Bridge Investment Group Holdings Inc. Reports Fourth Quarter and Full Year 2023 Results

Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the quarter and year ended December 31, 2023.

Net Income (Loss) was $0.7 million and $(87.4) million for the quarter and year ended December 31, 2023, respectively. On a basic and diluted basis, net loss attributable to Bridge per share of Class A common stock was $(0.20) and $(0.46) for the quarter and year ended December 31, 2023, respectively.

Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) were $25.3 million, or $0.14 per share after-tax, for the quarter ended December 31, 2023 and $134.5 million, or $0.75 per share after-tax, for the year ended December 31, 2023. Fee Related Earnings to the Operating Company were $28.5 million and $130.5 million for the quarter and year ended December 31, 2023, respectively.

Fund management fees for the quarter ended December 31, 2023 were negatively impacted by $5.7 million related to Bridge Office Fund I fees that were deemed uncollectible due to market headwinds within the broader office sector. Excluding this impact would result in Distributable Earnings to the Operating Company of $31.0 million, or $0.17 per share after-tax.

Robert Morse, Bridge’s Executive Chairman, stated “Despite difficult fourth quarter results, impacted by volatility within commercial real estate markets, Bridge continues to have a resilient business with Fee-Earning AUM increasing 25% year-over-year to $21.7 billion. We are well positioned with the vast majority of our AUM exposed to sectors underpinned by long-term demand drivers including residential rental, logistics, credit and secondaries strategies.”

Jonathan Slager, Bridge’s Chief Executive Officer, added “Both capital markets and deployment environments appear to be improving. We were intentionally patient throughout 2023, and we have conviction that the backdrop in 2024 offers attractive opportunity. Our $3.4 billion of dry powder puts us in a strong position as opportunities arise.”

Common Dividend

Bridge declared a quarterly dividend of $0.07 per share of its Class A common stock, payable on March 22, 2024 to its Class A common stockholders of record at the close of business on March 8, 2024.

Additional Information

Bridge Investment Group Holdings Inc. issued a full detailed presentation of its fourth quarter and full year 2023 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “Fourth Quarter 2023 Earnings Presentation.”