Bridge Investment Group Holdings Inc
Bridge Investment — Q4 2024 Earnings Presentation
34 slides from Bridge Investment's earnings presentation, Feb 24, 2025
Slide 1: 4th Quarter 2024 Earnings Presentation
th 4 QUARTER 2024 EARNINGS PRESENTATION February 24, 2025 1
Slide 2: Disclaimer
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 Hold
Slide 3: GAAP Income Statement
GAAP Income Statement GAAP Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended December 31, Year Ended December 31, ($ in thousands, except shares and per share amounts) 2024 2023 2024 2023 Revenues: Fund management fees $ 62,298 $ 54,955 $ 245,925 $ 230,572 Financial Resu
Slide 4: 4th Quarter 2024 overview
TH 4 Quarter 2024 overview YoY Change YoY Change ($ in MM, except per share data or as noted) Q4 2024 Q4 2023 % FY 2024 FY 2023 % Total Revenue $103.4 $94.1 10% $412.4 $390.6 6% GAAP Net Income (Loss) $15.4 $0.7 2,181% $16.7 $(87.4) 119% Financial Income (loss) per share, Basic $(0.15) $(0.20) 25% $
Slide 5: Proven record of AUM growth
Proven record of AUM growth Gross Assets Under Management (AUM) Fee-Earning Assets Under Management (FEAUM) ($ in Bn) ($ in Bn) ~21% 5-Yr CAGR ~20% 5-Yr CAGR (4Q’19 vs 4Q’24) (4Q’19 vs 4Q’24) $22.3 $21.7 $49.8 $47.7 $43.3 $17.3 $36.3 $13.4 $25.2 $10.2 $8.7 $20.0 2019 2020 2021 2022 2023 2024 2019 20
Slide 6: Proven record of revenue growth
Proven record of revenue growth Fee Related Revenue Total Revenues ($ in MM) ($ in MM) Fund Mgmt. Fees (Recurring & Catch-up): ~1% 5-Yr CAGR ~18% 5-Yr CAGR (4Q’19 vs 4Q’24) (4Q’19 vs 4Q’24) Total Fee Related Revenue: ~5% 5-Yr CAGR (4Q’19 vs 4Q’24) $412 $409 $391 $324 $320 $295 $330 $254 $246 $232 $1
Slide 7: Non-GAAP financial measures
Non-GAAP financial measures Three Months Ended Year Ended Fee Related Revenues December 31, December 31, • Q4 2024 increase in total net ($ in thousands) 2024 2023 2024 2023 fund-level fee revenues driven Fund-level fee revenues by fee related performance Fund management fees $ 62,298 $ 55,040 $ 245
Slide 8: Fee-earning AUM drivers
Fee-earning AUM drivers Capital Raised ($ in MM) $821 $674 $607 • $821 million of capital raised in Q4 2024 $518 $334 driven by Logistics and Credit strategies. $320 $303 $305 $153 • 97% of inflows were institutional and 3% were from individual investors. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 20
Slide 9: Fee related revenue summary
Fee related revenue summary Fee Related Revenue ($ in MM) Management Fees ($ in MM) $82 $82 $81 $80 $79 $76 $73 $71 $67 $62 $62 $61 $61 $61 $60 $55 $55 $54 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 2023 2023 2024 2024 2024 2024 2022 2023 2023 2023 2023 2024 2024 2024 2024
Slide 10: Long duration capital drives fee visibility
Long duration capital drives fee visibility Fee-Earning AUM 1 1 Fee-Earning AUM by Remaining Duration Perpetual, 3% 10+ Years, 6% Secondaries Multifamily 0-3 Years, 13% 18% 17% Agency MBS 3-5 Years, 11% 1% Workforce & Affordable Housing 10% Debt 7-10 Years, 43% Seniors Housing 21% 6% Single-Family R
Slide 11: Earnings summary
Earnings summary • Fee Related Earnings to the Operating Fee Related Earnings & Margin ($ in MM) Company in Q4 2024 increased 6% $37 $37 $35 $35 $34 $33 $32 quarter over quarter driven by lower Fee $29 $29 Related Expenses. • Distributable Earnings to the Operating Company increased 15% quarter over
Slide 12: Performance fee summary
Performance fee summary 1 2 Accrued Performance Allocations ($ in MM) Net Unrealized Performance Allocations by Vintage Perpetual 2015 1.2% 0.3% $555 Post 2018 $448 $428 13.4% 2017 $382 $377 $339 $339 $340 $320 20.2% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 2023 2023 2024 2024 2024 2024 Performance
Slide 13: Compelling fund-level track record
Compelling fund-level track record As of December 31, 2024 Closed-End Funds Investor Levered Investor Unlevered (Investment Period Beginning, Ending Date) Net IRR Net IRR Equity Strategies Funds • Strong performance by residential Multifamily Bridge Multifamily I (Mar 2009, Mar 2013) 1 5.1 % 1 5.1 %
Slide 14: Distributable earnings and capitalization
Distributable earnings and capitalization Balance Sheet ($ in MM) Earnings (Loss) Per Share of Class A Common Stock - Diluted As of December 31, 2024 Assets Cash and cash equivalents $ 90.6 Restricted cash 11.8 Marketable securities, at fair value 21.1 $(0.04) $(0.13) $(0.24) $(0.04) $(0.20) $(0.05)
Slide 15: Company Overview
Company Overview 15
Slide 16: Bridge Investment Group overview
Bridge Investment Group overview 1 Key Stats A leading vertically integrated alternative investment manager, diversified across specialized asset classes $49.8Bn ~17% Gross AUM FY20-FY24 Recurring Fund 2 Management Fees CAGR Nationwide, “boots on the ground” team and scalable infrastructure with act
Slide 17: Bridge's differentiated approach drives results
