BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS FIRST QUARTER 2023 RESULTS SALT LAKE CITY, UTAH—May 8, 2023—Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the quarter ended March 31, 2023. Net Income (Loss) was $(67.4) million for the quarter ended March 31, 2023. On a basic and diluted basis, net income (loss) attributable to Bridge per share of Class A common stock was $0.03 and $(0.13), respectively. Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) were $33.4 million, or $0.19 per share after-tax, for the quarter ended March 31, 2023. Fee Related Earnings to the Operating Company were $30.9 million for the quarter ended March 31, 2023. Robert Morse, Bridge’s Executive Chairman, remarked “During the first quarter we continued to build momentum in our business across multiple metrics: we increased fee-earning AUM 51% year-over-year and closed Multifamily V at a record $2.3 billion, highlighting investors’ confidence in our specialized strategies. We continued to deploy capital into attractive fixed income opportunities and selectively in equity strategies. Additionally, we closed the acquisition of Newbury Partners on March 31, 2023, expanding Bridge into the attractive secondaries sector and integration has been comprehensive and seamless. We have strong conviction in each of our key thematic areas - Residential Rental, Logistics, Private Credit and Secondaries. These are resilient strategies which we believe benefit from durable secular tailwinds.” Jonathan Slager, Bridge’s Chief Executive Officer, added “Bridge’s specialized investment approach, forward integration into property management and conservative leverage are important differentiators for our company. Over 98% of our fee-earning AUM is in long-term, closed end funds that have no redemption features and a weighted- average duration of 7.4 years, adding to the foundational stability of our business. Despite broader market headwinds, we are well positioned with $4.4 billion of dry powder to invest at what we believe will be an attractive point in the cycle.” Common Dividend Bridge declared a quarterly dividend of $0.15 per share of its Class A common stock, payable on June 16, 2023 to its Class A common stockholders of record at the close of business on June 2, 2023. Additional Information Bridge Investment Group Holdings Inc. issued a full detailed presentation of its first quarter 2023 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “First Quarter 2023 Earnings Presentation.” Conference Call and Webcast Information The Company will host a conference call on May 9, 2023 at 9:30 a.m. ET to discuss its first quarter 2023 results. Interested parties may access the conference call live over the phone by dialing 1-877-405-1210 (domestic) or 1-201-689-8721 (international) and requesting Bridge Investment Group Holdings Inc.’s First Quarter 2023 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 May 23, 2023 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13737445. Exhibit 99.1


 
About Bridge Bridge is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.8 billion of assets under management as of March 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies. 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 or otherwise, 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 Jonathan Keehner / Kara Brickman / Erik Carlson Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449


 
May 8, 2023 1st Quarter 2023 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”), Bridge Investment Group Holding s LLC (the “Operating 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, 2022, filed with the United States Securities and Exchange Commission (the “SEC”) on February 27, 2023, which is 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 Statements of Operations (Unaudited) Three Months Ended March 31, ($ in thousands, except shares and per share amounts) 2023 2022 Revenues: Fund management fees $ 53,849 $ 52,700 Property management and leasing fees 19,899 18,279 Construction management fees 3,285 1,887 Development fees 335 1,259 Transaction fees 2,377 21,998 Fund administration fees 4,177 3,640 Insurance premiums 4,729 2,416 Other asset management and property income 2,797 1,955 Total revenues 91,448 104,134 Investment income: Performance allocations: realized 3,162 8,937 Performance allocations: unrealized (107,025) 65,862 Earnings from investments in real estate — 40 Total investment income (loss) (103,863) 74,839 Expenses: Employee compensation and benefits 51,178 47,480 Performance allocations compensation: realized 1,732 560 Performance allocations compensation: unrealized (14,670) 9,238 Loss and loss adjustment expenses 2,320 1,751 Third-party operating expenses 6,110 6,768 General and administrative expenses 13,893 9,508 Depreciation and amortization 1,093 633 Total expenses 61,656 75,938 Other income (expense): Realized and unrealized gains, net 1,487 427 Interest income 3,454 1,209 Interest expense (4,145) (1,621) Total other income 796 15 (Loss) income before provision for income taxes (73,275) 103,050 Income tax benefit (expense) 5,844 (5,545) Net (loss) income (67,431) 97,505 Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC (56,249) 36,713 Net (loss) income attributable to Bridge Investment Group Holdings LLC (11,182) 60,792 Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. (13,216) 51,020 Net income attributable to Bridge Investment Group Holdings Inc. $ 2,034 $ 9,772 Financial Results • GAAP Net Loss was $67.4 million for the 1st quarter of 2023 • GAAP Net Income attributable to Bridge Investment Group Holdings Inc. was $2.0 million for the 1st quarter of 2023 • Earnings (loss) per share of Class A common stock - basic and diluted was $0.03 and $(0.13), respectively, for the 1st quarter of 2023


 
4 Financial Highlights 1ST QUARTER 2023 OVERVIEW Key Operating Metrics Business Update • Declared quarterly dividend of $0.15 per share of Class A common stock, payable on June 16, 2023 to stockholders of record on June 2, 2023. • On March 31, 2023, the Company completed its previously announced $320.1 million cash acquisition of substantially all of the business of Newbury Partners LLC, an investment manager that specializes in acquiring limited partnership interests in private equity funds through secondary transactions. • In connection with this acquisition, the Company entered into a $150 million note purchase agreement, pursuant to which the Operating Company issued two tranches of notes in a private placement offering with a weighted-average interest rate and duration of 6.0% and 7.6 years, respectively. These transactions funded on March 29, 2023. • At the end of Q1 2023, the Company had $4.4 billion of dry powder across all fund verticals, a majority of which is in our Multifamily, Workforce & Affordable Housing, Credit and Secondaries vehicles. ($ in MM, except per share data or as noted) Q1 2023 Q1 2022 YoY Change % LTM Q1 2023 LTM Q1 2022 YoY Change % Total Revenue $91.4 $104.1 (12)% $396.4 $375.6 6% GAAP Net (Loss) Income $(67.4) $97.5 (169)% $107.4 $465.4 (77)% Earnings per share, Basic $0.03 $0.35 (91)% $0.60 N/A N/A Fee Related Earnings (“FRE”) to the Operating Company1 $30.9 $45.4 (32)% $143.8 $135.7 6% Distributable Earnings (“DE”) of the Operating Company1 $33.4 $47.9 (30)% $173.4 $165.6 5% After-tax DE per share1 $0.19 $0.28 (32)% $1.01 $1.05 (4)% Q1 2023 Q1 2022 YoY Change % LTM Q1 2023 LTM Q1 2022 YoY Change % Gross AUM $48.8 Bn $38.8 Bn 26% $48.8 Bn $38.8 Bn 26% Fee-Earning AUM $22.2 Bn $14.7 Bn 51% $22.2 Bn $14.7 Bn 51% Capital Raised $0.7 Bn $1.1 Bn (39)% $4.0 Bn $6.0 Bn (33)% Capital Deployed $0.9 Bn $0.6 Bn 36% $3.4 Bn $5.0 Bn (32)% Dry Powder $4.4 Bn $2.9 Bn 52% $4.4 Bn $2.9 Bn 52% Realized Performance Allocations $3.2 $8.9 (65)% $63.5 $85.9 (26)% Unrealized Accrued Performance Allocations $447.7 $505.4 (11)% $447.7 $505.4 (11)% 1 For the twelve months ended March 31, 2022 the pro forma information assumes our IPO and related transactions occurred prior to reported period.


