Bridge Investment Group Holdings Inc. Reports Third Quarter 2023 Results
07 Novembre 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 September 30, 2023.
Net Income (Loss) was $(17.9) million for the quarter
ended September 30, 2023. On a basic and diluted basis, net income
(loss) attributable to Bridge per share of Class A common stock was
$(0.04).
Distributable Earnings of Bridge Investment Group
Holdings LLC (the “Operating Company”) were $40.8 million, or $0.22
per share after-tax, for the quarter ended September 30, 2023. Fee
Related Earnings to the Operating Company were $36.0 million for
the quarter ended September 30, 2023.
Robert Morse, Bridge’s Executive Chairman, stated “Bridge
delivered resilient third quarter results aided by 20%
year-over-year growth in recurring fund management fees, despite
continued market volatility creating headwinds in capital raising
and deployment. Bridge remains well positioned by our
differentiated exposure to some of the most attractive sectors
within private markets underpinned by long-term demand drivers
including residential rental, logistics, credit and secondaries
strategies.”
Jonathan Slager, Bridge’s Chief Executive Officer, added “In
uncertain times, Bridge’s diversification within real estate,
credit and secondaries have served the Company well by providing
additional stability to our long duration fee-earning AUM. Looking
forward, our $3.6 billion of dry powder puts us in a strong
position for when opportunities arise and conditions
normalize.”
Common Dividend
Bridge declared a quarterly dividend of $0.17 per share of its
Class A common stock, payable on December 15, 2023 to its Class A
common stockholders of record at the close of business on December
1, 2023.
Additional Information
Bridge Investment Group Holdings Inc. issued a full detailed
presentation of its third quarter 2023 results, which can be viewed
on the Investors section of our website at www.bridgeig.com. The
presentation is titled “Third Quarter 2023 Earnings
Presentation.”
Conference Call and Webcast Information
The Company will host a conference call on November 8, 2023 at
8:30 a.m. ET to discuss its third 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 Third
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 November 22, 2023 and can be accessed by dialing
1-877-660-6853 (domestic) or 1-201-612-7415 (international), and
providing the passcode 13741836.
About Bridge
Bridge is a leading alternative investment manager, diversified
across specialized asset classes, with approximately $49.4 billion
of assets under management as of September 30, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107247622/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
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