10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from________to

Commission File Number: 001-40622

BRIDGE INVESTMENT GROUP HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware	82-2769085
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
111 East Sego Lily Drive, Suite 400 Salt Lake City, Utah	84070
(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code): (801) 716-4500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.01 par value per share	BRDG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x As of August 2, 2023, the registrant had 33,347,126 shares of Class A common stock ($0.01 par value per share) outstanding and 85,067,321 shares of Class B common stock ($0.01 par value per share) outstanding.

TABLE OF CONTENTS

		Page
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		2
PART I. FINANCIAL INFORMATION		5
Item 1.	Financial Statements (unaudited)	5
	BRIDGE INVESTMENT GROUP HOLDINGS INC.	5
	Condensed Consolidated Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022	5
	Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2023 and 2022	6
	Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) for the Three and Six Months Ended June 30, 2023 and 2022	7
	Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2023 and 2022	8
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2023 and 2022	10
	Notes to Condensed Consolidated Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	80
Item 4.	Controls and Procedures	81
PART II. OTHER INFORMATION		82
Item 1.	Legal Proceedings	82
Item 1A.	Risk Factors	82
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	82
Item 4.	Mine Safety Disclosures	82
Item 5.	Other Information	82
Item 6.	Exhibits	83
SIGNATURES		84

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), about, among other things, our operations, taxes, earnings and financial performance, and dividends. All statements other than statements of historical facts contained in this report may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, fund performance and debt service obligations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “indicator,” “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward looking statements are not guarantees of future performance and are subject to known and unknown risks, assumptions and uncertainties that are difficult to predict and beyond our ability to control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results, performance or achievements may prove to be materially different from the results expressed or implied by the forward-looking statements. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.

These forward-looking statements speak only as of the date of this quarterly report and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including those described in Part II, Item 1A, “Risk Factors” of this report and Part I, Item 1A, “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2023.

You should read this quarterly report and the documents that we reference in this quarterly report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

CERTAIN DEFINITIONS

As used in this quarterly report on Form 10-Q, unless the context otherwise requires, references to:

•“we,” “us,” “our,” the “Company,” “Bridge,” “Bridge Investment Group” and similar references refer: (1) following the consummation of the Transactions, including our initial public offering (“IPO”), to Bridge Investment Group Holdings Inc., and, unless otherwise stated, all of its subsidiaries, including Bridge Investment Group Holdings LLC (the “Operating Company”) and, unless otherwise stated, all of the Operating Company’s subsidiaries, and (2) prior to the completion of the IPO, to the Operating Company and, unless otherwise stated, all of the Operating Company’s subsidiaries and the Contributed Bridge GPs.

•“assets under management” or “AUM” refers to the assets we manage. Our AUM represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and vehicles and those of Bridge affiliates). Our AUM is not reduced by any outstanding indebtedness or other accrued but unpaid liabilities of the assets we manage. Our calculations of AUM and fee-earning AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of AUM (but not fee-earning AUM) includes uncalled commitments to (and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the agreements governing the funds and vehicles we manage or advise.

•“BIGRM” refers to Bridge Investment Group Risk Management, Inc. BIGRM is incorporated in the State of Utah and is licensed under the Utah State Captive Insurance Companies Act.

•“Bridge GPs” refers to the following entities:

◦Bridge Office Fund GP LLC (“BOF I GP”)

2

◦Bridge Office Fund II GP LLC (“BOF II GP”)

◦Bridge Office Fund III GP LLC (“BOF III GP”)

◦Bridge Seniors Housing & Medical Properties Fund GP LLC (“BSH I GP”)

◦Bridge Seniors Housing & Medical Properties Fund II GP LLC (“BSH II GP”)

◦Bridge Seniors Housing Fund III GP LLC (“BSH III GP”)

◦Bridge Opportunity Zone Fund GP LLC (“BOZ I GP”)

◦Bridge Opportunity Zone Fund II GP LLC (“BOZ II GP”)

◦Bridge Opportunity Zone Fund III GP LLC (“BOZ III GP”)

◦Bridge Opportunity Zone Fund IV GP LLC (“BOZ IV GP”)

◦Bridge Opportunity Zone Fund V GP LLC (“BOZ V GP”)

◦Bridge Opportunity Zone Fund VI GP LLC (“BOZ VI GP”)

◦Bridge MF&CO Fund III GP LLC (“BMF III GP”)

◦Bridge Multifamily Fund IV GP LLC (“BMF IV GP”)

◦Bridge Multifamily Fund V GP LLC (“BMF V GP”)

◦Bridge Workforce and Affordable Housing Fund GP LLC (“BWH I GP”)

◦Bridge Workforce and Affordable Housing Fund II GP LLC (“BWH II GP”)

◦Bridge Debt Strategies Fund GP LLC (“BDS I GP”)

◦Bridge Debt Strategies Fund II GP LLC (“BDS II GP”)

◦Bridge Debt Strategies Fund III GP LLC (“BDS III GP”)

◦Bridge Debt Strategies Fund IV GP LLC (“BDS IV GP”)

◦Bridge Debt Strategies Fund V GP LLC (“BDS V GP”)

◦Bridge Agency MBS Fund GP LLC (“BAMBS GP”)

◦Bridge Net Lease Income Fund GP LLC (“BNLI GP”)

◦Bridge Logistics U.S. Venture I GP LLC (“BLV I GP”)

◦Bridge Logistics Developer GP LLC (“BLD GP”)

◦Bridge Logistics Value Fund II GP LLC (“BLV II GP”)

◦Bridge Single-Family Rental Fund IV GP LLC (“BSFR IV GP”)

◦Bridge Solar Energy Development Fund GP LLC (“BSED GP”)

◦Bridge Investment Group Ventures Fund GP LLC (“BIGVF GP”)

◦Newbury Equity Partners VI GP LLC (“NEP VI GP”)

•“Class A common stock” refers to the Class A common stock, $0.01 par value per share, of the Company.

•“Class A Units” refers to the Class A common units of the Operating Company.

•“Class B common stock” refers to the Class B common stock, $0.01 par value per share, of the Company.

•“Class B Units” refers to the Class B common units of the Operating Company.

•“Continuing Equity Owners” refers collectively to direct or indirect holders of Class A Units and Class B common stock who may exchange at each of their respective options (subject in certain circumstances to time-based vesting requirements and certain other restrictions), in whole or in part from time to time, their Class A Units (along with an equal number of shares of Class B common stock (and such shares shall be immediately cancelled)) for, at our election, cash or newly issued shares of Class A common stock.

3

•“Contributed Bridge GPs” refers to the following entities:

◦BOF I GP

◦BOF II GP

◦BSH I GP

◦BSH II GP

◦BSH III GP

◦BOZ I GP

◦BOZ II GP

◦BOZ III GP

◦BOZ IV GP

◦BMF III GP

◦BMF IV GP

◦BWH I GP

◦BWH II GP

◦BDS II GP

◦BDS III GP

◦BDS IV GP

•“fee-earning AUM” refers to the assets we manage from which we earn management fee or other revenue.

•“IPO” refers to the initial public offering of shares of the Company’s Class A common stock.

•“LLC Interests” refers to the Class A Units and the Class B Units.

•“Operating Company,” “Bridge Investment Group LLC” and “Bridge Investment Group Holdings LLC” refer to Bridge Investment Group Holdings LLC, a Delaware limited liability company, which was converted to a limited liability company organized under the laws of the State of Delaware from a Utah limited liability company formerly named “Bridge Investment Group LLC” in connection with the IPO.

•“Original Equity Owners” refers to the owners of LLC Interests in the Operating Company, collectively, prior to the IPO.

•“Transactions” refers to the IPO and certain organizational transactions that were effected in connection with the IPO, and the application of the net proceeds therefrom. Refer to Note 1, “Organization,” to our condensed consolidated financial statements included in this quarterly report on Form 10-Q for a description of the Transactions.