 
5 $14.5 $20.0 $25.2 $36.3 $43.3 $38.8 $48.8 2018 2019 2020 2021 2022 Q1 2022 Q1 2023 Gross Assets Under Management (AUM)1 ($ in Bn) Fee-Earning Assets Under Management (FEAUM)1 ($ in Bn) PROVEN RECORD OF STRONG AND STEADY GROWTH ~36% 5-Yr CAGR (1Q'18 vs 1Q'23) ~26% YoY Growth (1Q'22 vs 1Q'23) $5.8 $8.7 $10.2 $13.4 $17.3 $14.7 $22.2 2018 2019 2020 2021 2022 Q1 2022 Q1 2023 ~38% 5-Yr CAGR (1Q'18 vs 1Q'23) ~51% YoY Growth (1Q'22 vs 1Q'23) 1 AUM and FEAUM as of March 31, 2023 includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023.


 
6 $108 $181 $166 $254 $320 $298 $302 Recurring Fund Management Fee Revenue Catchup Fund Management Fee Revenue Transaction and Other Fee Revenue 2018 2019 2020 2021 2022 LTM 1Q22 LTM 1Q23 $138 $246 $232 $330 $409 $376 $396 2018 2019 2020 2021 2022 LTM 1Q22 LTM 1Q23 Total Revenues ($ in MM) Fee-Related Revenue ($ in MM) PROVEN RECORD OF STRONG AND STEADY GROWTH ~27% 5-Yr CAGR (1Q'18 vs 1Q'23) Fund Mgmt. Fees (Recurring & Catchup): ~33% 5-Yr CAGR (1Q'18 vs 1Q'23) Total Fee-Related Revenue: ~25% 5-Yr CAGR (1Q'18 vs 1Q'23) 1 Netted out for placement agent fees (allocated pro rata between recurring and catchup fund management fees). 1 1


 
7 NON-GAAP FINANCIAL MEASURES Fee Related Earnings LTM • Growth driven by continued FEAUM growth Fee Related Revenues LTM • Growth in recurring fund management fees driven by strong growth in FEAUM • Includes fund administration fees from internalization of fund administration Three Months Ended March 31, Last Twelve Months Ended March 31, 2023 2022 2023 2022 ($ in thousands) Fund-level fee revenues Fund management fees $ 53,849 $ 52,700 $ 222,733 $ 177,786 Transaction fees 2,377 21,998 36,585 91,745 Total net fund-level fee revenues 56,226 74,698 259,318 269,531 Net earnings from Bridge property operators 3,243 2,939 10,809 12,365 Development fees 335 1,259 3,765 4,576 Fund administration fees 4,177 3,640 15,567 3,640 Other asset management and property income 2,797 1,955 12,344 7,748 Fee Related Revenues 66,778 84,491 301,803 297,860 Cash-based employee compensation and benefits (31,623) (32,539) (125,336) (108,343) Net administrative expenses (6,139) (6,740) (27,736) (21,443) Fee Related Expenses (37,762) (39,279) (153,072) (129,786) Total Fee Related Earnings 29,016 45,212 148,731 168,074 Total Fee Related Earnings attributable to non-controlling interests 1,856 150 (4,898) (32,401) Total Fee Related Earnings to the Operating Company 30,872 45,362 143,833 135,673 Fund level performance fee revenues Realized performance allocations and incentive fees 3,162 8,937 63,506 85,910 Realized performance allocations and incentive fees compensation (1,732) (560) (5,567) (5,286) Net realized performance allocations attributable to non- controlling interests (619) (6,094) (33,845) (49,742) Net insurance income (loss) 2,409 665 8,081 1,532 Earnings from investments in real estate1 — 40 2,129 2,176 Net interest income (expense) and realized gain (loss) (697) (450) (4,717) (4,674) Distributable Earnings attributable to the Operating Company $ 33,395 $ 47,900 $ 173,420 $ 165,589 Distributable After-Tax Earnings per share of Class A common stock $ 0.19 $ 0.28 $ 1.01 $ 1.05 Weighted-average shares of Class A common stock outstanding - Basic 25,068,319 23,138,030 24,406,959 22,612,217 1 Earnings from investments in real estate is offset by interest expense related to GP Lenders.


 
8 $175 $1,056 $1,493 $2,307 $1,101 $1,498 $1,345 $518 $674 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 • $674 million of capital raised in Q1 2023 driven by Credit, Multifamily, Development (Opportunity Zone), and Renewable Energy • $866 million of deployment in Q1 2023, mostly driven by Credit strategies Capital Raised ($ in MM) FEE-EARNING AUM DRIVERS Deployment ($ in MM) Fee-Earning Assets Under Management ($ in Bn)1 Total AUM: $26 $29 $32 $36 $39 $42 $44 $43 $49 $212 $998 $1,303 $2,060 $639 $938 $633 $980 $866 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $10.3 $10.8 $12.1 $13.4 $14.7 $15.5 $16.6 $17.3 $22.2 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1 AUM and FEAUM as of March 31, 2023 includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023.


