Bridge Investment Group (BRDG) Q4 2024 earnings summary

Executive summary

• GAAP net income for Q4 2024 was $15.4 million, with full-year net income of $16.7 million, reversing a loss in 2023.

• Total revenue for Q4 2024 was $103.4 million, up 10% year-over-year; full-year revenue reached $412.4 million, a 6% increase.

• Fee Related Earnings (FRE) to the Operating Company grew 21% year-over-year in Q4 to $34.4 million; Distributable Earnings (DE) rose 29% to $32.6 million.

• Gross AUM reached $49.8 billion, up 4% year-over-year; fee-earning AUM was $22.3 billion, up 3%.

• Declared a quarterly dividend of $0.11 per share, payable March 28, 2025.

Financial highlights

• Q4 2024 basic EPS was $(0.15); full-year EPS was $0.13.

• After-tax DE per share for Q4 2024 was $0.18, up 29% year-over-year; full-year after-tax DE per share was $0.69.

• Realized performance allocations in Q4 2024 were $18.8 million, up 102% year-over-year.

• Capital raised in Q4 2024 was $0.8 billion, a 174% increase year-over-year; full-year capital raised totaled $1.9 billion.

• Dry powder stood at $3.5 billion at year-end.

Outlook and guidance

• Management highlighted a strong pipeline for future performance-driven Distributable Earnings, with 73% of fee-earning AUM having more than 5 years of remaining duration and a weighted-average fund life of 6.3 years.

• Over 97% of fee-earning AUM is in long-term, closed-end funds with no redemption features, supporting fee visibility.