Bridge Investment Group (BRDG) Morgan Stanley US Financials, Payments & CRE Conference 2024 summary

Strategic vision and platform expansion

• Focus on differentiated alternative asset management, expanding beyond real estate into secondaries with the Newbury acquisition.

• Continued growth in assets under management and fee-related earnings since IPO, with successful integration of acquisitions in single-family rentals and secondaries.

• Emphasis on organic and inorganic growth, leveraging market resets for attractive real estate entry points.

• Current investments are being made at significant discounts to replacement cost, similar to post-GFC opportunities.

Housing market fundamentals and operational strategy

• U.S. housing shortage, especially in Class B and workforce multifamily, drives investment focus.

• Social and community programming at properties maximizes occupancy and rent growth.

• Q1 2024 saw 1% quarter-over-quarter and 3.3% year-over-year rent growth in multifamily assets.

• Vertical integration in property management is a key differentiator, driving asset-level alpha.

Portfolio performance and market outlook

• Portfolio marks were flat in Q1 2024, reflecting conservative cap rate adjustments offset by asset improvements.

• Belief that the market is near the bottom of the cycle, with cap rates at attractive levels for new investments.

• Supply challenges expected to persist into 2025, supporting strong fundamentals for residential assets.