4

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Balance Sheets

(Dollar amounts in thousands, except per share data)

	June 30, 2023		December 31, 2022
Assets	(Unaudited)		(Audited)
Cash and cash equivalents	$	70,969	$	183,576
Restricted cash	8,976		9,689
Marketable securities, at fair value	12,624		14,614
Receivables from affiliates	41,703		53,804
Notes receivable from affiliates	59,030		67,244
Other assets	71,919		70,466
Other investments	207,850		85,456
Accrued performance allocations	428,414		554,723
Intangible assets, net	148,971		4,894
Goodwill	233,831		55,982
Deferred tax assets, net	62,096		54,387
Total assets	$	1,346,383	$	1,154,835
Liabilities and equity
Accrued performance allocations compensation	$	47,529	$	66,754
Accrued compensation and benefits	24,958		15,643
Accounts payable and accrued expenses	22,760		24,942
Due to affiliates	51,513		51,966
General Partner Notes Payable, at fair value	7,091		8,633
Insurance loss reserves	7,994		9,445
Self-insurance reserves and unearned premiums	3,645		3,453
Line of credit	80,000		—
Other liabilities	39,037		30,386
Notes payable	446,195		297,294
Total liabilities	$	730,722	$	508,516
Commitments and contingencies (Note 17)	—		—
Shareholdersʼ equity:
Preferred stock, $0.01 par value, 20,000,000 authorized; 0 issued and outstanding as of June 30, 2023 and December 31, 2022	—		—
Class A common stock, $0.01 par value, 500,000,000 authorized; 32,767,289 and 29,488,521 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	328		295
Class B common stock, $0.01 par value, 237,680,340 and 237,837,544 authorized; 85,144,321 and 85,301,127 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	851		853
Additional paid-in capital	83,374		63,939
Retained earnings	1,101		14,230
Accumulated other comprehensive loss	(155)		(220)
Bridge Investment Group Holdings Inc. equity	85,499		79,097
Non-controlling interests in Bridge Investment Group Holdings LLC	321,247		309,677
Non-controlling interests in Bridge Investment Group Holdings Inc.	208,915		257,545
Total equity	615,661		646,319
Total liabilities and equity	$	1,346,383	$	1,154,835

See accompanying notes to condensed consolidated financial statements.

5

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollar amounts in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Fund management fees	$	60,317	$	49,380	$	114,166	$	102,080
Property management and leasing fees	19,130		19,616		39,029		37,895
Construction management fees	2,902		2,426		6,187		4,312
Development fees	1,337		793		1,672		2,052
Transaction fees	4,682		17,643		7,059		39,641
Fund administration fees	4,304		3,657		8,480		7,297
Insurance premiums	3,485		2,845		8,214		5,261
Other asset management and property income	2,646		2,659		5,443		4,614
Total revenues	98,803		99,019		190,250		203,152
Investment income:
Incentive fees	41		—		41		—
Performance allocations:
Realized	8,425		33,581		11,587		42,518
Unrealized	(19,284)		70,116		(126,309)		135,978
Earnings from investments in real estate	215		1,251		215		1,291
Total investment (loss) income	(10,603)		104,948		(114,466)		179,787
Expenses:
Employee compensation and benefits	56,376		46,693		107,553		94,172
Incentive fee compensation	3		—		3		—
Performance allocations compensation:
Realized	495		2,165		2,227		2,725
Unrealized	(4,649)		7,987		(19,319)		17,225
Loss and loss adjustment expenses	1,684		1,439		4,004		3,191
Third-party operating expenses	5,219		6,749		11,329		13,517
General and administrative expenses	12,872		9,769		26,765		19,277
Depreciation and amortization	5,118		887		6,211		1,520
Total expenses	77,118		75,689		138,773		151,627
Other income (expense):
Realized and unrealized (losses) gains, net	(1,367)		3,489		120		3,916
Interest income	3,728		1,353		7,182		2,562
Interest expense	(8,735)		(2,901)		(12,881)		(4,522)
Total other (loss) income	(6,374)		1,941		(5,579)		1,956
Income (loss) before provision for income taxes	4,708		130,219		(68,568)		233,268
Income tax expense	(7,468)		(5,837)		(1,624)		(11,382)
Net (loss) income	(2,760)		124,382		(70,192)		221,886
Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	(4,186)		49,748		(60,435)		86,461
Net income (loss) attributable to Bridge Investment Group Holdings LLC	1,426		74,634		(9,757)		135,425
Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings Inc.	6,198		61,694		(7,019)		112,714
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$	(4,772)	$	12,940	$	(2,738)	$	22,711
Earnings (loss) per share of Class A common stock—Basic and Diluted (Note 21)	$	(0.24)	$	0.44	$	(0.21)	$	0.79
Weighted-average shares of Class A common stock outstanding—Basic and Diluted (Note 21)	25,143,289		24,029,107		25,105,753		23,581,393

See accompanying notes to condensed consolidated financial statements.

6

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

(Dollar amounts in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net (loss) income	$	(2,760)	$	124,382	$	(70,192)	$	221,886
Other comprehensive (loss) income—foreign currency translation adjustments, net of tax	(22)		(13)		65		(4)
Total comprehensive income (loss)	(2,782)		124,369		(70,127)		221,882
Less: comprehensive (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	(4,186)		49,748		(60,435)		86,461
Comprehensive income (loss) attributable to Bridge Investment Group Holdings LLC	1,404		74,621		(9,692)		135,421
Less: comprehensive (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings Inc.	6,198		61,694		(7,019)		112,714
Comprehensive (loss) income attributable to Bridge Investment Group Holdings Inc.	$	(4,794)	$	12,927	$	(2,673)	$	22,707

See accompanying notes to condensed consolidated financial statements.

7

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollar amounts in thousands, except per share data)

	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest in Bridge Investment Group Holdings LLC		Non-controlling Interest in Bridge Investment Group Holdings Inc.		Total Equity
Balance as of March 31, 2023	$	327	$	853	$	73,104	$	10,723	$	(133)	$	336,586	$	220,137	$	641,597
Net income (loss)	—		—		—		(4,772)		—		(4,186)		6,198		(2,760)
Conversion of profit interest awards	—		—		7,500		—		—		—		—		7,500
Exchange of Class A Units for Class A common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	1		(1)		(20)		—		—		—		—		(20)
Fair value of non-controlling interest in acquired business	—		—		—		—		—		2,168		—		2,168
Capital contributions from non-controlling interests	—		—		—		—		—		4,218		—		4,218
Share-based compensation, net of forfeitures	—		(1)		5,511		—				436		5,173		11,119
Distributions	—		—		—		—		—		(17,975)		(25,314)		(43,289)
Dividends on Class A Common Stock/Units, $0.15 per share	—		—		—		(4,850)		—		—		—		(4,850)
Foreign currency translation adjustment	—		—		—		—		(22)		—		—		(22)
Reallocation of equity	—		—		(2,721)		—		—		—		2,721		—
Balance as of June 30, 2023	$	328	$	851	$	83,374	$	1,101	$	(155)	$	321,247	$	208,915	$	615,661

	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest in Bridge Investment Group Holdings LLC		Non-controlling Interest in Bridge Investment Group Holdings Inc.		Total Equity
Balance as of March 31, 2022	$	289	$	859	$	59,247	$	21,038	$	(12)	$	311,915	$	245,088	$	638,424
Net income	—		—		—		12,940		—		49,748		61,694		124,382
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	2		(2)		5		—		—		—		—		5
Share-based compensation, net of forfeitures	—		—		2,119		—		—		6		4,428		6,553
Capital contributions	—		—		—		—		—		31		—		31
Distributions	—		—		—		—		—		(38,559)		(42,212)		(80,771)
Dividends on Class A Common Stock/Units, $0.26 per share	—		—		—		(7,614)		—		—		—		(7,614)
Foreign currency translation adjustment	—		—		—		—		(13)		—		—		(13)
Reallocation of equity	—		—		(409)		—		—		—		409		—
Balance as of June 30, 2022	$	291	$	857	$	60,962	$	26,364	$	(25)	$	323,141	$	269,407	$	680,997

See accompanying notes to condensed consolidated financial statements.

