BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS THIRD QUARTER 2022 RESULTS SALT LAKE CITY, UTAH—November 8, 2022—Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the third quarter ended September 30, 2022. Net Income was $32.2 million for the quarter ended September 30, 2022. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.17. Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) was $49.8 million, or $0.29 per share after-tax, for the quarter ended September 30, 2022. Fee Related Earnings to the Operating Company was $41.6 million for the quarter ended September 30, 2022. Robert Morse, Bridge’s Executive Chairman, remarked “Bridge delivered another quarter of strong results with fundraising inflows of $1.3 billion, driven by continued demand for our flagship residential rental strategies, which contributed to a 38% increase in assets under management year over year to $43.8 billion. During the quarter we completed the final closing of our Workforce and Affordable Housing Fund II, which raised $1.74 billion in equity commitments, almost three times the amount raised in the predecessor fund. While the volatile market environment remains a headwind for the industry overall, we believe that our carefully curated focus on select U.S. real estate sectors backed by long-term secular tailwinds and a value-add approach remains attractive as an investment thesis for our investors worldwide.” Jonathan Slager, Bridge’s Chief Executive Officer, added “Despite the significant drop in transaction activity that has resulted from a dramatic tightening of the credit markets and the rapid increase in interest rates, commercial real estate fundamentals for most of our specialized segments remain healthy. Even with the backdrop of market uncertainty, we had significant investment realizations in the third quarter demonstrating the demand that still exists for U.S. real estate, particularly multifamily assets. Additionally, we have $3.9 billion of dry powder to take advantage of opportunities generated from the dislocation created by the debt markets, as they arise. Our vertical integration and focus on the value-add sector continues to be a strength in a difficult environment.” Common Dividend Bridge declared a quarterly dividend of $0.27 per share of its Class A common stock, payable on December 16, 2022 to its Class A common stockholders of record at the close of business on December 2, 2022. Additional Information Bridge Investment Group Holdings Inc. issued a full detailed presentation of its third quarter 2022 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “Third Quarter 2022 Earnings Presentation.” Exhibit 99.1
Conference Call and Webcast Information The Company will host a conference call on November 9, 2022 at 8:30 a.m. ET to discuss its third quarter 2022 results. Interested parties may access the conference call live over the phone by dialing 1-866-682-6100 (domestic) or 1-862-298-0702 (international) and requesting Bridge Investment Group Holdings Inc.’s Third Quarter 2022 Earnings Conference Call. Participants are asked to dial in a few minutes prior to the call to register for the event. The event will also be available live via webcast which can be accessed here or from our Investor Relations website https://ir.bridgeig.com. An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on November 23, 2022 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13733634. About Bridge Investment Group Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $43.8 billion of assets under management as of September 30, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease, real estate-backed credit, solar infrastructure and proptech. Forward-Looking Statements This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward- looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements made herein or on the webcast/conference call, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates. Shareholder Relations: Bonni Rosen Bridge Investment Group Holdings Inc. shareholderrelations@bridgeig.com Media: Charlotte Morse Bridge Investment Group Holdings Inc. (877) 866-4540 charlotte.morse@bridgeig.com
November 8, 2022 3rd Quarter 2022 Earnings Presentation
2 DISCLAIMER The information contained herein does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Bridge Investment Group Holdings Inc. (“Bridge” or the “Company”) or any affiliate of Bridge, or any fund or other investment vehicle managed by Bridge or an affiliate of Bridge. This presentation should not form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Bridge or any fund or other investment vehicle managed by Bridge or an affiliate of Bridge, or in connection with any other contract or commitment whatsoever. This presentation does not constitute a “prospectus” within the meaning of the Securities Act of 1933, as amended. Any decision to purchase securities of Bridge or any of its affiliates should be made solely on the basis of the information contained in a prospectus to be issued by Bridge in relation to a specific offering. Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation 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, capital raising, expectations or targets related to financial and non-financial measures, 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,” “outlook,” “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 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 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 forward-looking statements or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. We believe these factors include but are not limited to those risk factors described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the United States Securities and Exchange Commission (the “SEC”) on March 18, 2022, which will be updated upon filing our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022, accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements included in this report and our other filings. You should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. We cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Industry Information Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Non-GAAP Financial Measures This presentation uses financial measures that are not presented in accordance with generally accepted accounted principles in the United States (“GAAP”), such as Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Performance Related Earnings, to supplement financial information presented in accordance with GAAP. There are limitations to the use of the non-GAAP financial measures presented in this presentation. For example, the non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies may calculate non-GAAP financial measures differently than the Company, limiting the usefulness of those measures for comparative purposes. Throughout this presentation, all current period amounts are preliminary and unaudited.
3 GAAP INCOME STATEMENT GAAP Condensed Consolidated and Combined Statements of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, except shares and per share amounts) 2022 2021 2022 2021 Revenues: Fund management fees $ 64,096 $ 40,576 $ 166,176 $ 105,963 Property management and leasing fees 18,788 22,510 56,683 53,592 Construction management fees 3,414 2,097 7,727 5,988 Development fees 986 1,018 3,037 2,567 Transaction fees 11,532 21,907 51,172 43,475 Fund administration fees 3,808 — 11,105 — Insurance premiums 3,387 2,530 8,648 6,446 Other asset management and property income 4,413 1,533 9,027 4,664 Total revenues 110,424 92,171 313,575 222,695 Investment income: Incentive fees — — — 910 Performance allocations: realized 22,308 30,999 64,826 72,184 Performance allocations: unrealized (16,367) 53,042 119,611 111,009 Earnings from investments in real estate 818 823 2,109 1,799 Total investment income 6,759 84,864 186,546 185,902 Expenses: Employee compensation and benefits 54,968 31,763 149,140 101,220 Incentive fee compensation — — — 82 Performance allocations compensation: realized 1,321 1,855 4,047 6,096 Performance allocations compensation: unrealized 3,789 2,682 21,014 10,159 Loss and loss adjustment expenses 2,204 1,429 5,395 4,346 Third-party operating expenses 6,125 11,581 19,642 26,325 General and administrative expenses 10,685 6,703 29,961 16,196 Depreciation and amortization 703 699 2,223 2,179 Total expenses 79,795 56,712 231,422 166,603 Other income (expense): Realized and unrealized gains, net 399 2,565 4,315 8,663 Interest income 1,904 1,008 4,466 2,172 Interest expense (4,247) (2,407) (8,769) (6,547) Total other income (expense) (1,944) 1,166 12 4,288 Income before provision for income taxes 35,444 121,489 268,711 246,282 Income tax provision (3,203) (2,607) (14,585) (3,441) Net income 32,241 118,882 254,126 242,841 Net income attributable to non-controlling interests in Bridge Investment Group Holdings LLC 1,381 60,900 87,842 70,663 Net income attributable to Bridge Investment Group Holdings LLC 30,860 57,982 166,284 172,178 Net income attributable to Common Control Group prior to Transactions and IPO — 3,775 — 117,971 Net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO 25,861 43,904 138,574 43,904 Net income attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO $ 4,999 $ 10,303 $ 27,710 $ 10,303 Earnings per share of Class A common stock - Basic and Diluted1 $ 0.17 $ 0.41 $ 0.96 $ 0.41 Weighted-average shares of Class A common stock outstanding - Basic and Diluted1 24,157,236 22,284,351 23,778,524 22,284,351 Financial Results • GAAP Net Income was $32.2 million for the quarter • GAAP Net Income attributable to Bridge Investment Group Holdings Inc. was $5.0 million • Earnings per share of Class A common stock - basic and diluted was $0.17 and $0.96 for the quarter and year-to-date, respectively 1 For the three and nine months ended September 30, 2021, the earnings per share amounts are for the period following the Transaction and IPO from July 16, 2021 through September 30, 2021. Refer to Notes 1 and 21 of the Form 10- Q for further information.
