BRIDGE INVESTMENT GROUP HOLDINGS INC. REPORTS THIRD QUARTER 2024 RESULTS SALT LAKE CITY, UTAH—November 6, 2024—Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported its financial results for the quarter ended September 30, 2024. Net Income was $10.6 million for the quarter ended September 30, 2024. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.11 and $0.04, respectively. Fee Related Earnings to the Operating Company were $32.4 million for the quarter ended September 30, 2024. Distributable Earnings of Bridge Investment Group Holdings LLC (the “Operating Company”) were $28.2 million, or $0.15 per share after-tax, for the quarter ended September 30, 2024. Robert Morse, Bridge’s Executive Chairman, stated “Bridge’s operations and financial results remain resilient and we are optimistic about the outlook for our business as commercial real estate conditions continue to strengthen. Notably, improvements in debt markets and capital costs have led to early signs of recovery in volumes and valuations. While the recovery will play out over time, the convergence of strong secular tailwinds in many of our specialized verticals, favorable supply/demand dynamics, reset asset prices and normalizing borrowing conditions all indicate a positive future for Bridge.” Common Dividend Bridge declared a quarterly dividend of $0.10 per share of its Class A common stock, payable on December 20, 2024 to its Class A common stockholders of record at the close of business on December 6, 2024. Additional Information Bridge Investment Group Holdings Inc. issued a full detailed presentation of its third quarter 2024 results, which can be viewed on the Investors section of our website at www.bridgeig.com. The presentation is titled “Third Quarter 2024 Earnings Presentation.” Conference Call and Webcast Information The Company will host a conference call on November 7, 2024 at 9:30 a.m. ET to discuss its third quarter 2024 results. Interested parties may access the conference call live over the phone by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and requesting Bridge Investment Group Holdings Inc.’s Third Quarter 2024 Earnings Conference Call and referencing the conference ID 4102109. 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 21, 2024 and can be accessed by dialing 1-877-660-6853 (domestic) or 1-201-612-7415 (international), and providing the passcode 13749641. About Bridge Investment Group Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $49.2 billion of assets under management as of September 30, 2024. 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. Exhibit 99.1
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. 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
EARNINGS PRESENTATION November 6, 2024 3rd QUARTER 2024 1
2 Disclaimer The information contained herein does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Bridge Investment Group Holdings Inc. (“Bridge” or the “Company”), Bridge Investment Group Holdings LLC (the “Operating Company”) or any affiliate of Bridge, or any fund or other investment vehicle managed by Bridge or an affiliate of Bridge. This presentation should not form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Bridge or any fund or other investment vehicle managed by Bridge or an affiliate of Bridge, or in connection with any other contract or commitment whatsoever. This presentation does not constitute a “prospectus” within the meaning of the Securities Act of 1933, as amended. Any decision to purchase securities of Bridge or any of its affiliates should be made solely on the basis of the information contained in a prospectus to be issued by Bridge in relation to a specific offering. Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, capital raising, expectations or targets related to financial and non-financial measures, future capital expenditures, fund performance and debt service obligations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms, such as “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “outlook,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict and beyond our ability to control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. If one or more events related to these forward-looking statements or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. We believe these factors include but are not limited to those risk factors described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (the “SEC”) on March 7, 2024, which is accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements included in this report and our other filings. You should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. We cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Industry Information Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Non-GAAP Financial Measures This presentation uses financial measures that are not presented in accordance with generally accepted accounted principles in the United States (“GAAP”), such as Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Performance Related Earnings, to supplement financial information presented in accordance with GAAP. There are limitations to the use of the non-GAAP financial measures presented in this presentation. For example, the non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies may calculate non-GAAP financial measures differently than the Company, limiting the usefulness of those measures for comparative purposes. Throughout this presentation, all current period amounts are preliminary and unaudited.
3 GAAP Income Statement GAAP Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, except shares and per share amounts) 2024 2023 2024 2023 Revenues: Fund management fees $ 61,069 $ 61,450 $ 183,627 $ 175,616 Property management and leasing fees 17,690 19,507 55,390 58,536 Construction management fees 1,845 3,086 5,357 9,273 Development fees 896 247 2,555 1,919 Transaction fees 6,279 9,679 19,483 16,738 Fund administration fees 4,224 4,359 13,860 12,839 Insurance premiums 5,595 4,654 16,697 12,868 Other asset management and property income 3,908 3,289 12,087 8,732 Total revenues 101,506 106,271 309,056 296,521 Investment income (loss): Incentive fees — — — 41 Performance allocations: realized 10,434 20,225 30,466 31,812 Performance allocations: unrealized 612 (50,940) (42,526) (177,249) Earnings from investments in real estate — 537 — 752 Total investment income (loss) 11,046 (30,178) (12,060) (144,644) Expenses: Employee compensation and benefits 64,135 58,557 189,656 166,111 Incentive fee compensation — 1 — 4 Performance allocations compensation: realized 6,165 2,712 17,320 4,939 Performance allocations compensation: unrealized 759 1,788 2,787 (17,531) Loss and loss adjustment expenses 7,206 2,953 14,324 6,957 Third-party operating expenses 3,363 5,520 10,875 16,849 General and administrative expenses 12,342 12,142 33,089 38,903 Depreciation and amortization 4,997 5,275 14,943 11,487 Total expenses 98,967 88,948 282,994 227,719 Other (expense) income: Realized and unrealized (losses) gains, net (3,254) (519) (10,757) (399) Interest income 4,271 4,428 14,412 11,609 Interest expense (6,452) (7,841) (20,662) (20,722) Total other expense (5,435) (3,932) (17,007) (9,512) Income (loss) before provision for income taxes 8,150 (16,787) (3,005) (85,354) Income tax benefit (expense) 2,433 (1,107) 4,283 (2,731) Net income (loss) 10,583 (17,894) 1,278 (88,085) Net loss attributable to non-controlling interests in Bridge Investment Group Holdings LLC (251) (19,958) (28,346) (80,393) Net income (loss) attributable to Bridge Investment Group Holdings LLC 10,834 2,064 29,624 (7,692) Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings Inc. 6,168 1,770 17,571 (5,248) Net income (loss) attributable to Bridge Investment Group Holdings Inc. $ 4,666 $ 294 $ 12,053 $ (2,444) Financial Results • GAAP Net income was $10.6 million for the 3rd quarter • GAAP Net income attributable to Bridge Investment Group Holdings Inc. was $4.7 million for the 3rd quarter • Earnings per share of Class A common stock - basic and diluted was $0.11 and $0.04 for the 3rd quarter