 
9 Management Fees ($ in MM) FEE RELATED REVENUE SUMMARY Transaction Fees ($ in MM) All Other Fees ($ in MM) • Recurring fund management fees increased 15% in Q1 2023 compared to Q1 2022 • Fund management fees includes a decrease of $2.8 million of catchup fees compared to Q4 2022 and a decrease of $5.6 million of catchup fees compared to Q1 2022 • All other fees includes fund administration fees which the Operating Company began earning in Q1 2022, these fees total $4.2 million for Q1 2023 Fee Related Revenue ($ in MM) $5 $16 $22 $32 $22 $18 $12 $5 $2 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $31 $35 $41 $50 $53 $49 $64 $55 $54 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $4 $5 $8 $6 $10 $9 $11 $12 $11 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $40 $56 $70 $88 $84 $76 $86 $73 $67 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023


 
10 1 As of March 31, 2023. 2 Weighted-average fund life for closed-end funds as of March 31, 2023, which includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023. LONG DURATION CAPITAL DRIVES FEE VISIBILITY • $674.1 million raised in 2023 continues to drive strong recurring Fund Management Fee growth which increased by 15% year-over-year • Capital commitments raised in 1st quarter averaged 8.2 years in duration • Our weighted-average FEAUM by remaining duration is 7.4 years2 Fee-Earning AUM1 Multifamily 17% Workforce & Affordable Housing 10% Seniors Housing 7% Single-Family Rental 1%Development 18% Office 4% Logistics 1% Net Lease Income 1% Debt 21% Agency MBS 1% Secondaries 19% Fee-Earning AUM by Remaining Duration1 10+ Years, 29% 7-10 Years, 31% 5-7 Years, 16% 3-5 Years, 16% 0-3 Years, 6% Perpetual, 2%


 
11 Total Revenues & GAAP Net Income (Loss) ($ in MM) 1All earnings prior to Q3 2021 are on a pro forma basis; assumes our IPO and related transactions occurred prior to reported period. EARNINGS SUMMARY Fee Related Earnings & Distributable Earnings to the Operating Company ($ in MM)1 • Fee Related Earnings driven by continued FEAUM growth and healthy margins - Q1 2023 impacted by timing of catchup and transaction fees • Q1 2023 includes the impact of collapsing the 2020 profits interests which was determined on an accretive basis to the Operating Company Fee Related Earnings & Margin ($ in MM) $18 $31 $42 $50 $45 $40 $45 $35 $29 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $59 $72 $92 $107 $104 $99 $110 $95 $91 $41 $83 $119 $166 $98 $124 $32 $18 $(67) Total Revenues GAAP Net Income (Loss) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 $15 $25 $30 $36 $45 $40 $42 $31 $31 $17 $37 $42 $39 $48 $55 $50 $36 $33 Fee Related Earnings attributable to Operating Company Distributable Earnings attributable to Operating Company Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 44% 55% 60% 57% 54% 52% 52% 49% 43%Margin:


 
12 $203 $247 $302 $440 $505 $576 $559 $555 $448 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 +120% (43% CAGR) PERFORMANCE FEE SUMMARY Net Unrealized Performance Allocations by Vintage2Accrued Performance Allocations1 ($ in MM) 1 Based on fair value one quarter in arrears. All earnings prior to Q3 2021 are on a pro forma basis; assumes our IPO and related transactions occurred prior to reported period. 2 As of March 31, 2023. 3 Does not include any carried interest related to Newbury Funds I through V. Performance Fees & Realizations ($ in MM) • Carry-eligible AUM of $17.8 billion3, over 80% of FEAUM • Accrued performance allocations attributable to the Operating Company is $172.8 million, the decrease during the quarter was due to increased cap rate valuation assumptions • Pipeline for future performance-driven Distributable Earnings is significant • Quarterly realization pace and performance fees will vary based upon market conditions $6.5 $35.6 $31.0 $10.3 $8.9 $33.6 $21.0 $4.1 $1.4 Net performance fees to the Operating Company - realized Gross performance fees to the Operating Company - realized Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 2015 11.6% 2016 1.6% 2017 18.1% 2018 62.5% Post 2018 5.3% Perpetual 0.9%


 
13 COMPELLING FUND-LEVEL TRACK RECORD This is a summary only. Please refer to Appendix for the Notes to Performance Summary on slide 37 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, Debt Funds II and III were ranked in the first quartile by Preqin1 • Excludes performance for strategies currently raising capital including: Logistics, Net Lease Income, Single- Family Rental, Agency MBS, Renewable Energy & PropTech 1Includes value-add strategies as of Q4 2022. Preqin rankings based on self-reported data and do not imply an endorsement from Preqin or any other organization. 2 Bridge Multifamily V is approximately 41% called with approximately $1.3 billion of dry powder available to deploy before the end of the investment period in July 2025. 3 Bridge Workforce Housing II is approximately 54% called with approximately $0.8 billion of dry powder available to deploy before the end of the investment period in August 2024. As of March 31, 2023 Closed-End Funds Investor Levered Investor Unlevered (Investment Period Beginning, Ending Date) Net IRR Net IRR Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2012) 15.1 % 15.1 % Bridge Multifamily II (Apr 2012, Mar 2015) 23.0 % 22.5 % Bridge Multifamily III (Jan 2015, Jan 2018) 20.1 % 19.4 % Bridge Multifamily IV (Jun 2018, Jun 2021) 22.6 % 21.9 % Bridge Multifamily V (Jul 2021, to present)2 (34.4) % (29.0) % Total Multifamily Funds 19.1 % 18.6 % Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) 19.1 % 19.1 % Bridge Workforce Housing II (Aug 2020, to present)3 (1.2) % (0.5) % Total Workforce & Affordable Housing Funds 13.5 % 13.1 % Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) (0.4) % (0.3) % Bridge Seniors II (Mar 2017, Mar 2020) 4.4 % 4.5 % Bridge Seniors III (Nov 2020, to present) 3.7 % 3.7 % Total Seniors Housing Funds 1.8 % 1.9 % Office Bridge Office I (Jul 2017, Jul 2020) (7.2) % (7.0) % Bridge Office II (Dec 2019, Dec 2022) 12.8 % 11.8 % Total Office Funds (3.7) % (3.3) % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) 5.8 % 5.8 % Bridge Debt II (Jul 2016, Jul 2019) 8.8 % 8.7 % Bridge Debt III (May 2018, May 2021) 9.0 % 8.9 % Bridge Debt IV (Nov 2020, to present) 7.0 % 6.2 % Total Debt Strategies Funds 8.4 % 8.1 %