4 Financial Highlights 3RD QUARTER 2022 OVERVIEW Key Operating Metrics Business Update • Declared quarterly dividend of $0.27 per share of Class A common stock, payable on Dec 16, 2022 to stockholders of record on Dec 2, 2022. • Launched Bridge Solar and Bridge Ventures strategies • On June 3, 2022, the Company entered into a $150 million note purchase agreement, pursuant to which Bridge Investment Group Holdings LLC issued two tranches of notes in a private placement offering with a weighted-average interest rate and duration of 5.05% and 11 years, respectively. These transactions funded on July 12, 2022. • During the quarter completed the final closing of our Workforce and Affordable Housing Fund II, which raised $1.74 billion in equity commitments, almost three times the amount raised in the predecessor fund. Bridge achieved record results across several key indicators All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period ($ in MM, except per share data or as noted) Q3 2022 Q3 2021 YoY Change % YTD 2022 YTD 2021 YoY Change % Total Revenue $110.4 $92.2 20% $313.6 $222.7 41% Fee Related Earnings (“FRE”) to the Operating Company $41.6 $29.9 39% $127.4 $69.8 83% Distributable Earnings (“DE”) of the Operating Company $49.8 $42.4 17% $152.3 $96.0 59% After-tax DE per share $0.29 $0.26 12% $0.89 $0.63 41% Q3 2022 Q3 2021 YoY Change % YTD 2022 YTD 2021 YoY Change % Gross AUM $43.8 Bn $31.8 Bn 38% $43.8 Bn $31.8 Bn 38% Fee-Earning AUM $16.6 Bn $12.1 Bn 37% $16.6 Bn $12.1 Bn 37% Capital Raised $1.3 Bn $1.5 Bn (13)% $3.9 Bn $2.7Bn 44% Capital Deployed $633.4 $1.3 Bn (51)% $2.2 Bn $2.5Bn (12)% Dry Powder $3.9 Bn $2.1 Bn 86% $3.9 Bn $2.1 Bn 86% Realized Performance Allocations $22.3 $31.0 (28%) $64.8 $73.1 (11)% Unrealized Accrued Performance Allocations $559.2 $301.9 85% $559.2 $301.9 85%
5 $77 $108 $181 $166 $254 $220 $335 Recurring Fund Management Fee Revenue Catchup Fund Management Fee Revenue Transaction and Other Fee Revenue 2017 2018 2019 2020 2021 LTM 3Q21 LTM 3Q22 $10.3 $14.5 $20.0 $25.2 $36.3 $31.8 $43.8 2017 2018 2019 2020 2021 Q3 2021 Q3 2022 Gross Assets Under Management (AUM) ($ in Bn) Fee-Related Revenue ($ in MM) PROVEN RECORD OF STRONG AND STEADY GROWTH ~38% 5-Yr CAGR (3Q’17 – 3Q’22) ~38% YoY Growth (3Q'21 vs 3Q'22) Fund Mgmt. Fees (Recurring & Catchup): ~37% 5-Yr CAGR (3Q’17 – 3Q’22) Total Fee-Related Revenue: ~33% 5-Yr CAGR (3Q’17 – 3Q’22) 1 Netted out for placement agent fees (allocated pro rata between recurring and catch-up fund management fees) 1 1
6 NON-GAAP INCOME STATEMENT SUMMARY Fee Related Earnings • Growth driven by continued FEAUM growth Fund-Level Fees • Strong growth in recurring fund management fees driven by 37% year-over- year increase in FEAUM for the 3rd quarter 2022 • Includes fund administration fees from internalization of fund administration Realized Performance Fees • Performance fees were mostly driven by realizations in the Multifamily vertical Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 YoY % growth 2022 2021 YoY % growth($ in thousands) Pro Forma Pro Forma Fund level fee revenues Fund management fees $ 64,096 $ 40,576 $ 166,176 $ 105,981 Transaction fees 11,532 21,907 51,172 43,475 Total fund level fee revenues 75,628 62,483 21 % 217,348 149,456 45 % Net earnings from Bridge property operators 1,294 4,969 6,341 9,050 Development fees 986 1,018 3,037 2,567 Fund administration fees 3,808 — 11,105 — Other asset management and property income 4,413 1,533 9,027 4,664 Fee Related Revenues 86,129 70,003 23 % 246,858 165,737 49 % Cash-based employee compensation and benefits (34,242) (23,173) (96,901) (64,885) Net administrative expenses (7,012) (4,802) (20,365) (10,464) Fee Related Expenses (41,254) (27,975) (117,266) (75,349) Total Fee Related Earnings 44,875 42,028 7 % 129,592 90,388 43 % Fee Related Earnings Margin 52 % 60 % 52 % 55 % Total Fee Related Earnings attributable to non- controlling interests (3,307) (12,154) (2,180) (20,631) Total Fee Related Earnings to the Operating Company 41,568 29,874 39 % 127,412 69,757 83 % Fund level performance fee revenues Realized performance allocations and incentive fees 22,308 30,999 (28) % 64,826 73,094 (11) % Realized performance allocations and incentive fee compensation (1,321) (1,855) (4,047) (4,507) Net realized performance allocations attributable to non-controlling interests (12,460) (17,142) (36,962) (42,220) Net insurance income 1,183 1,101 3,253 2,100 Earnings from investments in real estate1 818 823 2,109 1,759 Net interest income/(expense) and realized gain/ (loss) (2,323) (1,381) (4,304) (4,005) Distributable Earnings attributable to the Operating Company $ 49,773 $ 42,419 17 % $ 152,287 $ 95,978 59 % 1 Earnings from investments in real estate is offset by interest expense related to GP Lenders
3RD QUARTER FINANCIAL RESULTS
8 $392 $1,657 $175 $1,056 $1,493 $2,307 $1,101 $1,498 $1,345 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 • $1.3 billion of capital raised in Q3 2022 driven by Multifamily, Workforce & Affordable Housing, Single-Family Rental, Development, Net Lease and Office • $633 million of deployment driven by Multifamily, Workforce & Affordable Housing, Logistics, Net Lease, Single-Family Rental, Office and Development Capital Raised ($ in MM) FEE EARNING AUM DRIVERS Deployment ($ in MM) Fee-Earning Assets Under Management ($ in Bn) Total AUM: $23 $25 $26 $29 $32 $36 $39 $42 $44 $696 $1,137 $212 $998 $1,303 $2,060 $639 $938 $633 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $9.2 $10.2 $10.3 $10.8 $12.1 $13.4 $14.7 $15.5 $16.6 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
9 Management Fees ($ in MM) 3RD QUARTER – FEE RELATED REVENUE SUMMARY Transaction Fees ($ in MM) All Other Fees ($ in MM) • Fund management fees includes $12.7 million of Catch-Up Fees in Q3 2022 • All other fees includes Fund Administration Fees of $3.8 million in the third quarter, in which the Operating Company began earning in Q1 2022 Fee Related Revenue ($ in MM) $5 $19 $5 $16 $22 $32 $22 $18 $12 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $27 $32 $31 $35 $41 $50 $53 $49 $64 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $4 $3 $4 $5 $8 $6 $10 $9 $11 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $36 $54 $40 $56 $70 $88 $84 $76 $86 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
10 1 Weighted-average fund life for closed-end funds as of September 30, 2022 2 Weighted-average fund life for closed-end funds as of September 30, 2021 3 As of September 30, 2022 LONG DURATION CAPITAL DRIVES FEE VISIBILITY FEAUM by Remaining Duration3 • $1.3 billion raised in 3rd quarter continued to drive strong recurring Fund Management Fee growth • Capital commitments raised in 3rd quarter averaged 10.0 years in duration • In addition to fund lives increasing in duration, we have two open-end funds – Agency MBS and Net Lease Income • Our weighted-average FEAUM by remaining duration is 7.9 years1 versus 7.5 years at the end of the 3rd quarter 20212 10+ Years, 30% 7-10 Years, 33% 5-7 Years, 11% 3-5 Years, 20% 0-3 Years, 4% Perpetual, 2%
11 Fee Related Earnings to the Operating Company ($ in MM) 1All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period 3RD QUARTER – EARNINGS SUMMARY Distributable Earnings to the Operating Company ($ in MM)1 • Bridge delivered its best third quarter for Distributable Earnings in the Company’s history • Fee Related Earnings driven by continued FEAUM growth and healthy margins - Q3 2022 impacted by timing of catch-up and transaction fees • Q3 2022 includes the impact of collapsing the 2019 profits interests which was accretive to the Operating Company Fee Related Earnings & Margin ($ in MM) $16 $31 $18 $31 $42 $50 $45 $40 $45 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $14 $23 $15 $25 $30 $36 $45 $40 $42 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 $15 $34 $17 $37 $42 $39 $48 $55 $50 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 45% 57% 44% 55% 60% 57% 54% 52% 52%Margin:
12 $139 $199 $203 $247 $302 $440 $505 $576 $559 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 +303% (86% CAGR) PERFORMANCE FEE SUMMARY Net Unrealized Performance Allocations by Vintage2Accrued Performance Allocations1 ($ in MM) 1 Based on fair value one quarter in arrears. All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period 2 As of September 30, 2022 Performance Fees & Realizations ($ in MM) • Carry-eligible AUM of $16.5 billion, over 99% of FEAUM • Accrued performance allocations attributable to the operating company is $213.3 million • Pipeline for future performance-driven Distributable Earnings is significant • Quarterly realization pace and performance fees will vary based upon market conditions $4.4 $28.5 $6.5 $35.6 $31.0 $10.3 $8.9 $33.6 $21.0 Net performance fees to the Operating Company - realized Gross performance fees to the Operating Company - realized Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 2015 13.1% 2016 2.9% 2017 18.7% 2018 58.2% Post 2018 7.2%
13 COMPELLING FUND-LEVEL TRACK RECORD This is a summary only. Please refer to Appendix for the Notes to Performance Summary on slide 39 for additional information. • Continued strong performance for residential housing funds driven by Bridge’s vertical integration approach • Performance is driving demand for new commitments in our newly launched vehicles • Multifamily Funds II, III, IV, Workforce Housing Fund I and Debt Fund II were ranked in the first quartile by Preqin1 • Excludes performance for strategies currently raising capital including: Multifamily, Logistics, Net Lease Income, Single-Family Rental, Development, Agency MBS, Seniors Housing, Solar Infrastructure & Ventures 1Includes value-add strategies as of Q2 2022. Preqin rankings based on self-reported data and do not imply an endorsement from Preqin or any other organization. As of September 30, 2022 Closed-End Funds Investor Levered Investor Levered (Investment Period Beginning, Ending Date) Gross IRR Net IRR Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2012) 20.8 % 15.1 % Bridge Multifamily II (Apr 2012, Mar 2015) 30.3 % 23.0 % Bridge Multifamily III (Jan 2015, Jan 2018) 27.7 % 21.3 % Bridge Multifamily IV (Jun 2018, Jun 2021) 38.8 % 30.4 % Total Multifamily Funds 28.9 % 22.7 % Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) 33.7 % 27.1 % Bridge Workforce Housing II (Aug 2020, to present) 25.9 % 12.8 % Total Workforce & Affordable Housing Funds 32.4 % 24.4 % Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) 4.3 % 1.8 % Bridge Seniors II (Mar 2017, Mar 2020) 9.3 % 6.2 % Total Seniors Housing Funds 6.4 % 3.7 % Office Bridge Office I (Jul 2017, Jul 2020) 4.1 % 1.4 % Bridge Office II (Dec 2019, to present) 27.0 % 20.9 % Total Office Funds 7.2 % 4.0 % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) 8.3 % 5.7 % Bridge Debt II (July 2016, July 2019) 11.3 % 9.0 % Bridge Debt III (May 2018, May 2021) 12.2 % 9.6 % Bridge Debt IV (Nov 2020, to present) 7.8 % 6.2 % Total Debt Strategies Funds 11.1 % 8.7 %
14 DISTRIBUTABLE EARNINGS AND CAPITALIZATION Balance Sheet ($ in MM) As of September 30, 2022 After-Tax Distributable Earnings Per Share1 Capitalization Highlights • Ample capital, a substantial amount of unrealized performance fees and relatively low debt • Bolstered Balance Sheet with issuance of $150 million private placement notes which funded on July 12, 2022 • In addition, refinanced existing Senior Secured Credit Facility (“Credit Facility”), increasing it from $75 million to $125 million • Declared $0.27 dividend for the 3rd quarter 2022 • Policy is to pay substantially all our after-tax distributable earnings as dividends 1 All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period Assets Cash and cash equivalents $ 191.5 Restricted cash 9.0 Marketable securities, at fair value 9.5 Receivables from affiliates 52.9 Notes receivable from affiliates 65.5 Other assets 80.9 Other investments 83.4 Accrued performance allocations 559.2 Intangible assets, net 5.4 Goodwill 56.0 Deferred tax assets, net 66.3 Total assets $ 1,179.4 Liabilities Accrued performance allocations compensation $ 62.8 Accrued compensation and benefits 18.1 Accounts payable and accrued expenses 30.6 Due to affiliates 52.1 General partner notes payable, at fair value 9.8 Insurance loss reserves 9.4 Self-insurance reserves and unearned premiums 5.3 Other liabilities 31.2 Notes payable 297.2 Total liabilities $ 516.4 $0.10 $0.24 $0.12 $0.25 $0.26 $0.26 $0.28 $0.32 $0.29 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022
INTRODUCTION TO BRIDGE
16 Multifamily 22.8% Workforce & Affordable Housing 13.2% Seniors Housing 9.6% Single-Family Rental 2.3% Development 11.0% Office 6.0% Logistics 1.5% Net Lease Income 0.9% Debt 26.2% Agency MBS 6.5% INTRODUCING BRIDGE INVESTMENT GROUP A leading vertically integrated real estate investment manager, diversified across specialized asset classes Nationwide, “boots on the ground” team and scalable infrastructure with active asset management, property management, leasing, and construction management Ranked #13 global private equity real estate firm (June 2022) & #14 global real estate debt fund manager (May 2022) for fundraising by PERE Loyal global investor base with ~$17.8Bn of capital raised over the last five years2 Key Stats1 $43.8Bn Gross AUM ~$600MM+ Principal, Employee, and Affiliate Capital Commitments LTM Pre-Tax Distributable Earnings $191MM ~12,040 / ~220 Individual Clients / Institutional and Family Offices AUM by Strategy1 Equity Strategies Debt Strategies FY16-FY21 Fee-Related Earnings CAGR ~30% Experienced and aligned management team leading a deep and talented organization Track record of strong organic and inorganic growth with proven ability to grow new business lines 1 As of September 30, 2022 2 From October 1, 2017 through September 30, 2022
17 Strong Tailwinds from Favorable Market Trends Diversified and Synergistic Business Model Spanning Residential Rental, Office, Development, Logistics and Real Estate-Backed Credit Vertically Integrated Business Model and Scalable Infrastructure Drive Competitive Advantages and Attractive Investment Returns National Footprint with High-Touch Operating Model and Local Expertise High Proportion of Recurring Fees and “Sticky” Contractual Revenue Streams from Long-duration Capital Proven Record of Fundraising Success with a Loyal Investor Base Significant Organic and Inorganic Opportunities to Accelerate Growth Long-tenured Senior Management Team with High Alignment and Support of Deep and Talented Employee Pool BRIDGE INVESTMENT GROUP KEY INVESTMENT HIGHLIGHTS