4 Financial Highlights 3RD Quarter 2024 overview Key Operating Metrics Business Update • Declared quarterly dividend of $0.10 per share of Class A common stock, payable on December 20, 2024 to stockholders of record on December 6, 2024. • At the end of the third quarter of 2024, the Company had $2.9 billion of dry powder, a majority of which is in our Multifamily, Secondaries, Credit and Workforce & Affordable Housing vehicles. ($ in MM, except per share data or as noted) Q3 2024 Q3 2023 YoY Change % LTM Q3 2024 LTM Q3 2023 YoY Change % Total Revenue $101.5 $106.3 (4)% $403.2 $392.0 3% GAAP Net Income (Loss) $10.6 $(17.9) 159% $2.0 $(69.8) 103% Income (loss) per share, Basic $0.11 $(0.04) 375% $0.04 $(0.29) 114% Fee Related Earnings (“FRE”) to the Operating Company $32.4 $36.0 (10)% $130.7 $132.9 (2)% Distributable Earnings (“DE”) of the Operating Company $28.2 $40.8 (31)% $121.2 $144.8 (16)% After-tax DE per share $0.15 $0.22 (32)% $0.65 $0.82 (21)% Q3 2024 Q3 2023 YoY Change % LTM Q3 2024 LTM Q3 2023 YoY Change % Gross AUM $49.2 Bn $49.4 Bn — $49.2 Bn $49.4 Bn — Fee-Earning AUM $21.8 Bn $21.8 Bn — $21.8 Bn $21.8 Bn — Capital Raised $0.6 Bn $0.3 Bn 102% $1.4 Bn $1.8 Bn (22)% Capital Deployed $0.6 Bn $0.7 Bn (13)% $2.2 Bn $3.0 Bn (27)% Dry Powder $2.9 Bn $3.6 Bn (19)% $2.9 Bn $3.6 Bn (19)% Realized Performance Allocations $10.4 $20.2 (48)% $51.0 $36.3 40% Unrealized Accrued Performance Allocations $339.5 $377.5 (10)% $339.5 $377.5 (10)%
5 $20.0 $25.2 $36.3 $43.3 $47.7 $49.4 $49.2 2019 2020 2021 2022 2023 Q3 2023 Q3 2024 Gross Assets Under Management (AUM) ($ in Bn) Fee-Earning Assets Under Management (FEAUM) ($ in Bn) Proven record of AUM growth ~23% 5-Yr CAGR (3Q’19 vs 3Q’24) $8.7 $10.2 $13.4 $17.3 $21.7 $21.8 $21.8 2019 2020 2021 2022 2023 Q3 2023 Q3 2024 ~20% 5-Yr CAGR (3Q’19 vs 3Q’24)
6 $181 $166 $254 $320 $295 $297 $313 Recurring Fund Management Fee Revenue Catch-up Fund Management Fee Revenue Transaction and Other Fee Revenue 2019 2020 2021 2022 2023 LTM 3Q23 LTM 3Q24 $246 $232 $330 $409 $391 $392 $403 2019 2020 2021 2022 2023 LTM 3Q23 LTM 3Q24 Total Revenues ($ in MM) Fee Related Revenue ($ in MM) Proven record of revenue growth ~11% 5-Yr CAGR (3Q’19 vs 3Q’24) Fund Mgmt. Fees (Recurring & Catch-up): ~19% 5-Yr CAGR (3Q’19 vs 3Q’24) Total Fee Related Revenue: ~11% 5-Yr CAGR (3Q’19 vs 3Q’24) 1 Netted out for placement agent fees (allocated pro rata between recurring and catch-up fund management fees). 1 1
7 Distributable Earnings • Decrease related to timing and amount of realization of performance allocations • Net insurance loss largely due a one-time claim in our captive insurance company Fee Related Earnings • Compensation and benefits increased primarily due to the fee related performance compensation attributed to the Net Lease crystallization event in the quarter Non-GAAP financial measures Three Months Ended September 30, Last Twelve Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Fund-level fee revenues Fund management fees $ 61,106 $ 61,584 $ 238,523 $ 231,194 Fee related performance revenue 5,036 — 5,036 — Transaction fees 6,279 9,679 23,212 21,771 Total net fund-level fee revenues 72,421 71,263 266,771 252,965 Net earnings from Bridge property operators 951 2,142 8,357 12,377 Development fees 896 247 3,554 3,570 Fund administration fees 4,300 4,556 18,858 16,962 Other asset management and property income 3,906 3,289 15,177 11,197 Fee Related Revenues 82,474 81,497 312,717 297,071 Cash-based employee compensation and benefits (44,779) (37,275) (158,921) (133,497) Net administrative expenses (5,447) (7,109) (24,245) (27,879) Fee Related Expenses (50,226) (44,384) (183,166) (161,376) Total Fee Related Earnings 32,248 37,113 129,551 135,695 Total Fee Related Earnings attributable to non-controlling interests 110 (1,074) 1,172 (2,777) Total Fee Related Earnings to the Operating Company 32,358 36,039 130,723 132,918 Fund level performance fee revenues Realized performance allocations and incentive fees 5,398 20,225 34,720 36,308 Realized performance allocations and incentive fees compensation (3,154) (2,713) (17,149) (5,292) Net realized performance allocations attributable to non- controlling interests (862) (10,280) (9,138) (18,322) (1,611) 1,701 2,697 8,994 Earnings from investments in real estate1 — 537 — 812 Net investment and interest income (expense) and realized gain (loss) (3,900) (4,711) (20,672) (10,582) Distributable Earnings attributable to the Operating Company $ 28,229 $ 40,798 $ 121,181 $ 144,836 Distributable After-Tax Earnings per share of Class A common stock - Basic $ 0.15 $ 0.22 $ 0.65 $ 0.82 Weighted-average shares of Class A common stock outstanding - Basic 32,991,925 25,956,587 31,148,622 25,135,342 1 Earnings from investments in real estate is offset by interest expense related to GP Lenders. Fee Related Revenues • Increase in total net fund- level fee revenues driven by fee related performance revenue related to the crystallization of carried interest for our open-end Net Lease strategy
8 $1,345 $518 $674 $320 $303 $334 $153 $305 $607 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 • $607 million of capital raised in Q3 2024 driven by Credit, Workforce & Affordable Housing, and Renewable Energy strategies. • 90% of inflows were institutional and 10% were from individual investors. • $617 million of deployment in Q3 2024 mostly driven by Credit and Multifamily strategies. • Does not include approximately $647 million of recycled capital activity within Credit strategies. • Fee-earning AUM increased 1% in Q3 2024 compared to Q2 2024 primarily due to capital raised in Credit and Workforce & Affordable Housing strategies. Capital Raised ($ in MM) Fee-earning AUM drivers $44Total AUM: $43 $49 $49 $49 $48 $48 $49 $49 $633 $980 $866 $490 $706 $896 $332 $364 $617 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $16.6 $17.3 $22.2 $22.2 $21.8 $21.7 $22.0 $21.5 $21.8 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 1 AUM and FEAUM as of Q1 2023 includes the acquisition of Newbury Partners, LLC which closed on March 31, 2023. Deployment ($ in MM) Fee-Earning Assets Under Management ($ in Bn)1
9 Management Fees ($ in MM) Fee related revenue summary Transaction Fees ($ in MM) Fee Related Revenue ($ in MM) • Recurring fund management fees was consistent between Q3 2024 and Q3 2023 due to long-term nature of invested capital. • Fund management fees includes catch-up fees of $0.2 million in Q3 2024. • Transaction fees remained relatively similar in Q3 2024 compared to Q2 2024. $12 $5 $2 $5 $10 $4 $7 $6 $6 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $64 $55 $54 $60 $62 $55 $61 $61 $61 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $11 $12 $11 $11 $10 $12 $11 $13 $15 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $86 $73 $67 $76 $81 $71 $79 $80 $82 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 All Other Fees ($ in MM)
10 1 As of September 30, 2024. 2 Weighted-average fund life for closed-end funds as of September 30, 2024. Long duration capital drives fee visibility Fee-Earning AUM1 Multifamily 17% Workforce & Affordable Housing 10% Seniors Housing 7% Single-Family Rental 1% Development 19%Office 2% Logistics 2% Net Lease Income 1% Debt 22% Agency MBS 1% Secondaries 18% Fee-Earning AUM by Remaining Duration1 10+ Years, 6% 7-10 Years, 42% 5-7 Years, 26% 3-5 Years, 9% 0-3 Years, 14% Perpetual, 3% • $1,065.1 million of capital raised in 2024 and the acquisition of Newbury Partners continue to drive growth in recurring fund management fees, which increased by 5% year-over-year compared to 2023 for the nine-month period ended September 30th in each year. • Commitments on capital raised in the 3rd quarter averaged 9.8 years in duration. • 74% of total FEAUM is greater than 5 years of remaining duration, with a weighted-average FEAUM remaining duration of 6.4 years.2 • Over 97% of FEAUM is in long-term, closed end funds with no redemption features.
