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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 September 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 November 1, 2022, the registrant had 29,247,221 shares of Class A common stock ($0.01 par value per share) outstanding and 85,551,127 shares of Class B common stock ($0.01 par value per share) outstanding.



TABLE OF CONTENTS
Page
Condensed Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021
Condensed Consolidated and Combined Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated and Combined Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated and Combined Statements of Changes in Shareholders’/Members’ Equity (Unaudited) for the Three and Nine Months Ended September 30, 2022 and 2021
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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 IPO, to Bridge Investment Group Holdings Inc., and, unless otherwise stated, all of its subsidiaries, including Bridge Investment Group Holdings LLC (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”)
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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”)
Bridge Investment Group Ventures Fund GP LLC (“BIGVF 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 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 Class A common stock.
Contributed Bridge GPs” refers to the following entities:
BOF I GP
BOF II GP
BSH I GP
BSH II GP
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BSH III GP
BOZ I GP
BOZ II GP
BOZ III GP
BOZ IV GP
BMF III GP
BMF IV GP
BWH I GP
BWH II GP
BDS II GP
BDS III GP
BDS IV GP
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 the IPO, and the application of the net proceeds therefrom. Refer to Note 1, “Organization,” in the condensed consolidated and combined financial statements included elsewhere in this quarterly report on Form 10-Q for a description of the Transactions.
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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)
September 30, 2022December 31, 2021
Assets(Unaudited) (Audited)
Cash and cash equivalents$191,493 $78,417 
Restricted cash8,966 5,455 
Marketable securities, at fair value9,509 8,035 
Receivables from affiliates52,895 35,379 
Notes receivable from affiliates65,474 118,508 
Other assets80,888 44,463 
Other investments83,398 44,006 
Accrued performance allocations559,160 439,548 
Intangible assets, net5,378 3,441 
Goodwill55,982 9,830 
Deferred tax assets, net66,275 59,210 
Total assets$1,179,418 $846,292 
Liabilities and shareholdersʼ equity
Accrued performance allocations compensation$62,752 $41,020 
Accrued compensation and benefits18,097 15,107 
Accounts payable and accrued expenses30,621 13,586 
Due to affiliates52,110 46,134 
General Partner notes payable, at fair value9,786 12,003 
Insurance loss reserves9,425 8,086 
Self-insurance reserves and unearned premiums5,268 3,504 
Other liabilities31,184 8,973 
Notes payable297,164 148,142 
Total liabilities$516,407 $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 September 30, 2022 and December 31, 2021, respectively
  
Class A common stock, $0.01 par value, 500,000,000 authorized; 29,247,881 and 25,159,799 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
292 230 
Class B common stock, $0.01 par value, 238,087,544 and 239,208,722 authorized; 85,551,127 and 86,672,305 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
856 867 
Additional paid-in capital61,244 53,527 
Retained earnings22,502 17,184 
Accumulated other comprehensive loss(187)(21)
Bridge Investment Group Holdings Inc. equity84,707 71,787 
Non-controlling interests in Bridge Investment Group Holdings LLC312,296 272,482 
Non-controlling interests in Bridge Investment Group Holdings Inc.266,008 205,468 
Total shareholdersʼ equity663,011 549,737 
Total liabilities and shareholdersʼ equity$1,179,418 $846,292 
See accompanying notes to condensed consolidated and combined financial statements.
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BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Operations (Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues:
Fund management fees$64,096 $40,576 $166,176 $105,963 
Property management and leasing fees18,788 22,510 56,683 53,592 
Construction management fees3,414 2,097 7,727 5,988 
Development fees986 1,018 3,037 2,567 
Transaction fees11,532 21,907 51,172 43,475 
Fund administration fees3,808  11,105  
Insurance premiums3,387 2,530 8,648 6,446 
Other asset management and property income4,413 1,533 9,027 4,664 
Total revenues110,424 92,171 313,575 222,695 
Investment income:
Incentive fees   910 
Performance allocations:
Realized22,308 30,999 64,826 72,184 
Unrealized(16,367)53,042 119,611 111,009 
Earnings from investments in real estate818 823 2,109 1,799 
Total investment income6,759 84,864 186,546 185,902 
Expenses:
Employee compensation and benefits54,968 31,763 149,140 101,220 
Incentive fee compensation   82 
Performance allocations compensation:
Realized1,321 1,855 4,047 6,096 
Unrealized3,789 2,682 21,014 10,159 
Loss and loss adjustment expenses2,204 1,429 5,395 4,346 
Third-party operating expenses6,125 11,581 19,642 26,325 
General and administrative expenses10,685 6,703 29,961 16,196 
Depreciation and amortization703 699 2,223 2,179 
Total expenses79,795 56,712 231,422 166,603 
Other income (expense):
Realized and unrealized gains, net399 2,565 4,315 8,663 
Interest income1,904 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 taxes35,444 121,489 268,711 246,282 
Income tax provision(3,203)(2,607)(14,585)(3,441)
Net income32,241 118,882 254,126 242,841 
Net income attributable to non-controlling interests in Bridge Investment Group Holdings LLC1,381 60,900 87,842 70,663 
Net income attributable to Bridge Investment Group Holdings LLC30,860 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 IPO25,861 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 Diluted (Note 21)1
$0.17 $0.41 $0.96 $0.41 
Weighted-average shares of Class A common stock outstanding—Basic and Diluted (Note 21)1
24,157,236 22,284,351 23,778,524 22,284,351 
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 Note 1, “Organization” and Note 21, “Earnings per Share” for additional information.