18 Bridge has continued to expand into high-growth asset classes to complement existing investment verticals FIVE NEW INVESTMENT STRATEGIES LAUNCHED WITHIN THE LAST YEAR • Investment Strategy: In partnership with Lumen Energy, seeks to create value through the production of clean energy by building and operating renewable energy infrastructure on existing commercial properties, while at the same time providing owners and tenants a discount to market energy prices • Market Opportunity: Participation in a growing sector with anticipated strong demand for green energy fueled by price sensitivity, environmental awareness and regulatory pressure • Team Experience: The Bridge Solar principals have more than 60+ years of collective experience and relationships across the real estate industry in multiple asset classes as well as decades of experience in commercializing & financing energy technologies that have led to the development of over 600 MW of onsite power generation systems for major property owners. Solar Ventures • Investment Strategy: Seeks to identify and invest in transformative real estate technology companies (i.e., PropTech) that are positioned to drive revenue and operating improvements in the built world • Market Opportunity: Real estate owners are adopting PropTech solutions in a significant way in the post-pandemic era, catalyzed by the growth of e-commerce, remote workplaces, ESG adoption and the digitization of real estate • Team Experience: The Bridge Ventures team brings over 25 years of relevant experience in technology, real estate investing and building and operating high growth technology companies with on-the-ground technology and real estate experience providing differentiated capabilities to source, evaluate, identify, and scale future high growth companies Single- Family Rental • Investment Strategy: Bridge acquired the majority ownership of the management platform of Gorelick Brothers Capital (“GBC”) and launched a single-family rental (“SFR”) strategy within Bridge (“Bridge Homes”). Bridge Homes has been seeded with a portfolio of approximately 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States and seeks to construct a recession resilient portfolio across build-to-rent, bulk purchases, and 1x1 acquisitions • Market Opportunity: Continued lack of affordable housing backed by demographic tailwinds and a fragmented single- family rental market with low institutional ownership approximating only 2% • Team Experience: The Single-Family Rental team is made up of industry pioneers with a demonstrated ability to source, manage, and scale SFR assets
19 Bridge has continued to expand into high-growth asset classes to complement existing investment verticals FIVE NEW INVESTMENT STRATEGIES LAUNCHED WITHIN THE LAST YEAR (CON'T) Logistics • Investment Strategy: Targets a balanced portfolio of logistics assets with allocation across income, value-add, and development opportunities seeing price dislocation, operational upside, and innovative redevelopment in markets where there is a confluence of existing and increasing population density, rapid e-commerce adoption, and constrained supply • Market Opportunity: Demographic growth coupled with significant shifts in consumer behaviors, including rapid e-commerce adaptation, are driving a transformative evolution within supply chains and last mile logistics demand • Team Experience: The Bridge Logistics Properties Principals have 40+ years of collective experience across acquisition, repositioning, and development of global logistics assets, totaling over $20 billion of transaction volume Net Lease Income • Investment Strategy: Invests in mission critical industrial, manufacturing, logistics and other critical business infrastructure real estate located in prime growth and logistically connected markets leased to high-quality credit tenants • Market Opportunity: Selectively acquire attractively priced mission critical industrial assets anchored by high quality credit tenants in an overlooked subset of industrial real estate • Team Experience: The Bridge Net Lease Income investment team has decades of sector expertise and deep marketplace relationships to identify attractive opportunities designed to generate stable high yielding income and long- term real estate appreciation
20 VERTICALLY INTEGRATED BUSINESS MODEL DRIVES COMPETITIVE ADVANTAGES AND ATTRACTIVE INVESTMENT RETURNS Operational impact and alpha generation enhanced by collaborative teams Bridge’s operational expertise extends beyond asset management and includes a full spectrum of alpha-generating services Bridge’s ability to offer specialized operational capabilities translates directly to investor returns
21 DIFFERENTIATED DATA-DRIVEN INVESTMENT STRATEGY ENABLED BY SPECIALIZED UNDERWRITING CAPABILITIES Data-Driven Top-Down Investment Strategy Bottom-up Underwriting Capabilities 1 Such as higher household formation growth or higher office-using employment growth Analytics & Geospatial Models Yardi Customizations to Drive Multifamily Alpha Bridge’s deep expertise and vertically integrated platform facilitate a comprehensive top-down investment strategy supported by specialized asset level underwriting u Nationwide on-the-ground footprint allows Bridge to uncover the most attractive opportunities in its target markets u Proprietary Bridge business intelligence tool supports both underwriting of new investments & value maximization of investments u Benefits across investment strategies: for example, Bridge Multifamily property management team conducts physical due diligence of multifamily assets for potential loan investments by Debt Strategies u Utilizes a comprehensive, data-driven approach to analyze macroeconomic trends & identify compelling investment opportunities u Analytical metrics include detailed demand forecasts, supply forecasts and marking pricing, all at the local level u Extensive underwriting and transactional experience helps secure off-market deals u Bridge's identified "target markets" are projected to outperform substantially on key metrics1
22 AUM MIX IS WELL DIVERSIFIED ACROSS OUR STRATEGIES Gross AUM1 Fee-Earning AUM1 Multifamily 23% Workforce & Affordable Housing 13% Seniors Housing 10% Single-Family Rental 2% Development 11% Office 6% Logistics 1% Net Lease Income 1% Debt 26% Agency MBS 7% Multifamily 21% Workforce & Affordable Housing 14% Seniors Housing 9% Single-Family Rental 2% Development 22% Office 5% Logistics 2% Net Lease Income 1% Debt 24% Agency MBS 1% 1 As of September 30, 2022
23 BALANCED INVESTOR BASE Fund Investor by Geography1 Fund Investor by Type1 Bridge’s Client Solutions Group maintains deep institutional and retail investor relationships and has built an impressive track record of raising capital and driving growth u During Q3 2022, 43% of capital was raised internationally and 65% came from institutional investors u Global fund investor base across ~12,260 total investors, including ~220 institutional investors / family offices and ~12,040 individual investors u Deep and broad individual investors relationships driven in part by relationships with some of the largest wirehouses and RIAs in the world u 7 new prominent global institutional investors finalized fund commitments during the quarter u AIFM license in Luxembourg approved July 2022, which has opened up marketing efforts in Europe in a more direct and efficient manner US 66% Rest of World 34% Individual 63% Institutional 37% 1 Based on committed capital as of September 30, 2022
24 High Proportion of Repeat Investors1, 2 High Proportion of Investors Invested Across Multiple Funds1 LP Composition1 1 Based on committed capital as of September 30, 2022 2 Repeat investors groups investors coming through wirehouse platforms as one repeat investor as of September 30, 2022 TRACK RECORD OF FUNDRAISING SUCCESS WITH A LOYAL INVESTOR BASE Bridge enjoys a diverse investor base with many repeat investors u Bridge has succeeded in penetrating key institutional segments (e.g., sovereign wealth funds, pension funds, insurance) as a complement to its extensive high-net-worth relationships u Continued success gathering assets across wirehouses driven by strong investment results, excellent client service and positioning as a sector specialist Non-Repeat 27.1% Repeat Investors 72.9% Invested Across Multiple Funds 56.4% Invested in Single Fund 43.6% Wealth Management 36.7% SWF, Pension 21.3% Family Office, HNW, RIA 18.6% Insurance, Bank, Foundation 13.3% Fund of Funds 7.8% Employees 2.4%
