Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today reported financial results for its fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021
Total Revenue and Investment Income were $107.3 million and $148.3 million, respectively, for the quarter ended December 31, 2021. These results increased 50% and 87%, respectively, from the quarter ended December 31, 2020.
Net Income applicable to Bridge Investment Group Holdings LLC (the “Operating Company”) was $165.8 million for the quarter ended December 31, 2021, compared to $92.5 for the quarter ended December 31, 2020. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.52 for the quarter ended December 31, 2021.
Distributable Earnings of the Operating Company were $38.7 million for the quarter ended December 31, 2021, compared to $34.5 million on a proforma basis for the quarter ended December 31, 2020.
Full Year 2021
Total Revenue and Investment Income were $330.0 million and $334.2 million, respectively, for the year ended December 31, 2021, an increase of 42% and 219%, respectively, from the year ended December 31, 2020.
Net Income applicable to the Operating Company was $408.6 million for the year ended December 31, 2021, compared to $166.5 million for the year ended December 31, 2020. On a basic and diluted basis, net income attributable to Bridge per share of Class A common stock was $0.93 for the period from July 16, 2021 to December 31, 2021.
Distributable Earnings of the Operating Company on a proforma basis were $134.6 million for the year ended December 31, 2021, compared to $85.8 million on a proforma basis for the year ended December 31, 2020.
Robert Morse, Bridge’s Executive Chairman, remarked, “Bridge produced another record quarter to end a landmark year for our Company. Record capital raising and deployment drove our highest revenue quarter and our largest quarter for investment income, surpassing last quarter by nearly 87%. As a result, Bridge delivered distributable earnings of $134.6 million or $0.89 per share, which is a 51% increase over the prior year period. Bridge ended 2021 with $36.3 billion in gross AUM and dry powder of $2.7 billion. Momentum in both our legacy fund strategies and newer verticals, like logistics and net lease, position Bridge very well for growth in 2022 and beyond. In addition, Bridge took strides to drive incremental growth in January with our majority investment in the Gorelick Brothers single-family rental investment platform and portfolio recapitalization, which have significant revenue and operating synergies with our leading multifamily investment strategies. We are excited about our prospects in 2022 based on our robust fundraising and investment pipelines, new strategic opportunities like single-family rental, and a year-end balance of unrealized performance fees totaling $439.5 million.”
Jonathan Slager, Bridge’s Chief Executive Officer, added “Bridge delivered value to fund investors and shareholders in 2021 based on our differentiated approach to commercial real estate investment. Our specialized investment teams and vertical integration allowed Bridge to raise and deploy substantial capital efficiently in our managed funds. Over the fourth quarter and full year 2021, Bridge deployed a record $2.1 billion and $4.6 billion of capital, respectively, which in turn will drive our growth in Fee Related Earnings. Additionally, Bridge’s strategic focus in property sectors that benefit from inflationary growth such as residential and logistics position our fundraising and deployment for continued success in the years ahead.”
Common Dividend
Bridge declared a quarterly dividend of $0.21 per share of its Class A common stock, payable on March 25, 2022 to its Class A common stockholders of record at the close of business on March 11, 2022.
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