Bridge Investment Group (BRDG) Q3 2024 earnings summary

Executive summary

• Reported GAAP net income of $10.6 million for Q3 2024, reversing a net loss of $17.9 million in Q3 2023, with $0.04 per diluted share.

• Distributable Earnings were $28.2 million, or $0.15 per share after-tax, a 31% decrease year-over-year.

• Gross AUM stood at $49.2 billion as of September 30, 2024, essentially flat year-over-year.

• Declared a quarterly dividend of $0.10 per share, payable December 20, 2024.

• Capital raised in Q3 2024 was $607 million, up 102% year-over-year, with strong inflows in Credit and Workforce Housing.

Financial highlights

• Total revenue for Q3 2024 was $101.5 million, down 4% year-over-year.

• Fee Related Earnings to the Operating Company were $32.4 million, down 10% year-over-year.

• After-tax Distributable Earnings per share was $0.15, down from $0.22 in Q3 2023.

• Fee-earning AUM was $21.8 billion, unchanged year-over-year.

• Dry powder at quarter-end was $2.9 billion.

Outlook and guidance

• Management expects deployment opportunities to increase as real estate values stabilize and transaction volumes recover.

• Fourth quarter fundraising is expected to exceed Q3, with logistics, debt, workforce, and PE secondaries as key contributors.

• 74% of fee-earning AUM has more than 5 years of remaining duration, with a weighted average of 6.4 years.

• Compensation expense expected to grow from Q3’s adjusted $42 million as investments in teams and distribution continue.

• Management remains optimistic, citing strengthening commercial real estate conditions and early signs of recovery in volumes and valuations.