 
14 $0.41 $0.52 $0.35 $0.44 $0.17 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 DISTRIBUTABLE EARNINGS AND CAPITALIZATION Balance Sheet ($ in MM) As of March 31, 2023 After-Tax Distributable Earnings Per Share2 1 Prior to the Company's IPO in July 2021, no earnings per share information is available. 2 All earnings prior to Q3 2021 are on a pro forma basis; assumes our IPO and related transactions occurred prior to reported period. $0.12 $0.25 $0.26 $0.26 $0.28 $0.32 $0.29 $0.21 $0.19 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Assets Cash and cash equivalents $ 77.5 Restricted cash 9.9 Marketable securities, at fair value 12.7 Receivables from affiliates 61.2 Notes receivable from affiliates 59.4 Other assets 75.9 Other investments 185.0 Accrued performance allocations 447.7 Intangible assets, net 153.4 Goodwill 234.6 Deferred tax assets, net 54.6 Total assets $ 1,371.9 Liabilities Accrued performance allocations compensation $ 52.1 Accrued compensation and benefits 14.4 Accounts payable and accrued expenses 22.5 Due to affiliates 52.1 General Partner Notes Payable, at fair value 7.7 Insurance loss reserves 9.8 Self-insurance reserves and unearned premiums 4.1 Line of credit 80.0 Other liabilities 41.2 Notes payable 446.4 Total liabilities $ 730.3 Earnings (Loss) Per Share of Class A Common Stock - Diluted1 N/A N/A $(0.04) $(0.13)


 
15 MULTIFAMILY INVESTMENT RETURNS OVER TIME Source: Bloomberg; NCREIF Multifamily Index: NCREIF Property Index (NPI), US Equities: S&P 500, Fixed Income: Barclays Aggregate Bond Index. “CREIF Multifamily” is presented as gross of fees on an asset-level basis. “U.S. Equities” is presented as a benchmark index for performance. Data as of Q1 2023. Rolling 10-year MOIC - private, unlevered core multifamily vs. other asset classes (total return)


 
COMPANY OVERVIEW


 
17 Multifamily 19.4% Workforce & Affordable Housing 11.2% Seniors Housing 7.5% Single-Family Rental 2.1% Development 11.7% Office 5.1% Logistics 1.5% Net Lease Income 1.3% Debt 24.4% Agency MBS 5.2% Secondaries 10.6% BRIDGE INVESTMENT GROUP OVERVIEW A leading vertically integrated 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 ~$20.2Bn of capital raised over the last five years2 Key Stats1 $48.8Bn Gross AUM ~$600MM+ Principal, Employee, and Affiliate Capital Commitments LTM Q1 2023 Pre-Tax Distributable Earnings $173MM AUM by Strategy1 Equity Strategies Credit Strategies 1Q'18 - 1Q'23 Fee-Related Earnings CAGR ~25% 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 March 31, 2023. 2 From April 1, 2018 through March 31, 2023.


 
18 Strong Tailwinds from Favorable Industry Trends Diversified and Synergistic Business Model Spanning Real Estate, Credit, Renewable Energy and Secondaries 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


 
19 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


 
20 1 Committed capital OVERVIEW OF NEWBURY PARTNERS $2.8 $4.2 $4.3 $5.1 $5.6 $6.2 2016 2017 2018 2019 2020 2021 Cumulative Equity Raised ($ in Bn) Fund Year Size1 Newbury Equity Partners 2007 $0.7Bn Newbury Equity Partners II 2010 $1.0Bn Newbury Equity Partners III 2014 $1.1Bn Newbury Equity Partners IV 2017 $1.4Bn Newbury Equity Partners V 2020 $2.0Bn Fund Overview ($ in Bn) On March 31, 2023, Bridge completed the acquisition of Newbury Partners: • Founded in 2006, Newbury Partners specializes in acquiring limited partnership interests in established leveraged buyout, growth equity and venture capital funds through secondary transactions • Newbury’s strategy differentiates it from other secondary market participants and is highly defensible ◦ Newbury Partners pursues an opportunistic and value-oriented investment strategy, targeting small- to mid-size transactions in the secondary market ◦ Significant investment focus on the U.S. private equity middle market


 
21 Individual 46% Institutional 54% 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 Q1 2023, 72% of capital was raised internationally and 75% came from institutional 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 AIFM license in Luxembourg approved July 2022, which has opened up marketing efforts for real estate funds in Europe in a more direct and efficient manner US 59% Rest of World 41% 1 Based on committed capital as of March 31, 2023 and includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023.


 
22 High Proportion of Repeat Investors1, 2 High Proportion of Investors Invested Across Multiple Funds1 LP Composition1,3 1 Based on committed capital as of March 31, 2023. 2 Repeat investors groups investors coming through wirehouse platforms as one repeat investor as of March 31, 2023. 3 Based on committed capital as of March 31, 2023 and includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023. 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 24.9% Repeat Investors 75.1% Invested Across Multiple Funds 58.9% Invested in Single Fund 41.1% Wealth Management 27.8% SWF, Pension 26.8% Family Office, HNW, RIA 16.2% Insurance, Bank, Foundation 18.6% Fund of Funds 8.1% Employees 2.5%


 
23 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


 
25 Appendix GAAP Condensed Consolidated Balance Sheets As of ($ in thousands) March 31, 2023 December 31, 2022 Assets (Unaudited) (Audited) Cash and cash equivalents $ 77,508 $ 183,576 Restricted cash 9,949 9,689 Marketable securities, at fair value 12,717 14,614 Receivables from affiliates 61,188 53,804 Notes receivable from affiliates 59,432 67,244 Other assets 75,918 70,466 Other investments 184,961 85,456 Accrued performance allocations 447,698 554,723 Intangible assets, net 153,410 4,894 Goodwill 234,603 55,982 Deferred tax assets, net 54,552 54,387 Total assets $ 1,371,936 $ 1,154,835 Liabilities and shareholdersʼ equity Accrued performance allocations compensation $ 52,084 $ 66,754 Accrued compensation and benefits 14,423 15,643 Accounts payable and accrued expenses 22,471 24,942 Due to affiliates 52,138 51,966 General Partner Notes Payable, at fair value 7,690 8,633 Insurance loss reserves 9,790 9,445 Self-insurance reserves and unearned premiums 4,131 3,453 Line of credit 80,000 — Other liabilities 41,225 30,386 Notes payable 446,387 297,294 Total liabilities $ 730,339 $ 508,516 Total shareholdersʼ equity $ 641,597 $ 646,319 Total liabilities and shareholdersʼ equity $ 1,371,936 $ 1,154,835