8

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollar amounts in thousands, except per share data)

	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest in Bridge Investment Group Holdings LLC		Non-controlling Interest in Bridge Investment Group Holdings Inc.		Total Equity
Balance as of December 31, 2022	$	295	$	853	$	63,939	$	14,230	$	(220)	$	309,677	$	257,545	$	646,319
Net income	—		—		—		(2,738)		—		(60,435)		(7,019)		(70,192)
Conversion of profits interest awards	8		—		7,492		—		—		—		—		7,500
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock, including the deferred tax effect and amounts payable under the Tax Receivable Agreement	2		(1)		2		—		—		—		—		3
Fair value of non-controlling interest in acquired business	—		—		—		—		—		86,365		—		86,365
Capital contributions from non-controlling interests	—		—		—		—		—		4,229		—		4,229
Share-based compensation, net of forfeitures	23		(1)		8,667		—		—		798		10,992		20,479
Distributions	—		—		—		—		—		(19,387)		(49,329)		(68,716)
Dividends on Class A Common Stock/Units, $0.32 per share	—		—		—		(10,391)		—		—		—		(10,391)
Foreign currency translation adjustment	—		—		—		—		65		—		—		65
Reallocation of equity	—		—		3,274		—		—		—		(3,274)		—
Balance as of June 30, 2023	$	328	$	851	$	83,374	$	1,101	$	(155)	$	321,247	$	208,915	$	615,661

	Class A Common Stock		Class B Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interest in Bridge Investment Group Holdings LLC		Non-controlling Interest in Bridge Investment Group Holdings Inc.		Total Equity
Balance as of December 31, 2021	$	230	$	867	$	53,527	$	17,184	$	(21)	$	272,482	$	205,468	$	549,737
Net income	—		—		—		22,711		—		86,461		112,714		221,886
Conversion of 2019 profit interest awards	8		—		(8)		—		—		—		—		—
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	10		(10)		780		—		—		—		—		780
Issuance of Class A Units for acquisition	—		—		—		—		—		—		14,930		14,930
Fair value of non-controlling interest in acquired business	—		—		—		—		—		20,053		—		20,053
Share-based compensation, net of forfeitures	43		—		3,689		—		—		14		10,072		13,818
Capital contributions	—		—		—		—		—		201		—		201
Distributions	—		—		—		—		—		(56,070)		(70,803)		(126,873)
Dividends on Class A Common Stock/Units, $0.47 per share	—		—		—		(13,531)		—		—		—		(13,531)
Foreign currency translation adjustment	—		—		—		—		(4)		—		—		(4)
Reallocation of equity	—		—		2,974		—		—		—		(2,974)		—
Balance as of June 30, 2022	$	291	$	857	$	60,962	$	26,364	$	(25)	$	323,141	$	269,407	$	680,997

See accompanying notes to condensed consolidated financial statements.

9

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollar amounts in thousands)

	Six Months Ended June 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(70,192)	$	221,886
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	6,211		1,520
Amortization of financing costs and debt discount and premium	570		303
Share-based compensation	20,479		13,818
Equity in income of investments	2,006		(4,837)
Changes in unrealized gain (loss) on General Partner Notes Payable	(1,386)		822
Non-cash lease amortization	29		(208)
Unrealized performance allocations	126,309		(135,978)
Unrealized accrued performance allocations compensation	(19,319)		17,225
Change in deferred income taxes	291		(63)
Changes in operating assets and liabilities:
Receivable from affiliates	12,101		1,969
Prepaid and other assets	(4,157)		708
Accounts payable and accrued expenses	(2,179)		11,453
Accrued payroll and benefits	8,579		13,548
Other liabilities	(4,548)		(694)
Insurance loss and self-insurance reserves	(1,260)		465
Accrued performance allocations compensation	94		442
Due to affiliates	(952)		—
Net cash provided by operating activities	72,676		142,379
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(30,711)		(35,384)
Distributions from investments	40		855
Sale of marketable securities	4,420		—
Issuance of notes receivable	(135,039)		(242,905)
Proceeds from collections on notes receivable	143,252		318,255
Purchase of tenant improvements, furniture and equipment	(1,633)		(788)
Deposits	—		661
Cash paid for acquisition, net of cash acquired	(319,364)		(15,089)
Net cash (used in) provided by investing activities	(339,035)		25,605
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions from non-controlling interests	4,229		201
Distributions to non-controlling interests	(68,716)		(126,873)
Repayments of General Partner Notes Payable	(159)		(460)
Dividends paid on Class A common stock	(10,391)		(13,531)
Proceeds from revolving line of credit	250,000		50,000
Payments on revolving line of credit	(170,000)		(50,000)
Borrowings on private notes	150,000		—
Payments of deferred financing costs	(1,924)		(1,015)
Net cash provided by (used in) financing activities	153,039		(141,678)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(113,320)		26,306
Cash, cash equivalents and restricted cash - beginning of period	193,265		83,872
Cash, cash equivalents and restricted cash - end of period	$	79,945	$	110,178

See accompanying notes to condensed consolidated financial statements.

10

BRIDGE INVESTMENT GROUP HOLDINGS INC.

Condensed Consolidated Statements of Cash Flows (Unaudited), Continued

(Dollar amounts in thousands)

	Six Months Ended June 30,
	2023		2022
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	1,782	$	2,066
Cash paid for interest	8,237		3,118
Non-cash investing and financing activities:
Establishment of lease liabilities in exchange for lease right-of-use assets	$	550	$	18,808
Write down of right-of-use assets and lease liabilities for lease termination	(3,032)		—
Origination of short-term loan receivable for prepaid acquisitions	—		40,000
Conversion of note receivable to equity interest investment	1,559		—
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement	499		5,948
Deferred tax effect from conversion of profits interests awards	7,500		—
Issuance of Class A Units for acquisition	—		14,930
Non-controlling interest assumed in business combination	86,365		20,053
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	70,969	$	102,777
Restricted cash	8,976		7,401
Cash, cash equivalents, and restricted cash	$	79,945	$	110,178

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BRIDGE INVESTMENT GROUP HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements

1.    ORGANIZATION

Bridge Investment Group Holdings Inc. (“we,” “us,” “our,” the “Company” or “Bridge”) is a leading, alternative investment manager, diversified across specialized asset classes. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on various specialized and synergistic investment platforms, including Multifamily, Workforce and Affordable Housing, Seniors Housing, Office, Development, Net Lease Income, Logistics, Debt Strategies, Agency MBS, Single-Family Rental, Property Technology, Renewable Energy and Secondaries. Our broad range of products and vertically integrated structure allow us to capture new market opportunities and serve investors with various investment objectives. Our ability to scale our specialized and operationally driven investment approach across multiple attractive sectors within real estate equity and debt, in a way that creates sustainable and thriving communities, is the ethos of who we are and the growth engine of our success. We have enjoyed significant growth since our establishment as an institutional fund manager in 2009, driven by strong investment returns, and our successful efforts to organically develop and strategically acquire an array of investment platforms focused on sectors of the U.S. real estate market and secondaries investments that we believe are the most attractive.

The Company was incorporated as a Delaware corporation on March 18, 2021, for the purpose of facilitating the Company’s initial public offering (“IPO”) and other related transactions in order to carry on the business of Bridge Investment Group Holdings LLC (formerly known as Bridge Investment Group LLC, or, the “Operating Company”), and its wholly owned subsidiaries.

The Company’s principal asset is a controlling financial interest in the Operating Company through its ownership of the Operating Company’s Class A common units (“Class A Units”) and 100% of the Class B common units (“Class B Units”) (voting only). The Company acts as the sole managing member of the Operating Company and, as a result, indirectly operates and controls all of the Operating Company’s business and affairs and its direct and indirect subsidiaries. As a result, the Company consolidates the financial results of the Operating Company and reports non-controlling interests related to the Class A Units. The assets and liabilities of the Operating Company represent substantially all of the Company’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to the Tax Receivable Agreement. Refer to Note 15, “Income Taxes,” for additional information. As of June 30, 2023, the Company held approximately 25% of the economic interest in the Operating Company. To the extent the Operating Company’s members exchange their Class A Units into our Class A common stock in the future, the Company’s economic interest in the Operating Company will increase.

