SALT LAKE CITY, November 11, 2021– (COMMERCIAL THREAD) – Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced its financial results for its third quarter ended September 30, 2021.
Total Income and Investment income for Bridge Investment Group Holdings LLC (the “Operating Company”) were $ 92.2 million and $ 84.9 million, respectively, for the quarter ended September 30, 2021. These data increased by 79% and by 340%, respectively, compared to the income and investment income figures for the quarter ended September 30, 2020.
Net revenue applicable to the operating company was $ 58.0 million for the quarter ended September 30, 2021, compared to $ 27.2 million for the quarter ended September 30, 2020, which represents an increase of 113% of ‘year after year. On a basic and diluted basis, net income attributable to Bridge per Class A common share was $ 0.41 for the post-IPO period July 16, 2021 to September 30, 2021.
Distributable earnings of the operating company were $ 42.4 million for the quarter ended September 30, 2021, compared to $ 14.9 million for the quarter ended September 30, 2020, on a pro forma basis, an increase of 27 , $ 5 million, or 185%.
Robert Morse, Executive Chairman of Bridge, commented that “Bridge delivered another strong quarter of results, based on record capital raising and deployment in our investment verticals. We ended the quarter with record assets under management and momentum in specialist real estate verticals where our existing strategies continue to attract new capital and our recently launched logistics strategies are already active in the markets. We continue to see significant growth opportunities for Bridge’s unique investment approach and the information advantage we gain with our advanced vertical integration and property management. We are proud that our third quarter results represent new highs for Paid Assets Under Management, Commission Income and Distributable Income. “
Jonathan Slager, CEO of Bridge, added that “Commercial real estate fundamentals remain healthy and recover along with economic growth. Bridge took advantage of attractive demand in the third quarter to raise a record $ 1.5 billion in equity commitments and also to deploy a record $ 1.3 billion in equity in new investments. Bridge also stepped up the pace of third-quarter investment realizations to take advantage of strong valuations, particularly for multi-family assets. With $ 2.1 billion in dry powder and $ 302 million in unrealized performance commissions, the future looks bright for continued growth in commission income. “
Bridge declared a quarterly dividend of $ 0.24 per share of its Class A common shares, payable on December 17, 2021, to its Class A common shareholders of record at the close of business on December 3, 2021.
Bridge Investment Group Holdings Inc. has released a full, detailed presentation of its third quarter 2021 results, which can be viewed at www.bridgeig.com in the Investors section of our home page. The presentation is entitled “Presentation of third quarter 2021 results”.
Conference Call and Webcast Information
The Company will hold a conference call on November 12, 2021 at 8:30 a.m. ET to discuss its third quarter results. Interested parties can access the live conference call over the phone by dialing 1-877-405-1210 (toll free) or 1-201-689-8721 (toll free / international) and requesting the third quarter 2021 of Bridge Investment Group Holdings Inc. Earnings Conference Call. Participants are requested to dial the number a few minutes before the call to register for the event. The event will also be available live via an accessible webcast. here or from our Investor Relations site https://ir.bridgeig.com/.
An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on November 26, 2021 and can be viewed by dialing 1-877-660-6853 (national) or 1-201- 612-7415 (international) and providing the access code 13724806.
About Bridge Investment Group Holdings Inc.
Bridge is a leading, vertically integrated real estate investment manager, diversified into specialized asset classes, with approximately $ 31.8 billion in assets under management as of September 30, 2021. Bridge combines its platform of Nationally operated with dedicated teams of investment professionals focused on select US real estate. real estate verticals: collective housing, affordable housing, senior housing, offices, development, logistics net leasing, logistics properties, debt strategies and agency mortgage backed securities.
This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future financial performance or conditions. All statements other than statements of historical fact may be forward-looking statements. In some cases, you can identify forward-looking statements by words such as “prospects”, “could”, “believes”, “expects”, “potential”, “opportunity”, “continuing”, “could”, “Will,” “should”, “over time”, “research”, “predict”, “intend”, “plan”, “estimate”, “anticipate”, “plan” or negative versions of those words, other comparable words or other statements which do not relate to historical or factual matters. Accordingly, we caution you that these forward-looking statements are based on our beliefs, assumptions and expectations as of the date of our future performance, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks described from time to time in our documents filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge Investment Group Holdings Inc. assumes no obligation to publicly update any forward-looking statements made here or during the webcast / conference call, whether as a result of new information, future developments or otherwise, except as required by law. requires it.
Nothing in this press release constitutes an offer to sell or the solicitation of an offer to buy securities of the Company or any investment fund managed by the Company or its affiliates.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211111006085/en/
Bridge Investment Group Holdings Inc.