25 ESG INITIATIVES ARE CORE TO OUR CULTURE Our commitment to ESG spans our organization as we seek to analyze, integrate and report ESG metrics across our assets, investments, and practices. Select Associations Select ESG Awards3 2021 Pension Bridge ESG Strategy of the Year Award 2021 ESG Investing Awards: Private Equity 2021 & 2022 Environmental Finance Social Fund of the Year 1 For our Workforce and Affordable Housing Funds 2 Bridge completed its first GRESB reporting submission in 2021 for Bridge Workforce and Affordable Housing Fund I and Bridge Office Fund II and submitted its 2022 GRESB reports recently for the aforementioned funds, as well as for Bridge Multifamily Fund IV and Bridge Seniors Housing Fund II. 3 For Workforce and Affordable Housing strategy. Awards are based on self-reported data and are not intended to imply any endorsement or testimonial from any of these organizations. Social / Community & Citizenship Cross-Divisional Integration l Passionate community revitalization mindset, with dedicated social & community programming funded by the Bridge Community Enhancement Initiative (“BCEI”)1, integrated into WFAH assets. l Firmwide citizenship initiatives such as Charitable Giving, Employee Engagement, and Employee Resource Groups l Engage with CERES, NCREIF, Sorenson Impact, and PropTech firms for continuous dialogue on ESG best practices and new technologies. l Employee, resident, and tenant engagement to promote sustainable and healthy practices. l Cross-functional ESG Steering Committee and integration of business lines and leadership for decision making, opportunity assessment, and risk mitigation. l Dedicated Climate Change Task Force to increase awareness of climate risks and opportunities. l Diversity, Equity and Inclusion (“DE&I”) Committee to drive progress at all levels of the organization. Measuring Reporting l Seeking to integrate ESG parameters into investment due diligence process in certain equity strategies as a defining criteria for asset, market and vendor selection. l Seeking measurement and reporting of energy, emissions, water, and waste to steadily improve environmental performance across Value-Add Multifamily, Workforce & Affordable Housing (“WFAH”), Office, and Seniors Housing strategies and communities. l Seeking alignment with industry-leading benchmarks and global frameworks such as Global Impact Investing Network’s 1 (“GIIN”) & UN Principles for Responsible Investment (“UNPRI”), which provides unbiased assessment of progress and best practices. l Completed GRESB reporting submissions in 2021 and 2022.2 l Support the achievement of the United Nations Sustainable Development Goals (“SDGs”) in its annual ESG report and GIIN IRIS metrics for WFAH.1
APPENDIX
27 Appendix GAAP Condensed Consolidated Balance Sheets As of ($ in thousands) September 30, 2022 December 31, 2021 Assets (Unaudited) (Audited) Cash and cash equivalents $ 191,493 $ 78,417 Restricted cash 8,966 5,455 Marketable securities, at fair value 9,509 8,035 Receivables from affiliates 52,895 35,379 Notes receivable from affiliates 65,474 118,508 Other assets 80,888 44,463 Other investments 83,398 44,006 Accrued performance allocations 559,160 439,548 Intangible assets, net 5,378 3,441 Goodwill 55,982 9,830 Deferred tax assets, net 66,275 59,210 Total assets $ 1,179,418 $ 846,292 Liabilities and shareholdersʼ equity Accrued performance allocations compensation $ 62,752 $ 41,020 Accrued compensation and benefits 18,097 15,107 Accounts payable and accrued expenses 30,621 13,586 Due to affiliates 52,110 46,134 General Partner notes payable, at fair value 9,786 12,003 Insurance loss reserves 9,425 8,086 Self-insurance reserves and unearned premiums 5,268 3,504 Other liabilities 31,184 8,973 Notes payable 297,164 148,142 Total liabilities $ 516,407 $ 296,555 Total shareholdersʼ equity $ 663,011 $ 549,737 Total liabilities and shareholdersʼ equity $ 1,179,418 $ 846,292
28 Appendix Unaudited Historical Pro Forma & Actual Non-GAAP Measures ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period Pro Forma1 Actual Three Months Ended ($ in thousands) 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Net income $ 29,133 $ 93,171 $ 38,378 $ 84,031 $ 118,882 $ 165,786 $ 97,505 $ 124,382 $ 32,241 Income tax provision 1,235 2,829 1,703 2,340 2,607 4,821 5,545 5,837 3,203 Income before provision for income taxes 30,368 96,000 40,081 86,371 121,489 170,607 103,050 130,219 35,444 Depreciation and amortization 672 1,198 753 727 699 651 633 887 703 Less: Unrealized performance allocations (14,626) (49,639) (14,729) (43,204) (53,042) (137,638) (65,862) (70,116) 16,367 Plus: Unrealized performance allocations compensation 599 3,348 623 2,540 2,682 20,910 9,238 7,987 3,789 Less: Unrealized (gains)/losses 176 225 (5,780) (317) (2,565) (705) (479) (3,483) (387) Plus: Other Expenses — — — — — 1,723 — — — Plus: Share-based compensation 2,679 7,287 3,133 16,916 2,452 3,592 7,264 6,553 9,624 Less: Net realized performance allocations attributable to non-controlling interests (2,599) (15,827) (4,486) (20,593) (17,142) (5,913) (6,094) (18,409) (12,460) Less: Net income attributable to non-controlling interests in subsidiaries (2,368) (8,133) (2,648) (5,829) (12,154) (14,568) 150 977 (3,307) Distributable Earnings attributable to the Operating Company $ 14,901 $ 34,459 $ 16,947 $ 36,611 $ 42,419 $ 38,659 $ 47,900 $ 54,615 $ 49,773 Realized performance allocations and incentive fees (4,437) (28,493) (6,467) (35,629) (30,999) (10,345) (8,937) (33,581) (22,308) Realized performance allocations and incentive fees compensation 278 1,704 429 2,223 1,855 648 560 2,165 1,321 Net realized performance allocations attributable to non- controlling interests 2,599 15,827 4,486 20,593 17,142 5,913 6,094 18,409 12,460 Net insurance income (685) (1,660) (1,108) 110 (1,101) 124 (665) (1,406) (1,183) (Earnings) losses from investments in real estate (163) (909) 43 (980) (823) (333) (40) (1,251) (818) Net interest (income)/expense and realized (gain)/loss 1,310 1,751 630 1,995 1,381 848 450 1,529 2,323 Net income attributable to non-controlling interests 2,368 8,133 2,648 5,829 12,154 14,568 (150) (977) 3,307 Total Fee Related Earnings $ 16,171 $ 30,812 $ 17,608 $ 30,752 $ 42,028 $ 50,082 $ 45,212 $ 39,503 $ 44,875 Less: Total Fee Related Earnings attributable to non- controlling interests (2,368) (8,133) (2,648) (5,829) (12,154) (14,568) 150 977 (3,307) Total Fee Related Earnings to the Operating Company $ 13,803 $ 22,679 $ 14,960 $ 24,923 $ 29,874 $ 35,514 $ 45,362 $ 40,480 $ 41,568