Bridge’s differentiated approach drives results We seek to provide life- enhancing social & Data-driven approach to community programs at market selection, certain real estate assets to incorporating intel from our advance social and economic local ~2,250 on the ground mobility, environmental 1 coll
Slide 18: Appendix 18
Appendix 18
Slide 19: GAAP condensed consolidated balance sheets
GAAP condensed consolidated balance sheets As of ($ in thousands) December 31, 2024 December 31, 2023 Assets (Unaudited) (Audited) Cash and cash equivalents $ 90,599 $ 57,702 Restricted cash 11,832 9,558 Marketable securities, at fair value 21,119 19,838 Receivables from affiliates 54,312 44,370 Not
Slide 20: Unaudited Historical Non-GAAP Measures
Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Net income (loss) $ 18,245 $ (67,431) $ (2,760) $ (17,894) $ 677 $ (36,800) $ 27,494 $ 10,583 $ 15,440 Income tax expense (
Slide 21: Unaudited Historical Non-GAAP Measures
Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Fund-level fee revenues Fund management fees $ 55,408 $ 53,849 $ 60,353 $ 61,584 $ 55,040 $ 61,184 $ 61,193 $ 61,106 $ 62,2
Slide 22: Reconciliation of Non-GAAP Distributable Earnings per Share
Appendix Unaudited Historical Reconciliation of Non-GAAP Distributable Earnings per Share Three Months Ended ($ in thousands, except per share and per share amounts) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Numerator: Distributable Earnings ( DE )
Slide 23: Unaudited Historical Non-GAAP to GAAP Reconciliation
Appendix Unaudited Historical Non-GAAP to GAAP Reconciliation Three Months Ended ($ in thousands) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Realized performance allocations and incentive fees $ 4,455 $ 3,162 $ 8,466 $ 20,225 $ 9,290 $ 12,969 $ 7,063
Slide 24: AUM Roll Forward
Appendix AUM Roll Forward (Unaudited) Three Months Ended Year Ended ($ in millions) December 31, 2024 December 31, 2024 Balance as of beginning of period $49,194 $47,702 1 New capital / commitments raised 1,073 1,817 2 Distributions / return of capital (619) (1,716) 3 Change in fair value and acquis
Slide 25: FEAUM by Fund
Appendix FEAUM by Fund (Unaudited) December 31, December 31, ($ in millions) 2024 2023 Bridge Debt Strategies Fund IV $ 2,750 $ 2,774 Bridge Multifamily Fund V 2,239 2,233 Newbury Equity Partners Fund V 1,951 1,951 Bridge Opportunity Zone Fund IV 1,476 1,476 Bridge Workforce Fund II 1,428 1,178 Newb
Slide 26: Reconciliation of GAAP Shares Outstanding to Total Shares Outstanding
Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q4 2024 GAAP Shares of Common Stock Outstanding 33,214,512 Unvested Participating Shares of Common Stock 8,524,846 Total Participating Shares of Common Stock 41,739,358 Participating Partnership Units 96,1
Slide 27: Reconciliation of GAAP Loss per Share to Distributable Earnings per Share
Appendix Reconciliation of GAAP Loss per Share to Distributable Earnings per Share Q4 2024 Weighted- Average Shares Amount per ($ in thousands, except per share data) Amount Outstanding Share Net income (loss) available to Common Shareholders $ (4,912) 33,194,308 $(0.15) Add: Income (loss) allocated
Slide 28: Non-Controlling Interests Profits Interests
Appendix Non-Controlling Interests Profits Interests ($ in thousands) For Three Months Ended December 31, 2024 Fund Performance • 2019 profits interests converted on NON-GAAP FINANCIAL MEASURES Total Management income January 1, 2022 Fund-level fee revenues Fund management fees $ 62,298 $ 62,298 $ —
Slide 29: Composition of Fund Management Fees
Appendix Composition of Fund Management Fees ($ in MM) 29
Slide 30: Investment Performance Summary
Appendix Investment Performance Summary - As of December 31, 2024 ($ in MM) Total Investment-Level Fund-Level Returns Cumulative Unreturned Cumulative Fund Drawn Capital Investment Realized Unrealized Unrealized Total Total Investor Investor (1) Closed-End Funds Committed plus Accrued Invested Inves
Slide 31: Investment Performance Summary
Appendix Investment Performance Summary - As of December 31, 2024 ($ in MM) Total Investment-Level Fund-Level Returns Cumulative Unreturned Cumulative Fund Drawn Capital Investment Realized Unrealized Unrealized Total Total Investor Investor (1) Closed-End Funds Committed plus Accrued Invested Inves
Slide 32: Notes to Performance Summary
Appendix Notes to Performance Summary 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 Unlevered
Slide 33: Glossary
Glossary Assets under management, or AUM, represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, Assets Under Management plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and ve
Slide 34: Glossary (cont'd)
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 compensation,
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