Bridge Investment Group Holdings Inc(NYSE:BRDG) 
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | |||||||||||||||||
fund management fees | 58,465,000 | 59,308,000 | 62,298,000 | 61,069,000 | 61,453,000 | 61,105,000 | 54,956,000 | 61,450,000 | 60,317,000 | 53,849,000 | 55,408,000 | 64,096,000 | 49,380,000 | 52,700,000 | 49,965,000 | 40,576,000 | 34,536,000 |
property management and leasing fees | 16,693,000 | 16,984,000 | 17,183,000 | 17,690,000 | 17,763,000 | 19,937,000 | 19,168,000 | 19,507,000 | 19,130,000 | 19,899,000 | 19,527,000 | 18,788,000 | 19,616,000 | 18,279,000 | 16,062,000 | 22,510,000 | 14,335,000 |
construction management fees | 1,705,000 | 1,289,000 | 2,151,000 | 1,845,000 | 1,814,000 | 1,697,000 | 2,334,000 | 3,086,000 | 2,902,000 | 3,285,000 | 3,246,000 | 3,414,000 | 2,426,000 | 1,887,000 | 2,304,000 | 2,097,000 | 2,065,000 |
development fees | 1,038,000 | 1,046,000 | 822,000 | 896,000 | 828,000 | 831,000 | 1,000,000 | 247,000 | 1,337,000 | 335,000 | 1,651,000 | 986,000 | 793,000 | 1,259,000 | 1,136,000 | 1,018,000 | 1,163,000 |
transaction fees | 4,816,000 | 3,193,000 | 8,024,000 | 6,279,000 | 6,404,000 | 6,800,000 | 3,728,000 | 9,679,000 | 4,682,000 | 2,377,000 | 5,033,000 | 11,532,000 | 17,643,000 | 21,998,000 | 31,598,000 | 21,907,000 | 16,242,000 |
fund administration fees | 4,845,000 | 4,860,000 | 3,975,000 | 4,224,000 | 4,579,000 | 5,058,000 | 4,644,000 | 4,359,000 | 4,304,000 | 4,177,000 | 3,926,000 | 3,808,000 | 3,657,000 | 3,640,000 | |||
insurance premiums | 5,811,000 | 5,786,000 | 5,730,000 | 5,595,000 | 6,405,000 | 4,697,000 | 5,218,000 | 4,654,000 | 3,485,000 | 4,729,000 | 4,208,000 | 3,387,000 | 2,845,000 | 2,416,000 | 3,605,000 | 2,530,000 | 2,022,000 |
other asset management and property income | 3,166,000 | 3,830,000 | 3,193,000 | 3,908,000 | 5,514,000 | 2,665,000 | 3,079,000 | 3,289,000 | 2,646,000 | 2,797,000 | 2,475,000 | 4,413,000 | 2,659,000 | 1,955,000 | 2,649,000 | 1,533,000 | 1,611,000 |
total revenues | 96,539,000 | 96,296,000 | 103,376,000 | 101,506,000 | 104,760,000 | 102,790,000 | 94,127,000 | 106,271,000 | 98,803,000 | 91,448,000 | 95,474,000 | 110,424,000 | 99,019,000 | 104,134,000 | 107,319,000 | 92,171,000 | 71,974,000 |
yoy | -7.85% | -6.32% | 9.83% | -4.48% | 6.03% | 12.40% | -1.41% | -3.76% | -0.22% | -12.18% | -11.04% | 19.80% | 37.58% | ||||
qoq | 0.25% | -6.85% | 1.84% | -3.11% | 1.92% | 9.20% | -11.43% | 7.56% | 8.04% | -4.22% | -13.54% | 11.52% | -4.91% | -2.97% | 16.43% | 28.06% | |
investment income: | |||||||||||||||||
performance allocations: | |||||||||||||||||
realized | 4,872,000 | 4,712,000 | 18,755,000 | 10,434,000 | 7,063,000 | 12,969,000 | 9,290,000 | 20,225,000 | 8,425,000 | 3,162,000 | 4,454,000 | 22,308,000 | 33,581,000 | 8,937,000 | |||
unrealized | 1,466,000 | -12,410,000 | 93,000 | 612,000 | 18,533,000 | -61,670,000 | 4,519,000 | -50,940,000 | -19,284,000 | -107,025,000 | -4,436,000 | -16,367,000 | 70,116,000 | 65,862,000 | |||
total investment income | 6,338,000 | 18,848,000 | 11,046,000 | 25,596,000 | 13,809,000 | -30,178,000 | -10,603,000 | -103,863,000 | 78,000 | 6,759,000 | 104,948,000 | 74,839,000 | 148,316,000 | 84,864,000 | 79,857,000 | ||
expenses: | |||||||||||||||||
employee compensation and benefits | 61,472,000 | 64,860,000 | 61,667,000 | 64,135,000 | 62,681,000 | 62,840,000 | 54,758,000 | 58,557,000 | 56,376,000 | 51,178,000 | 47,489,000 | 54,968,000 | 46,693,000 | 47,480,000 | 41,487,000 | 31,763,000 | 42,306,000 |
performance allocations compensation: | |||||||||||||||||
loss and loss adjustment expenses | 5,952,000 | 11,345,000 | 8,257,000 | 7,206,000 | 4,436,000 | 2,682,000 | 4,894,000 | 2,953,000 | 1,684,000 | 2,320,000 | 1,125,000 | 2,204,000 | 1,439,000 | 1,751,000 | 3,729,000 | 1,429,000 | 2,132,000 |
third-party operating expenses | 2,562,000 | 2,674,000 | 2,920,000 | 3,363,000 | 3,476,000 | 4,037,000 | 5,141,000 | 5,520,000 | 5,219,000 | 6,110,000 | 6,033,000 | 6,125,000 | 6,749,000 | 6,768,000 | 7,102,000 | 11,581,000 | 6,117,000 |
general and administrative expenses | 18,232,000 | 28,113,000 | 10,729,000 | 12,342,000 | 9,397,000 | 11,349,000 | 15,298,000 | 12,142,000 | 12,872,000 | 13,893,000 | 11,109,000 | 10,685,000 | 9,769,000 | 9,508,000 | 8,619,000 | 6,703,000 | 5,392,000 |
depreciation and amortization | 4,741,000 | 4,800,000 | 4,929,000 | 4,997,000 | 4,510,000 | 5,437,000 | 4,873,000 | 5,275,000 | 5,118,000 | 1,093,000 | 713,000 | 703,000 | 887,000 | 633,000 | 651,000 | 699,000 | 727,000 |