11 $45 $35 $29 $34 $37 $29 $33 $35 $32 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Total Revenues & GAAP Net Income (Loss) ($ in MM) Earnings summary Fee Related Earnings & Distributable Earnings attributable to the Operating Company ($ in MM) • Fee Related Earnings driven by stable FEAUM. • Q3 2024 Distributable Earnings to the Operating Company impacted by a net insurance loss largely due a one-time claim in our captive insurance company. Fee Related Earnings & Margin ($ in MM) $110 $95 $91 $99 $106 $94 $103 $105 $102 $32 $18 $(67) $(3) $(18) $1 $(37) $27 $11 Total Revenues GAAP Net Income (Loss) Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 $42 $31 $31 $35 $36 $29 $34 $36 $32 $50 $36 $33 $35 $41 $25 $32 $35 $28 Fee Related Earnings attributable to Operating Company Distributable Earnings attributable to Operating Company Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 52% 49% 43% 45% 46% 41% 42% 43% 39%Margin:
12 $559 $555 $448 $428 $377 $382 $320 $339 $339 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Performance fee summary Net Unrealized Performance Allocations by Vintage2Accrued Performance Allocations ($ in MM)1 1 Based on fair value one quarter in arrears. 2 As of September 30, 2024. 3 Does not include any carried interest related to Newbury Funds I through V. Performance Fees & Realizations ($ in MM) $21.0 $4.1 $3.2 $8.5 $20.2 $9.3 $13.0 $7.1 $10.4 Net realized performance fees to the Operating Company Gross realized performance fees Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 2015 0.3% 2017 20.9% 2018 64.6% Post 2018 12.9% Perpetual 1.3% • Carry-eligible AUM of $17.9 billion3, over 82% of FEAUM. • Accrued performance allocations attributable to the Operating Company is $127.4 million2. • 81% of accrued performance allocations are related to Multifamily Fund IV and Workforce & Affordable Housing Fund I. • Pipeline for future performance-driven Distributable Earnings is significant. • Quarterly realization pace and performance fees will vary based upon market conditions.
13 Compelling fund-level track record This is a summary only. Please refer to Appendix for the Notes to Performance Summary on slide 32 for additional information. • Strong performance by residential housing funds driven by Bridge’s vertical integration. • Excludes performance for funds currently raising capital, including in Logistics, Net Lease Income, Secondaries, Agency MBS, Renewable Energy, Debt and Opportunity Zones. 1 Bridge Multifamily V is approximately 68% called with approximately $0.7 billion of dry powder available to deploy before the end of the investment period in July 2025. As of September 30, 2024 Closed-End Funds Investor Levered Investor Unlevered (Investment Period Beginning, Ending Date) Net IRR Net IRR Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2013) 15.1 % 15.1 % Bridge Multifamily II (Apr 2012, Apr 2015) 23.0 % 22.5 % Bridge Multifamily III (Jan 2015, Jan 2018) 18.4 % 17.9 % Bridge Multifamily IV (Jun 2018, Jun 2021) 12.9 % 12.7 % Bridge Multifamily V (Jul 2021, to present)1 (18.3) % (16.7) % Bridge Multifamily Continuation Vehicle (N/A) 22.6 % 22.6 % Total Multifamily Funds 14.3 % 14.0 % Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) 11.7 % 11.7 % Bridge Workforce Housing II (Aug 2020, Aug 2024) (1.9) % (1.6) % Total Workforce & Affordable Housing Funds 5.7 % 5.7 % Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) (3.8) % (3.6) % Bridge Seniors II (Mar 2017, Mar 2020) (0.6) % (0.5) % Bridge Seniors III (Nov 2020, to present) 5.9 % 5.8 % Total Seniors Housing Funds (2.1) % (1.9) % Office Bridge Office I (Jul 2017, Jul 2020) *** *** Bridge Office II (Dec 2019, Dec 2022) (12.1) % (10.0) % Total Office Funds *** *** Secondaries Newbury Equity Partners I (Sep 2006, Mar 2013) 8.2 % 8.1 % Newbury Equity Partners II (Oct 2009, Oct 2015) 14.9 % 14.8 % Newbury Equity Partners III (Jul 2013, Mar 2019) 14.2 % 12.5 % Newbury Equity Partners IV (May 2017, Feb 2023) 15.3 % 13.1 % Newbury Equity Partners V (Nov 2019, to present) 12.0 % 10.0 % Total Secondaries Funds 12.4 % 11.6 % Single-Family Rental Bridge SFR Predecessor Fund I (Jan 2013, Jan 2015) 15.7 % 15.7 % Bridge SFR Predecessor Fund II (Jan 2015, Jan 2017) 16.5 % 16.5 % Bridge SFR Predecessor Fund III (Aug 2019, Aug 2022) 14.6 % 14.6 % Bridge Single-Family Rental IV (Jan 2022, to present) 11.2 % 10.3 % Total Single-Family Rental Funds 15.6 % 15.4 % Logistics Value Bridge Logistics Value I (Nov 2021, to present) (2.3) % (0.6) % Total Logistics Value Fund (2.3) % (0.6) % Opportunity Zone Opportunity Zone I (Apr 2019, Dec 2019) (3.6) % (3.4) % Total Opportunity Zone Fund (3.6) % (3.4) % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) 5.9 % 5.9 % Bridge Debt II (Jul 2016, Jul 2019) 7.5 % 7.4 % Bridge Debt III (May 2018, May 2021) 8.9 % 8.8 % Bridge Debt IV (Nov 2020, to present) 9.3 % 8.8 % Total Debt Strategies Funds 8.5 % 8.3 %
14 $0.17 $0.04 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Distributable earnings and capitalization Balance Sheet ($ in MM) As of September 30, 2024 After-Tax Distributable Earnings Per Share $0.29 $0.21 $0.19 $0.20 $0.22 $0.14 $0.17 $0.19 $0.15 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Assets Cash and cash equivalents $ 61.9 Restricted cash 12.3 Marketable securities, at fair value 17.0 Receivables from affiliates 47.0 Notes receivable from affiliates 40.3 Other assets 109.8 Other investments 183.7 Accrued performance allocations 339.5 Intangible assets, net 127.4 Goodwill 233.6 Deferred tax assets, net 74.4 Total assets $ 1,246.8 Liabilities Accrued performance allocations compensation $ 56.3 Accrued compensation and benefits 35.9 Accounts payable and accrued expenses 27.7 Due to affiliates 71.9 General Partner Notes Payable, at fair value 2.9 Insurance loss reserves 19.0 Self-insurance reserves 2.6 Line of credit 11.7 Other liabilities 48.7 Notes payable 447.1 Total liabilities $ 723.9 Earnings (Loss) Per Share of Class A Common Stock - Diluted $(0.13) $(0.24) $(0.04)$(0.04) $(0.20) $(0.05) $(0.11)
Company Overview 15
16 Multifamily 18.1% Workforce & Affordable Housing 12.0% Seniors Housing 5.5% Single-Family Rental 2.2% Development 15.9%Office 2.8% Logistics 2.0% Net Lease Income 1.6% Debt 24.9% Agency MBS 5.6% Secondaries 9.3% Bridge Investment Group overview A leading vertically integrated alternative investment manager, diversified across specialized asset classes Nationwide, “boots on the ground” team and scalable infrastructure with active asset management, property management, leasing, and construction management Ranked #13 global private equity real estate firm for fundraising by PERE (June 2024) Loyal global investor base with ~$16.7Bn of capital raised over the last five years2 Key Stats1 $49.2Bn Gross AUM ~$725MM Principal, Employee, and Affiliate Capital Commitments LTM Q3 2024 Pre-Tax Distributable Earnings $121MM AUM by Strategy1 Equity Strategies Credit Strategies 3Q'19 - 3Q'24 Recurring Fund Management Fees CAGR2 ~19% Experienced and aligned management team leading a deep and talented organization Track record of strong organic and inorganic growth with proven ability to grow new business lines 1 As of September 30, 2024. 2 From October 1, 2019 through September 30, 2024.
