On November 7, 2023, Bridge Investment Group Holdings Inc. (BRDG, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a net loss of $(17.9) million for the quarter. However, distributable earnings of the Operating Company were $40.8 million, or $0.22 per share after-tax, showcasing the company's ability to generate earnings despite a challenging market environment.
Financial Performance
BRDG's financial results reflect the resilience of its business model in the face of continued market volatility. The company experienced a 20% year-over-year growth in recurring fund management fees, which is indicative of its strong positioning and the demand for its specialized asset management services. Fee Related Earnings to the Operating Company were $36.0 million for the quarter, demonstrating the company's capacity to maintain profitability.
Dividend Announcement
Reflecting confidence in its financial stability and commitment to shareholder returns, BRDG declared a quarterly dividend of $0.17 per share of its Class A common stock, payable on December 15, 2023, to stockholders of record as of December 1, 2023.
Strategic Positioning
Executive Chairman Robert Morse commented on the company's performance, stating,
Bridge delivered resilient third quarter results aided by 20% year-over-year growth in recurring fund management fees, despite continued market volatility creating headwinds in capital raising and deployment. Bridge remains well positioned by our differentiated exposure to some of the most attractive sectors within private markets underpinned by long-term demand drivers including residential rental, logistics, credit and secondaries strategies."CEO Jonathan Slager added,
In uncertain times, Bridge’s diversification within real estate, credit and secondaries have served the Company well by providing additional stability to our long duration fee-earning AUM. Looking forward, our $3.6 billion of dry powder puts us in a strong position for when opportunities arise and conditions normalize."
Looking Ahead
With $49.4 billion of assets under management as of September 30, 2023, and a significant amount of dry powder, BRDG is well-equipped to navigate the current market and seize opportunities as they arise. The company's diversified investment strategy and focus on sectors with long-term demand drivers provide a solid foundation for future growth.
For more detailed information on BRDG's third quarter 2023 financial results, interested parties can view the full presentation on the Investors section of the company's website at www.bridgeig.com, titled "Third Quarter 2023 Earnings Presentation."
Investors and analysts are encouraged to review the company's financial filings and join the earnings conference call scheduled for November 8, 2023, at 8:30 a.m. ET to gain further insights into BRDG's performance and strategic outlook.
Explore the complete 8-K earnings release (here) from Bridge Investment Group Holdings Inc for further details.