total expenses | 96,759,000 | 115,709,000 | 99,716,000 | 98,967,000 | 87,098,000 | 96,930,000 | 94,765,000 | 88,948,000 | 77,118,000 | 61,656,000 | 70,674,000 | 79,795,000 | 75,689,000 | 75,938,000 | 83,146,000 | 56,712,000 | 66,469,000 |
other income: | |||||||||||||||||
realized and unrealized gains | -1,835,000 | -7,478,000 | 1,080,000 | -3,254,000 | -3,273,000 | -4,230,000 | -5,982,000 | -519,000 | -1,367,000 | 1,487,000 | -100,000 | 399,000 | 3,489,000 | 427,000 | |||
interest income | 4,203,000 | 3,853,000 | 5,160,000 | 4,271,000 | 4,351,000 | 5,790,000 | 6,771,000 | 4,428,000 | 3,728,000 | 3,454,000 | 3,401,000 | 1,904,000 | 1,353,000 | 1,209,000 | 1,093,000 | 1,008,000 | 557,000 |
interest expense | -6,232,000 | -6,222,000 | -6,094,000 | -6,452,000 | -6,846,000 | -7,365,000 | -7,773,000 | -7,841,000 | -8,735,000 | -4,145,000 | -3,571,000 | -4,247,000 | -2,901,000 | -1,621,000 | -1,957,000 | -2,407,000 | -2,554,000 |
total other expense | -3,864,000 | -9,847,000 | -1,291,000 | -5,435,000 | -5,768,000 | ||||||||||||
income before provision for income taxes | 2,254,000 | -36,958,000 | 21,217,000 | 8,150,000 | 37,490,000 | -48,646,000 | 4,075,000 | -16,787,000 | 4,708,000 | -73,275,000 | 25,854,000 | 35,444,000 | 130,219,000 | 103,050,000 | 170,607,000 | 121,489,000 | |
income tax benefit | 538,000 | -645,000 | 1,070,750 | 2,433,000 | -9,996,000 | 11,846,000 | 5,844,000 | ||||||||||
net income | 2,792,000 | -37,603,000 | 15,438,000 | 10,583,000 | 27,494,000 | -36,800,000 | 679,000 | -17,894,000 | -2,760,000 | -67,431,000 | 18,244,000 | 32,241,000 | 124,382,000 | 97,505,000 | 165,786,000 | 118,882,000 | 83,241,000 |
yoy | -89.85% | 2.18% | 2173.64% | -159.14% | -1096.16% | -45.43% | -96.28% | -155.50% | -102.22% | -169.16% | -89.00% | -72.88% | 49.42% | ||||
qoq | -107.42% | -343.57% | 45.88% | -61.51% | -174.71% | -5519.73% | -103.79% | 548.33% | -95.91% | -469.61% | -43.41% | -74.08% | 27.56% | -41.19% | 39.45% | 42.82% | |
net income margin % | 2.89% | -39.05% | 14.93% | 10.43% | 26.24% | -35.80% | 0.72% | -16.84% | -2.79% | -73.74% | 19.11% | 29.20% | 125.61% | 93.63% | 154.48% | 128.98% | 115.65% |
net income attributable to non-controlling interests in bridge investment group holdings llc | 1,898,000 | 13,825,000 | 493,000 | -19,958,000 | -4,186,000 | -56,249,000 | 299,000 | 1,381,000 | 49,748,000 | 36,713,000 | 85,259,000 | 60,900,000 | |||||
net income attributable to bridge investment group holdings llc | 894,000 | -24,462,000 | 3,652,000 | 10,834,000 | 13,669,000 | 5,121,000 | 186,000 | 2,064,000 | 1,426,000 | -11,182,000 | 17,945,000 | 30,860,000 | 74,634,000 | 60,792,000 | 80,527,000 | 57,982,000 | |
net income attributable to non-controlling interests in bridge investment group holdings inc. | 1,376,000 | 7,700,000 | 6,168,000 | 16,100,000 | 4,508,000 | 1,770,000 | 6,198,000 | -13,216,000 | |||||||||
net income attributable to bridge investment group holdings inc. | -482,000 | -12,176,000 | -4,048,000 | 4,666,000 | -2,431,000 | 9,818,000 | -4,322,000 | 294,000 | -4,772,000 | 2,034,000 | |||||||
earnings per share of class a common stock | |||||||||||||||||
basic | -0.01 | -0.37 | 0.07 | 0.11 | 0.24 | 0.03 | |||||||||||
diluted | -0.01 | -0.37 | 0.028 | 0.04 | -0.05 | -0.13 | |||||||||||
weighted-average shares of class a common stock outstanding | |||||||||||||||||
basic | 35,889,995 | 35,311,240 | 32,991,925 | 32,461,347,000 | 31,342,979 | 25,068,319 | |||||||||||
diluted | 35,889,995 | 35,311,240 | 129,202,793 | 32,461,347,000 | 128,667,354 | 123,881,500 | |||||||||||
total investment loss | -7,698,000 | -48,701,000 | |||||||||||||||
net loss attributable to non-controlling interests in bridge investment group holdings llc | -13,141,000 | -7,086,500 | -251,000 | -41,921,000 | |||||||||||||
net loss attributable to non-controlling interests in bridge investment group holdings inc. | -12,286,000 | -4,697,000 | |||||||||||||||
incentive fees | 41,000 | 1,559,000 | |||||||||||||||
earnings from investments in real estate | 537,000 | 215,000 | 60,000 | 818,000 | 1,251,000 | 40,000 | 333,000 | 823,000 | |||||||||
incentive fee compensation | 1,000 | 3,000 | 133,000 | ||||||||||||||
loss | |||||||||||||||||
basic | -110 | ||||||||||||||||
diluted | -110 | ||||||||||||||||