17 Bridge’s differentiated approach drives results 1Plus approximately 2,800 professionals employed through a professional employment organization at sites managed by Bridge Senior Living. Data-driven approach to market selection, incorporating intel from our local ~2,200 on the ground colleagues1 and macroeconomic factors and trends to help identify prime growth markets with long-term growth potential. We seek to provide life- enhancing social & community programs at certain real estate assets to advance social and economic mobility, environmental sustainability and equity and inclusion. Citizenship initiatives, including charitable giving and diversity & inclusion are embedded into firm governance and structure. Our vertically integrated model allows us to maintain control over the value chain and promotes knowledge sharing, while also providing quality operating execution at a lower cost. Streamlined platform-wide procurement process provides substantial economies of scale and cost efficiencies.
Appendix 18
19 As of ($ in thousands) September 30, 2024 December 31, 2023 Assets (Unaudited) (Audited) Cash and cash equivalents $ 61,944 $ 57,702 Restricted cash 12,252 9,558 Marketable securities, at fair value 17,017 19,838 Receivables from affiliates 46,956 44,370 Notes receivable from affiliates 40,262 48,275 Other assets 109,849 82,102 Other investments 183,749 203,661 Accrued performance allocations 339,467 381,993 Intangible assets, net 127,355 140,198 Goodwill 233,584 233,584 Deferred tax assets, net 74,388 67,537 Total assets $ 1,246,823 $ 1,288,818 Liabilities and equity Accrued performance allocations compensation $ 56,285 $ 55,488 Accrued compensation and benefits 35,891 35,428 Accounts payable and accrued expenses 27,706 35,072 Due to affiliates 71,904 69,543 General Partner Notes Payable, at fair value 2,897 3,355 Insurance loss reserves 18,993 12,684 Self-insurance reserves 2,629 2,917 Line of credit 11,700 34,000 Other liabilities 48,728 48,386 Notes payable 447,143 446,597 Total liabilities $ 723,876 $ 743,470 Total equity $ 522,947 $ 545,348 Total liabilities and equity $ 1,246,823 $ 1,288,818 GAAP condensed consolidated balance sheets
20 Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Net income (loss) $ 32,241 $ 18,245 $ (67,431) $ (2,760) $ (17,894) $ 677 $ (36,800) $ 27,494 $ 10,583 Income tax expense (benefit) 3,203 7,610 (5,844) 7,468 1,107 3,396 (11,846) 9,996 (2,433) Income (loss) before provision for income taxes 35,444 25,855 (73,275) 4,708 (16,787) 4,073 (48,646) 37,490 8,150 Depreciation and amortization 703 713 1,093 5,118 5,275 4,873 5,437 4,510 4,997 Impact of fund consolidation — — — 2,259 1,314 287 335 (2,664) (710) Less: Unrealized performance allocations 16,367 4,437 107,025 19,284 50,940 (4,519) 61,670 (18,533) (612) Plus: Unrealized performance allocations compensation 3,789 3,856 (14,670) (4,649) 1,788 6,961 3,178 (1,150) 759 Less: Unrealized (gains) losses, net (387) 101 (1,493) 1,368 (1,113) 6,512 1,868 4,859 4,043 Plus: Other (income) expenses, net — (1,246) — — — 2,112 — — — Plus: Share-based compensation 9,624 8,702 9,360 11,119 10,655 9,694 11,810 12,732 10,624 Plus: Transaction and non-recurring costs — — 4,118 — 80 4,562 642 424 2,848 Less: Net realized performance allocations attributable to non-controlling interests (12,460) (2,357) (619) (5,066) (10,280) (4,220) (2,448) (1,608) (862) Less: Cash income attributable to non-controlling interests in subsidiaries (3,307) (4,424) 1,856 865 (1,074) (5,041) (1,675) (573) (1,008) Distributable Earnings attributable to the Operating Company $ 49,773 $ 35,637 $ 33,395 $ 35,006 $ 40,798 $ 25,294 $ 32,171 $ 35,487 $ 28,229 Realized performance allocations and incentive fees (22,308) (4,455) (3,162) (8,466) (20,225) (9,290) (12,969) (7,063) (5,398) Realized performance allocations and incentive fees compensation 1,321 349 1,732 498 2,713 2,840 7,407 3,748 3,154 Net realized performance allocations to non-controlling interests 12,460 2,357 619 5,066 10,280 4,220 2,448 1,608 862 Net insurance (income) loss (1,183) (3,083) (2,409) (1,801) (1,701) (324) (2,015) (1,969) 1,611 (Earnings) losses from investments in real estate (818) (60) — (215) (537) — — — — Net investment and interest (income) expense and realized (gain) loss 2,323 168 697 5,006 4,711 5,799 6,901 4,072 3,900 Plus: Fee related income attributable to non-controlling interests in subsidiaries 3,307 4,424 (1,856) (865) 1,074 581 (719) (924) (110) Total Fee Related Earnings $ 44,875 $ 35,337 $ 29,016 $ 34,229 $ 37,113 $ 29,120 $ 33,224 $ 34,959 $ 32,248 Total Fee Related Earnings attributable to non-controlling interests (3,307) (4,424) 1,856 865 (1,074) (581) 719 924 110 Total Fee Related Earnings attributable to the Operating Company $ 41,568 $ 30,913 $ 30,872 $ 35,094 $ 36,039 $ 28,539 $ 33,943 $ 35,883 $ 32,358
21 Appendix Unaudited Historical Non-GAAP Measures Three Months Ended ($ in thousands) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Fund-level fee revenues Fund management fees $ 64,096 $ 55,408 $ 53,849 $ 60,353 $ 61,584 $ 55,040 $ 61,184 $ 61,193 $ 61,106 Fee related performance revenue — — — — — — — — 5,036 Transaction fees 11,532 5,033 2,377 4,682 9,679 3,729 6,800 6,404 6,279 Total net fund-level fee revenues 75,628 60,441 56,226 65,035 71,263 58,769 67,984 67,597 72,421 Net earnings from Bridge property operators 1,294 4,164 3,243 2,828 2,142 2,891 2,737 1,778 951 Development fees 986 1,651 335 1,337 247 999 831 828 896 Fund administration fees 3,808 3,925 4,177 4,304 4,556 4,773 5,132 4,653 4,300 Other asset management and property income 4,413 2,475 2,797 2,636 3,289 3,092 2,665 5,514 3,906 Fee Related Revenues 86,129 72,656 66,778 76,140 81,497 70,524 79,349 80,370 82,474 Cash-based employee compensation and benefits (34,242) (29,351) (31,623) (35,248) (37,275) (35,518) (39,909) (38,715) (44,779) Net administrative expenses (7,012) (7,968) (6,139) (6,663) (7,109) (5,886) (6,216) (6,696) (5,447) Fee Related Expenses (41,254) (37,319) (37,762) (41,911) (44,384) (41,404) (46,125) (45,411) (50,226) Total Fee Related Earnings 44,875 35,337 29,016 34,229 37,113 29,120 33,224 34,959 32,248 Total Fee Related Earnings attributable to non-controlling interests (3,307) (4,424) 1,856 865 (1,074) (581) 719 924 110 Total Fee Related Earnings to the Operating Company 41,568 30,913 30,872 35,094 36,039 28,539 33,943 35,883 32,358 Realized performance allocations and incentive fees 22,308 4,455 3,162 8,466 20,225 9,290 12,969 7,063 5,398 Realized performance allocations and incentive fees compensation (1,321) (349) (1,732) (498) (2,713) (2,840) (7,407) (3,748) (3,154) Net realized performance allocations attributable to non- controlling interests (12,460) (2,357) (619) (5,066) (10,280) (4,220) (2,448) (1,608) (862) Net insurance income 1,183 3,083 2,409 1,801 1,701 324 2,015 1,969 (1,611) Earnings from investments in real estate 818 60 — 215 537 — — — — Net investment and interest income (expense) and realized gain (loss) (2,323) (168) (697) (5,006) (4,711) (5,799) (6,901) (4,072) (3,900) Distributable Earnings attributable to the Operating Company $ 49,773 $ 35,637 $ 33,395 $ 35,006 $ 40,798 $ 25,294 $ 32,171 $ 35,487 $ 28,229
