Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Components of Income Tax Expense
The components of income tax expense attributable to Bridge Investment Group Holdings Inc., including subsidiaries BIGRM and BPM, for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands):
Year Ended December 31,
2023 2022 2021
Current income taxes:
Federal $ 2,462  $ 6,342  $ 2,887 
State 1,247 2,982 1,300
Deferred income taxes:
Federal 3,190 9,385 4,970
State (772) 3,486 (895)
Total income taxes
 $ 6,127  $ 22,195  $ 8,262 
Summary of U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
Year Ended December 31,
2023 2022 2021
Federal tax at statutory rate
 21.00  % 21.00  % 21.00  %
State and local income tax (net of federal tax benefit)
 (0.46) % 1.73  % 0.37  %
Income passed to non-controlling interests
 (20.83) % (17.44) % (19.46) %
Change in deferred TRA tax assets
 (4.70) % —  % —  %
Other
 (2.54) % 2.24  % 0.07  %
Effective tax rate
 (7.53) % 7.53  % 1.98  %
Summary of Deferred income Tax Assets and Liabilities
The net deferred income tax assets in the consolidated balance sheets include the following amounts of deferred income tax assets and liabilities as of December 31, 2023 and 2022 (in thousands):
Year Ended December 31,
2023 2022
Deferred income tax assets:
Deferred TRA $ 67,006  $ 53,915 
Unrealized loss on securities 48 110
Loss reserve 469 348
Capital loss carryforward 14 14
Total deferred income tax assets 67,537 54,387