total other income | -5,805,000 | -9,096,000 | -3,932,000 | -6,374,000 | 796,000 | 976,000 | -1,944,000 | 1,941,000 | 15,000 | -1,882,000 | 1,166,000 | -1,697,000 | |||||
income tax expense | -3,396,000 | -1,107,000 | -7,468,000 | ||||||||||||||
earnings per share of class a common stock—basic and diluted | -0.063 | -0.04 | -0.24 | ||||||||||||||
weighted-average shares of class a common stock outstanding—basic and diluted | 25,956,587 | 25,143,289 | |||||||||||||||
income tax provision | -7,610,000 | -3,203,000 | -5,837,000 | -5,545,000 | -4,821,000 | -2,607,000 | -424,000 | ||||||||||
net income attributable to common control group prior to transactions and ipo | 3,775,000 | ||||||||||||||||
net income attributable to non-controlling interests in bridge investment group holdings inc. subsequent to transactions and ipo | 18,386,000 | 25,861,000 | 61,694,000 | 51,020,000 | 67,604,000 | 43,904,000 | |||||||||||
net income attributable to bridge investment group holdings inc. subsequent to transactions and ipo | -441,000 | 4,999,000 | 12,940,000 | 9,772,000 | 12,923,000 | 10,303,000 | |||||||||||
earnings per share of class a common stock—basic and diluted (note 21)1 | 0.24 | 0.17 | |||||||||||||||
weighted-average shares of class a common stock outstanding—basic and diluted (note 21)1 | 24,157,236 | ||||||||||||||||
earnings per share of class a common stock - basic and diluted | 0.44 | 0.35 | 0.52 | 0.41 | |||||||||||||
weighted-average shares of class a common stock outstanding - basic and diluted | 24,029,107 | 23,138,030 | 22,515,868 | 22,284,351 | |||||||||||||
realized gains | 8,786,000 | 30,999,000 | 35,629,000 | ||||||||||||||
unrealized gains | 137,638,000 | 53,042,000 | 43,248,000 | ||||||||||||||
realized gain | 1,524,000 | 1,855,000 | |||||||||||||||
unrealized gain | 2,539,750 | 2,682,000 | |||||||||||||||
investment income | 705,000 | 2,565,000 | |||||||||||||||
represents the period following the transactions and the ipo, from july 16, 2021 through september 30, 2021, as described in note 23. | |||||||||||||||||
performance allocations | |||||||||||||||||
earnings (losses) from investments in real estate | 980,000 | ||||||||||||||||
performance allocations compensation | |||||||||||||||||
other income | |||||||||||||||||
net realized and unrealized gains | 300,000 | ||||||||||||||||
income before benefit from income taxes | 83,665,000 | ||||||||||||||||
net income attributable to non-controlling interests | 5,815,000 | ||||||||||||||||
net income attributable to the company | 77,426,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||
cash and cash equivalents | 72,819,000 | 65,134,000 | 90,599,000 | 61,944,000 | 75,209,000 | 61,966,000 | 57,702,000 | 47,860,000 | 70,969,000 | 77,508,000 | 183,576,000 | 191,493,000 | 102,777,000 | 149,121,000 | 78,417,000 | 188,338,000 | 61,548,000 |
restricted cash | 11,234,000 | 11,131,000 | 11,832,000 | 12,252,000 | 9,697,000 | 10,344,000 | 9,558,000 | 9,894,000 | 8,976,000 | 9,949,000 | 9,689,000 | 8,966,000 | 7,401,000 | 9,162,000 | 5,455,000 | 5,450,000 | 5,609,000 |
marketable securities, at fair value | 14,678,000 | 21,397,000 | 21,119,000 | 17,017,000 | 22,071,000 | 20,107,000 | 19,838,000 | 12,800,000 | 12,624,000 | 12,717,000 | 14,614,000 | 9,509,000 | 10,777,000 | 10,950,000 | 8,035,000 | ||
receivables from affiliates | 35,715,000 | 32,599,000 | 54,312,000 | 46,956,000 | 44,717,000 | 45,890,000 | 44,370,000 | 48,547,000 | 41,703,000 | 61,188,000 | 53,804,000 | 52,895,000 | 34,186,000 | 56,028,000 | 35,379,000 | 33,668,000 | 22,309,000 |
notes receivable from affiliates | 43,409,000 | 47,703,000 | 41,878,000 | 40,262,000 | 41,619,000 | 43,143,000 | 48,275,000 | 54,175,000 | 59,030,000 | 59,432,000 | 67,244,000 | 65,474,000 | 66,104,000 | 34,364,000 | 114,144,000 | 19,475,000 | 10,335,000 |
other assets | 70,808,000 | 75,754,000 | 75,057,000 | 109,849,000 | 90,698,000 | 96,946,000 | 82,102,000 | 89,091,000 | 71,919,000 | 75,918,000 | 70,466,000 | 80,888,000 | 44,836,000 | 32,599,000 | 20,000 | 21,000 | 195,000 |
other investments | 174,757,000 | 174,836,000 | 181,160,000 | 183,749,000 | 184,906,000 | 186,139,000 | 203,661,000 | 200,483,000 | 207,850,000 | 184,961,000 | 85,456,000 | 83,398,000 | 73,395,000 | 58,214,000 | 44,006,000 | 38,485,000 | |