22 Appendix Unaudited Historical Reconciliation of Non-GAAP Distributable Earnings per Share Three Months Ended ($ in thousands, except per share and per share amounts) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Numerator: Distributable Earnings ("DE") attributable to the Operating Company $ 49,773 $ 35,637 $ 33,395 $ 35,006 $ 40,798 $ 25,294 $ 32,171 $ 35,487 $ 28,229 Less: DE attributable to non-controlling interests in the Operating Company (38,451) (27,488) (25,230) (26,436) (30,665) (18,704) (22,734) (24,812) (19,723) DE attributable to Bridge Investment Group Holdings Inc. 11,322 8,149 8,165 8,570 10,133 6,590 9,437 10,675 8,506 Less: Income allocated to participating Restricted Shares (1,969) (1,405) (1,917) (1,998) (2,393) (1,445) (2,177) (2,372) (1,796) DE available to common shareholders 9,353 6,744 6,248 6,572 7,740 5,145 7,260 8,303 6,710 Income tax benefit (expense) (2,338) (1,686) (1,562) (1,643) (1,935) (1,286) (1,815) (2,076) (1,678) After-tax DE available to common shareholders $ 7,015 $ 5,058 $ 4,686 $ 4,929 $ 5,805 $ 3,859 $ 5,445 $ 6,227 $ 5,032 Denominator: Weighted-average shares of Class A Common stock outstanding - Basic 24,157,236 24,373,172 25,068,319 25,143,289 25,956,587 27,798,236 31,342,979 32,461,347 32,991,925 After-Tax Non-GAAP Distributable Earnings Per Share $ 0.29 $ 0.21 $ 0.19 $ 0.20 $ 0.22 $ 0.14 $ 0.17 $ 0.19 $ 0.15
23 Appendix Unaudited Historical Non-GAAP to GAAP Reconciliation Three Months Ended ($ in thousands) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Realized performance allocations and incentive fees $ 22,308 $ 4,455 $ 3,162 $ 8,466 $ 20,225 $ 9,290 $ 12,969 $ 7,063 $ 5,398 Fee related performance revenue — — — — — — — — 5,036 Incentive fees — — — (41) — — — — — Performance allocations, realized $ 22,308 $ 4,455 $ 3,162 $ 8,425 $ 20,225 $ 9,290 $ 12,969 $ 7,063 $ 10,434 Cash-based employee compensation and benefits $ 34,242 $ 29,351 $ 31,623 $ 35,248 $ 37,275 $ 35,518 $ 39,909 $ 38,715 $ 44,779 Compensation expense of Bridge property operators 11,102 9,436 10,195 10,009 10,627 9,546 11,121 11,234 11,743 Share-based compensation 9,624 8,702 9,360 11,119 10,655 9,694 11,810 12,732 10,624 Fee related performance revenue compensation expense — — — — — — — — (3,011) Employee compensation and benefits $ 54,968 $ 47,489 $ 51,178 $ 56,376 $ 58,557 $ 54,758 $ 62,840 $ 62,681 $ 64,135 Realized performance allocations and incentive compensation $ 1,321 $ 349 $ 1,732 $ 498 $ 2,713 $ 2,840 $ 7,407 $ 3,748 $ 3,154 Incentive fees compensation — — — (3) (1) — — — — Fee related performance revenue compensation expense — — — — — — — — 3,011 Performance allocations compensation, realized $ 1,321 $ 349 $ 1,732 $ 495 $ 2,712 $ 2,840 $ 7,407 $ 3,748 $ 6,165 Administrative expenses, net of Bridge property operators $ 7,012 $ 7,968 $ 6,139 $ 6,663 $ 7,109 $ 5,886 $ 6,216 $ 6,696 $ 5,447 Administrative expenses of Bridge property operators 3,673 3,140 3,636 3,976 4,304 3,924 3,738 3,090 3,477 Transaction and non-recurring costs — — 4,118 — 80 4,562 642 424 2,850 Impact of fund consolidation — — — 2,233 649 926 753 (813) 568 General and administrative expenses $ 10,685 $ 11,108 $ 13,893 $ 12,872 $ 12,142 $ 15,298 $ 11,349 $ 9,397 $ 12,342 Unrealized gains (losses) $ 387 $ (101) $ 1,493 $ (1,368) $ 1,113 $ (6,512) $ (1,868) $ (4,859) $ (4,043) Other expenses from Bridge property operators (8) — — — — — — — — Net investment and interest income (expense) and realized gain (loss) (2,323) (168) (697) (5,006) (4,711) (5,799) (6,901) (4,072) (3,900) Other income (expense), net — 1,246 — — — (2,112) — — — Impact of fund consolidation — — — — (334) 867 571 1,666 1,390 Non-FRE income attributable to non-controlling interest in subsidiaries — — — — — 4,461 2,393 1,497 1,118 Total other expense $ (1,944) $ 977 $ 796 $ (6,374) $ (3,932) $ (9,095) $ (5,805) $ (5,768) $ (5,435) Cash income attributable to non-controlling interests in subsidiaries $ 3,307 $ 4,424 $ (1,856) $ (865) $ 1,074 $ 581 $ (719) $ (924) $ (632) Non-cash income attributable to non-controlling interest in subsidiaries — (644) (434) (607) (374) (2,861) (3,319) (3,370) (1,666) Non-FRE income attributable to non-controlling interest in subsidiaries — — — — 1,845 4,461 2,393 1,497 1,118 Impact of fund consolidation — — — (1,607) (792) (512) (582) 866 (533) Realized performance allocations attributable to non-controlling interests 12,460 2,357 619 5,066 10,280 4,220 2,448 1,608 1,384 Unrealized performance allocations attributable to non-controlling interests (14,386) (5,838) (54,578) (6,173) (31,991) (5,396) (42,142) 14,148 78 Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings LLC $ 1,381 $ 299 $ (56,249) $ (4,186) $ (19,958) $ 493 $ (41,921) $ 13,825 $ (251)