29 Appendix Unaudited Historical Pro Forma & Actual Non-GAAP Measures ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period Pro Forma1 Actual Three Months Ended ($ in thousands) 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Fund-level fee revenues Fund management fees $ 26,635 $ 32,180 $ 30,860 $ 34,545 $ 40,576 $ 49,965 $ 52,700 $ 49,380 $ 64,096 Transaction fees 5,085 18,574 5,326 16,242 21,907 31,598 21,998 17,643 11,532 Total net fund level fee revenues 31,720 50,754 36,186 50,787 62,483 81,563 74,698 67,023 75,628 Net earnings from Bridge property operators 2,388 1,171 2,094 1,988 4,969 2,469 2,939 2,108 1,294 Development fees 738 651 386 1,163 1,018 1,136 1,259 793 986 Fund administration fees — — — — — 320 3,640 3,657 3,808 Other asset management and property income 1,147 1,327 1,520 1,611 1,533 2,329 1,955 2,659 4,413 Fee Related Revenues 35,993 53,903 40,186 55,549 70,003 87,817 84,491 76,240 86,129 Cash-based employee compensation and benefits (16,754) (21,653) (20,308) (21,403) (23,173) (31,228) (32,539) (30,120) (34,242) Net administrative expenses (3,068) (1,438) (2,270) (3,394) (4,802) (6,507) (6,740) (6,617) (7,012) Fee Related Expenses (19,822) (23,091) (22,578) (24,797) (27,975) (37,735) (39,279) (36,737) (41,254) Total Fee Related Earnings 16,171 30,812 17,608 30,752 42,028 50,082 45,212 39,503 44,875 Net income attributable to non-controlling interests (2,368) (8,133) (2,648) (5,829) (12,154) (14,568) 150 977 (3,307) Total Fee Related Earnings to the Opearting Company 13,803 22,679 14,960 24,923 29,874 35,514 45,362 40,480 41,568 Realized performance allocations and incentive fees 4,437 28,493 6,467 35,629 30,999 10,345 8,937 33,581 22,308 Realized performance allocations and incentive fees compensation (278) (1,704) (429) (2,223) (1,855) (648) (560) (2,165) (1,321) Net realized performance allocations attributable to non-controlling interests (2,599) (15,827) (4,486) (20,593) (17,142) (5,913) (6,094) (18,409) (12,460) Net insurance income 685 1,660 1,108 (110) 1,101 (124) 665 1,406 1,183 Earnings (losses) from investments in real estate 163 909 (43) 980 823 333 40 1,251 818 Net interest income/(expense) and realized gain/(loss) (1,310) (1,751) (630) (1,995) (1,381) (848) (450) (1,529) (2,323) Distributable Earnings attributable to the Operating Company $ 14,901 $ 34,459 $ 16,947 $ 36,611 $ 42,419 $ 38,659 $ 47,900 $ 54,615 $ 49,773
30 Appendix Unaudited Historical Pro Forma & Actual Reconciliation of Non-GAAP Distributable Earnings per Share ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period Pro Forma1 Actual Three Months Ended ($ in thousands, except per share and per share amounts) 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Numerator Distributable Earnings ("DE") attributable to the Operating Company $ 14,901 $ 34,459 $ 16,947 $ 36,611 $ 42,419 $ 38,659 $ 47,900 $ 54,615 $ 49,773 Less: DE attributable to non-controlling interest in the Operating Company (11,542) (26,692) (13,127) (28,359) (33,792) (29,957) (37,380) 42,256 (38,451) Proforma DE attributable to Bridge Investment Group Holdings Inc. 3,359 7,767 3,820 8,252 8,627 8,702 10,520 12,359 11,322 Less: Income allocated to participating Restricted Shares (292) (676) (332) (718) (823) (743) (1,897) 2,126 (1,969) Proforma DE available to common shareholders - Basic and Diluted 3,067 7,091 3,488 7,534 7,804 7,959 8,623 10,233 9,353 Less: Tax expense (767) (1,773) (872) (1,884) (1,951) (1,990) (2,156) 2,558 (2,338) Proforma after-tax DE available to common shareholders - Basic and Diluted 2,300 5,319 2,616 5,651 5,853 5,969 6,467 7,675 7,015 Denominator Weighted-average shares of Class A Common stock outstanding - Basic and Diluted 22,284,351 22,284,351 22,284,351 22,284,351 22,284,351 22,742,137 23,138,030 24,029,107 24,157,236 After-Tax Non-GAAP Distributable Earnings Per Share Basic and Diluted $ 0.10 $ 0.24 $ 0.12 $ 0.25 $ 0.26 $ 0.26 $ 0.28 $ 0.32 $ 0.29
31 Appendix Unaudited Non-GAAP to GAAP Reconciliation - Historical Pro Forma & Actual ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period Pro Forma1 Actual Three Months Ended ($ in thousands) 9/30/2020 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 Cash-based employee compensation and benefits $ 16,754 $ 21,653 $ 20,308 $ 21,403 $ 23,173 $ 31,228 $ 32,539 $ 30,120 $ 34,242 Compensation expense of Bridge property operators 5,685 6,925 6,002 6,279 6,138 6,667 7,677 10,020 11,102 Share based compensation 2,679 7,287 3,133 16,916 2,452 3,592 7,264 6,553 9,624 Employee compensation and benefits $ 25,118 $ 35,865 $ 29,443 $ 44,598 $ 31,763 $ 41,487 $ 47,480 $ 46,693 $ 54,968 Administrative expenses, net of Bridge property operators $ 3,068 $ 1,438 $ 2,270 $ 3,394 $ 4,802 $ 6,507 $ 6,740 $ 6,617 $ 7,012 Administrative expenses of Bridge property operators 1,380 2,601 1,830 1,997 1,901 2,112 2,768 3,152 3,673 General and administrative expenses $ 4,448 $ 4,039 $ 4,100 $ 5,391 $ 6,703 $ 8,619 $ 9,508 $ 9,769 $ 10,685 Unrealized gains/(losses) $ (176) $ (225) $ 5,780 $ 317 $ 2,565 $ 705 $ 479 $ 3,483 $ 387 Other expenses from Bridge property operators (53) (22) (21) (19) (18) (16) (14) (13) (8) Net interest income/(expense) and realized gain/(loss) (1,310) (1,751) (630) (1,995) (1,381) (848) (450) (1,529) (2,323) Other expenses — — — — — (1,723) — — — Total other income (expense) $ (1,539) $ (1,998) $ 5,129 $ (1,697) $ 1,166 $ (1,882) $ 15 $ 1,941 $ (1,944) Net income attributable to non-controlling interests in subsidiaries $ 2,368 $ 8,133 $ 2,648 $ 5,829 $ 12,154 $ 14,568 $ (150) $ (977) $ 3,307 Realized performance allocations attributable to non-controlling interests 2,599 15,827 4,486 20,593 17,142 5,913 6,094 18,409 12,460 Unrealized performance allocations attributable to non-controlling interests 10,118 28,994 9,586 25,517 31,605 64,778 30,769 32,316 (14,386) Total net income attributable to non-controlling interests $ 15,085 $ 52,954 $ 16,720 $ 51,939 $ 60,901 $ 85,259 $ 36,713 $ 49,748 $ 1,381
32 Appendix AUM Roll Forward (Unaudited) FEAUM Roll Forward (Unaudited) ($ in millions) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Balance as of beginning of period $15,542 $13,363 Increases (capital raised/deployment)4 1,273 3,823 Changes in fair market value (6) 6 Decreases (liquidations/other)5 (229) (612) FEAUM as of end of period $16,580 $16,580 % Change 7 % 24 % 1 New capital / commitments raised generally represents limited partner capital raised by our funds and other vehicles, including any reinvestments in our open-ended vehicles. 2 Distributions / return of capital generally represents the realization proceeds from the disposition of assets, current income, or capital returned to investors. 3 Change in fair value and acquisitions generally represents realized and unrealized activity on investments held by our funds and other vehicles (including changes in fair value and changes in leverage) as well as the net impact of fees, expenses, and non-investment income. 4 Increases generally represents limited partner capital raised or deployed by our funds and other vehicles that is fee-earning when raised or deployed, respectively, including any reinvestments in our open- ended vehicles. 5 Decreases generally represents liquidations of investments held by our funds or other vehicles or other changes in fee basis, including the change from committed capital to invested capital after the expiration or termination of the investment period. ($ in millions) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Balance as of beginning of period $41,969 $36,315 New capital / commitments raised1 1,361 3,851 Distributions / return of capital2 (398) (1,442) Change in fair value and acquisitions3 901 5,109 AUM as of end of period $43,833 $43,833 % Change 4 % 21 %
33 Appendix FEAUM by Fund (Unaudited) December 31, September 30, ($ in millions) 2020 2021 2022 Bridge Debt Strategies Fund IV $ 305 $ 1,133 $ 2,036 Bridge Multifamily Fund V — 976 1,922 Bridge Workforce Fund II 166 915 1,719 Bridge Opportunity Zone Fund IV — 1,490 1,476 Bridge Multifamily Fund IV 1,574 1,284 1,327 Bridge Debt Strategies Fund III 1,549 1,286 1,028 Bridge Opportunity Zone Fund III 1,028 1,019 1,019 Bridge Seniors Housing Fund II 769 805 793 Bridge Seniors Housing Fund I 626 626 615 Bridge Workforce Fund I 499 556 556 Bridge Office Fund I 500 499 512 Bridge Opportunity Zone Fund I 482 482 482 Bridge Opportunity Zone Fund II 408 408 408 Bridge Opportunity Zone Fund V — — 338 Bridge Logistics U.S. Venture I — 110 305 Bridge Debt Strategies Fund II 678 354 280 Bridge Debt Strategies III JV Partners 416 308 241 Bridge Single-Family Rental Fund IV — — 229 Bridge Multifamily Fund III 401 269 188 Bridge Net Lease Income Fund — 29 182 Bridge Agency MBS Fund 104 123 176 Bridge Office Fund II 89 176 176 Bridge Debt Strategies IV JV Partners — 129 150 Bridge Debt Strategies II JV Partners 343 195 145 Bridge Office I JV Partners 154 130 132 Bridge Seniors Housing Fund III 33 33 58 Morrocroft Neighborhood Fund III — — 32 Bridge Office III JV Partners — — 27 Bridge Debt Strategies I JV Partners 18 18 18 Bridge Office II JV Partners 21 6 6 Bridge Multifamily III JV Partners 10 4 4 Bridge Debt Strategies Fund I 41 — — Total FEAUM by Fund $ 10,214 $ 13,363 $ 16,580