accrued performance allocations | 328,616,000 | 327,150,000 | 339,560,000 | 339,467,000 | 338,855,000 | 320,323,000 | 381,993,000 | 377,474,000 | 428,414,000 | 447,698,000 | 554,723,000 | 559,160,000 | 575,527,000 | 505,410,000 | 439,548,000 | 301,910,000 | |
intangible assets | 114,968,000 | 119,053,000 | 123,139,000 | 127,355,000 | 131,636,000 | 135,917,000 | 140,198,000 | 144,532,000 | 148,971,000 | 153,410,000 | 4,894,000 | 5,378,000 | 5,862,000 | 6,432,000 | 3,441,000 | 3,791,000 | |
goodwill | 233,584,000 | 233,584,000 | 233,584,000 | 233,584,000 | 233,584,000 | 233,584,000 | 233,584,000 | 233,365,000 | 233,831,000 | 234,603,000 | 55,982,000 | 55,982,000 | 55,982,000 | 55,982,000 | 9,830,000 | 9,830,000 | 9,830,000 |
deferred tax assets | 77,376,000 | 74,913,000 | 75,142,000 | 74,388,000 | 71,515,000 | 70,192,000 | 67,537,000 | 60,208,000 | 62,096,000 | 54,552,000 | 54,387,000 | 66,275,000 | 65,221,000 | 64,375,000 | 59,210,000 | 62,537,000 | |
total assets | 1,177,964,000 | 1,183,254,000 | 1,247,382,000 | 1,246,823,000 | 1,244,507,000 | 1,224,551,000 | 1,288,818,000 | 1,278,429,000 | 1,346,383,000 | 1,371,936,000 | 1,154,835,000 | 1,179,418,000 | 1,042,068,000 | 982,637,000 | 846,292,000 | 686,982,000 | 411,970,000 |
liabilities and equity | |||||||||||||||||
accrued performance allocations compensation | 59,104,000 | 58,699,000 | 57,610,000 | 56,285,000 | 55,477,000 | 56,626,000 | 55,488,000 | 49,317,000 | 47,529,000 | 52,084,000 | 66,754,000 | 62,752,000 | 58,688,000 | 50,258,000 | 41,020,000 | 19,997,000 | 31,136,000 |
accrued compensation and benefits | 34,918,000 | 20,047,000 | 53,215,000 | 35,891,000 | 38,331,000 | 23,735,000 | 35,428,000 | 20,902,000 | 24,958,000 | 14,423,000 | 15,643,000 | 18,097,000 | 28,655,000 | 21,028,000 | |||
accounts payable and accrued expenses | 38,944,000 | 35,136,000 | 39,188,000 | 27,706,000 | 36,101,000 | 38,561,000 | 35,072,000 | 24,290,000 | 22,760,000 | 22,471,000 | 24,942,000 | 30,621,000 | 25,221,000 | 26,531,000 | 13,586,000 | 9,774,000 | 12,438,000 |
due to affiliates | 78,178,000 | 75,159,000 | 73,693,000 | 71,904,000 | 71,645,000 | 72,304,000 | 69,543,000 | 55,029,000 | 51,513,000 | 52,138,000 | 51,966,000 | 52,110,000 | 51,302,000 | 50,526,000 | 46,134,000 | 44,411,000 | |
general partner notes payable, at fair value | 2,222,000 | 2,455,000 | 2,782,000 | 2,897,000 | 3,133,000 | 3,231,000 | 3,355,000 | 4,165,000 | 7,091,000 | 7,690,000 | 8,633,000 | 9,786,000 | 12,364,000 | 11,729,000 | 12,003,000 | ||
insurance loss reserves | 25,275,000 | 30,582,000 | 21,260,000 | 18,993,000 | 16,076,000 | 13,849,000 | 12,684,000 | 9,239,000 | 7,994,000 | 9,790,000 | 9,445,000 | 9,425,000 | 8,540,000 | 8,191,000 | 8,086,000 | 5,418,000 | 4,883,000 |
self-insurance reserves | 1,911,000 | 2,695,000 | 2,844,000 | 2,629,000 | 3,389,000 | ||||||||||||
other liabilities | 35,416,000 | 41,347,000 | 43,565,000 | 48,728,000 | 40,619,000 | 45,893,000 | 48,386,000 | 44,029,000 | 39,037,000 | 41,225,000 | 30,386,000 | 31,184,000 | 24,430,000 | 22,827,000 | |||
notes payable | 447,690,000 | 447,507,000 | 447,325,000 | 447,143,000 | 446,961,000 | 446,779,000 | 446,597,000 | 446,081,000 | 446,195,000 | 446,387,000 | 297,294,000 | 297,164,000 | 148,356,000 | 148,249,000 | 148,142,000 | 148,035,000 | |
total liabilities | 723,658,000 | 728,127,000 | 741,482,000 | 723,876,000 | 718,732,000 | 720,468,000 | 743,470,000 | 706,982,000 | 730,722,000 | 730,339,000 | 508,516,000 | 516,407,000 | 361,071,000 | 344,213,000 | 296,555,000 | 268,907,000 | 242,329,000 |
commitments and contingencies | |||||||||||||||||
shareholdersʼ equity: | |||||||||||||||||
preferred stock, 0.01 par value... | |||||||||||||||||
class a common stock, 0.01 par value... | 466,000 | 447,000 | 417,000 | 418,000 | 416,000 | 410,000 | 378,000 | 344,000 | 328,000 | 327,000 | 295,000 | 292,000 | 291,000 | 289,000 | 230,000 | 230,000 | |
class b common stock, 0.01 par value... | 773,000 | 791,000 | 793,000 | 793,000 | 794,000 | 800,000 | 806,000 | 841,000 | 851,000 | 853,000 | 853,000 | 856,000 | 857,000 | 859,000 | 867,000 | 867,000 | |
additional paid-in capital | 113,471,000 | 111,218,000 | 104,397,000 | 102,739,000 | 99,545,000 | 94,885,000 | 88,330,000 | 79,060,000 | 83,374,000 | 73,104,000 | 63,939,000 | 61,244,000 | 60,962,000 | 59,247,000 | 53,527,000 | 52,779,000 | |
accumulated deficit | -39,818,000 | -39,516,000 | -22,449,000 | -15,306,000 | -14,632,000 | -7,229,000 | |||||||||||