 
26 Appendix Unaudited Historical Pro Forma & Actual Non-GAAP Measures ¹ Pro forma assumes our IPO and related transactions occurred prior to reported period. Pro Forma1 Actual Three Months Ended ($ in thousands) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Net (loss) income $ 38,378 $ 84,031 $ 118,882 $ 165,786 $ 97,505 $ 124,382 $ 32,241 $ 18,245 $ (67,431) Income tax (benefit) expense 1,703 2,340 2,607 4,821 5,545 5,837 3,203 7,610 (5,844) (Loss) income before provision for income taxes 40,081 86,371 121,489 170,607 103,050 130,219 35,444 25,855 (73,275) Depreciation and amortization 753 727 699 651 633 887 703 713 1,093 Less: Unrealized performance allocations (14,729) (43,204) (53,042) (137,638) (65,862) (70,116) 16,367 4,437 107,025 Plus: Unrealized performance allocations compensation 623 2,540 2,682 20,910 9,238 7,987 3,789 3,856 (14,670) Less: Unrealized (gains) losses, net (5,780) (317) (2,565) (705) (479) (3,483) (387) 101 (1,493) Plus: Other (income) expenses, net — — — 1,723 — — — (1,246) — Plus: Share-based compensation 3,133 16,916 2,452 3,592 7,264 6,553 9,624 8,702 9,360 Plus: Transaction and non-recurring costs — — — — — — — — 4,118 Less: Net realized performance allocations attributable to non-controlling interests (4,486) (20,593) (17,142) (5,913) (6,094) (18,409) (12,460) (2,357) (619) Less: Cash income attributable to non-controlling interests in subsidiaries (2,648) (5,829) (12,154) (14,568) 150 977 (3,307) (4,424) 1,856 Distributable Earnings attributable to the Operating Company $ 16,947 $ 36,611 $ 42,419 $ 38,659 $ 47,900 $ 54,615 $ 49,773 $ 35,637 $ 33,395 Realized performance allocations and incentive fees (6,467) (35,629) (30,999) (10,345) (8,937) (33,581) (22,308) (4,455) (3,162) Realized performance allocations and incentive fees compensation 429 2,223 1,855 648 560 2,165 1,321 349 1,732 Net realized performance allocations to non-controlling interests 4,486 20,593 17,142 5,913 6,094 18,409 12,460 2,357 619 Net insurance (income) loss (1,108) 110 (1,101) 124 (665) (1,406) (1,183) (3,083) (2,409) (Earnings) losses from investments in real estate 43 (980) (823) (333) (40) (1,251) (818) (60) — Net interest (income) expense and realized (gain) loss 630 1,995 1,381 848 450 1,529 2,323 168 697 Less: Cash income attributable to non-controlling interests in subsidiaries 2,648 5,829 12,154 14,568 (150) (977) 3,307 4,424 (1,856) Total Fee Related Earnings $ 17,608 $ 30,752 $ 42,028 $ 50,082 $ 45,212 $ 39,503 $ 44,875 $ 35,337 $ 29,016 Total Fee Related Earnings attributable to non-controlling interests (2,648) (5,829) (12,154) (14,568) 150 977 (3,307) (4,424) 1,856 Total Fee Related Earnings attributable to the Operating Company $ 14,960 $ 24,923 $ 29,874 $ 35,514 $ 45,362 $ 40,480 $ 41,568 $ 30,913 $ 30,872


 
27 Appendix Unaudited Historical Pro Forma & Actual Non-GAAP Measures ¹ Pro forma assumes our IPO and related transactions occurred prior to reported period. Pro Forma1 Actual Three Months Ended ($ in thousands) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Fund-level fee revenues Fund management fees $ 30,860 $ 34,545 $ 40,576 $ 49,965 $ 52,700 $ 49,380 $ 64,096 $ 55,408 $ 53,849 Transaction fees 5,326 16,242 21,907 31,598 21,998 17,643 11,532 5,033 2,377 Total net fund-level fee revenues 36,186 50,787 62,483 81,563 74,698 67,023 75,628 60,441 56,226 Net earnings from Bridge property operators 2,094 1,988 4,969 2,469 2,939 2,108 1,294 4,164 3,243 Development fees 386 1,163 1,018 1,136 1,259 793 986 1,651 335 Fund administration fees — — — — 3,640 3,657 3,808 3,925 4,177 Other asset management and property income 1,520 1,611 1,533 2,649 1,955 2,659 4,413 2,475 2,797 Fee Related Revenues 40,186 55,549 70,003 87,817 84,491 76,240 86,129 72,656 66,778 Cash-based employee compensation and benefits (20,308) (21,403) (23,173) (31,228) (32,539) (30,120) (34,242) (29,351) (31,623) Net administrative expenses (2,270) (3,394) (4,802) (6,507) (6,740) (6,617) (7,012) (7,968) (6,139) Fee Related Expenses (22,578) (24,797) (27,975) (37,735) (39,279) (36,737) (41,254) (37,319) (37,762) Total Fee Related Earnings 17,608 30,752 42,028 50,082 45,212 39,503 44,875 35,337 29,016 Total Fee Related Earnings attributable to non-controlling interests (2,648) (5,829) (12,154) (14,568) 150 977 (3,307) (4,424) 1,856 Total Fee Related Earnings to the Operating Company 14,960 24,923 29,874 35,514 45,362 40,480 41,568 30,913 30,872 Realized performance allocations and incentive fees 6,467 35,629 30,999 10,345 8,937 33,581 22,308 4,455 3,162 Realized performance allocations and incentive fees compensation (429) (2,223) (1,855) (648) (560) (2,165) (1,321) (349) (1,732) Net realized performance allocations attributable to non-controlling interests (4,486) (20,593) (17,142) (5,913) (6,094) (18,409) (12,460) (2,357) (619) Net insurance income (loss) 1,108 (110) 1,101 (124) 665 1,406 1,183 3,083 2,409 Earnings (losses) from investments in real estate (43) 980 823 333 40 1,251 818 60 — Net interest income (expense) and realized gain (loss) (630) (1,995) (1,381) (848) (450) (1,529) (2,323) (168) (697) Distributable Earnings attributable to the Operating Company $ 16,947 $ 36,611 $ 42,419 $ 38,659 $ 47,900 $ 54,615 $ 49,773 $ 35,637 $ 33,395