34 Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q3 2022 GAAP Shares of Common Stock Outstanding 24,234,585 Unvested Participating Shares of Common Stock 5,013,296 Total Participating Shares of Common Stock 29,247,881 Participating Partnership Units 96,335,111 Unvested Participating Partnership Units 3,136,544 Total Shares Outstanding 128,719,536 Shareholder Dividends ($ in thousands, except per share data) Q3 2022 Distributable Earnings Attributable to the Operating Company $49,773 Less: 5% Holdback of Profits in the Operating Company to reinvest (2,489) Less: DE attributable to non-controlling interests in Operating Company (36,529) DE before Certain Payables Attributable to Common Stockholders $10,755 Less: Other Payables Attributable to Common Stockholders (2,689) DE Attributable to Participating Common Stockholders $8,066 Total Participating Shares of Common Stock 29,247,881 DE per Share $0.28 Less: Retained Capital per Share (0.01) Dividend per Share $0.27 Record Date Dec 2, 2022 Payment Date Dec 16, 2022
35 Appendix Reconciliation of GAAP Earnings per Share to Distributable Earnings per Share Q3 2022 ($ in thousands, except per share data) Amount Weighted- Average Shares Outstanding Amount per Share Net Income Available to Common Shareholders $ 4,134 24,157,236 $0.17 Add: Income Allocated to unvested Participating Shares of Restricted Stock 865 Net Income Attributable to Bridge Investment Group Holdings Inc. $ 4,999 29,252,883 $0.17 Net income attributable to non-controlling interests in Operating Company 25,861 Net income attributable to non-controlling interests in subsidiaries of Operating Company 1,381 Net income $ 32,241 128,814,026 $0.25 Income tax provision 3,203 Income before provision for income taxes $ 35,444 128,814,026 $0.28 Depreciation and amortization 703 Less: Unrealized performance allocations 16,367 Plus: Unrealized performance allocations compensation 3,789 Less: Unrealized (gains)/losses (387) Plus: Share-based compensation 9,624 Less: Net realized performance allocations attributable to non-controlling interests (12,460) Less: Net income attributable to non-controlling interests in subsidiaries of Operating Company (3,307) Distributable Earnings attributable to the Operating Company $ 49,773 128,814,026 $0.38 Less: DE attributable to non-controlling interests in the Operating Company 38,451 99,561,143 0.38 Distributable Pre-Tax Earnings attributable to Bridge Investment Group Holdings Inc. $ 11,322 29,252,883 $0.38
36 Appendix Profits Interest • Current plans expected to be collapsed over the next two years • 2019 profit interests converted on January 1, 2022 • Will result in a reduction in NCI and increase in Net Income to the Operating Company • Will result in an increase in share count; however, expected to be antidilutive to public shareholders Performance Income • The Operating Company receives 24% to 40% of the gross performance allocations Non-Controlling Interests ($ in thousands) For Three Months Ended September 30, 2022 NON-GAAP MEASURES INCOME STATEMENT Total Fund Management Performance income Fund-level fee revenues Fund management fees $ 64,096 $ 64,096 $ — Transaction fees net 11,532 11,532 — Total Fund-level fee revenues 75,628 75,628 — Net earnings from Bridge property operators 1,294 1,294 — Development fees 986 986 — Fund administration fees 3,808 3,808 — Other asset management and property income 4,413 4,413 — Fee Related Revenues 86,129 86,129 — Cash-based employee compensation and benefits (34,242) (34,242) — Net administrative expenses (7,012) (7,012) — Fee Related Expenses (41,254) (41,254) — Total Fee Related Earnings 44,875 44,875 — Fee Related Earnings Margin 52 % 52 % Total Fee Related Earnings attributable to non-controlling interests from 2020 Profits Interests (1,895) (1,895) — Total Fee Related Earnings attributable to non-controlling interests from 2021 Profits Interests (2,699) (2,699) — Total Fee Related Earnings attributable to non-controlling interests from subsidiaries of the Operating Company 1,287 1,287 — Total Fee Related Earnings to the Operating Company 41,568 41,568 — Realized performance allocations and incentive fees 22,308 - 22,308 Realized performance allocations and incentive fees compensation (1,321) - (1,321) Net realized performance allocations attributable to non-controlling interests (12,460) - (12,460) Net insurance income 1,183 1,183 - Earnings from investments in real estate 818 818 - Net interest income/(expense) and realized gain/(loss) (2,323) (2,323) - Distributable Earnings Attributable to the Operating Company $ 49,773 $ 41,246 $ 8,527
37 Appendix Composition of Fund Management Fees ($ in MM)
38 Investment Performance Summary - As of September 30, 2022 ($ in MM) Appendix Total Investment-Level Fund-Level Returns Closed-End Funds(1) (Investment Period Beginning, Ending Date) Cumulative Fund Committed Capital(2) Unreturned Drawn Capital plus Accrued Pref(3) Cumulative Investment Invested Capital(4) Realized Investment Value(5) Unrealized Investment Value(6) Unrealized Investment MOIC(7) Total Investment Fair Value(8) Total Investment MOIC(9) Investor Levered Gross IRR(10) Investor Levered Net IRR(11) Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2012) $ 124 $ — $ 150 $ 280 $ — N/A $ 280 1.87x 20.8 % 15.1 % Bridge Multifamily II (Apr 2012, Mar 2015) 596 — 605 1,264 — N/A 1,264 2.09x 30.3 % 23.0 % Bridge Multifamily III (Jan 2015, Jan 2018) 912 — 878 1,745 444 3.09x 2,189 2.49x 27.7 % 21.3 % Bridge Multifamily IV (Jun 2018, Jun 2021) 1,590 1,490 1,400 310 2,774 2.19x 3,084 2.20x 38.8 % 30.4 % Total Multifamily Funds $ 3,222 $ 1,490 $ 3,033 $ 3,599 $ 3,218 2.31x $ 6,817 2.25x 28.9 % 22.7 % Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) $ 619 $ 648 $ 572 $ 110 $ 1,219 2.32x $ 1,329 2.32x 33.7 % 27.1 % Bridge Workforce Housing II (Aug 2020, to present) 1,741 810 891 62 990 1.18x 1,052 1.18x 25.9 % 12.8 % Total Workforce & Affordable Housing Funds $ 2,360 $ 1,458 $ 1,463 $ 172 $ 2,209 1.63x $ 2,381 1.63x 32.4 % 24.4 % Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) $ 578 $ 798 $ 695 $ 393 $ 459 1.09x $ 852 1.23x 4.3 % 1.8 % Bridge Seniors II (Mar 2017, Mar 2020) 820 817 723 217 762 1.34x 979 1.35x 9.3 % 6.2 % Total Seniors Housing Funds $ 1,398 $ 1,615 $ 1,418 $ 610 $ 1,221 1.23x $ 1,831 1.29x 6.4 % 3.7 % Office Bridge Office I (Jul 2017, Jul 2020) $ 573 $ 660 $ 608 $ 185 $ 511 1.13x $ 696 1.15x 4.1 % 1.4 % Bridge Office II (Dec 2019, to present) 208 207 206 35 280 1.53x 315 1.53x 27.0 % 20.9 % Total Office Funds $ 781 $ 867 $ 814 $ 220 $ 791 1.24x $ 1,011 1.24x 7.2 % 4.0 % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) $ 132 $ — $ 219 $ 262 $ 2 1.24x $ 264 1.21x 8.3 % 5.7 % Bridge Debt II (July 2016, July 2019) 1,002 244 2,503 2,694 281 1.33x 2,975 1.19x 11.3 % 9.0 % Bridge Debt III (May 2018, May 2021) 1,624 1,028 5,496 5,005 1,080 1.27x 6,085 1.11x 12.2 % 9.6 % Bridge Debt IV (Nov 2020, to present) 2,888 1,896 6,466 4,815 1,802 1.04x 6,617 1.02x 7.8 % 6.2 % Total Debt Strategies Funds $ 5,646 $ 3,168 $ 14,684 $ 12,776 $ 3,165 1.14x $ 15,941 1.09x 11.1 % 8.7 % Please refer to Notes to Performance Summary on slide 39 for additional information.
