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Mar 31, 2024
Bridge Q1 2024 Earnings Report
Bridge's first quarter performance in 2024 reflected a resilient business model with recurring management fees increasing, strategic capital deployment, and ongoing commitment to shareholder value through dividend declaration.
Key Takeaways
Bridge Investment Group reported a GAAP net loss of $36.8 million but a net income attributable to Bridge Investment Group Holdings Inc. of $9.8 million. Distributable Earnings of the Operating Company were $32.2 million, or $0.17 per share after-tax. The company deployed $331.9 million of equity during the quarter and declared a dividend of $0.12 per share.
Recurring management fees increased 17% year-over-year, demonstrating business resilience.
Deployed $331.9 million of equity in select investments, capitalizing on attractive asset prices.
Declared a quarterly dividend of $0.12 per share of Class A common stock.
Company had $3.1 billion of dry powder, primarily in Multifamily, Secondaries, Workforce & Affordable Housing, and Credit vehicles.
Revenue by Segment
Forward Guidance
While the earnings report does not explicitly provide forward guidance, it suggests a positive outlook based on the company's strategic positioning and investment activities.
Positive Outlook
- Bridge is well-positioned in residential rental, logistics, credit, and secondaries.
- These sectors are expected to benefit from multi-year fundamental tailwinds.
- The company sees 2024 as an attractive entry point to deploy capital.
- Bridge has started to lean into select investments.
- The company has a strong track record of strong AUM growth.
Challenges Ahead
- The report does not provide specific financial targets or projections.
- The company reported a GAAP net loss for the quarter.
- Collapse of Profits Interests programs has reduced the impact of NCI
- Higher debt balances resulted in increased interest expense.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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