 
28 Appendix Unaudited Historical Pro Forma & Actual Reconciliation of Non-GAAP Distributable Earnings per Share ¹ Pro forma assumes our IPO and related transactions occurred prior to reported period. Pro Forma1 Actual Three Months Ended ($ in thousands, except per share and per share amounts) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Numerator Distributable Earnings ("DE") attributable to the Operating Company $ 16,947 $ 36,611 $ 42,419 $ 38,659 $ 47,900 $ 54,615 $ 49,773 $ 35,637 $ 33,395 Less: DE attributable to non-controlling interests in the Operating Company (13,127) (28,359) (33,792) (29,957) (37,380) (42,256) (38,451) (27,488) (25,230) DE attributable to Bridge Investment Group Holdings Inc. 3,820 8,252 8,627 8,702 10,520 12,359 11,322 8,149 8,165 Less: Income allocated to participating Restricted Shares (332) (718) (823) (743) (1,897) (2,126) (1,969) (1,405) (1,917) DE available to common shareholders 3,488 7,534 7,804 7,959 8,623 10,233 9,353 6,744 6,248 Income tax benefit (expense) (872) (1,884) (1,951) (1,990) (2,156) (2,558) (2,338) (1,686) (1,562) After-tax DE available to common shareholders $ 2,616 $ 5,651 $ 5,853 $ 5,969 $ 6,467 $ 7,675 $ 7,015 $ 5,058 $ 4,686 Denominator Weighted-average shares of Class A Common stock outstanding - Basic 22,284,351 22,284,351 22,284,351 22,742,137 23,138,030 24,029,107 24,157,236 24,373,172 25,068,319 After-Tax Non-GAAP Distributable Earnings Per Share $ 0.12 $ 0.25 $ 0.26 $ 0.26 $ 0.28 $ 0.32 $ 0.29 $ 0.21 $ 0.19


 
29 Appendix Unaudited Non-GAAP to GAAP Reconciliation - Historical Pro Forma & Actual ¹ Pro forma assumes our IPO and related transactions occurred prior to reported period. Pro Forma1 Actual Three Months Ended ($ in thousands) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 Cash-based employee compensation and benefits $ 20,308 $ 21,403 $ 23,173 $ 31,228 $ 32,539 $ 30,120 $ 34,242 $ 29,351 $ 31,623 Compensation expense of Bridge property operators 6,002 6,279 6,138 6,667 7,677 10,020 11,102 9,436 10,195 Share-based compensation 3,133 16,916 2,452 3,592 7,264 6,553 9,624 8,702 9,360 Employee compensation and benefits $ 29,443 $ 44,598 $ 31,763 $ 41,487 $ 47,480 $ 46,693 $ 54,968 $ 47,489 $ 51,178 Administrative expenses, net of Bridge property operators $ 2,270 $ 3,394 $ 4,802 $ 6,507 $ 6,740 $ 6,617 $ 7,012 $ 7,968 $ 6,139 Administrative expenses of Bridge property operators 1,830 1,997 1,901 2,112 2,768 3,152 3,673 3,140 3,636 Transaction and non-recurring costs — — — — — — — — 4,118 General and administrative expenses $ 4,100 $ 5,391 $ 6,703 $ 8,619 $ 9,508 $ 9,769 $ 10,685 $ 11,108 $ 13,893 Unrealized gains (losses) $ 5,780 $ 317 $ 2,565 $ 705 $ 479 $ 3,483 $ 387 $ (101) $ 1,493 Other expenses from Bridge property operators (21) (19) (18) (16) (14) (13) (8) — — Net interest income (expense) and realized gain (loss) (630) (1,995) (1,381) (848) (450) (1,529) (2,323) (168) (697) Other income (expense), net — — — (1,723) — — — 1,246 — Total other income $ 5,129 $ (1,697) $ 1,166 $ (1,882) $ 15 $ 1,941 $ (1,944) $ 977 $ 796 Cash income attributable to non-controlling interests in subsidiaries $ 2,648 $ 5,829 $ 12,154 $ 14,568 $ (150) $ (977) $ 3,307 $ 4,424 $ (1,856) Non-cash income attributable to non-controlling interests in subsidiaries — — — — — — — (644) (434) Realized performance allocations attributable to non-controlling interests 4,486 20,593 17,142 5,913 6,094 18,409 12,460 2,357 619 Unrealized performance allocations attributable to non-controlling interests 9,586 25,517 31,605 64,778 30,769 32,316 (14,386) (5,838) (54,578) Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC $ 16,720 $ 51,939 $ 60,901 $ 85,259 $ 36,713 $ 49,748 $ 1,381 $ 299 $ (56,249)


 
30 Appendix AUM Roll Forward (Unaudited) FEAUM Roll Forward (Unaudited) ($ in millions) Three Months Ended March 31, 2023 Balance as of beginning of period $17,334 Increases (capital raised/deployment)1,5 4,970 Changes in fair market value (40) Decreases (liquidations/other)6 (96) FEAUM as of end of period $22,168 % Change 28 % 1 Includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023. 2 New capital / commitments raised generally represents limited partner capital raised by our funds and other vehicles, including any reinvestments in our open-ended vehicles. 3 Distributions / return of capital generally represents the realization proceeds from the disposition of assets, current income, or capital returned to investors. 4 Change in fair value and acquisitions generally represents realized and unrealized activity on investments held by our funds and other vehicles (including changes in fair value and changes in leverage) as well as the net impact of fees, expenses, and non-investment income. 5 Increases generally represents limited partner capital raised or deployed by our funds and other vehicles that is fee-earning when raised or deployed, respectively, including any reinvestments in our open- ended vehicles. 6 Decreases generally represents liquidations of investments held by our funds or other vehicles or other changes in fee basis, including the change from committed capital to invested capital after the expiration or termination of the investment period. ($ in millions) Three Months Ended March 31, 2023 Balance as of beginning of period $43,292 New capital / commitments raised1,2 5,862 Distributions / return of capital3 (186) Change in fair value and acquisitions4 (163) AUM as of end of period $48,805 % Change 13 %