accumulated other comprehensive income | 124,000 | 253,000 | 265,000 | 133,000 | -21,000 | -2,000 | 11,000 | ||||||||||
bridge investment group holdings inc. equity | 75,016,000 | 73,193,000 | 83,423,000 | 88,777,000 | 86,014,000 | 88,679,000 | 74,913,000 | 75,700,000 | 85,499,000 | 84,874,000 | 79,097,000 | 84,707,000 | 88,449,000 | 81,421,000 | 71,787,000 | 64,177,000 | |
non-controlling interests in bridge investment group holdings llc | 229,361,000 | 232,143,000 | 248,365,000 | 264,797,000 | 269,441,000 | 249,759,000 | 291,254,000 | 300,142,000 | 321,247,000 | 336,586,000 | 309,677,000 | 312,296,000 | 323,141,000 | 311,915,000 | |||
non-controlling interests in bridge investment group holdings inc. | 149,929,000 | 149,791,000 | 174,112,000 | 169,373,000 | 170,320,000 | 165,645,000 | 179,181,000 | 195,605,000 | 208,915,000 | 220,137,000 | 257,545,000 | 266,008,000 | 269,407,000 | 245,088,000 | 205,468,000 | 159,127,000 | |
total equity | 454,306,000 | 455,127,000 | 505,900,000 | 522,947,000 | 525,775,000 | 504,083,000 | 545,348,000 | 571,447,000 | 615,661,000 | 169,641,000 | |||||||
total liabilities and equity | 1,177,964,000 | 1,183,254,000 | 1,247,382,000 | 1,246,823,000 | 1,244,507,000 | 1,224,551,000 | 1,288,818,000 | 1,278,429,000 | 1,346,383,000 | ||||||||
line of credit | 14,500,000 | 11,700,000 | 7,000,000 | 15,500,000 | 34,000,000 | 50,000,000 | 80,000,000 | 80,000,000 | |||||||||
accumulated other comprehensive loss | -109,000 | -187,000 | -136,000 | -135,000 | -155,000 | -133,000 | -220,000 | -187,000 | -25,000 | -12,000 | |||||||
self-insurance reserves and unearned premiums | 3,990,000 | 2,917,000 | 3,930,000 | 3,645,000 | 4,131,000 | 3,453,000 | 5,268,000 | 3,515,000 | 4,874,000 | 3,504,000 | 4,349,000 | 3,457,000 | |||||
(accumulated deficit) retained earnings | -14,465,000 | -4,410,000 | |||||||||||||||
retained earnings | 1,101,000 | 10,723,000 | 14,230,000 | 22,502,000 | 26,364,000 | 21,038,000 | 17,184,000 | 10,303,000 | |||||||||
liabilities and shareholdersʼ equity | |||||||||||||||||
total shareholdersʼ equity | 641,597,000 | 646,319,000 | 663,011,000 | 680,997,000 | 638,424,000 | ||||||||||||
total liabilities and shareholdersʼ equity | 1,371,936,000 | 1,154,835,000 | 1,179,418,000 | 1,042,068,000 | 982,637,000 | ||||||||||||
current assets: | |||||||||||||||||
notes receivable from employees | |||||||||||||||||
prepaid and other current assets | 40,317,000 | 5,805,000 | 5,504,000 | ||||||||||||||
total current assets | 281,747,000 | 261,844,000 | 110,438,000 | ||||||||||||||
long-term notes receivable from employees | 4,364,000 | 4,364,000 | 1,739,000 | ||||||||||||||
tenant improvements, furniture and equipment | 4,126,000 | 4,200,000 | |||||||||||||||
liabilities and shareholdersʼ/membersʼ equity | |||||||||||||||||
current liabilities: | |||||||||||||||||
accrued payroll and benefits | 15,107,000 | 13,987,000 | 20,006,000 | ||||||||||||||
other current liabilities | 6,817,000 | 8,644,000 | 4,699,000 | ||||||||||||||
total current liabilities | 100,123,000 | 74,176,000 | 92,054,000 | ||||||||||||||
other long-term liabilities | 2,156,000 | 2,285,000 | 2,348,000 | ||||||||||||||
shareholdersʼ/membersʼ equity: | |||||||||||||||||
net investment in common control group | 157,253,000 | ||||||||||||||||
non-controlling interests in bridge investment group holdings llc or common control group | 272,482,000 | 194,771,000 | |||||||||||||||
total shareholdersʼ/membersʼ equity | 549,737,000 | 418,075,000 | |||||||||||||||
total liabilities and shareholdersʼ/membersʼ equity | 846,292,000 | 686,982,000 | |||||||||||||||
marketable securities | 9,108,000 | 5,133,000 | |||||||||||||||
general partner notes payable at fair value | 12,007,000 | 15,435,000 | |||||||||||||||
assets: | |||||||||||||||||
investments | 281,671,000 | ||||||||||||||||
tenant improvements, furniture and equipment – less accumulated depreciation of 3,222 and 2,686 at june 30, 2021 and december 31, 2020, respectively | 3,943,000 | ||||||||||||||||
intangible assets – less accumulated amortization of 11,744 and 10,988 at june 30, 2021 and december 31, 2020, respectively | 4,154,000 | ||||||||||||||||
liabilities and members’ equity: | |||||||||||||||||
long-term notes payable | 147,927,000 | ||||||||||||||||
equity: | |||||||||||||||||
non-controlling interest | 12,377,000 | ||||||||||||||||
total liabilities and members’ equity | 411,970,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||