The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the following investment manager entities, which we refer to collectively as the Fund Managers: Bridge Multifamily Fund Manager LLC, Bridge Seniors Housing Fund Manager LLC (“BSHM”), Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC (“BOFM”), Bridge Development Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, Bridge Net Lease Industrial Fund Manager LLC, Bridge Logistics Properties Fund Manager LLC, Bridge Single-Family Rental Fund Manager LLC, Bridge Investment Group Ventures Fund Manager LLC, Bridge Renewable Energy Fund Manager LLC and Newbury Partners-Bridge LLC (together, the “Fund Managers”). The Fund Managers provide real estate and fund investment advisory services to multiple investment funds and other vehicles, including joint venture real estate projects, separately managed accounts and privately offered real estate-related limited partnerships, including any parallel investment vehicles and feeder funds (collectively, the “funds”). The Operating Company is entitled to a pro rata portion of the management fees earned from providing these services to the funds based on its ownership in the Fund Managers, which ranges from 60% to 100%.

Each time we establish a new fund, our direct owners establish a new general partner for that fund (each, a “General Partner”). We refer to these General Partners collectively as the “Bridge GPs.” The Operating Company and the Bridge GPs are under common control by the direct owners of the Operating Company and the Bridge GPs. Under the terms of the Bridge GP operating agreements, the General Partners are entitled to performance fees from the funds once certain threshold returns are achieved for the limited partners.

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Reorganization in Connection with IPO

In connection with the IPO, the Company completed a series of organizational transactions (the “Transactions”). The Transactions included:

•The Operating Company amended and restated its existing limited liability company agreement to, among other things, (1) convert the Operating Company to a limited liability company organized under the laws of the State of Delaware, (2) change the name of the Operating Company from “Bridge Investment Group LLC” to “Bridge Investment Group Holdings LLC,” (3) convert all existing ownership interests in the Operating Company into 97,463,981 Class A Units and a like amount of Class B Units of the Operating Company and (4) appoint the Company as the sole managing member of the Operating Company upon its acquisition of Class A Units and Class B Units (“LLC Interests”);

•The Company amended and restated its certificate of incorporation to, among other things, provide for (1) the recapitalization of the Company’s outstanding shares of existing common stock into one share of our Class A common stock, (2) the authorization of additional shares of our Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to the Company’s stockholders generally and (3) the authorization of shares of our Class B common stock, with each share of our Class B common stock entitling its holder to ten votes per share on all matters presented to the Company’s stockholders generally, and that shares of our Class B common stock may only be held by such direct and indirect holders of Class A Units and our Class B common stock as may exchange at each of their respective options (subject in certain circumstances to time-based vesting requirements and certain other restrictions), in whole or in part from time to time, their Class A Units (along with an equal number of shares of our Class B common stock (and such shares shall be immediately cancelled)) for, at our election, cash or newly issued shares of our Class A common stock) and their respective permitted transferees (collectively, the “Continuing Equity Owners”);

•A series of transactions were effectuated such that, among other things, direct and indirect owners of interests in the Operating Company, various fund manager entities, and certain Bridge GPs (the “Contributed Bridge GPs”) contributed all or part of their respective interests to the Operating Company shares of our Class B common stock and Class A Units, a portion of which were further contributed to the Company in exchange for shares of our Class A common stock; and

•The Company entered into (1) a stockholders agreement with certain of the Continuing Equity Owners (including each of our then executive officers), (2) a registration rights agreement with certain of the Continuing Equity Owners (including each of our then executive officers) and (3) a tax receivable agreement with the Operating Company and the Continuing Equity Owners, as amended and restated (the “Tax Receivable Agreement” or “TRA”).

Initial Public Offering

On July 20, 2021, the Company completed its IPO, in which it sold 18,750,000 shares of our Class A common stock at a public offering price of $16.00 per share receiving approximately $277.2 million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. The net proceeds from the IPO were used to purchase 18,750,000 newly issued Class A Units from the Operating Company at a price per unit equal to the IPO price per share of our Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses. The Operating Company used net proceeds from the public offering to pay approximately $139.9 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the owners of LLC Interests in the Operating Company, prior to the IPO (collectively, “Original Equity Owners”). Refer to Note 16, “Shareholders’ Equity,” for additional information.

In connection with the IPO, owners of the Contributed Bridge GPs contributed 24% to 40% of their interests in the respective Contributed Bridge GPs in exchange for LLC Interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Contributed Bridge GPs. These combined financial statements prior to the IPO include 100% of the operations of the Contributed Bridge GPs for the periods presented on the basis of common control.

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Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 shares of our Class A common stock. The Company used 100% of the net proceeds of approximately $18.2 million, after taking into account the underwriting discounts and commissions and estimated offering expenses, to purchase 1,416,278 newly issued Class A Units directly from the Operating Company, at a price per Class A Unit equal to the IPO price per share of our Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Operating Company used all of the net proceeds from the sale of Class A Units to the Company related to this over-allotment option to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners.

Prior to the IPO, the Operating Company and the then-existing Bridge GPs were under common control by the Original Equity Owners (the “Common Control Group”). The Original Equity Owners had the ability to control the Operating Company and each applicable Bridge GP and manage and operate these entities through the Fund Managers, a common board of directors, common ownership, and shared resources and facilities. The Operating Company and the then-existing Bridge GPs represented the predecessor history for the consolidated operations. As a result, the financial statements for the periods prior to the IPO are the combined financial statements of the Operating Company and the then-existing Bridge GPs, as applicable, as the predecessor to the Company for accounting and reporting purposes. We carried forward unchanged the value of the related assets and liabilities recognized in the Contributed Bridge GPs’ financial statements prior to the IPO into our financial statements. We have assessed the Contributed Bridge GPs for consolidation subsequent to the Transactions and IPO and have concluded that the Contributed Bridge GPs represent variable interests for which the Operating Company is the primary beneficiary. As a result, the Operating Company consolidates the Contributed Bridge GPs following the Transactions. BDS I GP LLC was not contributed as part of the Transactions and as such, was derecognized upon the completion of the IPO.

As part of the Transactions, the Operating Company acquired the non-controlling interest of its consolidated subsidiaries BSHM and BOFM, which was accounted for as an equity transaction with no gain or loss recognized in the combined statement of operations. The carrying amounts of the non-controlling interest in BSHM and BOFM were adjusted to zero.

Following the Transactions and the IPO, the Company became a holding company whose principal asset is a controlling financial interest in the Operating Company through its ownership of the Operating Company’s Class A Units and 100% of the Class B Units (voting only). The Company acts as the sole managing member of the Operating Company and, as a result, indirectly operates and controls all of the Operating Company’s business and affairs and its direct and indirect subsidiaries. As a result, the Company consolidates the financial results of the Operating Company and reports non-controlling interests related to the Class A Units. The assets and liabilities of the Operating Company represent substantially all of the Company’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to the Tax Receivable Agreement. Refer to Note 15, “Income Taxes,” for additional information.

2.    SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated and combined financial statements included in its annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”).

14

Principles of Consolidation — The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities — A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company may perform a related party analysis to assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

Voting Interest Entities — Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and non-controlling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Non-controlling Interests — Non-controlling interests represent the share of consolidated entities owned by third parties. Bridge recognizes each non-controlling shareholder’s respective ownership at the estimated fair value of the net assets at the date of formation or acquisition. Non-controlling interests are subsequently adjusted for the non-controlling shareholder’s additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. Net income is allocated to non-controlling interests based on the ownership interest during the period. The net income that is not attributable to Bridge is reflected in net income attributable to non-controlling interests in the condensed consolidated statements of operations and comprehensive income and shareholders’ equity.

Non-controlling interests include non-controlling interests attributable to Bridge and non-controlling interests attributable to the Operating Company. Non-controlling interests attributable to the Operating Company represent third-party equity interests in the Operating Company subsidiaries related to general partner and fund manager equity interests as well as profits interests awards. Non-controlling interests attributable to Bridge include equity interests in the Operating Company owned by third-party investors. Non-controlling interests in the Operating Company are adjusted to reflect third-party investors’ ownership percentage in the Operating Company at the end of the period, through a reallocation between controlling and non-controlling interest in the Operating Company, as applicable.

15

Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the condensed consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments, which directly affect accrued performance allocations and related compensation, the carrying amount of the Company's equity method investments, the measurement of deferred tax balances (including valuation allowances), and the accounting for goodwill, all of which involve a high degree of judgement and complexity and may have a significant impact on net income. Actual results could differ from those estimates and such differences could be material.

