Bridge Investment Group (BRDG) Q2 2025 earnings summary

Executive summary

• Total revenue for Q2 2025 was $96.5M, down 8% year-over-year; LTM revenue was $397.7M, down 3% year-over-year.

• Net income for Q2 2025 was $2.8M, a 90% decrease year-over-year; LTM net loss was $8.8M, improved from a $26.5M loss in the prior year.

• Distributable earnings for Q2 2025 were $25.7M, or $0.14 per share after-tax, down 28% year-over-year.

• Gross AUM reached $50.2B as of June 30, 2025, up 3% year-over-year, with diversified strategies.

• Entered a $1.5B merger agreement with Apollo Global Management, expected to close in Q3 2025; stockholders approved the merger in June.

Financial highlights

• Q2 2025 loss per share was $(0.01), attributed to $4.7M in Apollo merger transaction costs and $3.5M in credit losses.

• Fee Related Earnings to the Operating Company were $28.0M, down 22% year-over-year.

• Capital raised in Q2 2025 was $0.5B, up 59% year-over-year; capital deployed was $0.5B, up 40% year-over-year.

• Dry powder stood at $3.2B at quarter end.

• Realized performance allocations were $4.9M, down 31% year-over-year.

Outlook and guidance

• The merger with Apollo is expected to close in early September 2025, subject to customary closing conditions.

• No further dividends are anticipated post-merger.

• Management expects a $2.0M quarterly reduction in fund management fees due to a fee basis conversion in Bridge Multifamily Fund V.

• The company is evaluating the impact of the One Big Beautiful Bill Act (OBBBA) on its financials.