Bridge Investment Group Holdings Inc
Bridge Investment — Q2 2025 Earnings Presentation
40 slides from Bridge Investment's earnings presentation, Aug 7, 2025
Slide 1: Bridge Investment Group Holdings Inc. Reports Second Quarter 2025 Results
BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS SECOND QUARTER 2025 RESULTS SALT LAKE CITY, UTAH—August 7, 2025—Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the quarter ended June 30, 2025. Net Income was $2.8 million for the q
Slide 2: Forward-Looking Statements
such words. These forward-looking statements are subject to certain risks, uncertainties and assumptions, many of which are beyond the control of Apollo and the Company, that could cause actual results and performance to differ materially from those expressed in such forward-looking statements. Fact
Slide 3: Additional Information Regarding the Transaction and Where to Find It
telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. Additional Information Regarding the Transaction and Where to Find It This earnings release is being made in respect of the proposed transaction between Apollo
Slide 4: Shareholder Relations and Media Contacts
Shareholder Relations: Bonni Rosen Salisbury Bridge Investment Group Holdings Inc. [email protected] Media: Charlotte Morse Bridge Investment Group Holdings Inc. (877) 866-4540 [email protected]
Slide 5: 2nd Quarter 2025
EARNINGS PRESENTATION August 7, 2025 2nd QUARTER 2025 1
Slide 6: Disclaimer
1 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 Ho
Slide 7: Disclaimer: No Offer or Solicitation
2 Disclaimer No Offer or Solicitation This presentation is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the
Slide 8: Disclaimer: Industry Information
3 Disclaimer 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 manag
Slide 9: GAAP Income Statement
4 GAAP Income Statement GAAP Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except shares and per share amounts) 2025 2024 2025 2024 Revenues: Fund management fees $ 58,465 $ 61,453 $ 117,773 $ 122,558 Property manag
Slide 10: Financial Highlights: 2nd Quarter 2025 Overview
5 Financial Highlights 2ND Quarter 2025 overview Key Operating Metrics Business Update • Bridge declared a dividend of $0.045 per share of its Class A common stock, payable on August 29, 2025 to its Class A common stockholders of record at the close of business on August 15, 2025. Bridge anticipates
Slide 11: Gross AUM and Fee-Earning AUM
6 $25.2 $36.3 $43.3 $47.7 $49.8 $48.9 $50.2 2020 2021 2022 2023 2024 Q2 2024 Q2 2025 Gross Assets Under Management (AUM) ($ in Bn) Fee-Earning Assets Under Management (FEAUM) ($ in Bn) Gross AUM and Fee-Earning AUM ~18% 5-Yr CAGR (2Q’20 vs 2Q’25) $10.2 $13.4 $17.3 $21.7 $22.3 $21.5 $21.9 2020 2021 2
Slide 12: Total Revenues and Fee Related Revenue
7 $166 $254 $320 $295 $324 $311 $310 Recurring Fund Management Fee Revenue Catch-up Fund Management Fee Revenue Transaction and Other Fee Revenue 2020 2021 2022 2023 2024 LTM 2Q24 LTM 2Q25 $232 $330 $409 $391 $412 $408 $398 2020 2021 2022 2023 2024 LTM 2Q24 LTM 2Q25 Total Revenues ($ in MM) Fee Rela
Slide 13: Distributable Earnings
8 Distributable Earnings • Q2 2025 compared to prior quarter decreased related to a reduction in fund related revenues and the timing and amount of realization of performance allocations. • Net insurance loss due to claims settled in our captive insurance company during 2025. • Q2 2025 reduction in
Slide 14: Capital Raised and Fee-Earning AUM Drivers
9 $320 $303 $334 $153 $305 $607 $821 $209 $476 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 • $476 million of capital raised in Q2 2025 driven by Credit strategies. • 97% of inflows were institutional and 3% were from individual investors. • $509 million of deployment in Q
Slide 15: Fee Related Revenue Summary
10 Management Fees ($ in MM) Fee related revenue summary Transaction Fees ($ in MM) Fee Related Revenue ($ in MM) • Recurring fund management fees decreased during Q2 2025 compared to Q1 2025 largely attributed to the change in fees basis for Newbury Fund IV as well as from dispositions in Bridge De
Slide 16: Long Duration Capital Drives Fee Visibility
11 1 As of June 30, 2025. 2 Weighted-average fund life for closed-end funds as of June 30, 2025. Long duration capital drives fee visibility Fee-Earning AUM1 Multifamily 17% Workforce & Affordable Housing 10% Seniors Housing 5% Single-Family Rental 2% Development 19%Office 1% Logistics 3% Net Lease
Slide 17: Earnings Summary
12 $34 $37 $29 $33 $35 $32 $37 $23 $27 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total Revenues & GAAP Net Income (Loss) ($ in MM) Earnings summary Fee Related Earnings & Distributable Earnings attributable to the Operating Company ($ in MM) • Fee Related Earnings to th
Slide 18: Compelling Fund-Level Track Record
13 Compelling fund-level track record This is a summary only. Please refer to Appendix for the Notes to Performance Summary on slide 33 for additional information. • Strong performance by residential housing funds driven by Bridge’s vertical integration. • Excludes performance for funds currently ra
Slide 19: Distributable Earnings and Capitalization