24 Appendix AUM Roll Forward (Unaudited) FEAUM Roll Forward (Unaudited) ($ in millions) Three Months Ended September 30, 2024 LTM September 30, 2024 Balance as of beginning of period $21,485 $21,779 Increases (capital raised/deployment)4 469 1,402 Changes in fair market value (8) (383) Decreases (liquidations/other)5 (177) (1,029) FEAUM as of end of period $21,769 $21,769 % Change 1.3 % — % 1 New capital / commitments raised generally represents limited partner capital raised by our funds and other vehicles, including any reinvestments in our open-ended vehicles. 2 Distributions / return of capital generally represents the realization proceeds from the disposition of assets, current income, or capital returned to investors. 3 Change in fair value and acquisitions generally represents realized and unrealized activity on investments held by our funds and other vehicles (including changes in fair value and changes in leverage) as well as the net impact of fees, expenses, and non-investment income. 4 Increases generally represents limited partner capital raised or deployed by our funds and other vehicles that is fee earning when raised or deployed, respectively, including any reinvestments in our open-ended vehicles. 5 Decreases generally represents liquidations of investments held by our funds or other vehicles or other changes in fee basis, including the change from committed capital to invested capital after the expiration or termination of the investment period. ($ in millions) Three Months Ended September 30, 2024 LTM September 30, 2024 Balance as of beginning of period $48,925 $49,427 New capital / commitments raised1 289 1,080 Distributions / return of capital2 (327) (1,439) Change in fair value and acquisitions3 307 126 AUM as of end of period $49,194 $49,194 % Change 0.5 % (0.5) %
25 Appendix FEAUM by Fund (Unaudited) September 30, September 30, ($ in millions) 2024 2023 Bridge Debt Strategies Fund IV $ 2,774 $ 2,774 Bridge Multifamily Fund V 2,239 2,233 Newbury Equity Partners Fund V 1,951 1,951 Bridge Opportunity Zone Fund IV 1,476 1,476 Newbury Equity Partners Fund IV 1,408 1,408 Bridge Workforce Fund II 1,372 1,149 Bridge Multifamily Fund IV 1,357 1,384 Bridge Opportunity Zone Fund III 1,019 1,019 Bridge Debt Strategies Fund III 840 841 Bridge Seniors Housing Fund II 782 782 Bridge Seniors Housing Fund I 615 615 Bridge Opportunity Zone Fund V 550 550 Bridge Workforce Fund I 534 556 Bridge Opportunity Zone Fund I 482 482 Newbury Equity Partners Fund III 408 886 Bridge Opportunity Zone Fund II 408 408 Bridge Debt Strategies IV JV Partners 406 440 Bridge Debt Strategies Fund V 338 — Bridge Net Lease Industrial Income Fund 302 261 Bridge Logistics U.S. Venture I 296 285 Bridge Agency MBS Fund 260 221 Bridge Debt Strategies Fund II 246 280 Bridge Opportunity Zone Fund VI 236 85 Bridge Single-Family Rental Fund IV 233 233 Newbury Equity Partners Fund VI 211 49 Bridge Multifamily Continuation Fund 190 190 Bridge Workforce Fund III 189 — Bridge Office Fund II 162 161 Bridge Logistics U.S. Venture II 98 26 Bridge Office III JV Partners 92 92 Bridge Seniors Housing Fund III 69 65 Bridge Debt Strategies III JV Partners 57 137 Bridge Office I JV Partners 51 108 Bridge Debt Strategies II JV Partners 33 138 Bridge Single-Family Rental Fund III 32 32 Bridge Office II JV Partners 21 21 Bridge Solar Energy Development Fund I 14 16 Bridge Debt Strategies V JV Partners 9 — Bridge Workforce II JV Partners 7 — Bridge Solar I JV Partners 2 — Bridge Office Fund I — 424 Bridge Ventures Fund I — 1 Total FEAUM $ 21,769 $ 21,779
26 Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q3 2024 GAAP Shares of Common Stock Outstanding 33,192,574 Unvested Participating Shares of Common Stock 8,587,884 Total Participating Shares of Common Stock 41,780,458 Participating Partnership Units 96,139,367 Unvested Participating Partnership Units 773,154 Total Shares Outstanding 138,692,979 Shareholder Dividends ($ in thousands, except per share data) Q3 2024 Distributable Earnings Attributable to the Operating Company $28,229 Less: Transaction and non-recurring costs (2,848) Less: 30% Holdback of Profits in the Operating Company to reinvest (7,614) Less: DE attributable to non-controlling interests in Operating Company (12,410) DE before Certain Payables Attributable to Common Stockholders $5,357 Less: Other Payables Attributable to Common Stockholders (1,339) DE Attributable to Participating Common Stockholders $4,018 Total Participating Shares of Common Stock, estimated 41,912,588 DE per Share after Certain Payables Attributable to Common Shareholders $0.10 Less: Retained Capital per Share 0.00 Dividend per Share $0.10 Record Date December 6, 2024 Payment Date December 20, 2024
27 Appendix Reconciliation of GAAP Loss per Share to Distributable Earnings per Share Q3 2024 ($ in thousands, except per share data) Amount Weighted- Average Shares Outstanding Amount per Share Net income (loss) available to Common Shareholders $ 3,533 32,991,925 $0.11 Add: Income (loss) allocated to unvested Participating Shares of Restricted Stock 1,133 Net income (loss) attributable to Bridge Investment Group Holdings Inc. $ 4,666 41,823,325 $0.11 Net income attributable to non-controlling interests in Operating Company 6,168 Net (loss) income attributable to non-controlling interests in subsidiaries of Operating Company (251) Net income (loss) $ 10,583 138,807,347 $0.08 Income tax benefit (expense) 2,433 Income (loss) before provision for income taxes $ 8,150 138,807,347 $0.06 Depreciation and amortization 4,997 Impact of fund consolidation (710) Less: Unrealized performance allocations (612) Plus: Unrealized performance allocations compensation 759 Less: Unrealized (gains) losses, net 4,043 Plus: Share-based compensation 10,624 Plus: Transaction and non-recurring costs 2,848 Less: Net realized performance allocations attributable to non-controlling interests (862) Less: Cash income attributable to non-controlling interests in subsidiaries (1,008) Distributable Earnings attributable to the Operating Company $ 28,229 138,807,347 $0.20 Less: DE attributable to non-controlling interests in the Operating Company 19,723 96,984,022 $0.20 Distributable Pre-Tax Earnings attributable to Bridge Investment Group Holdings Inc. $ 8,506 41,823,325 $0.20 Less: Income allocated to participating Restricted Shares 1,796 Distributable Pre-Tax Earnings available to Common Shareholders $ 6,710 32,991,925 $0.20 Less: Income tax expense 1,678 Distributable After-Tax Earnings available to Common Shareholders $ 5,032 32,991,925 $0.15