Global markets are experiencing continued volatility driven by weakening U.S. fundamentals, rising geopolitical risks in Europe, ongoing economic impacts of the COVID-19 pandemic, softening growth in Asia, global supply chain disruptions, labor shortages, rising commodity prices, availability of debt financing in the capital markets, high inflation and increasing interest rates. As a result, management’s estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.

Cash and Cash Equivalents — The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. Cash balances may be invested in money market accounts that are not insured. The Company holds and invests its cash with high-credit quality institutions in amounts that regularly exceed the amount insured by the Federal Deposit Insurance Corporation for a single financial institution. However, the Company has not realized any losses in such cash investments or accounts and believes it is not exposed to any significant credit risk.

Restricted Cash — Restricted cash primarily consists of a collateral trust account for the benefit of the insurance carriers associated with Bridge Investment Group Risk Management, Inc. (“BIGRM”). These funds are held as collateral for the insurance carriers in the event of a claim that would require a high deductible payment from BIGRM.

Marketable Securities — The Company’s marketable securities are reported at fair value, with changes in fair value recognized through realized and unrealized gains (losses) in other income (expense). Fair value is based on quoted prices for identical assets in active markets. Realized gains and losses are determined on the basis for the actual cost of the securities sold. Dividends on equity securities are recognized as income when declared.

Fair Value — GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

•Level 1 — Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level 2 inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Level 2 inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.

•Level 3 — Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.

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In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. Refer to Note 7, “Fair Value Measurements” for additional information.

Fair Value Option — The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. Refer to Note 7, “Fair Value Measurements” for additional information. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company elected the fair value option for the General Partner Notes Payable (as defined in Note 11). The carrying value of the General Partner Notes Payable represents the related General Partner lenders’ net asset value (“NAV”), in the respective fund and the General Partner lenders are entitled to receive distributions and carried interest. The NAV changes over time so marking the General Partner Notes Payable to fair value reflect these changes.

Receivables and Notes Receivable from Affiliates — Receivables consist principally of amounts due from the funds and other affiliates. These include receivables associated with fund or asset management fees, property management fees and other fees. Additionally, the Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the private funds managed by the Company and related properties operated by the Company, which include: (i) organization and offering costs associated with the formation and offering; (ii) direct and indirect operating costs associated with managing the operations of the properties; and (iii) costs incurred in performing investment due diligence. During the normal course of business, the Company makes short-term uncollateralized loans to the funds for asset acquisitions and working capital.

The Company also has notes receivable with employees to purchase an equity interest in the Company or its affiliates or managed funds. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method.

The Company facilitates the payments of these fees, which are recorded as receivables, principally from affiliated parties on the condensed consolidated balance sheets, until such amounts are repaid. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted capital raising, and establishes an allowance for any balances considered not collectible. There were no material receivables considered not collectible as of June 30, 2023 and December 31, 2022.

Accrued Performance Allocations — Performance allocations that are received in advance that remain subject to clawback are recorded as accrued performance allocations in the condensed consolidated balance sheets. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. The Company’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period the Company calculates the accrued performance allocations that would be due to the Company for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued performance allocations to reflect either (a) positive performance resulting in an increase in the accrued performance allocation to the general partner, or (b) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued performance allocation to the general partner. In each scenario, it is necessary to calculate the accrued performance allocation on cumulative results compared to the accrued performance allocation recorded to date and make the required positive or negative adjustments. The Company ceases to record negative performance allocations once previously accrued performance allocations for such fund have been fully reversed. The Company is not obligated to pay guaranteed returns or hurdles in this situation, and therefore, cannot have negative performance allocations over the life of a fund. The carrying amounts of equity method investments are reflected in accrued performance allocations on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, which are based on asset valuations one quarter in arrears.

17

Other Investments — A non-controlling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of NAV practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss.

For certain equity method investments, the Company records its proportionate share of income on a one to three-month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the condensed consolidated statements of cash flows under the cumulative earnings approach.

Changes in fair value of equity method investments are recorded as realized and unrealized gains (losses) in other income (expense) on the condensed consolidated statements of operations.

Impairment of Investments

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if the carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Leases — The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company primarily enters into operating lease agreements, as the lessee, for office space and certain equipment. Operating leases are included in other assets and other liabilities in the condensed consolidated balance sheet. Certain leases include lease and non-lease components, which the Company accounts for separately. Lease right of use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Leases may include options to extend or terminate the lease which are included in the ROU assets and lease liability when they are reasonably certain of exercise. Lease ROU assets are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate based on information available at the inception date in determining the present value of future minimum lease payments. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheet. Refer to Note 17, “Commitments and Contingencies” for additional information.

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Business Combinations — The determination of whether an acquisition qualifies as an asset acquisition or business combination is an area that requires management’s use of judgment in evaluating the criteria of the screen test.

Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.

Acquisitions of Businesses — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

Goodwill — Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. As of June 30, 2023 and December 31, 2022, the Company had goodwill of $233.8 million and $56.0 million, respectively. Refer to Note 8, “Business Combination and Goodwill” for additional information.

The Company performs its annual goodwill impairment test using a qualitative and, if necessary, a quantitative approach as of October 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. The Company performed its annual goodwill impairment assessment as of October 1, 2022, and determined that there was no impairment of goodwill.

The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. As of June 30, 2023, there were no indicators of goodwill impairment.

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Intangible Assets — The Company’s finite-lived intangible assets consist primarily of acquired contractual rights to earn future management and advisory fee income. Intangible assets with a finite life are amortized based on the pattern in which the estimated economic benefits of the intangible asset on a straight-line basis, ranging from 4 to 14 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the intangible. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the asset.

Revenue Recognition — Revenues consist of fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums, fund administration fees and other asset management and property income. The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied.

Fund Management Fees — Fund management fees are generally based on a defined percentage of total commitments, invested capital or NAV of the investment portfolios managed by the Fund Managers. Following the expiration or termination of the investment period, the basis on which management fees are earned for certain closed-end funds and managed accounts, generally changes from committed capital to invested capital with no change in the management fee rate. The fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Fund management fees are recognized as revenue in the period advisory services are rendered, subject to our assessment of collectability. Fund management fees also include management fees for joint ventures and separately managed accounts. For Company sponsored closed-end funds, the capital raising period is generally 18 to 24 months. The Fund Managers charge catch-up management fees to investors who subscribe in later closings in amounts equal to the fees they would have paid if they had been in the initial closing (plus interest as if the investor had subscribed in the initial closing). Catch-up management fees are recognized in the period in which the limited partner subscribes to the fund. Fund management fees are presented net of placement agent fees, where the Company is acting as an agent in the arrangement.

Property Management and Leasing Fees — Property management fees are earned as the related services are provided under the terms of the respective property management agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. The Company also earns revenue associated with the leasing of commercial assets. The revenue is recognized upon the execution of the lease agreement.

Construction Management Fees — Construction management fees are earned as the services are provided under the terms of the property management agreement with each property.

Development Fees — Development fees are earned as the services are provided under the terms of the development agreement with each asset.

Transaction Fees — The Company earns transaction fees associated with the due diligence related to the acquisition of assets and financing of assets. The fees are recognized upon the acquisition of the asset or origination of the mortgage or other debt, as applicable.

Fund Administration Fees — The Company earns fund administration fees as services are provided under the terms of the respective fund administration agreement. Fund administration fees include a fixed annual amount plus a percentage of invested or deployed capital. Fund administration fees also include investor services fees which are based on an annual fee per investor. Fees are earned as services are provided and are recognized on a straight-line basis.

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Insurance Premiums — BIGRM insures multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, lessor legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period.

Other Asset Management and Property Income — Other asset management and property income is comprised of, among other things, interest on catch-up management fees, fees related to in-house legal and tax professional fees, which is generally billed on an hourly rate to various funds and properties managed by affiliates of the Company, and other miscellaneous fees.

Investment Income — Investment income is based on certain specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Substantially all performance income is earned from funds and joint ventures managed by affiliates of the Company.

Incentive Fees — Incentive fees comprise fees earned from certain fund investor investment mandates for which the Company does not have a general partner interest in a fund. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period.

