Bridge Investment Group Holdings Inc. Reports First Quarter 2023 Results
08 Maggio 2023 - 10:15PM
Business Wire
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or
the “Company”) today reported its financial results for the quarter
ended March 31, 2023.
Net Income (Loss) was $(67.4) million for the quarter
ended March 31, 2023. On a basic and diluted basis, net income
(loss) attributable to Bridge per share of Class A common stock was
$0.03 and $(0.13), respectively.
Distributable Earnings of Bridge Investment Group
Holdings LLC (the “Operating Company”) were $33.4 million, or $0.19
per share after-tax, for the quarter ended March 31, 2023. Fee
Related Earnings to the Operating Company were $30.9 million for
the quarter ended March 31, 2023.
Robert Morse, Bridge’s Executive Chairman, remarked “During the
first quarter we continued to build momentum in our business across
multiple metrics: we increased fee-earning AUM 51% year-over-year
and closed Multifamily V at a record $2.3 billion, highlighting
investors’ confidence in our specialized strategies. We continued
to deploy capital into attractive fixed income opportunities and
selectively in equity strategies. Additionally, we closed the
acquisition of Newbury Partners on March 31, 2023, expanding Bridge
into the attractive secondaries sector and integration has been
comprehensive and seamless. We have strong conviction in each of
our key thematic areas - Residential Rental, Logistics, Private
Credit and Secondaries. These are resilient strategies which we
believe benefit from durable secular tailwinds.”
Jonathan Slager, Bridge’s Chief Executive Officer, added
“Bridge’s specialized investment approach, forward integration into
property management and conservative leverage are important
differentiators for our company. Over 98% of our fee-earning AUM is
in long-term, closed end funds that have no redemption features and
a weighted-average duration of 7.5 years, adding to the
foundational stability of our business. Despite broader market
headwinds, we are well positioned with $4.4 billion of dry powder
to invest at what we believe will be an attractive point in the
cycle.”
Common Dividend
Bridge declared a quarterly dividend of $0.15 per share of its
Class A common stock, payable on June 16, 2023 to its Class A
common stockholders of record at the close of business on June 2,
2023.
Additional Information
Bridge Investment Group Holdings Inc. issued a full detailed
presentation of its first quarter 2023 results, which can be viewed
on the Investors section of our website at www.bridgeig.com. The
presentation is titled “First Quarter 2023 Earnings
Presentation.”
Conference Call and Webcast Information
The Company will host a conference call on May 9, 2023 at 9:30
a.m. ET to discuss its first quarter 2023 results. Interested
parties may access the conference call live over the phone by
dialing 1-877-405-1210 (domestic) or 1-201-689-8721 (international)
and requesting Bridge Investment Group Holdings Inc.’s First
Quarter 2023 Earnings Conference Call. Participants are asked to
dial in a few minutes prior to the call to register for the event.
The event will also be available live via webcast which can be
accessed here or from our Investor Relations website
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 May 23, 2023 and can be accessed by dialing
1-877-660-6853 (domestic) or 1-201-612-7415 (international), and
providing the passcode 13737445.
About Bridge
Bridge is a leading, alternative investment manager, diversified
across specialized asset classes, with approximately $48.8 billion
of assets under management as of March 31, 2023. Bridge combines
its nationwide operating platform with dedicated teams of
investment professionals focused on select U.S. verticals across
real estate, credit, renewable energy and secondaries
strategies.
Forward-Looking Statements
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
performance or financial condition. All statements other than
statements of historical facts may be forward-looking statements.
In some cases, you can identify forward-looking statements by terms
such as “outlook,” “could,” “believes,” “expects,” “potential,”
“opportunity,” “continues,” “may,” “will,” “should,” “over time,”
“seeks,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates,” “foresees” or negative versions of those words,
other comparable words or other statements that do not relate to
historical or factual matters. Accordingly, we caution you that any
such forward-looking statements are based on our beliefs,
assumptions and expectations as of the date made, 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 express or implied in the
forward-looking statements as a result of a number of factors,
including but not limited to those risks described from time to
time in our filings with the Securities and Exchange Commission.
Any forward-looking statement speaks only as of the date on which
it is made. Bridge undertakes no duty to publicly update any
forward-looking statements made herein or on the webcast/conference
call or otherwise, whether as a result of new information, future
developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of the Company or
any investment fund managed by the Company or its affiliates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005646/en/
Shareholder Relations: Bonni Rosen Bridge Investment
Group Holdings Inc.
shareholderrelations@bridgeig.com
Media: Charlotte Morse Bridge Investment
Group Holdings Inc. (877) 866-4540
charlotte.morse@bridgeig.com
Jonathan Keehner / Kara Brickman / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
Grafico Azioni Bridge Investment (NYSE:BRDG)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Bridge Investment (NYSE:BRDG)
Storico
Da Giu 2023 a Giu 2024