 
31 Appendix FEAUM by Fund (Unaudited) December 31, March 31, ($ in millions) 2021 2022 2023 Bridge Debt Strategies Fund IV $ 1,133 $ 2,381 $ 2,773 Bridge Multifamily Fund V 976 2,143 2,233 Newbury Equity Partners Fund V — — 1,951 Bridge Workforce Fund II 915 1,719 1,719 Bridge Opportunity Zone Fund IV 1,490 1,476 1,476 Newbury Equity Partners Fund IV — — 1,408 Bridge Multifamily Fund IV 1,284 1,347 1,347 Bridge Opportunity Zone Fund III 1,019 1,019 1,019 Bridge Debt Strategies Fund III 1,286 1,028 969 Newbury Equity Partners Fund III — — 896 Bridge Seniors Housing Fund II 805 793 782 Bridge Seniors Housing Fund I 626 615 615 Bridge Workforce Fund I 556 556 556 Bridge Opportunity Zone Fund V — 504 551 Bridge Opportunity Zone Fund I 482 482 482 Bridge Office Fund I 499 478 445 Bridge Opportunity Zone Fund II 408 408 408 Bridge Debt Strategies Fund II 354 280 280 Bridge Logistics U.S. Venture I 110 256 278 Bridge Debt Strategies IV JV Partners 129 142 262 Bridge Agency MBS Fund 123 245 239 Bridge Single-Family Rental Fund IV — 229 231 Bridge Debt Strategies III JV Partners 308 223 216 Bridge Net Lease Industrial Income Fund 29 179 190 Bridge Multifamily Fund III 269 188 188 Bridge Office Fund II 176 161 161 Bridge Debt Strategies II JV Partners 195 145 139 Bridge Office I JV Partners 130 132 132 Bridge Office III JV Partners — 93 93 Bridge Seniors Housing Fund III 33 66 65 Morrocroft Neighborhood Fund III — 32 32 Bridge Office II JV Partners 6 6 21 Bridge Solar Energy Development Fund I — — 7 Bridge Multifamily III JV Partners 4 4 4 Bridge Debt Strategies I JV Partners 18 4 — Total FEAUM by Fund $ 13,363 $ 17,334 $ 22,168


 
32 Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q1 2023 GAAP Shares of Common Stock Outstanding 25,105,577 Unvested Participating Shares of Common Stock 7,581,258 Total Participating Shares of Common Stock 32,686,835 Participating Partnership Units 98,775,923 Unvested Participating Partnership Units 2,421,685 Total Shares Outstanding 133,884,443 Shareholder Dividends ($ in thousands, except per share data) Q1 2023 Distributable Earnings Attributable to the Operating Company $33,395 Less: Transaction and non-recurring costs (4,118) Less: 10% Holdback of Profits in the Operating Company to reinvest (2,928) Less: DE attributable to non-controlling interests in Operating Company (19,905) DE before Certain Payables Attributable to Common Stockholders $6,444 Less: Other Payables Attributable to Common Stockholders (1,611) DE Attributable to Participating Common Stockholders $4,833 Total Participating Shares of Common Stock 32,686,835 DE per Share $0.15 Less: Retained Capital per Share 0.00 Dividend per Share $0.15 Record Date June 2, 2023 Payment Date June 16, 2023


 
33 Appendix Reconciliation of GAAP Earnings per Share to Distributable Earnings per Share Q1 2023 ($ in thousands, except per share data) Amount Weighted- Average Shares Outstanding Amount per Share Net income available to Common Shareholders $ 728 25,068,319 $0.03 Add: Income allocated to unvested Participating Shares of Restricted Stock 1,306 Net income attributable to Bridge Investment Group Holdings Inc. $ 2,034 32,760,407 $0.03 Net loss attributable to non-controlling interests in Operating Company (13,216) Net loss attributable to non-controlling interests in subsidiaries of Operating Company (56,249) Net (loss) income $ (67,431) 133,995,273 $(0.50) Income tax benefit (expense) 5,844 (Loss) income before provision for income taxes $ (73,275) 133,995,273 $(0.55) Depreciation and amortization 1,093 Less: Unrealized performance allocations 107,025 Plus: Unrealized performance allocations compensation (14,670) Less: Unrealized (gains) losses, net (1,493) Plus: Share-based compensation 9,360 Plus: Transaction and non-recurring costs 4,118 Less: Net realized performance allocations attributable to non-controlling interests (619) Less: Cash income attributable to non-controlling interests in subsidiaries 1,856 Distributable Earnings attributable to the Operating Company $ 33,395 133,995,273 $0.25 Less: DE attributable to non-controlling interests in the Operating Company 25,230 101,234,866 0.25 Distributable Pre-Tax Earnings attributable to Bridge Investment Group Holdings Inc. $ 8,165 32,760,407 $0.25 Less: Income allocated to participating Restricted Shares 1,917 Distributable Pre-Tax Earnings available to Common Shareholders $ 6,248 25,068,319 $0.25 Less: Income tax expense 1,562 Distributable After-Tax Earnings available to Common Shareholders $ 4,686 25,068,319 $0.19