Performance Allocations — The Company accounts for accrued performance obligations, which represents a performance-based capital allocation from a fund General Partner to the Company, as earnings from financial assets within the scope of Accounting Standards Codification (“ASC”) 323, Investments—Equity Method and Joint Ventures. The underlying investments in the funds upon which the allocation is based reflect valuations on a three-month lag. The Company recognizes performance allocations as a separate revenue line item in the condensed consolidated statements of operations with uncollected carried interest as of the reporting date reported within accrued performance allocations on the condensed consolidated balance sheets.

Carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s partnership agreement or other governing documents. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner based on a fund’s cumulative investment returns. Accordingly, the amount recognized as performance allocation revenue reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period.

As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within accrued performance allocations compensation in the condensed consolidated balance sheets.

Carried interest is realized when an underlying investment is profitably disposed of, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally do not become realized until the end of a fund’s life.

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Employee Compensation and Benefits — Employee compensation and benefits include salaries, bonus (including discretionary awards), related benefits, share-based compensation, and cost of processing payroll. Bonuses are accrued over the employment period to which they relate. Equity-classified awards granted to employees that have a service condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The fair value of profits interests awards is determined using a Monte Carlo valuation at date of grant or date of modification when applicable. The fair value of Restricted Stock Units (“RSUs”) and Restricted Stock Awards is determined using the Company's closing stock price on the grant date or date of modification. The Company recognizes compensation expense over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. Refer to Note 20, “Share-Based Compensation and Profits Interests,” for additional information.

Incentive Fees and Performance Allocations Compensation — The Company records incentive fee compensation when it is probable that a liability has been incurred and the amount is reasonably estimable. The incentive fee compensation accrual is based on a number of factors, including the cumulative activity for the period and the expected timing of the distribution of the net proceeds in accordance with the applicable governing agreement.

A portion of the performance allocations earned is awarded to employees. The Company evaluates performance allocations to determine if they are compensatory awards or equity-classified awards based on the underlying terms of the award agreements on the grant date.

Performance allocations awards granted to employees and other participants are accounted for as a component of compensation and benefits expense contemporaneously with our recognition of the related realized and unrealized performance allocation revenue. Upon a reversal of performance allocation revenue, the related compensation expense, if any, is also reversed. Liabilities recognized for carried interest amounts due to affiliates are not paid until the related performance allocation revenue is realized.

Third-party Operating Expenses — Third-party operating expenses represent transactions, largely operation and leasing of assets, with third-party operators of real estate owned by the funds where the Company was determined to be the principal rather than the agent in the transaction.

Realized and Unrealized Gains (Losses) — Realized gains (losses) occur when the Company redeems all or a portion of an investment or when the Company receives cash income, such as dividends or distributions. Unrealized gains (losses) result from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as realized gains (losses) in the condensed consolidated statements of operations.

Finally, the realized and unrealized change in gains (losses) associated with the financial instruments that we elect the fair value option is also included in realized and unrealized gains (losses).

Income Taxes — The Operating Company is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Operating Company flows through to its members, including the Company, and is generally not subject to U.S. federal or state income tax at the level of the Operating Company. The Operating Company’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to local or non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, with the related tax provision reflected in the condensed consolidated statements of operations. As a result, the Operating Company does not generally record U.S. federal and state income taxes on its income or that of its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of units in the Operating Company.

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Deferred income tax assets is primarily comprised of the TRA between the Operating Company and each of the Continuing Equity Owners and deferred income taxes related to the operations of Bridge Investment Group Risk Management, Inc. (“BIGRM”). Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more likely than not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more likely than not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as general, administrative and other expenses in the condensed consolidated statements of operations. Refer to Note 15, “Income Taxes” for additional information.

Other than BIGRM and Bridge PM, Inc. (“BPM”), the Operating Company and its subsidiaries are limited liability companies and partnerships, as such, are not subject to income taxes; the individual members of the Operating Company are required to report their distributive share of the Operating Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns.

Tax Receivable Agreement — In connection with the IPO, the Company entered into a TRA with the Operating Company and each of the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) increases in the Company’s allocable share of the tax basis of the Operating Company’s assets resulting from (a) the Company’s purchase of Class A Units directly from the Operating Company and the partial redemption of Class A Units by the Operating Company in connection with the IPO, (b) future redemptions or exchanges (or deemed exchanges in certain circumstances) of Class A Units for our Class A common stock or cash and (c) certain distributions (or deemed distributions) by the Operating Company; (2) the Company’s allocable share of the existing tax basis of the Operating Company’s assets at the time of any redemption or exchange of Class A Units (including in connection with the IPO), which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by the Company and (3) certain additional tax benefits arising from payments made under the TRA. The Company will retain the benefit of the remaining 15% of these net cash tax savings under the TRA.

Segments — The Company operates as one business, a fully integrated real estate investment manager. The Company’s chief operating decision maker, which is the executive chairman, utilizes a consolidated approach to assess financial performance and allocate resources. As such, the Company operates as one business segment.

Earnings Per Share — Basic earnings per share is calculated by dividing net income available to our Class A common stockholders by the weighted-average number of our Class A common shares outstanding for the period.

Diluted earnings per share of our Class A common stock is computed by dividing net income available to our Class A common stockholders after giving consideration to the reallocation of net income between holders of our Class A common stock and non-controlling interests, by the weighted-average number of shares of our Class A common stock outstanding during the period adjusted to give effect to potentially dilutive securities, if any. Potentially dilutive securities include unvested Restricted Stock Awards, RSUs, and Class A Units exchangeable on a one-for-one basis with shares of our Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of our Class A common stock using the more dilutive result of the treasury stock method or the two-class method.

Unvested share-based payment awards, including Restricted Stock Awards and RSUs, that contain non-forfeitable rights to dividends (whether paid or unpaid) are participating securities. Outstanding Class A Units are also considered participating securities. As a result of being participating securities, Restricted Stock Awards, RSUs and Class A Units are considered in the computation of earnings per share of our Class A common stock pursuant to the two-class method.

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Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which has subsequently been amended. The amended guidance requires a company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Prior to ASU 2016-13, GAAP required an “incurred loss” methodology that delayed recognition until it was probable a loss had been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected and the income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. Financial instruments measured at fair value are not within the scope of this guidance. The guidance was effective for the Company on January 1, 2023, and was adopted using a modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the condensed consolidated financial statements of the Company.

Upon adoption of ASU 2016-13, the Company assessed the collection risk characteristics of its outstanding receivables and allocated them into the following pools of receivables: receivables from affiliates, notes receivables from affiliates and notes receivables from employees. The Company’s receivables are predominantly with its investment funds, which have low risk of credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the affiliated investment funds.

3.    REVENUE

The Company earns base management fees for the day-to-day operations and administration of its managed private funds and other investment vehicles. Other revenue sources include construction and development fees, insurance premiums, fund administration fees, and other asset management and property income, which includes property management and leasing fees, and are described in more detail in Note 2, “Significant Accounting Policies”. The following tables present revenues disaggregated by significant product offerings, which align with the Company’s performance obligations and the basis for calculating each amount for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
FUND MANAGEMENT FEES	2023		2022		2023		2022
Funds	$	59,176	$	47,617	$	111,349	$	98,826
Joint ventures and separately managed accounts	1,141		1,763		2,817		3,254
Total fund management fees	$	60,317	$	49,380	$	114,166	$	102,080

	Three Months Ended June 30,				Six Months Ended June 30,
PROPERTY MANAGEMENT AND LEASING FEES	2023		2022		2023		2022
Multifamily	$	6,871	$	5,964	$	13,587	$	11,277
Seniors Housing	6,662		7,059		13,530		14,165
Office	3,042		4,083		6,956		8,347
Single-Family Rental	2,555		2,510		4,956		4,106
Total property management and leasing fees	$	19,130	$	19,616	$	39,029	$	37,895

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	Three Months Ended June 30,				Six Months Ended June 30,
CONSTRUCTION MANAGEMENT FEES	2023		2022		2023		2022
Multifamily	$	1,791	$	1,900	$	4,029	$	3,282
Office	694		468		1,523		902
Seniors Housing	154		58		299		128
Logistics	211		—		282		—
Other	52		—		54		—
Total construction management fees	$	2,902	$	2,426	$	6,187	$	4,312

	Three Months Ended June 30,				Six Months Ended June 30,
TRANSACTION FEES	2023		2022		2023		2022
Acquisition fees	$	4,267	$	15,075	$	6,442	$	31,672
Brokerage fees	415		2,568		617		7,969
Total transaction fees	$	4,682	$	17,643	$	7,059	$	39,641

For the three and six months ended June 30, 2023 and 2022, no individual client represented 10% or more of the Company’s total reported revenues and substantially all of revenue was derived from operations in the United States.

