The following is a summary of the Bridge Investment Group Holdings Inc. (BRDG) Q1 2024 Earnings Call Transcript:
Financial Performance:
Bridge Investment Group reported a GAAP net loss of approximately $36.8 million for Q1 2024.
Net income attributable to Bridge per share of Class A common stock was $0.24 and a net loss of $0.05.
Distributable earnings of the Operating Company were $32.2 million, or $0.17 per share after tax, and the company declared a dividend of $0.12 per share.
Distributable earnings increased 27% from the previous quarter and fee-related earnings to the Operating Company increased 19%.
The company has grown its quarterly fee-related earnings base at a 12% CAGR since its IPO, from $24.9 million in 2Q 2021 to $33.9 million as of Q1 2024.
Fee-earning assets under management have grown at a CAGR of 29% due to successful fundraising, the launch of new strategies, and the acquisition of Newbury Partners.
Business Progress:
Bridge has maintained a patient investment approach given the volatile real estate environment and now has $3.1 billion of dry powder to capitalize on selected opportunities.
The company is expanding on its capital raising activities in 2024, with primary strategies being the 'four horsemen', including debt strategies, Workforce & Affordable Housing, Newbury Partners Secondaries, and Logistics Value-add strategies.
Bridge has launched an accredited investor-focused product within their net lease industrial income vertical to capitalize on the growing retail investor segment.
The company sees future growth in its multifamily and logistics investments, projecting that demand will exceed supply in these sectors by 2025.
Bridge plans to match capital raising efforts with the size of the available opportunity and has built an internal debt capital markets team for daily communication with around 100 different lenders.
Bridge is developing new products for the wealth management channel with defined liquidity characteristics that align with their investment pool.
Despite the surge of supply in multifamily sectors, Bridge stands competitive through intensive operational strategies, maintaining a high balance between rent and occupancy.
More details: Bridge Investment IR
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