net loss | 2,793,000 | -37,603,000 | 27,495,000 | -36,800,000 | ||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||
depreciation and amortization | 4,741,000 | 4,800,000 | 4,929,000 | 4,997,000 | 4,509,000 | 5,437,000 | 4,873,000 | 5,276,000 | 5,118,000 | 1,093,000 | 713,000 | 703,000 | 887,000 | 633,000 | 651,000 | 699,000 |
amortization of financing costs and debt discount and premium | 274,000 | 273,000 | 273,000 | 274,000 | 471,000 | 510,000 | 812,000 | 329,000 | 362,000 | 208,000 | 257,000 | 301,000 | 172,000 | 131,000 | 131,000 | |
share-based compensation | 10,005,000 | 11,250,000 | 12,313,000 | 10,624,000 | 12,732,000 | 11,810,000 | 9,694,000 | 10,655,000 | 11,119,000 | 9,360,000 | 8,702,000 | 9,624,000 | 6,552,000 | 7,266,000 | 3,591,000 | 2,452,000 |
equity in income of investments | 2,251,000 | 7,510,000 | -371,000 | 3,177,000 | 3,488,000 | 5,188,000 | 6,903,000 | 1,877,000 | 2,470,000 | -464,000 | 1,253,000 | 1,596,000 | -3,840,000 | -997,000 | -983,000 | -2,103,000 |
changes in unrealized loss on general partner notes payable | -75,000 | -92,000 | ||||||||||||||
non-cash lease amortization | -149,000 | -145,000 | -46,000 | 189,000 | 174,000 | 229,000 | 138,000 | -73,000 | ||||||||
reserve for credit losses | 4,820,000 | 1,358,000 | 3,212,000 | 648,000 | 52,000 | 295,000 | ||||||||||
unrealized performance allocations | -1,466,000 | 12,410,000 | -93,000 | -612,000 | -18,532,000 | 61,670,000 | -4,519,000 | 50,940,000 | 19,284,000 | 107,025,000 | 4,436,000 | 16,367,000 | -70,116,000 | -65,862,000 | ||
unrealized accrued performance allocations compensation | 404,000 | 1,090,000 | 1,272,000 | 760,000 | -1,151,000 | 3,178,000 | 6,961,000 | 1,788,000 | -4,649,000 | -14,670,000 | 3,856,000 | 3,789,000 | 7,987,000 | 9,238,000 | ||
change in deferred income taxes | -90,000 | 822,000 | 1,083,000 | -2,621,000 | 98,000 | -22,000 | 4,672,000 | -390,000 | 262,000 | 29,000 | 13,183,000 | -249,000 | ||||
other non-cash adjustments | 59,000 | 232,000 | ||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||
receivable from affiliates | -5,192,000 | 20,356,000 | -10,679,000 | -2,958,000 | 1,587,000 | -2,238,000 | -4,053,000 | -6,845,000 | 19,451,000 | -7,350,000 | -908,000 | -18,710,000 | 21,842,000 | -19,873,000 | -1,711,000 | |
prepaid and other assets | 3,837,000 | -1,840,000 | 13,697,000 | -17,616,000 | 3,853,000 | -13,622,000 | 5,418,000 | -11,850,000 | 3,805,000 | -7,962,000 | 8,886,000 | -8,466,000 | -1,432,000 | 2,140,000 | ||
accounts payable and accrued expenses | 781,000 | -4,055,000 | 13,721,000 | -8,338,000 | -4,629,000 | 3,422,000 | 10,803,000 | 1,536,000 | 273,000 | -2,452,000 | -5,710,000 | 5,240,000 | -1,867,000 | 13,320,000 | 4,918,000 | |
accrued payroll and benefits | 14,871,000 | -33,168,000 | 17,323,000 | -2,439,000 | 14,596,000 | -11,694,000 | 14,527,000 | -4,057,000 | 10,536,000 | -1,957,000 | -2,454,000 | -10,558,000 | 7,627,000 | 5,921,000 | 1,113,000 | -6,018,000 |
other liabilities | -4,887,000 | -1,087,000 | -4,121,000 | 7,924,000 | -4,475,000 | -2,351,000 | -2,761,000 | 7,224,000 | -1,867,000 | -2,681,000 | -434,000 | 7,559,000 | -1,017,000 | 323,000 | -1,883,000 | |
insurance loss and self-insurance reserves | -6,090,000 | 9,173,000 | 2,481,000 | 2,158,000 | 1,626,000 | 2,238,000 | 2,431,000 | 1,531,000 | -2,282,000 | 1,022,000 | -1,794,000 | 2,637,000 | -1,010,000 | 1,475,000 | 1,825,000 | |
accrued performance allocations compensation | 52,000 | -11,000 | 0 | -2,037,000 | -791,000 | 0 | 146,000 | 276,000 | 1,002,000 | -560,000 | -1,006,000 | -7,051,000 | ||||
net cash from operating activities | 27,006,000 | -8,948,000 | 70,428,000 | 6,734,000 | 42,954,000 | 25,089,000 | 63,648,000 | 38,489,000 | 59,861,000 | 12,815,000 | 45,911,000 | 40,063,000 | 91,990,000 | 50,389,000 | 56,363,000 | 54,384,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 27,006,000 | -8,948,000 | 70,428,000 | 6,734,000 | 42,954,000 | 25,089,000 | 63,648,000 | 38,489,000 | 59,861,000 | 12,815,000 | 45,911,000 | 40,063,000 | 91,990,000 | 50,389,000 | 56,363,000 | 54,384,000 |
cash flows from investing activities | ||||||||||||||||
purchase of investments | -6,623,000 | -2,355,000 | -7,146,000 | -4,921,000 | -10,492,000 | -6,743,000 | -13,520,000 | -24,234,000 | -24,802,000 | -5,909,000 | -8,417,000 | -39,543,000 | -18,111,000 | -17,273,000 | -3,429,000 | -7,950,000 |