As of June 30, 2023 and December 31, 2022, the Company had $15.2 million and $8.7 million, respectively, of deferred revenues, which is included in other liabilities on the condensed consolidated balance sheets for the periods then ended. During the three and six months ended June 30, 2023, the Company recognized $4.7 and $7.9 million, respectively, as revenue from amounts included in the deferred revenue balance as of December 31, 2022. The Company expects to recognize deferred revenues within a year of the balance sheet date.

4.    MARKETABLE SECURITIES

The Company invests a portion of the premiums received at BIGRM in exchange traded funds and mutual funds. As of June 30, 2023 and December 31, 2022, the Company’s investment securities are summarized as follows (in thousands):

	Cost		Unrealized (Gains) Losses		Fair Value
June 30, 2023:
Common shares in publicly traded company	$	152	$	10	$	162
Exchange traded funds	1,824		—		1,824
Mutual funds	11,005		(367)		10,638
Total marketable securities	$	12,981	$	(357)	$	12,624
December 31, 2022:
Common shares in publicly traded company	$	132	$	(46)	$	86
Exchange traded funds	2,171		(54)		2,117
Mutual funds	12,884		(473)		12,411
Total marketable securities	$	15,187	$	(573)	$	14,614

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5.    INVESTMENTS

The Company has interests in 181 partnership or joint venture entities. The limited liability companies and limited partnerships in which the Company is the general partner are generally engaged directly or indirectly in the acquisition, development, operation, and ownership of real estate. The accounting principles of these entities are substantially the same as those of the Company. Additionally, the Company has direct investments in several funds, including certain Bridge-sponsored funds. The Company’s investments are summarized below (in thousands):

	Carrying Value
Investments	June 30, 2023		December 31, 2022
Accrued performance allocations(1)	$	428,414	$	554,723
Other investments:
Partnership interests in Company-sponsored funds(2)	182,318		65,289
Investments in third-party partnerships(3)	14,153		11,798
Other(4)	11,379		8,369
Total other investments	$	207,850	$	85,456

(1)Represents various investment accounts held by the Bridge GPs for carried interest in Bridge-sponsored funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investment is valued using NAV of the respective vehicle, which are based on asset valuations one quarter in arrears.

(2)Partnership interests in Company-sponsored funds are valued using NAV of the respective vehicle.

(3)Investments in limited partnership interest in third-party private property technology venture capital firms are valued using NAV of the respective vehicle.

(4)Other investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.

The Company recognized a loss related to its accrued performance allocations and other investments of $12.2 million for the three months ended June 30, 2023 and income of $107.2 million for the three months ended June 30, 2022, of which a loss of $10.9 million and income of $103.7 million for three months ended June 30, 2023 and 2022, respectively, related to accrued performance allocations recognized under the equity method. The Company recognized a loss related to its accrued performance allocations and other investments of $114.6 million for the six months ended June 30, 2023 and income of $182.4 million for the six months ended June 30, 2022, of which a loss of $114.7 million and income of $178.5 million for three months ended June 30, 2023 and 2022, respectively, related to accrued performance allocations recognized under the equity method.

Of the total accrued performance allocations balance as of June 30, 2023 and December 31, 2022, $47.5 million and $66.8 million, respectively, were payable to affiliates and are included in accrued performance allocations compensation in the condensed consolidated balance sheets as of the periods then ended.

Fair value of the accrued performance allocations is reported on a three-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a more-timely basis. Subsequent to the quarter ended June 30, 2023, Bridge Multifamily Fund III sold the majority of its assets to a newly formed continuation vehicle managed by Bridge as further described in Note 22. This transaction included a liquidity discount, which is expected to reduce our total accrued performance allocation by approximately 6% to 8%, and is not yet reflected in the reported amounts. In addition, any other changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts.

The Company evaluates each of its equity method investments, excluding accrued performance allocations, to determine if any were significant as defined by the SEC. As of June 30, 2023 and December 31, 2022, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

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6.    NOTES RECEIVABLES FROM AFFILIATES

As of June 30, 2023 and December 31, 2022, the Company had the following notes receivable from affiliates outstanding (in thousands):

	June 30, 2023		December 31, 2022
Bridge Single-Family Rental Fund IV	$	21,624	$	40,566
Bridge Office Fund II	13,000		11,000
Bridge Office Fund I	15,000		6,500
Bridge Net Lease Industrial Income Fund	3,500		—
Bridge Debt Strategies Fund II	—		5,000
Total short-term notes receivables from affiliates	$	53,124	$	63,066
Notes receivables from employees	5,906		4,178
Total notes receivable from affiliates	$	59,030	$	67,244

Interest on the short-term notes receivables from affiliates accrues at a weighted-average fixed rate of 4.94% and 4.82% per annum as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company had approximately $1.1 million and $0.4 million, respectively, of interest receivable outstanding, which is included in other assets in the accompanying condensed consolidated balance sheets for the periods then ended.

During 2023 and 2022, the Company executed multiple notes with employees, none of whom are executive officers or immediate family members of executive officers, which were primarily used to invest in the Company or the Operating Company. As of June 30, 2023 and December 31, 2022, the aggregate outstanding principal amount outstanding was $5.9 million and $4.2 million, respectively. These employee notes receivable have staggered maturity dates beginning in 2026. Certain employee loans are interest-only for the first two years after origination, while all other employee loans accrue interest on a monthly basis after origination. The employee notes receivable accrued interest at a weighted-average rate of 5.00% and 4.025% per annum as of June 30, 2023 and December 31, 2022, respectively.

7.    FAIR VALUE MEASUREMENTS

Equity Securities: Equity securities traded on a national securities exchange are stated at the last reported sales price as of the condensed consolidated balance sheet dates, June 30, 2023 and December 31, 2022. To the extent these equity securities are actively traded and valuation adjustments are not applied, they are classified as Level I.

Exchange traded funds: Valued using the market price of the fund as of the condensed consolidated balance sheet dates, June 30, 2023 and December 31, 2022. Exchange traded funds valued using quoted prices are classified within Level 1 of the fair value hierarchy.

Mutual funds: Valued at the number of shares of the underlying fund multiplied by the closing NAV per share quoted by that fund as of the condensed consolidated balance sheet dates, June 30, 2023 and December 31, 2022. The value of the specific funds the Company has invested in are validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1 in the fair value hierarchy.

Accrued performance allocations and partnership interests: The Company generally values its investments in accrued performance allocations and partnership interests using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining a fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the NAV per share practical expedient.

Other investments: Investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes. Unrealized gains or losses on other investments are included in unrealized gains (losses) on the condensed consolidated statements of operations.

General Partner Notes Payable: Valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value.

