Quarterly report [Sections 13 or 15(d)]

INVESTMENTS

v3.25.1
INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The Company has interests in 199 partnership or joint venture entities. The limited liability companies and limited partnerships in which the Company is the general partner are generally engaged directly or indirectly in the acquisition, development, operation and ownership of investments in real estate, credit, renewable energy and secondaries. The accounting principles of these entities are substantially the same as those of the Company. Additionally, the Company has direct investments in several funds, including certain Bridge-sponsored funds. The Company’s investments are summarized below (in thousands):
Carrying Value
Investments March 31, 2025 December 31, 2024
Accrued performance allocations(1)
$ 327,150  $ 339,560 
Other investments:
Partnership interests in Company-sponsored funds(2)
146,255  153,181 
Investments in third-party partnerships(3)
15,780  15,364 
Other(4)
12,801  12,615 
Total other investments $ 174,836  $ 181,160 
(1)Represents various investment accounts held by the Bridge GPs for carried interest in Bridge-sponsored funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investments are valued using NAV of the respective vehicle, which are based on asset valuations one quarter in arrears for our managed funds or current NAV for our managed perpetual REIT.
(2)Partnership interests in Company-sponsored funds are valued using the NAV of the respective vehicle.
(3)Investments in limited partnership interests in third-party private property technology venture capital firms are valued using NAV of the respective vehicle.
(4)Other investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.
The Company recognized losses of $15.2 million and $52.9 million related to its accrued performance allocations and other investments for the three months ended March 31, 2025 and 2024, respectively, of which $7.7 million and $48.7 million, respectively, related to accrued performance allocations recognized under the equity method.
Of the total accrued performance allocations balance as of March 31, 2025 and December 31, 2024, $58.7 million and $57.6 million, respectively, was payable to affiliates and is included in accrued performance allocations compensation in the condensed consolidated balance sheets as of the periods then ended.
Fair value of the accrued performance allocations related to our managed funds is reported on a three-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a more timely basis. As a result, any changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts. The fair value of our managed perpetual REIT is based on the current period NAV.
The Company evaluates each of its equity method investments, excluding accrued performance allocations, to determine if any were significant as defined by the SEC. As of March 31, 2025 and December 31, 2024, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.