14 $0.04 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Distributable earnings and capitalization Balance Sheet ($ in MM) As of June 30, 2025 After-Tax Distributable Earnings Per Share $0.20 $0.22 $0.14 $0.17 $0.19 $0.15 $0.18 $0.09 $0.14 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2
Slide 20: Company Overview
Company Overview 15
Slide 21: Bridge Investment Group Overview
16 Multifamily 17.7% Workforce & Affordable Housing 12.0% Seniors Housing 4.4% Single-Family Rental 2.7% Development 17.0% Office 2.2% Logistics 3.4% Net Lease Income 1.7% Debt 23.8% Agency MBS 5.4% Secondaries 9.6% Bridge Investment Group overview A leading vertically integrated alternative investm
Slide 22: Bridge's Differentiated Approach Drives Results
17 Bridge’s differentiated approach drives results 1Plus approximately 2,800 professionals employed through a professional employment organization at sites managed by Bridge Senior Living. Data-driven approach to market selection, incorporating intel from our local ~2,250 on the ground colleagues1 a
Slide 23: Appendix
Appendix 18
Slide 24: Condensed Consolidated Balance Sheets
19 As of ($ in thousands) June 30, 2025 December 31, 2024 Assets (Unaudited) (Audited) Cash and cash equivalents $ 72,819 $ 90,599 Restricted cash 11,234 11,832 Marketable securities, at fair value 14,678 21,119 Receivables from affiliates 35,715 54,312 Notes receivable from affiliates 43,409 41,878
Slide 25: Unaudited Historical Non-GAAP Measures
20 Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Net income (loss) $ (2,760) $ (17,894) $ 677 $ (36,800) $ 27,494 $ 10,583 $ 15,440 $ (37,603) $ 2,792 Income tax expense
Slide 26: Unaudited Historical Non-GAAP Measures (Fee Related Revenues)
21 Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Fund-level fee revenues Fund management fees $ 60,353 $ 61,584 $ 55,040 $ 61,184 $ 61,193 $ 61,106 $ 62,298 $ 59,308 $ 58
Slide 27: Reconciliation of Distributable Earnings per Share
22 Appendix Unaudited Historical Reconciliation of Non-GAAP Distributable Earnings per Share Three Months Ended ($ in thousands, except per share and per share amounts) 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Numerator: Distributable Earnings ("DE"
Slide 28: Unaudited Historical Non-GAAP to GAAP Reconciliation
23 Appendix Unaudited Historical Non-GAAP to GAAP Reconciliation Three Months Ended ($ in thousands) 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Realized performance allocations and incentive fees $ 8,466 $ 20,225 $ 9,290 $ 12,969 $ 7,063 $ 5,398 $ 17,
Slide 29: Unaudited Historical Non-GAAP to GAAP Reconciliation (cont'd)
24 Appendix Unaudited Historical Non-GAAP to GAAP Reconciliation Three Months Ended ($ in thousands) 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Cash income attributable to non-controlling interests in subsidiaries $ (865) $ 1,074 $ 581 $ (719) $ (924)
Slide 30: AUM and FEAUM Roll Forward
25 Appendix AUM Roll Forward (Unaudited) FEAUM Roll Forward (Unaudited) ($ in millions) Three Months Ended June 30, 2025 LTM June 30, 2025 Balance as of beginning of period $21,982 $21,486 Increases (capital raised/deployment)4 209 2,120 Changes in fair market value 5 23 Decreases (liquidations/othe
Slide 31: FEAUM by Fund
26 Appendix FEAUM by Fund (Unaudited) June 30, June 30, ($ in millions) 2025 2024 Bridge Debt Strategies Fund IV $ 2,428 $ 2,774 Bridge Multifamily Fund V 2,239 2,239 Newbury Equity Partners Fund V 1,951 1,951 Bridge Opportunity Zone Fund IV 1,476 1,476 Bridge Workforce Fund II 1,429 1,372 Newbury E
Slide 32: Reconciliation of GAAP Shares Outstanding to Total Shares Outstanding
27 Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q2 2025 GAAP Shares of Common Stock Outstanding 37,357,910 Unvested Participating Shares of Common Stock 9,212,419 Total Participating Shares of Common Stock 46,570,329 Participating Partnership Units 9
Slide 33: Reconciliation of GAAP Loss per Share to Distributable Earnings per Share
28 Appendix Reconciliation of GAAP Loss per Share to Distributable Earnings per Share Q2 2025 ($ in thousands, except per share data) Amount Weighted- Average Shares Outstanding Amount per Share Net loss available to Common Shareholders $ (482) 35,889,995 $(0.01) Add: Income (loss) allocated to unve
Slide 34: Performance Income
29 Appendix Performance Income • The Operating Company receives 24% to 40% of the gross performance allocations. Non-Controlling Interests ($ in thousands) For Three Months Ended June 30, 2025 NON-GAAP FINANCIAL MEASURES Total Fund Management Performance income Fund-level fee revenues Fund managemen
Slide 35: Composition of Fund Management Fees
30 Appendix Composition of Fund Management Fees ($ in MM)
Slide 36: Investment Performance Summary
31 Investment Performance Summary - As of June 30, 2025 ($ 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 Capita
Slide 37: Investment Performance Summary (continued)
32 Investment Performance Summary - As of June 30, 2025 ($ 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 Capita
Slide 38: Notes to Performance Summary
33 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 Unleve
Slide 39: Glossary
34 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
Slide 40: Glossary (cont'd)
35 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 compensati
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