Bridge Investment Group Holdings Inc
Bridge Investment — Q1 2025 Earnings Presentation
41 slides from Bridge Investment's earnings presentation, May 8, 2025
Slide 1: Bridge Investment Group Reports First Quarter 2025 Results
BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS FIRST QUARTER 2025 RESULTS SALT LAKE CITY, UTAH—May 8, 2025—Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the quarter ended March 31, 2025. Net (Loss) was $(37.6) million for the q
Slide 2: Forward-looking statements
“projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions, but not all forward- looking statements include such words. These forward- looking statements are subject to certain risks, uncertainties and assump
Slide 3: Additional Information Regarding the Transaction
securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascerta
Slide 4: Participants in solicitation and contacts
proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement and the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such
Slide 5: 1st Quarter 2025
EARNINGS PRESENTATION May 8, 2025 1st 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 March 31, ($ in thousands, except shares and per share amounts) 2025 2024 Revenues: Fund management fees $ 59,308 $ 61,105 Property management and leasing fees 16,984 19,937 Construction manag
Slide 10: Financial Highlights: 1st Quarter 2025 Overview
5 Financial Highlights 1ST Quarter 2025 overview Key Operating Metrics Business Update • The Company did not declare a quarterly dividend for the quarter ended March 31, 2025. In accordance with the Apollo Merger Agreement, the Company expects to declare and pay a final dividend to the stockholders
Slide 11: Gross AUM and Fee-Earning AUM
6 $25.2 $36.3 $43.3 $47.7 $49.8 $48.0 $49.4 2020 2021 2022 2023 2024 Q1 2024 Q1 2025 Gross Assets Under Management (AUM) ($ in Bn) Fee-Earning Assets Under Management (FEAUM) ($ in Bn) Gross AUM and Fee-Earning AUM ~20% 5-Yr CAGR (1Q’20 vs 1Q’25) $10.2 $13.4 $17.3 $21.7 $22.3 $22.0 $22.0 2020 2021 2
Slide 12: Total Revenues and Fee Related Revenue
7 $166 $254 $320 $295 $324 $307 $317 Recurring Fund Management Fee Revenue Catch-up Fund Management Fee Revenue Transaction and Other Fee Revenue 2020 2021 2022 2023 2024 LTM 1Q24 LTM 1Q25 $232 $330 $409 $391 $412 $402 $406 2020 2021 2022 2023 2024 LTM 1Q24 LTM 1Q25 Total Revenues ($ in MM) Fee Rela
Slide 13: Distributable Earnings and Fee Related Earnings
8 Distributable Earnings • Q1 2025 decrease related to timing and amount of realization of performance allocations • Q1 2025 net insurance loss largely due to claims settled in our captive insurance company during 2025 Fee Related Earnings • Q1 2025 increase in compensation and benefits largely due
Slide 14: Capital Raised and Fee-Earning AUM drivers
9 $674 $320 $303 $334 $153 $305 $607 $821 $209 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 • $209 million of capital raised in Q1 2025 driven by Credit strategies. • 87% of inflows were institutional and 13% were from individual investors. • $576 million of deployment in
Slide 15: Fee Related Revenue Summary
10 Management Fees ($ in MM) Fee related revenue summary Transaction Fees ($ in MM) Fee Related Revenue ($ in MM) • Recurring fund management fees decreased during Q1 2025 compared to Q4 2024 largely attributed to dispositions in Bridge Seniors Housing Fund I. • Catch-up management fees were $0.1 mi
Slide 16: Long duration capital drives fee visibility
11 1 As of March 31, 2025. 2 Weighted-average fund life for closed-end funds as of March 31, 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 Leas
Slide 17: Earnings Summary
12 $29 $34 $37 $29 $33 $35 $32 $37 $23 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Revenues & GAAP Net Income (Loss) ($ in MM) Earnings summary Fee Related Earnings & Distributable Earnings attributable to the Operating Company ($ in MM) • Fee Related Earnings to th
Slide 18: Performance Fee Summary
13 $448 $428 $377 $382 $320 $339 $339 $340 $327 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Performance fee summary Net Unrealized Performance Allocations by Vintage2Accrued Performance Allocations ($ in MM)1 1 Based on fair value one quarter in arrears. 2 As of March 31,
Slide 19: Fund-level track record
14 Compelling fund-level track record This is a summary only. Please refer to Appendix for the Notes to Performance Summary on slide 34 for additional information. • Strong performance by residential housing funds driven by Bridge’s vertical integration. • Excludes performance for funds currently ra
Slide 20: Distributable Earnings and Capitalization
15 $0.04 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Distributable earnings and capitalization Balance Sheet ($ in MM) As of March 31, 2025 After-Tax Distributable Earnings Per Share $0.19 $0.20 $0.22 $0.14 $0.17 $0.19 $0.15 $0.18 $0.09 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1
