Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Operations (Unaudited)

v3.22.2.2
Condensed Consolidated and Combined Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Total revenues $ 110,424 $ 92,171 $ 313,575 $ 222,695
Investment income:        
Incentive fees 0 0 0 910
Performance allocations:        
Realized 22,308 30,999 64,826 72,184
Unrealized (16,367) 53,042 119,611 111,009
Earnings from investments in real estate 818 823 2,109 1,799
Total investment income 6,759 84,864 186,546 185,902
Expenses:        
Employee compensation and benefits 54,968 31,763 149,140 101,220
Incentive fee compensation 0 0 0 82
Performance allocations compensation:        
Realized 1,321 1,855 4,047 6,096
Unrealized 3,789 2,682 21,014 10,159
Loss and loss adjustment expenses 2,204 1,429 5,395 4,346
Third-party operating expenses 6,125 11,581 19,642 26,325
General and administrative expenses 10,685 6,703 29,961 16,196
Depreciation and amortization 703 699 2,223 2,179
Total expenses 79,795 56,712 231,422 166,603
Other income (expense):        
Realized and unrealized gains, net 399 2,565 4,315 8,663
Interest income 1,904 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 taxes 35,444 121,489 268,711 246,282
Income tax provision (3,203) (2,607) (14,585) (3,441)
Net income 32,241 118,882 254,126 242,841
Net income attributable to non-controlling interests 1,381 60,900 87,842 70,663
Net income attributable to Bridge Investment Group Holdings LLC 30,860 $ 57,982 166,284 $ 172,178
Net income attributable to Common Control Group prior to Transactions and IPO $ 4,999   $ 27,710  
Earnings per share of Class A common stock - Basic and Diluted        
Basic (in dollars per share) $ 0.17 [1] $ 0.41 $ 0.96 [1] $ 0.41
Diluted (in dollars per share) $ 0.17 [1] $ 0.41 $ 0.96 [1] $ 0.41
Weighted-average shares of Class A common stock outstanding - Basic and Diluted        
Basic (in shares) 24,157,236 [1] 22,284,351 23,778,524 [1] 22,284,351
Diluted (in shares) 24,157,236 [1] 22,284,351 23,778,524 [1] 22,284,351
Fund management fees        
Revenues:        
Total revenues $ 64,096 $ 40,576 $ 166,176 $ 105,963
Property management and leasing fees        
Revenues:        
Total revenues 18,788 22,510 56,683 53,592
Construction management fees        
Revenues:        
Total revenues 3,414 2,097 7,727 5,988
Development fees        
Revenues:        
Total revenues 986 1,018 3,037 2,567
Transaction fees        
Revenues:        
Total revenues 11,532 21,907 51,172 43,475
Fund administration fees        
Revenues:        
Total revenues 3,808 0 11,105 0
Insurance premiums        
Revenues:        
Total revenues 3,387 2,530 8,648 6,446
Other asset management and property income        
Revenues:        
Total revenues 4,413 1,533 9,027 4,664
Common Control Group        
Other income (expense):        
Net income attributable to Common Control Group prior to Transactions and IPO 0 3,775 0 117,971
Bridge Investment Group Holdings Inc.        
Other income (expense):        
Net income attributable to non-controlling interests 25,861 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
[1] 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.