28 Appendix Profits Interests • 2019 profits interests converted on January 1, 2022 • 2020 profits interests converted on January 1, 2023 • 2021 profits interests converted on July 1, 2023 • Resulted in a reduction in non-controlling interest and an increase in Net Income to the Operating Company. • Resulted in an increase in share count; however, expected to be antidilutive to public shareholders. Performance Income • The Operating Company receives 24% to 40% of the gross performance allocations. Non-Controlling Interests ($ in thousands) For Three Months Ended September 30, 2024 NON-GAAP FINANCIAL MEASURES Total Fund Management Performance income Fund-level fee revenues Fund management fees $ 61,106 $ 61,106 $ — Fee related performance revenue 5,036 — 5,036 Transaction fees 6,279 6,279 — Total net fund-level fee revenues 72,421 67,385 5,036 Net earnings from Bridge property operators 951 951 — Development fees 896 896 — Fund administration fees 4,300 4,300 — Other asset management and property income 3,906 3,906 — Fee Related Revenues 82,474 77,438 5,036 Cash-based employee compensation and benefits (44,779) (41,768) (3,011) Net administrative expenses (5,447) (5,447) — Fee Related Expenses (50,226) (47,215) (3,011) Total Fee Related Earnings 32,248 30,223 2,025 Total Fee Related Earnings attributable to non-controlling interests 110 632 (522) Total Fee Related Earnings to the Operating Company 32,358 30,855 1,503 Realized performance allocations and incentive fees 5,398 — 5,398 Realized performance allocations and incentive fees compensation (3,154) — (3,154) Net realized performance allocations attributable to non-controlling interests (862) — (862) Net insurance income (1,611) (1,611) — Earnings from investments in real estate — — — Net investment and interest income (expense) and realized gain (loss) (3,900) (3,900) — Distributable Earnings Attributable to the Operating Company $ 28,229 $ 25,344 $ 2,885
29 Appendix Composition of Fund Management Fees ($ in MM)
30 Investment Performance Summary - As of September 30, 2024 ($ in MM) Appendix Total Investment-Level Fund-Level Returns Closed-End Funds(1) (Investment Period Beginning, Ending Date) Cumulative Fund Committed Capital(2) Unreturned Drawn Capital plus Accrued Pref(3) Cumulative Investment Invested Capital(4) Realized Investment Value(5) Unrealized Investment Value(6) Unrealized Investment MOIC(7) Total Investment Fair Value(8) Total Investment MOIC(9) Investor Levered Net IRR(10) Investor Unlevered Net IRR(11) Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2013) $ 124 $ — $ 150 $ 280 $ — N/A $ 280 1.87x 15.1 % 15.1 % Bridge Multifamily II (Apr 2012, Apr 2015) 596 — 605 1,264 — N/A 1,264 2.09x 23.0 % 22.5 % Bridge Multifamily III (Jan 2015, Jan 2018) 912 — 904 2,004 — N/A 2,004 2.22x 18.4 % 17.9 % Bridge Multifamily IV (Jun 2018, Jun 2021) 1,590 1,665 1,537 566 2,264 1.81x 2,830 1.84x 12.9 % 12.7 % Bridge Multifamily V (Jul 2021, to present) 2,257 1,700 1,355 60 1,015 0.79x 1,075 0.79x (18.3) % (16.7) % Bridge MF Continuation Vehicle (N/A) 201 220 187 4 248 1.34x 252 1.35x 22.6 % 22.6 % Total Multifamily Funds(12) $ 5,680 $ 3,585 $ 4,738 $ 4,179 $ 3,527 1.32x $ 7,706 1.63x 14.3 % 14.0 % Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) $ 619 $ 665 $ 598 $ 239 $ 902 1.84x $ 1,141 1.91x 11.7 % 11.7 % Bridge Workforce Housing II (Aug 2020, Aug 2024) 1,741 1,624 1,403 166 1,302 1.05x 1,468 1.05x (1.9) % (1.6) % Total Workforce & Affordable Housing Funds(12) $ 2,360 $ 2,289 $ 2,001 $ 405 $ 2,204 1.27x $ 2,609 1.30x 5.7 % 5.7 % Secondaries Funds Newbury Equity Partners I (Sep 2006, Mar 2013) $ 702 $ — $ 631 $ 1,039 $ 17 1.63x $ 1,056 1.67x 8.2 % 8.1 % Newbury Equity Partners II (Oct 2009, Oct 2015) 1,024 — 860 1,529 87 1.75x 1,616 1.88x 14.9 % 14.8 % Newbury Equity Partners III (Jul 2013, Mar 2019) 1,102 — 987 1,385 407 1.79x 1,792 1.82x 14.2 % 12.5 % Newbury Equity Partners IV (May 2017, Feb 2023) 1,447 739 1,283 873 1,521 1.90x 2,394 1.87x 15.3 % 13.1 % Newbury Equity Partners V (Nov 2019, to present) 2,000 1,531 1,681 289 2,026 1.37x 2,316 1.38x 12.0 % 10.0 % Total Secondaries Funds(12) $ 6,275 $ 2,270 $ 5,442 $ 5,115 $ 4,058 1.65x $ 9,173 1.69x 12.4 % 11.6 % Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) $ 578 $ 932 $ 763 $ 461 $ 276 0.84x $ 737 0.97x (3.8) % (3.6) % Bridge Seniors II (Mar 2017, Mar 2020) 820 946 803 339 554 1.13x 893 1.11x (0.6) % (0.5) % Bridge Seniors III (Nov 2020, to present) 48 44 30 5 40 1.49x 45 1.49x 5.9 % 5.8 % Total Seniors Housing Funds(12) $ 1,446 $ 1,922 $ 1,596 $ 805 $ 870 1.02x $ 1,675 1.05x (2.1) % (1.9) % Office Bridge Office I (Jul 2017, Jul 2020) $ 573 $ 769 $ 643 $ 178 $ (62) 0.10x $ 116 0.18x *** *** Bridge Office II (Dec 2019, Dec 2022) 208 239 251 84 124 0.83x 208 0.83x (12.1) % (10.0) % Total Office Funds(12) $ 781 $ 1,008 $ 894 $ 262 $ 62 0.39x $ 324 0.36x *** *** Please refer to the Notes to Performance Summary for additional information.
31 Investment Performance Summary - As of September 30, 2024 ($ in MM) Appendix Total Investment-Level Fund-Level Returns Closed-End Funds(1) (Investment Period Beginning, Ending Date) Cumulative Fund Committed Capital(2) Unreturned Drawn Capital plus Accrued Pref(3) Cumulative Investment Invested Capital(4) Realized Investment Value(5) Unrealized Investment Value(6) Unrealized Investment MOIC(7) Total Investment Fair Value(8) Total Investment MOIC(9) Investor Levered Net IRR(10) Investor Unlevered Net IRR(11) Equity Strategies Funds (Continued) Single-Family Rental Bridge SFR Predecessor Fund I (Jan 2013, Jan 2015) $ 51 $ — $ 47 $ 165 $ — N/A $ 165 3.53x 15.7 % 15.7 % Bridge SFR Predecessor Fund II (Jan 2015, Jan 2017) 90 — 81 233 — N/A 233 2.88x 16.5 % 16.5 % Bridge SFR Predecessor Fund III (Aug 2019, Aug 2022) 34 44 31 — 63 2.05x 63 2.05x 14.6 % 14.6 % Bridge Single-Family Rental IV (Jan 2022, to present) 150 176 149 9 198 1.38x 207 1.39x 11.2 % 10.3 % Total Single Family Funds(12) $ 324 $ 220 $ 307 $ 407 $ 261 1.50x $ 668 2.17x 15.6 % 15.4 % Opportunity Zone Opportunity Zone I (Apr 2019, Dec 2019) $ 509 $ 692 $ 551 $ 64 $ 453 0.94x $ 517 0.94x (3.6) % (3.4) % Total Opportunity Zone Fund(12) $ 509 $ 692 $ 551 $ 64 $ 453 0.94x $ 517 0.94x (3.6) % (3.4) % Logistics Value Bridge Logistics Value I (Nov 2021, to present) $ 336 $ 380 $ 308 $ — $ 312 1.01x $ 312 1.01x (2.3) % (0.6) % Total Logistics Value Fund(12) $ 336 $ 380 $ 308 $ — $ 312 1.01x $ 312 1.01x (2.3) % (0.6) % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) $ 132 $ — $ 219 $ 264 $ — N/A $ 264 1.21x 5.9 % 5.9 % Bridge Debt II (Jul 2016, Jul 2019) 1,002 236 2,835 3,079 174 1.13x 3,253 1.15x 7.5 % 7.4 % Bridge Debt III (May 2018, May 2021) 1,624 813 6,814 6,769 787 1.21x 7,556 1.11x 8.9 % 8.8 % Bridge Debt IV (Nov 2020, to present) 2,888 2,771 9,682 7,853 2,668 1.21x 10,521 1.09x 9.3 % 8.8 % Total Debt Strategies Funds(12) $ 5,646 $ 3,820 $ 19,550 $ 17,965 $ 3,629 1.21x $ 21,594 1.10x 8.5 % 8.3 % Please refer to the Notes to Performance Summary for additional information.