39 Notes to Performance Summary Appendix The investment performance presented herein is intended to illustrate the performance of investments held by the funds and other vehicles we manage and the potential for which is relevant to the performance-based fees to Bridge. Other than the Investor Levered Gross IRR and the Investor Levered Net IRR numbers presented herein, the cash flows in the investment performance do not reflect the cash flows used in presentations of fund performance due to the fund level expenses, reserves, and reinvested capital. (1) Close-Ended Funds represented herein does not include performance for (i) Opportunity Zone funds as such funds are invested in active development projects and have minimal stabilized assets, or (ii) funds that are currently raising capital, including our open-ended funds. Each fund identified contemplates all associated parallel and feeder limited partnerships in which investors subscribe and accordingly share common management. All intercompany accounts and transactions have been eliminated in the combined presentation. Values and performance presented herein are the combined investor returns gross of any applicable legal entity taxes. (2) Cumulative Fund Committed Capital represents total capital commitments to the fund (excluding joint ventures or separately managed accounts). (3) Unreturned Drawn Capital plus Accrued Pref represents the amount the fund needs to distribute to its investors as a return of capital and a preferred return before the General Partner is entitled to receive performance fees or allocations from the fund. (4) Cumulative Investment Invested Capital represents the total cost of investments since inception (including any recycling or refinancing of investments). This figure will differ from Cumulative Paid-In Capital, which represents the total contributions or drawn down commitments from all investors since inception. (5) Realized Investment Value represents net cash proceeds received in connection with all investments, including distributions from investments and disposition proceeds. (6) Unrealized Investment Value represents the estimated liquidation values that are generally based upon appraisals, contracts and internal estimates. There can be no assurance that Unrealized Investment Fair Value will be realized at valuations shown, and realized values will depend on numerous factors including, among others, future asset-level operating results, asset values and market conditions at the time of disposition, transaction costs, and the timing and manner of disposition, all of which may differ from the assumptions on which the Unrealized Investment Fair Value are based. Direct fund investments in real property are held at cost minus transaction expenses for the first six months. (7) Unrealized Investment MOIC represents the Multiple on Invested Capital (“MOIC”) for Total Investment Fair Value associated with unrealized investments before management fees, fund level expenses and carried interest, divided by Cumulative Investment Invested Capital attributable to those unrealized investments. (8) Total Investment Fair Value represents the sum of Realized Investment Value and Unrealized Investment Value, before management fees, expenses and carried interest. (9) Total Investment MOIC represents MOIC for Total Investment Fair Value divided by Cumulative Investment Invested Capital. (10) Investor Levered Gross IRR is an annualized realized and unrealized fund-level internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions) and cash outflows (distributions) and the remaining fair value (to fee-paying investors), gross of management fees and carried interest. Because IRRs are time-weighted calculations, for certain newer funds with short measurement periods, IRRs may be amplified by fund leverage and early fund expenses and may not be meaningful. For certain IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period's return. (11) Investor Levered Net IRR is an annualized realized and unrealized return to fee-paying investors since the date of the first capital call, net of the investors actual management fees, fund level expenses and carried interest. Net return information reflects the aggregated fund fee-paying investor level returns net of all fees, which may differ from an individual investor's returns due to timing of investment, variance in fees paid by such investor, and other investor-specific investment costs such as taxes.
40 Glossary Assets Under Management Assets under management, or 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 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. Distributable Earnings Distributable Earnings, or DE, is a key performance measure used in our industry and is evaluated regularly by management in making resource deployment and compensation decisions, and in assessing our performance. DE differs from net income before provision for income taxes, computed in accordance with U.S. GAAP in that it does not include depreciation and amortization, unrealized performance allocations and related compensation expense, unrealized gains (losses), share-based compensation, net income attributable to non-controlling interests, charges (credits) related to corporate actions and non- recurring items. Although we believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance, the use of DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed further in our most recent annual report on Form 10-K and quarterly report of Form 10-Q under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Components of our Results of Operations—Combined Results of Operations” prepared in accordance with U.S. GAAP. Our calculations of DE 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. Fee-Earning AUM Fee-Earning AUM, or FEAUM, reflects the assets from which we earn management fee revenue. The assets we manage that are included in our FEAUM typically pay management fees based on capital commitments, invested capital or, in certain cases, NAV, depending on the fee terms. Fee Related Earnings Fee Related Earnings, or FRE, is a supplemental performance measure used to assess our ability of to generate profits from fee-based revenues that are measured and received on a recurring basis. FRE differs from income before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of Distributable Earnings, and also adjusts Distributable Earnings to exclude realized performance allocations income and related compensation expense, net insurance income, earnings from investments in real estate, net interest (interest income less interest expense), net realized gain/(loss), and, if applicable, certain general and administrative expenses when the timing of any future payment is uncertain. FRE is not a measure of performance calculated in accordance with U.S. GAAP. The use of FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Our calculations of FRE 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.
41 Glossary (cont'd) Fee Related Expenses Fee Related Expenses is a component of Fee Related Earnings. Fee Related Expenses differs from expenses computed in accordance with U.S. GAAP in that it does not include incentive fee compensation, performance allocations compensation, share-based compensation, loss and loss adjustment expenses associated with our insurance business, depreciation and amortization, or charges (credits) related to corporate actions and non-recurring items, and expenses attributable to non- controlling interest in consolidated entities. Additionally, Fee Related Expenses is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds. Fee Related Expenses are used in management’s review of the business. Please refer to the reconciliation to the comparable line items on the consolidated and combined statements of operations. Fee Related Revenues Fee Related Revenues is a component of Fee Related Earnings. Fee Related Revenues is comprised of fund management fees, transaction fees net of any third-party operating expenses, net earnings from Bridge property operators, development fees, and other asset management and property income. Net earnings from Bridge property operators is calculated as a summation of property management, leasing fees and construction management fees less third-party operating expenses and property operating expenses. Property operating expenses is calculated as a summation of employee compensation and benefits, general and administrative expenses and interest expense at our property operators. We believe our vertical integration enhances returns to our shareholders and fund investors, and we view the net earnings from Bridge property operators as part of our fee related revenue as these services are provided to essentially all of the real estate properties in our equity funds. Net earnings from Bridge property operators is a metric that is included in management’s review of our business. Please refer to the reconciliation to the comparable line items on the combined statements of operations. Fee Related Revenues differs from revenue computed in accordance with U.S. GAAP in that it excludes insurance premiums. Additionally, Fee Related Revenues is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds. Fund Management Fees Fund management fees refers to fees we earn for advisory services provided to our funds, which are generally based on total commitments, invested capital or net asset value managed by us. Fund management fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Operating Company Bridge Investment Group Holdings LLC, or the Operating Company, acts 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 investment manager entities, which we refer to collectively as the Fund Managers. Sponsored Funds Sponsored Funds refers to the funds, co-investment vehicles and other entities and accounts that are managed by Bridge, and which are structured to pay fees.