SALT LAKE CITY--(BUSINESS WIRE)--Bridge Investment Group Holdings Inc. (NYSE: BRDG) ("Bridge" or the "Company") today reported its financial results for the quarter ended June 30, 2023.
Net Income (Loss) was $(2.8) million for the quarter ended June 30, 2023. On a basic and diluted basis, net income (loss) attributable to Bridge per share of Class A common stock was $(0.24).
Distributable Earnings of Bridge Investment Group Holdings LLC (the "Operating Company") were $35.0 million, or $0.20 per share after-tax, for the quarter ended June 30, 2023. Fee Related Earnings to the Operating Company were $35.1 million for the quarter ended June 30, 2023.
Robert Morse, Bridge's Executive Chairman, stated "Despite market headwinds in capital raising and deployment, Bridge delivered a solid quarter with the help of growth in many of our key financial metrics, including 43% year-over-year growth in fee-earning AUM and 33% year-over-year growth in recurring management fees. This has served our platform well, providing stability to our business during a period of volatility. We have remained patient and selective through unstable times as asset prices have adjusted, and more recently have found attractive opportunities to deploy meaningful capital. As we look forward, Bridge is poised for success across a number of growth vectors, including residential rental, logistics, credit and secondaries strategies."
Jonathan Slager, Bridge's Chief Executive Officer, added "In uncertain times, forward integration and sector specialization is our vital differentiator. We're experiencing positive trends in most of our areas of focus and seeing green shoots on the transaction side as our deal pipelines grow. We are well-positioned to execute on the widening opportunity set we see today."
Common Dividend
Bridge declared a quarterly dividend of $0.17 per share of its Class A common stock, payable on September 15, 2023 to its Class A common stockholders of record at the close of business on September 1, 2023.
Additional Information
Bridge Investment Group Holdings Inc. issued a full detailed presentation of its second quarter 2023 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled "Second Quarter 2023 Earnings Presentation."
Conference Call and Webcast Information
The Company will host a conference call on August 8, 2023 at 8:30 a.m. ET to discuss its second 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 Second 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 August 22, 2023 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13739983.
About Bridge
Bridge is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.9 billion of assets under management as of June 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.
Contacts
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