See accompanying notes to condensed consolidated and combined financial statements.
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BRIDGE INVESTMENT GROUP HOLDINGS INC.
Condensed Consolidated and Combined Statements of Comprehensive Income (Unaudited)
(Dollar amounts in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$32,241 $118,882 $254,126 $242,841 
Other comprehensive income (loss) - foreign currency translation adjustments, net of tax(162)(13)(166)(6)
Total comprehensive income32,079 118,869 253,960 242,835 
Less: comprehensive income attributable to non-controlling interests in Bridge Investment Group Holdings LLC1,381 60,900 87,842 70,663 
Comprehensive income attributable to Bridge Investment Group Holdings LLC30,698 57,969 166,118 172,172 
Less: comprehensive income attributable to Common Control Group prior to Transactions and IPO 3,775  117,971 
Less: comprehensive income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO25,861 43,904 138,574 43,904 
Comprehensive income attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO$4,837 $10,290 $27,544 $10,297 
See accompanying notes to condensed consolidated and combined financial statements.
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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)
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(1)
NCI in Bridge
Investment Group
Holdings Inc.(2)
Total Shareholdersʼ/
Membersʼ Equity
Balance as of June 30, 2022$291 $857 $60,962 $26,364 $(25)$323,141 $269,407 $680,997 
Net income— — — 4,999 — 1,381 25,861 32,241 
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 Agreement1 (1)(2)— — — — (2)
Share-based compensation, net of forfeitures — 4,358 — — 822 4,444 9,624 
Capital contributions— — — — — 12 — 12 
Distributions— — — — — (13,060)(37,778)(50,838)
Dividends on Class A Common Stock/Units, $0.30 per share
— — — (8,861)— — — (8,861)
Foreign currency translation adjustment— — — — (162)— — (162)
Reallocation of equity— — (4,074)— — — 4,074  
Balance as of September 30, 2022$292 $856 $61,244 $22,502 $(187)$312,296 $266,008 $663,011 
(1)Non-controlling interests (“NCI”) in Bridge Investment Group Holdings LLC or Common Control Group
(2)NCI in Bridge Investment Group Holdings Inc.
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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 June 30, 2021$157,253 $ $ $ $ $11 $12,377 $ $169,641 
Net income prior to Transactions and IPO3,775 — — — — — 1,799 — 5,574 
Foreign currency translation adjustment prior to Transactions and IPO— — — — — (11)— — (11)
Share-based compensation prior to Transactions and IPO196 — — — — — 19 — 215 
Distributions prior to Transactions and IPO(18,377)— — — — — (3,186)— (21,563)
Settlement of accrued performance allocations compensation liability with equity14,247 — — — — — — — 14,247 
Recognition of non-controlling interests in certain subsidiaries concurrent with Transactions and IPO(142,986)— — — — — 142,986 —  
Derecognition of Bridge Debt Strategies Fund GP LLC2,337 — — — — —  — 2,337 
Effects of Transactions and purchase of Operating Company Class A Units(16,445)28 975 15,442 — — — —  
Issuance of Class A common stock sold in IPO, net of underwriting discount and issuance costs— 187 — 277,006 — — — (139,875)137,318 
Purchase of membership interests in the Operating Company— — (108)(157,955)— — — 158,063  
Issuance of Class A common stock from Underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs— 14 — 18,174 — — — (18,188) 
Deferred tax effect resulting from purchase of Class A Units, net of amounts payable under Tax Receivable Agreement— — — 18,730 — — — — 18,730 
Equity reallocation between controlling and non-controlling interests subsequent to Transactions and IPO— — — (119,149)— — — 119,149  
Capital Contributions subsequent to Transactions and IPO— — — — — — 186 — 186 
Net income subsequent to Transactions and IPO— — — — 10,303 — 59,101 43,904 113,308 
Foreign currency translation subsequent to Transactions and IPO— — — — — (2)— — (2)
Share-based compensation subsequent to Transactions and IPO— 1 — 531 — — 4 1,702 2,238 
Distributions subsequent to Transactions and IPO— — — — — — (18,515)(5,628)(24,143)
Balance as of September 30, 2021$ $230 $867 $52,779 $10,303 $(2)$194,771 $159,127 $418,075 
For a description of the Transactions related to our initial public offering (“IPO”) refer to Note 1, “Organization.”
(1)Net investment in Common Control Group
(2)NCI in Bridge Investment Group Holdings LLC or Common Control Group
(3)NCI in Bridge Investment Group Holdings Inc.
See accompanying notes to condensed consolidated and combined financial statements.
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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)
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(1)
NCI in Bridge
Investment Group
Holdings Inc.(2)
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— — — 27,710 — 87,842 138,574 254,126 
Conversion of 2019 profits interest awards8 — (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 Agreement11 (11)778 — — — — 778 
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 forfeitures43 — 8,046 — — 836 14,517 23,442 
Capital contributions— — — — — 213 — 213 
Distributions— — — — — (69,130)(108,580)(177,710)
Dividends on Class A Common Stock/Units, $0.77 per share
— — — (22,392)— — — (22,392)
Foreign currency translation adjustment— — — — (166)—