Slide 21: Company Overview
Company Overview 16
Slide 22: Bridge Investment Group Overview
17 Multifamily 17.5% Workforce & Affordable Housing 11.9% Seniors Housing 5.0% Single-Family Rental 2.8% Development 16.2% Office 2.8% Logistics 3.4% Net Lease Income 1.7% Debt 24.2% Agency MBS 5.6% Secondaries 8.8% Bridge Investment Group overview A leading vertically integrated alternative investm
Slide 23: Bridge's differentiated approach drives results
18 Bridge’s differentiated approach drives results 1Plus approximately 2,800 professionals employed through a professional employment organization at sites managed by Bridge Senior Living. Data-driven approach to market selection, incorporating intel from our local ~2,250 on the ground colleagues1 a
Slide 24: Appendix
Appendix 19
Slide 25: Condensed Consolidated Balance Sheets
20 As of ($ in thousands) March 31, 2025 December 31, 2024 Assets (Unaudited) (Audited) Cash and cash equivalents $ 65,134 $ 90,599 Restricted cash 11,131 11,832 Marketable securities, at fair value 21,397 21,119 Receivables from affiliates 32,599 54,310 Notes receivable from affiliates 47,703 41,87
Slide 26: Unaudited Historical Non-GAAP Measures
21 Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Net income (loss) $ (67,431) $ (2,760) $ (17,894) $ 677 $ (36,800) $ 27,494 $ 10,583 $ 15,440 $ (37,603) Income tax expen
Slide 27: Unaudited Historical Non-GAAP Measures
22 Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Fund-level fee revenues Fund management fees $ 53,849 $ 60,353 $ 61,584 $ 55,040 $ 61,184 $ 61,193 $ 61,106 $ 62,298 $ 59
Slide 28: Reconciliation of Non-GAAP Distributable Earnings per Share
23 Appendix Unaudited Historical Reconciliation of Non-GAAP Distributable Earnings per Share Three Months Ended ($ in thousands, except per share and per share amounts) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Numerator: Distributable Earnings ("DE"
Slide 29: Unaudited Historical Non-GAAP to GAAP Reconciliation
24 Appendix Unaudited Historical Non-GAAP to GAAP Reconciliation Three Months Ended ($ in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Realized performance allocations and incentive fees $ 3,162 $ 8,466 $ 20,225 $ 9,290 $ 12,969 $ 7,063 $ 5,3
Slide 30: Unaudited Historical Non-GAAP to GAAP Reconciliation
25 Appendix Unaudited Historical Non-GAAP to GAAP Reconciliation Three Months Ended ($ in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Cash income attributable to non-controlling interests in subsidiaries $ (1,856) $ (865) $ 1,074 $ 581 $ (71
Slide 31: AUM and FEAUM Roll Forward
26 Appendix AUM Roll Forward (Unaudited) FEAUM Roll Forward (Unaudited) ($ in millions) Three Months Ended March 31, 2025 LTM March 31, 2025 Balance as of beginning of period $22,306 $21,953 Increases (capital raised/deployment)4 397 2,039 Changes in fair market value 6 28 Decreases (liquidations/ot
Slide 32: FEAUM by Fund
27 Appendix FEAUM by Fund (Unaudited) March 31, March 31, ($ in millions) 2025 2024 Bridge Debt Strategies Fund IV $ 2,427 $ 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 1,373 Newbury
Slide 33: Reconciliation of GAAP Shares Outstanding to Total Shares Outstanding
28 Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q1 2025 GAAP Shares of Common Stock Outstanding 35,355,675 Unvested Participating Shares of Common Stock 9,340,583 Total Participating Shares of Common Stock 44,696,258 Participating Partnership Units 9
Slide 34: Reconciliation of GAAP Loss per Share to Distributable Earnings per Share
29 Appendix Reconciliation of GAAP Loss per Share to Distributable Earnings per Share Q1 2025 ($ in thousands, except per share data) Amount Weighted- Average Shares Outstanding Amount per Share Net income (loss) available to Common Shareholders $ (13,218) 35,311,240 $(0.37) Add: Income (loss) alloc
Slide 35: Profits Interests and Non-Controlling Interests
30 Appendix Profits Interests • 2019 profits interests converted on January 1, 2022 • 2020 profits interests converted on January 1, 2023 • 2021 profits interests converted on July 1, 2023 • Resulted in a reduction in non-controlling interest and an increase in Net Income to the Operating Company. •
Slide 36: Composition of Fund Management Fees
31 Appendix Composition of Fund Management Fees ($ in MM)
Slide 37: Investment Performance Summary
32 Investment Performance Summary - As of March 31, 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 Capit
Slide 38: Investment Performance Summary (continued)
33 Investment Performance Summary - As of March 31, 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 Capit
Slide 39: Notes to Performance Summary
34 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 40: Glossary
35 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 41: Glossary (cont'd)
36 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
Bridge Investment Group Holdings — Q1 2025 Earnings Presentation on 6ix