proceeds from sale of investments | 0 | 0 | 0 | 17,206,000 | 0 | 1,193,000 | ||||||||||
distributions from investments | 328,000 | 890,000 | 0 | 1,350,000 | 34,000 | 6,000 | 1,000 | 521,000 | -292,000 | 1,147,000 | ||||||
sale of marketable securities | 10,841,000 | 2,000 | 5,049,000 | 6,830,000 | 6,206,000 | 3,000 | 1,718,000 | 5,000 | 2,553,000 | 1,867,000 | 0 | |||||
issuance of notes receivable | -7,388,000 | -9,905,000 | -28,866,000 | -87,333,000 | -77,562,000 | -116,402,000 | -37,494,000 | -73,237,000 | -74,853,000 | -60,186,000 | -95,047,000 | -134,445,000 | -173,925,000 | -68,980,000 | -198,143,000 | -239,125,000 |
proceeds from collections on notes receivable | 7,879,000 | 3,455,000 | 25,750,000 | 86,689,000 | 79,588,000 | 119,762,000 | 43,393,000 | 78,093,000 | 75,254,000 | 67,998,000 | 97,581,000 | 132,932,000 | 128,163,000 | 190,092,000 | 103,475,000 | |
purchase of tenant improvements, furniture and equipment | -42,000 | -38,000 | 6,000 | -33,000 | 16,000 | -113,000 | -416,000 | -359,000 | -1,225,000 | -408,000 | -2,602,000 | 162,000 | -593,000 | -195,000 | -228,000 | |
net cash from investing activities | 4,995,000 | -7,951,000 | -2,027,000 | 1,232,000 | -2,244,000 | 13,713,000 | -6,319,000 | 2,144,000 | -23,039,000 | -315,996,000 | -9,297,000 | -38,191,000 | -50,349,000 | 75,954,000 | -128,360,000 | -19,094,000 |
cash flows from financing activities | ||||||||||||||||
capital contributions from non-controlling interests | -1,946,000 | 718,000 | 10,987,000 | 4,995,000 | 1,032,000 | 12,616,000 | 4,218,000 | 11,000 | 0 | 12,000 | 31,000 | 170,000 | ||||
distributions to non-controlling interests | -9,903,000 | -18,643,000 | -22,332,000 | -18,654,000 | -25,292,000 | -16,844,000 | -27,122,000 | -38,011,000 | -43,288,000 | -25,428,000 | -35,968,000 | -50,837,000 | -80,792,000 | -46,081,000 | -31,848,000 | |
repayments of general partner notes payable | -157,000 | -235,000 | 0 | -1,363,000 | -9,000 | -539,000 | -357,000 | -103,000 | -241,000 | -460,000 | ||||||
dividends paid on class a common stock | 0 | -4,889,000 | -4,188,000 | -5,440,000 | -5,309,000 | -2,582,000 | -5,733,000 | -5,805,000 | -4,850,000 | -5,541,000 | -7,831,000 | -8,861,000 | -7,613,000 | -5,918,000 | ||
proceeds from revolving line of credit | 0 | 27,500,000 | 10,000,000 | 115,700,000 | 86,250,000 | 123,000,000 | 36,000,000 | 150,000,000 | 100,000,000 | 150,000,000 | 0 | 0 | ||||
payments on revolving line of credit | -14,500,000 | -13,000,000 | -21,700,000 | -111,000,000 | -94,750,000 | -141,500,000 | -52,000,000 | -180,000,000 | -100,000,000 | -70,000,000 | 0 | 0 | ||||
payments of deferred financing costs | 0 | 0 | 0 | -821,000 | 0 | -261,000 | -255,000 | -1,669,000 | 0 | -1,366,000 | ||||||
net cash from financing activities | -24,213,000 | -9,267,000 | -40,166,000 | -18,676,000 | -28,114,000 | -33,752,000 | -47,823,000 | -62,824,000 | -44,334,000 | 197,373,000 | -43,808,000 | 88,409,000 | -89,746,000 | -51,932,000 | -37,919,000 | 91,341,000 |
net increase in cash, cash equivalents, and restricted cash | 7,788,000 | -26,166,000 | 28,235,000 | -10,710,000 | 12,596,000 | 5,050,000 | 9,506,000 | -22,191,000 | -7,512,000 | -105,808,000 | -7,194,000 | 90,281,000 | -48,105,000 | 74,411,000 | -109,916,000 | |
cash, cash equivalents and restricted cash - beginning of period | 0 | 102,431,000 | 0 | 0 | 67,260,000 | 0 | 0 | 0 | 193,265,000 | 0 | 0 | 0 | 83,872,000 | |||
cash, cash equivalents and restricted cash - end of period | 7,788,000 | 76,265,000 | -10,710,000 | 12,596,000 | 72,310,000 | 9,506,000 | -22,191,000 | -7,512,000 | 87,457,000 | -7,194,000 | 90,281,000 | -48,105,000 | 158,283,000 | |||
net income | 15,438,000 | 679,000 | -17,893,000 | -2,761,000 | -67,431,000 | 18,244,000 | 32,240,000 | 124,381,000 | 97,505,000 | 165,786,000 | 118,881,000 | |||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
changes in unrealized gain on general partner notes payable | -98,000 | -124,000 | -810,000 | -1,559,000 | -443,000 | -943,000 | -1,144,000 | -2,040,000 | 993,000 | -171,000 | -415,000 | |||||
due to affiliates | 0 | 0 | ||||||||||||||
deposits | -813,000 | 882,000 | 14,409,000 | -13,748,000 | ||||||||||||
cash paid for acquisition, net of cash acquired | 0 | 0 | 0 | -319,364,000 | 0 | 0 | 0 | -15,089,000 | ||||||||
borrowings on private notes | 0 | 0 | 0 | 150,000,000 | 0 | |||||||||||
