 59,210 
Total assets$1,042,068 $846,292 
Liabilities and shareholdersʼ equity
Accrued performance allocations compensation$58,688 $41,020 
Accrued compensation and benefits28,655 15,107 
Accounts payable and accrued expenses25,221 13,586 
Due to affiliates51,302 46,134 
General Partner notes payable, at fair value12,364 12,003 
Insurance loss reserves8,540 8,086 
Self-insurance reserves and unearned premiums3,515 3,504 
Other liabilities24,430 8,973 
Notes payable148,356 148,142 
Total liabilities$361,071 $296,555 
Commitments and contingencies (Note 17)  
Shareholdersʼ equity:
Preferred stock, $0.01 par value, 20,000,000 authorized, 0 issued and outstanding as of June 30, 2022 and December 31, 2021
  
Class A common stock, $0.01 par value, 500,000,000 authorized; 29,077,806 and 25,159,799 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
291 230 
Class B common stock, $0.01 par value, 238,228,038 and 239,208,722 authorized; 85,691,621 and 86,672,305 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
857 867 
Additional paid-in capital60,962 53,527 
Retained earnings26,364 17,184 
Accumulated other comprehensive loss(25)(21)
Bridge Investment Group Holdings Inc. equity88,449 71,787 
Non-controlling interests in Bridge Investment Group Holdings LLC323,141 272,482 
Non-controlling interests in Bridge Investment Group Holdings Inc.269,407 205,468 
Total shareholdersʼ equity680,997 549,737 
Total liabilities and shareholdersʼ equity$1,042,068 $846,292 
See accompanying notes to condensed consolidated and combined financial statements.
5


BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Operations (Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues:
Fund management fees$49,380 $34,536 $102,080 $65,387 
Property management and leasing fees19,616 14,335 37,895 31,081 
Construction management fees2,426 2,065 4,312 3,891 
Development fees793 1,163 2,052 1,549 
Transaction fees17,643 16,242 39,641 21,568 
Fund administration fees3,657  7,297  
Insurance premiums2,845 2,022 5,261 3,916 
Other asset management and property income2,659 1,611 4,614 3,131 
Total revenues99,019 71,974 203,152 130,523 
Investment income:
Incentive fees   910 
Performance allocations:
Realized33,581 35,629 42,518 41,185 
Unrealized70,116 43,248 135,978 57,967 
Earnings (losses) from investments in real estate1,251 980 1,291 976 
Total investment income104,948 79,857 179,787 101,038 
Expenses:
Employee compensation and benefits46,693 42,306 94,172 69,457 
Incentive fee compensation   82 
Performance allocations compensation:
Realized2,165 3,747 2,725 4,241 
Unrealized7,987 6,048 17,225 7,477 
Loss and loss adjustment expenses1,439 2,132 3,191 2,917 
Third-party operating expenses6,749 6,117 13,517 14,743 
General and administrative expenses9,769 5,392 19,277 9,492 
Depreciation and amortization887 727 1,520 1,480 
Total expenses75,689 66,469 151,627 109,889 
Other income (expense):
Realized and unrealized gains (losses), net3,489 300 3,916 6,097 
Interest income1,353 557 2,562 1,165 
Interest expense(2,901)(2,554)(4,522)(4,140)
Total other income (expense)1,941 (1,697)1,956 3,122 
Income before provision for income taxes130,219 83,665 233,268 124,794 
Income tax provision(5,837)(424)(11,382)(834)
Net income124,382 83,241 221,886 123,960 
Net income attributable to non-controlling interests in Bridge Investment Group Holdings LLC49,748 5,815 86,461 9,764 
Net income attributable to Bridge Investment Group Holdings LLC74,634 77,426 135,425 114,196 
Net income attributable to Common Control Group prior to Transactions and IPO 77,426  114,196 
Net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO61,694  112,714  
Net income attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO$12,940 $ $22,711 $ 
Earnings per share of Class A common stock - Basic and Diluted (Note 21)$0.44 $0.79 
Weighted-average shares of Class A common stock outstanding - Basic and Diluted (Note 21)24,029,107 23,581,393 
See accompanying notes to condensed consolidated and combined financial statements.
6


BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Comprehensive Income (Unaudited)
(Dollar amounts in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income$124,382 $83,241 $221,886 $123,960 
Other comprehensive income - foreign currency translation adjustments, net of tax(13)6 (4)7 
Total comprehensive income124,369 83,247 221,882 123,967 
Less: comprehensive income attributable to non-controlling interests in Bridge Investment Group Holdings LLC49,748 5,815 86,461 9,764 
Comprehensive income attributable to Bridge Investment Group Holdings LLC74,621 77,432 135,421 114,203 
Less: comprehensive income attributable to Common Control Group prior to Transactions and IPO 77,432  114,203 
Less: comprehensive income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO61,694  112,714  
Comprehensive income attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO$12,927 $ $22,707 $ 
See accompanying notes to condensed consolidated and combined financial statements.
7


RIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Changes in Shareholders’/Members’ Equity (Unaudited)
(Dollar amounts in thousands, except per share data)
Net Investment in
CCG(1)
Class A
Common Stock
Class B
Common Stock
Additional Paid-In
Capital
Retained
Earnings
Accumulated Other
Comprehensive Income
(Loss)
NCI in Operating
Company or
CCG(2)
NCI in Bridge
Investment Group
Holdings Inc.(3)
Total Shareholdersʼ/
Membersʼ Equity
Balance as of March 31, 2022$ $289 $859 $59,247 $21,038 $(12)$311,915 $245,088 $638,424 
Net income— — — — 12,940 — 49,748 61,694 124,382 
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement— 2 (2)5 — — — — 5 
Share-based compensation, net of forfeitures—  — 2,119 6 4,428 6,553 
Capital contributions— — — — — — 31 — 31 
Distributions— — — — — — (38,559)(42,212)(80,771)
Dividends on Class A Common Stock/Units, $0.26 per share
— — — — (7,614)— — — (7,614)
Foreign currency translation adjustment— — — — — (13)— — (13)
Reallocation of equity— — — (409)— — — 409 — 
Balance as of June 30, 2022$ $291 $857 $60,962 $26,364 $(25)$323,141 $269,407 $680,997 
Balance as of March 31, 2021$202,167 $ $ $ $ $5 $13,192 $ $215,364 
Net income prior to Transactions and IPO77,426 — — — — — 5,815 — 83,241 
Foreign currency translation adjustment prior to Transactions and IPO— — — — — 6 — — 6 
Share-based compensation prior to Transactions and IPO13,767 — — — — — 857 — 14,624 
Capital contributions prior to Transactions and IPO — — — — — 323 — 323 
Distributions prior to Transactions and IPO(136,107)— — — — — (7,810)— (143,917)
Repurchase of membership interests prior to Transactions and IPO — — — — —  —  
Balance as of June 30, 2021$157,253 $ $ $ $ $11 $12,377 $ $169,641 
For a description of the Transactions related to our initial public offering (“IPO”) refer to Note 1.
(1)Net investment in Common Control Group (“CCG”)
(2)Non-controlling interests (“NCI”) in Bridge Investment Group Holdings LLC or Common Control Group
(3)Non-controlling interests (“NCI”) in Bridge Investment Group Holdings Inc.
See accompanying notes to condensed consolidated and combined financial statements.
8


BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Changes in Shareholders’/Members’ Equity (Unaudited)
(Dollar amounts in thousands, except per share data)
Net Investment in
CCG(1)
Class A
Common Stock
Class B
Common Stock
Additional Paid-In
Capital
Retained
Earnings
Accumulated Other
Comprehensive Income
(Loss)
NCI in Operating
Company or
CCG(2)
NCI in Bridge
Investment Group
Holdings Inc.(3)
Total Shareholdersʼ/
Membersʼ Equity
Balance as of December 31, 2021$ $230 $867 $53,527 $17,184 $(21)$272,482 $205,468 $549,737 
Net income— — — — 22,711 — 86,461 112,714 221,886 
Conversion of 2019 profits interest awards— 8 — (8)— — — — — 
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement— 10 (10)780 — — — — 780 
Issuance of Class A Units for acquisition— — — — — — — 14,930 14,930 
Fair value of non-controlling interest in acquired business— — — — — 20,053 — 20,053 
Share-based compensation, net of forfeitures— 43 — 3,689 — — 14 10,072 13,818 
Capital contributions— — — — — — 201 — 201 
Distributions— — — — — — (56,070)(70,803)(126,873)
Dividends on Class A Common Stock/Units, $0.47 per share
— — — — (13,531)— — — (13,531)
Foreign currency translation adjustment— — — — — (4)— — (4)
Reallocation of equity— — — 2,974 — — — (2,974)— 
Balance as of June 30, 2022$ $291 $857 $60,962 $26,364 $(25)$323,141 $269,407 $680,997 
Balance as of December 31, 2020$186,091 $ $ $ $ $4 $15,376 $ $201,471 
Net income prior to Transactions and IPO114,196 — — — — — 9,764 — 123,960 
Foreign currency translation adjustment prior to Transactions and IPO— — — — — 7 — — 7 
Share-based compensation prior to Transactions and IPO14,508 — — — — — 957 — 15,465 
Capital contributions prior to Transactions and IPO422 — — — — — 323 — 745 
Distributions prior to Transactions and IPO(157,896)— — — — — (14,000)— (171,896)
Repurchase of membership interests prior to Transactions and IPO(68)— — — — — (43)— (111)
Balance as of June 30, 2021$157,253 $ $ $ $ $11 $12,377 $ $169,641 
For a description of the Transactions related to our initial public offering (“IPO”) refer to Note 1.
(1)Net investment in Common Control Group (“CCG”)
(2)Non-controlling interests (“NCI”) in Bridge Investment Group Holdings LLC or Common Control Group
(3)Non-controlling interests (“NCI”) in Bridge Investment Group Holdings Inc.
See accompanying notes to condensed consolidated and combined financial statements.
9


BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)
(Dollar amounts in thousands)
Six Months Ended
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$221,886 $123,960 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,520 1,480 
Amortization of financing costs and debt discount and premium303 278 
Share-based compensation13,818 15,465 
Equity in income of investments(4,837)(5,725)
Changes in unrealized gain (loss) on General Partner notes payable822 (415)
Amortization of lease liabilities(208)(135)
Unrealized performance allocations(135,978)(57,967)
Unrealized accrued performance allocations compensation17,225 7,477 
Change in deferred income taxes(63) 
Changes in operating assets and liabilities:
Receivable from affiliates1,969 3,173 
Prepaid and other assets708 (384)
Accounts payable and accrued expenses11,453 1,301 
Accrued payroll and benefits13,548 8,392 
Other liabilities(694)(134)
Insurance loss and self-insurance reserves465 204 
Accrued performance allocations compensation442 1,507 
Net cash provided by operating activities142,379 98,477 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments(35,384)(2,717)
Proceeds from sale of investments 81