32 Notes to Performance Summary Appendix The investment performance presented herein is intended to illustrate the performance of investments held by the funds and other vehicles we manage and the potential for which is relevant to the performance-based fees to Bridge. Other than the Investor Unlevered Net IRR and the Investor Levered Net IRR numbers presented herein, the cash flows in the investment performance do not reflect the cash flows used in presentations of fund performance due to the fund level expenses, reserves, and reinvested capital. (1) Closed-End Funds represented herein does not include performance for (i) certain Opportunity Zone funds with investments which have not been marked-to-market, and (ii) funds that are currently raising capital, including our open-ended funds. Each fund identified contemplates all associated parallel and feeder limited partnerships in which investors subscribe and accordingly share common management. All intercompany accounts and transactions have been eliminated in the combined presentation. Values and performance presented herein are the combined investor returns gross of any applicable legal entity taxes. (2) Cumulative Fund Committed Capital represents total capital commitments to the fund (excluding joint ventures or separately managed accounts). (3) Unreturned Drawn Capital + Accrued Pref represents the amount the fund needs to distribute to its investors as a return of capital and a preferred return before the General Partner is entitled to receive performance fees or allocations from the fund. (4) Cumulative Investment Invested Capital represents the total cost of investments since inception (including any recycling or refinancing of investments). This figure will differ from Cumulative Paid-In Capital, which represents the total contributions or drawn down commitments from all investors since inception. (5) Realized Investment Value represents net cash proceeds received in connection with all investments, including distributions from investments and disposition proceeds. (6) Unrealized Investment Value represents the estimated liquidation values that are generally based upon appraisals, contracts and internal estimates. There can be no assurance that Unrealized Investment Value will be realized at valuations shown, and realized values will depend on numerous factors including, among others, future asset-level operating results, asset values and market conditions at the time of disposition, transaction costs, and the timing and manner of disposition, all of which may differ from the assumptions on which the Unrealized Investment Fair Value are based. Direct fund investments in real property are held at cost minus transaction expenses for the first six months. (7) Unrealized Investment MOIC represents the Multiple on Invested Capital (“MOIC”) for Total Investment Fair Value associated with unrealized investments before management fees, fund level expenses and carried interest, divided by Cumulative Investment Invested Capital attributable to those unrealized investments. (8) Total Investment Fair Value represents the sum of Realized Investment Value and Unrealized Investment Value, before management fees, expenses and carried interest. (9) Total Investment MOIC represents MOIC for Total Investment Fair Value divided by Cumulative Investment Invested Capital. (10) Investor Levered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions) and cash outflows (distributions) and the remaining fair value, net of the investors actual management fees, fund level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee-paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. This return may differ from actual investor level returns due to timing, variance in fees paid by investors, and other investor-specific investment costs such as taxes. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, IRRs may be amplified by fund leverage and early fund expenses and may not be meaningful. For IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period’s return. (11) Investor Unlevered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions and drawdowns on fund lines of credit) and cash outflows (distributions and repayments on fund lines of credit) and the remaining fair value (after removing outstanding balances on fund lines of credit), net of the investors actual management fees, fund level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee- paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, this IRR may be amplified by early fund expenses and may not be meaningful. For IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period’s return. (12) Any composite returns presented herein do not represent actual returns received by any one investor and are for illustrative purposes only. Composite performance is based on actual cash flows of the funds within a strategy over the applicable timeframes and are prepared using certain assumptions. Each fund has varied investment periods and investments were made during different market environments; past performance of prior funds within a strategy is not a guarantee of future results. Fund investors generally pay fees based on a defined percentage of total commitments during the investment period and invested capital thereafter, but some fund investors may pay fees based on invested capital for the life of the fund according to the applicable governing documents. Additional information on the calculation of this composite performance, including applicable assumptions and supporting data, can be made available promptly upon request. *** Indicates a negative return that results in an IRR that is incalculable. The returns for Total Office Funds are not presented because Bridge Office I is incalculable.
33 Glossary Assets Under Management Assets under management, or AUM, represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and vehicles and those of Bridge affiliates). Our AUM is not reduced by any outstanding indebtedness or other accrued but unpaid liabilities of the assets we manage. Our calculations of AUM and fee-earning AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of AUM includes uncalled commitments to (and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the agreements governing the funds and vehicles we manage or advise. Distributable Earnings Distributable Earnings, or DE, is a key performance measure used in our industry and is evaluated regularly by management in making resource deployment and compensation decisions, and in assessing our performance. DE differs from net income before provision for income taxes, computed in accordance with U.S. GAAP in that it does not include depreciation and amortization, income (loss) from consolidated fund investments, unrealized performance allocations and related compensation expense, unrealized gains (losses), share-based compensation, cash income attributable to non-controlling interests, charges (credits) related to corporate actions and non-recurring items. Although we believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance, the use of DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed further in our most recent annual report on Form 10-K and quarterly report of Form 10-Q under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Components of our Results of Operations—Combined Results of Operations” prepared in accordance with U.S. GAAP. Our calculations of DE may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. Dry Powder Dry Powder represents of uncalled committed capital that is available for investment. Fee-Earning AUM Fee-Earning AUM, or FEAUM, reflects the assets from which we earn management fee revenue. The assets we manage that are included in our FEAUM typically pay management fees based on capital commitments, invested capital or, in certain cases, NAV, depending on the fee terms. Fee Related Earnings Fee Related Earnings, or FRE, is a supplemental performance measure used to assess our ability to generate profits from fee- based revenues that are measured and received on a recurring basis. FRE differs from income before provision for income taxes computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of Distributable Earnings, and also adjusts Distributable Earnings to exclude realized performance allocations income and related compensation expense, net insurance income, earnings from investments, net interest (interest income less interest expense), net realized gain (loss), income (loss) from consolidated fund investments, and, if applicable, certain general and administrative expenses when the timing of any future payment is uncertain. FRE is not a measure of performance calculated in accordance with U.S. GAAP. The use of FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Our calculations of FRE may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers.
34 Glossary (cont'd) Fee Related Expenses Fee Related Expenses is a component of Fee Related Earnings. Fee Related Expenses differs from expenses computed in accordance with U.S. GAAP in that it does not include incentive fee compensation, performance allocations compensation, share-based compensation, loss and loss adjustment expenses associated with our insurance business, depreciation and amortization, or charges (credits) related to corporate actions and non-recurring items, expenses from consolidated fund investments, and expenses attributable to non-controlling interest in consolidated entities. Additionally, Fee Related Expenses is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds. Fee Related Expenses are used in management’s review of the business. Please refer to the reconciliation to the comparable line items on the consolidated and combined statements of operations. Fee Related Revenues Fee Related Revenues is a component of Fee Related Earnings. Fee Related Revenues is a component of Fee Related Earnings. Fee Related Revenues includes fund management fees, transaction fees net of any third-party operating expenses, fee related performance revenue, net earnings from Bridge property operators, development fees, fund administration fees, and other asset management and property income. Fee related performance revenue is comprised of performance-based fees earned by our general partners from open-end funds. These fees are generally based on the investment returns, subject to preferred returns and/or high-watermarks, for the applicable measurement period of the open-end fund. Fee related performance revenues are measured and eligible to be received on a recurring basis and are not dependent on realization events from the underlying investments. Net earnings from Bridge property operators is calculated as a summation of property management, leasing fees and construction management fees less third-party operating expenses and property operating expenses. Property operating expenses is calculated as a summation of employee compensation and benefits, general and administrative expenses and interest expense at our property operators. We believe our vertical integration enhances returns to our shareholders and fund investors, and we view the net earnings from Bridge property operators as part of our fee related revenue as these services are provided to essentially all of the real estate properties in our equity funds. Net earnings from Bridge property operators is a metric that is included in management’s review of our business. Please refer to the reconciliation to the comparable line items on the combined statements of operations. Fee Related Revenues differs from revenue computed in accordance with U.S. GAAP in that it excludes insurance premiums and income (loss) from consolidated fund investments. Additionally, Fee Related Revenues is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds. Fund Management Fees Fund management fees refers to fees we earn for advisory services provided to our funds, which are generally based on total commitments, invested capital or net asset value managed by us. Fund management fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Operating Company Bridge Investment Group Holdings LLC, or the Operating Company, acts as a holding company of certain affiliates that provide an array of asset management services. The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the investment manager entities, which we refer to collectively as the Fund Managers. Sponsored Funds Sponsored Funds refers to the funds, co-investment vehicles and other entities and accounts that are managed by Bridge, and which are structured to pay fees.