 
34 Appendix Profits Interests • 2019 profits interests converted on January 1, 2022 • 2020 profits interests converted on January 1, 2023 • 2021 profits interests expected to be converted on July 1, 2023 • 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 March 31, 2023 NON-GAAP FINANCIAL MEASURES Total Fund Management Performance income Fund-level fee revenues Fund management fees $ 53,849 $ 53,849 $ — Transaction fees net 2,377 2,377 — Total Fund-level fee revenues 56,226 56,226 — Net earnings from Bridge property operators 3,243 3,243 — Development fees 335 335 — Fund administration fees 4,177 4,177 — Other asset management and property income 2,797 2,797 — Fee Related Revenues 66,778 66,778 — Cash-based employee compensation and benefits (31,623) (31,623) — Net administrative expenses (6,139) (6,139) — Fee Related Expenses (37,762) (37,762) — Total Fee Related Earnings 29,016 29,016 — Total Fee Related Earnings attributable to non-controlling interests from 2021 Profits Interests — — — Total Fee Related Earnings attributable to non-controlling interests from subsidiaries of the Operating Company 1,856 1,856 — Total Fee Related Earnings to the Operating Company 30,872 30,872 — Realized performance allocations and incentive fees 3,162 - 3,162 Realized performance allocations and incentive fees compensation (1,732) - (1,732) Net realized performance allocations attributable to non-controlling interests (619) - (619) Net insurance income 2,409 2,409 - Earnings from investments in real estate — — - Net interest income/(expense) and realized gain/(loss) (697) (697) - Distributable Earnings Attributable to the Operating Company $ 33,395 $ 32,584 $ 811


 
35 Appendix Composition of Fund Management Fees ($ in MM)


 
36 Investment Performance Summary - As of March 31, 2023 ($ 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 Net IRR(10) Investor Unlevered Net IRR(11) Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2012) $ 124 $ — $ 150 $ 280 $ — N/A $ 280 1.87x 15.1 % 15.1 % Bridge Multifamily II (Apr 2012, Mar 2015) 596 — 605 1,264 — N/A 1,264 2.09x 23.0 % 22.5 % Bridge Multifamily III (Jan 2015, Jan 2018) 912 562 892 1,785 337 2.36x 2,122 2.38x 20.1 % 19.4 % Bridge Multifamily IV (Jun 2018, Jun 2021) 1,590 1,528 1,440 376 2,556 2.02x 2,932 2.04x 22.6 % 21.9 % Bridge Multifamily V (Jul 2021, to present) 2,257 988 930 22 703 0.78x 725 0.78x (34.4) % (29.0) % Total Multifamily Funds(12) $ 5,479 $ 3,078 $ 4,017 $ 3,727 $ 3,596 1.59x $ 7,323 1.82x 19.1 % 18.6 % Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) $ 619 $ 663 $ 586 $ 129 $ 1,068 2.04x $ 1,197 2.04x 19.1 % 19.1 % Bridge Workforce Housing II (Aug 2020, to present) 1,741 977 945 80 939 1.08x 1,019 1.08x (1.2) % (0.5) % Total Workforce & Affordable Housing Funds(12) $ 2,360 $ 1,640 $ 1,531 $ 209 $ 2,007 1.45x $ 2,216 1.45x 13.5 % 13.1 % Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) $ 578 $ 830 $ 726 $ 409 $ 404 0.94x $ 813 1.12x (0.4) % (0.3) % Bridge Seniors II (Mar 2017, Mar 2020) 820 849 736 242 720 1.28x 962 1.31x 4.4 % 4.5 % Bridge Seniors III (Nov 2020, to present) 48 33 24 2 30 1.31x 32 1.31x 3.7 % 3.7 % Total Seniors Housing Funds(12) $ 1,446 $ 1,712 $ 1,486 $ 653 $ 1,154 1.14x $ 1,807 1.22x 1.8 % 1.9 % Office Bridge Office I (Jul 2017, Jul 2020) $ 573 $ 685 $ 621 $ 189 $ 362 0.91x $ 551 0.89x (7.2) % (7.0) % Bridge Office II (Dec 2019, Dec 2022) 208 211 207 40 260 1.45x 300 1.45x 12.8 % 11.8 % Total Office Funds(12) $ 781 $ 896 $ 828 $ 229 $ 622 1.06x $ 851 1.03x (3.7) % (3.3) % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) $ 132 $ — $ 219 $ 264 $ — N/A $ 264 1.21x 5.8 % 5.8 % Bridge Debt II (Jul 2016, Jul 2019) 1,002 246 2,642 2,839 271 1.35x 3,110 1.18x 8.8 % 8.7 % Bridge Debt III (May 2018, May 2021) 1,624 976 5,620 5,264 967 1.30x 6,231 1.11x 9.0 % 8.9 % Bridge Debt IV (Nov 2020, to present) 2,888 2,839 7,683 5,272 2,672 1.07x 7,944 1.03x 7.0 % 6.2 % Total Debt Strategies Funds(12) $ 5,646 $ 4,061 $ 16,164 $ 13,639 $ 3,910 1.16x $ 17,549 1.09x 8.4 % 8.1 % Please refer to Notes to Performance Summary on slide 37 for additional information.


 
37 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 Unlevered Net IRR and the Investor Levered Net IRR numbers presented, 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) Closed-End Funds does not include performance for (i) Opportunity Zone funds as such funds are invested in active development projects and have minimal stabilized assets, (ii) funds that are currently raising capital, including our open-ended funds, (iii) funds related to the acquisition of the investment management business of Gorelick Brothers' Capital, LLC that closed on January 31, 2022 where Bridge is not acting as the general partner, or (iv) funds related to the acquisition of the investment management business of Newbury Partners, LLC that closed on March 31, 2023. 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 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 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 the MOIC for Total Investment Fair Value divided by Cumulative Investment Invested Capital. (10) Investor Levered Net IRR is an annualized realized and unrealized 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, net of the investors actual management fees, fund level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee-paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. This return may differ from actual investor level returns due to timing, variance in fees paid by investors, and other investor-specific investment costs such as taxes. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, IRRs may be amplified by fund leverage and early fund expenses and may not be meaningful. For 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 Unlevered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions and drawdowns on fund lines of credit) and cash outflows (distributions and repayments on fund lines of credit) and the remaining fair value (after removing outstanding balances on fund lines of credit), net of the investors actual management fees, fund level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee- paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, this IRR may be amplified by early fund expenses and may not be meaningful. For 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. (12) Any composite returns presented herein do not represent actual returns received by any one investor and are for illustrative purposes only. Composite performance is based on actual cash flows of the funds within a strategy over the applicable timeframes and are prepared using certain assumptions. Each fund has varied investment periods and investments were made during different market environments; past performance of prior funds within a strategy is not a guarantee of future results. Fund investors generally pay fees based on a defined percentage of total commitments during the investment period and invested capital thereafter, but some fund investors may pay fees based on invested capital for the life of the fund according to the applicable governing documents.


 
38 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, cash 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, 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.


 
39 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 asset management 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.