|6 Months Ended|
Jun. 30, 2021
|BRIDGE INVESTMENT GROUP HOLDINGS INC [Member]|
|Subsidiary or Equity Method Investee [Line Items]|
In connection with the IPO, the Company completed a series of organizational transactions (“Transactions”). The Transactions included:
In connection with the IPO, the Company became the sole managing member of the Operating Company and will control the business and affairs of the Operating Company and its direct and indirect subsidiaries.
In connection with the IPO, the Company entered into a Tax Receivable Agreement with the Operating Company and each of the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) increases in the Company’s allocable share of the tax basis of the Operating Company’s assets resulting from (a) the Company’s purchase of Class A Units directly from the Operating Company and the partial redemption of Class A Units by the Operating Company in connection with the IPO, (b) future redemptions or exchanges (or deemed exchanges in certain circumstances) of Class A Units for Class A common stock or cash and (c) certain distributions (or deemed distributions) by the Operating Company; (2) the Company’s allocable share of the existing tax basis of the Operating Company’s assets at the time of any redemption or exchange of Class A Units (including in connection with the IPO), which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by the Company and (3) certain additional tax benefits arising from payments made under the Tax Receivable Agreement.
On July 6, 2021, the Company adopted the 2021 Incentive Award Plan, which became effective on July 20, 2021, under which 6,600,000 shares of the Company’s Class A common stock will be initially reserved for issuance. In connection with the IPO, the Company granted 2,163,981 shares of Class A common stock pursuant to restricted stock and restricted stock unit awards.
|BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member]|
|Subsidiary or Equity Method Investee [Line Items]|
Initial Public Offering
On July 20, 2021, the Company completed its IPO of
shares of its Class A common stock at a public offering price of
share, receiving approximately
million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. Bridge Investment Group Holdings Inc. used the net proceeds from the IPO to purchase 18,750,000 newly issued Class A Units from
the Operating Company at a price per unit equal to the initial public offering price per share of Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses. Immediately following the completion of the IPO and related organizational transactions, Bridge Investment Group Holdings Inc. held
21,752,812Class A Units of the Operating Partnership, representing approximately 19.8% of the economic interest in the Operating Company.
The Operating Company used (or plans to use) the net proceeds from the sale of Class A Units to the Company (1) to pay $137.1 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners and (2) for general corporate purposes to support the growth of the business.
On July 16, 2020, the Company reacquired 9,375,000
shares of the outstanding shares of Class B Common Stock in connection with its IPO. The Company subsequently cancelled and retired9,375,000
Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 Class A common shares. The Company used 100% of the net proceeds of approximately $21.1 million, after taking into account the underwriting discounts and commissions and estimated offering expenses, to purchase 1,416,278 newly issued Class A Units directly from the Operating Company, at a price per Class A Unit equal to the initial public offering price per share of Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Operating Company used all of the net proceeds from the sale of Class A Units to the Company related to this over-allotment option to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners.
Notes Receivable from Employees
The Company entered into notes receivable from employees totaling $3.5
Distributions to Owners
The following distributions were made subsequent to June 30, 2021:
All of the distributable earnings of the Operating Company prior to initial public offering will be distributed to unit holders as of the close of business on July 15, 2021.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
No definition available.