cash, cash equivalents and restricted cash — beginning of period | ||||||||||||||||
cash, cash equivalents and restricted cash — end of period | ||||||||||||||||
distributions to members | 0 | -18,377,000 | ||||||||||||||
proceeds from issuance of common stock—ipo, net of underwriting discount and issuance costs | ||||||||||||||||
purchase of membership interests in operating company | 0 | |||||||||||||||
proceeds from issuance of common stock—underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs | ||||||||||||||||
repurchase of membership interests | 0 | 1,000 | ||||||||||||||
amortization of lease liabilities | -12,000 | -75,000 | -246,000 | -108,000 | -100,000 | -73,000 | ||||||||||
loss on disposal of furniture and equipment | ||||||||||||||||
repayments of notes payable | ||||||||||||||||
proceeds from issuance of common stock —underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs | ||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||
cash paid for income taxes | 1,448,000 | 618,000 | ||||||||||||||
cash paid for interest | 77,000 | 3,041,000 | -98,000 | 5,047,000 | ||||||||||||
non-cash investing and financing activities: | ||||||||||||||||
establishment of lease liabilities in exchange for lease right-of-use assets | 2,984,000 | 15,824,000 | ||||||||||||||
origination of short-term loan receivable for prepaid acquisitions | 0 | 40,000,000 | ||||||||||||||
deferred tax effect resulting from exchange of class a units under tax receivable agreement | 782,000 | 5,166,000 | ||||||||||||||
issuance of class a units for acquisition | 0 | 14,930,000 | ||||||||||||||
non-controlling interest assumed in business combination | 0 | 20,053,000 | ||||||||||||||
reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||||||
cash and cash equivalents | -46,344,000 | 149,121,000 | -109,921,000 | 126,790,000 | ||||||||||||
restricted cash | -1,761,000 | 9,162,000 | 5,000 | -159,000 | ||||||||||||
cash, cash equivalents, and restricted cash | -48,105,000 | 158,283,000 | -109,916,000 | 126,631,000 | ||||||||||||
deposits on acquisitions | ||||||||||||||||
proceeds from issuance of common stock - ipo, net of underwriting discount and issuance costs | 0 | |||||||||||||||
proceeds from issuance of common stock - underwritersʼ exercise of over-allotment option, net of underwriting discount and issuance costs | 0 | |||||||||||||||
borrowings from private notes | ||||||||||||||||
borrowings from notes payable | ||||||||||||||||
repayment of notes payable | ||||||||||||||||
proceeds from line of credit | 50,000,000 | 21,000,000 | ||||||||||||||
repayments on line of credit | ||||||||||||||||
cash, cash equivalents and restricted cash - beginning of year | ||||||||||||||||
cash, cash equivalents and restricted cash - end of year | ||||||||||||||||
net cash paid for income taxes | 467,000 | |||||||||||||||
settlement of accrued performance allocations compensation liability with equity | 0 | |||||||||||||||
derecognition of bridge debt strategies fund gp llc | 0 | |||||||||||||||
changes in unrealized performance allocations | -53,042,000 | |||||||||||||||
changes in unrealized accrued performance allocations compensation | ||||||||||||||||
prepaid and other current assets | -1,545,000 | |||||||||||||||
capital contributions | 186,000 | |||||||||||||||
payments of line of credit | -21,000,000 | |||||||||||||||
cash flows from operating activities: | ||||||||||||||||
amortization of deferred financing costs and debt discount and premium | ||||||||||||||||
amortization of lease incentives | ||||||||||||||||
receivables from affiliates | ||||||||||||||||
other assets | ||||||||||||||||
account payable and accrued expenses | ||||||||||||||||
other current liabilities | ||||||||||||||||
insurance loss reserves | ||||||||||||||||
self-insurance reserves and unearned premiums | ||||||||||||||||
deferred rent | ||||||||||||||||
cash flows from investing activities: | ||||||||||||||||
proceeds from repayment of notes receivable | ||||||||||||||||
purchase of tenant improvements and office equipment | ||||||||||||||||
cash flows from financing activities: | ||||||||||||||||
distributions to non-controlling interest | ||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | ||||||||||||||||
cash, cash equivalents and restricted cash – beginning of period | ||||||||||||||||
cash, cash equivalents and restricted cash – end of period |