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The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table presents assets that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):

	Level 1		Level 2		Level 3		Measured at NAV		Total
June 30, 2023
Assets:
Common shares in publicly traded company	$	162	$	—	$	—	$	—	$	162
Exchange traded funds	1,824		—		—		—		1,824
Mutual funds	10,638		—		—		—		10,638
Accrued performance allocations	—		—		—		428,414		428,414
Partnership interests	—		—		—		196,471		196,471
Other investments	—		—		11,379		—		11,379
Total assets at fair value	$	12,624	$	—	$	11,379	$	624,885	$	648,888
Liabilities:
General Partner Notes Payable	$	—	$	—	$	—	$	7,091	$	7,091
December 31, 2022
Assets:
Common shares in publicly traded company	$	86	$	—	$	—	$	—	$	86
Exchange traded funds	2,117		$	—	$	—	$	—	$	2,117
Mutual funds	12,411		—		—		—		12,411
Accrued performance allocations	—		—		—		554,723		554,723
Partnership interests	—		—		—		77,087		77,087
Other investments	—		—		8,369		—		8,369
Total assets at fair value	$	14,614	$	—	$	8,369	$	631,810	$	654,793
Liabilities:
General Partner Notes Payable	$	—	$	—	$	—	$	8,633	$	8,633

The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes (in thousands):

	Other Investments
Balance as of December 31, 2022	$	8,369
Purchases	1,451
Conversion of note receivable	1,559
Balance as of June 30, 2023	$	11,379

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Accrued performance allocations, investments in funds, and investments in limited partnership interests in third-party private funds are valued using NAV of the respective vehicle. The following table presents investments carried at fair value using NAV (in thousands):

	Fair Value		Unfunded Commitments
June 30, 2023:
Accrued performance allocations	$	428,414	N/A
Partnership interests:
Company-sponsored open-end fund	$	47,873	$	—
Company-sponsored closed-end funds	134,445		28,665
Third-party closed-end funds	14,153		8,127
Total partnership interests	$	196,471	$	36,792
December 31, 2022:
Accrued performance allocations	$	554,723	N/A
Partnership interests:
Company-sponsored open-end fund	$	26,169	$	20,755
Company-sponsored closed-end funds	39,120		3,763
Third-party closed-end funds	11,798		5,569
Total partnership interests	$	77,087	$	30,087

The Company can redeem its investments in the Company-sponsored open-end funds with a 60-day notice. The Company’s interests in its closed-end funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The closed-end funds generally have eight- to ten-year terms, which may be extended in certain circumstances.

Fair Value Information of Financial Instruments Reported at Cost

The carrying values of cash, accounts receivable, due from and to affiliates, interest payable, and accounts payable approximate fair value due to their short-term nature and negligible credit risk.

The following table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost (in thousands):

	Level 1		Level 2		Level 3		Total		Carrying Value
As of June 30, 2023:
Notes payable (private notes)	$	—	$	—	$	418,857	$	418,857	$	450,000
As of December 31, 2022:
Notes payable (private notes)	$	—	$	—	$	270,270	$	270,270	$	300,000

Fair values of the private notes were estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments. As of June 30, 2022, the discount rate range used in determining the fair value of the private notes was between 5.90% and 8.48%. An increase in market interest rates would decrease the estimated fair value of the private notes.

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8.    BUSINESS COMBINATION AND GOODWILL

Acquisition of Newbury Partners LLC

On February 13, 2023, affiliates of Bridge entered into a definitive agreement to purchase substantially all of the assets of Newbury Partners LLC (“Newbury”), a Delaware limited liability company, pursuant to the terms of an Asset Purchase Agreement (the “Asset Purchase Agreement”) by and among the Operating Company, Newbury Partners-Bridge LLC, a Delaware limited liability company (an indirect wholly owned subsidiary of the Operating Company, the “Buyer”), Newbury, Richard Lichter and RLP Navigator LLC, a Delaware limited liability company (collectively, the “Newbury Holders”). Bridge acquired substantially all of Newbury’s assets and assumed certain of Newbury’s liabilities for total consideration of $320.1 million paid in cash, subject to certain purchase price adjustments as set forth in the Asset Purchase Agreement (the “Newbury Acquisition”). The transaction closed on March 31, 2023 (the “Acquisition Date”).

During the quarter ended June 30, 2023, the Company made certain measurement period adjustments to equity method investments acquired from Newbury in order to reflect asset valuations as of the Acquisition Date which included the related adjustments to non-controlling interest and goodwill. As of June 30, 2023, the estimated fair values and allocation of consideration are preliminary as the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustment during the measurement period, not to exceed one year from the Acquisition Date, based upon new information obtained about facts and circumstances that existed at the time of closing (in thousands).

Consideration
Cash	$	319,364
Liabilities assumed	736
Total consideration	$	320,100
Assets acquired and liabilities assumed
Net tangible acquired assets			$	79,727
Trade name(1)			3,000
Client relationship(1)			48,000
Management contracts(1)			98,000
Fair value of net identifiable assets acquired			$	228,727
Non-controlling interest(1)			(86,365)
Goodwill(1)			177,738
Total assets acquired and liabilities assumed, net			$	320,100

(1)The fair value was determined using Level 3 assumptions.

In connection with the Newbury Acquisition, the Company expensed the transaction costs of $3.5 million, which is included in general and administrative expenses on the condensed consolidated statement of operations for the six months ended June 30, 2023.

In connection with the Newbury Acquisition, the Company allocated $98.0 million, $48.0 million, and $3.0 million of the purchase price to the fair value of management contracts, client relationships and trade name, respectively. The fair value of management contracts was estimated based upon estimated net cash flows generated from those contracts, discounted at 16.0%, with remaining lives estimated between 4 and 10 years for fund management contracts. The fair value of client relationships was estimated based upon estimated net cash flows expected to be generated under future management contracts, discounted at 22%, with a remaining estimated useful life of 14 years. The trade name was valued using a relief-from-royalty method, based on estimated savings from an avoided royalty rate of 1% on expected revenue discounted at 21.0%, with an estimated useful life of 10 years.

The carrying value of goodwill associated with Newbury was $177.7 million as of the Acquisition Date and is attributable to expected synergies and the assembled workforce of Newbury.

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As part of the Newbury Acquisition, approximately $0.7 million of liabilities were assumed by the Operating Company as part of the total consideration.

Supplemental information on a pro forma basis, as if the Newbury Acquisition had been consummated on January 1, 2022, is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues and investment (loss) income	$	88,200	$	214,748	$	86,299	$	404,726
Net income attributable to Bridge Investment Group Holdings Inc.	(4,772)		12,319		(5,041)		21,423

The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and Newbury been a combined entity during the periods presented. These pro forma amounts have been calculated after applying the following adjustments that were directly attributable to the Newbury Acquisition:

•adjustments to reflect the exclusion of accrued performance allocation income and related compensation for certain Newbury funds that were not acquired as part of the Newbury Acquisition;

•adjustments to include the impact of the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2022, together with the consequential tax effects;

•adjustments to reflect compensation agreements and profits interests awards granted to certain transferred employees, as if they were granted on January 1, 2022;

•adjustments to include interest expense related to the 2023 Private Placement Notes and the draw on our Credit Facility (as defined herein) as if it had been consummated on January 1, 2022 and adjustments to exclude interest expense related to the line of credit that was not assumed by the Company in the Newbury Acquisition;

•adjustments to reflect the tax effects of the Newbury Acquisition and the related adjustments as if Newbury had been included in the Company’s results of operations as of January 1, 2022; and

•adjustments to reflect the pro-rata economic ownership attributable to Bridge.

Included in the pro forma financial information for the six months ended June 30, 2023 is $3.5 million and $4.6 million of transaction costs incurred by the Company and Newbury, respectively. There were no transaction costs incurred for the three months ended June 30, 2023 or for three and six months ended June 30, 2022, respectively.

Acquisition of Gorelick Brothers Capital

On January 31, 2022, the Company acquired certain assets of Gorelick Brothers Capital (“GBC”), including a 60% interest in GBC’s asset and property management business (the “GBC Acquisition”). The 60% interest in GBC’s asset and property management business was acquired by the Operating Company for consideration of $30.0 million (total implied value of $50.0 million) with 50% paid in cash and 50% with 694,412 Class A Units of the Operating Company, which was based on a 15-day average of the Company’s closing stock price prior to the closing of the transaction. Upon consummation of the GBC Acquisition, (i) the GBC team and Bridge launched a single-family rental (“SFR”) strategy on the Bridge platform, (ii) Bridge and the former key principals of GBC formed and jointly own a new SFR investment manager within Bridge, and (iii) Bridge and the former GBC principals completed a $660.0 million recapitalization of a portfolio comprising more than 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States. The Operating Company now indirectly owns a 60% majority of the newly created Bridge SFR investment manager, and the former principals of GBC own the remaining 40%.

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A majority of the fair value of the purchase consideration was attributed to goodwill, with synergies expected to accrue from the vertically integrated Bridge SFR investment strategy. As part of the transaction, approximately $1.0 million of liabilities were assumed by the Operating Company as consideration for the purchase price. As of June 30, 2023, these assumed liabilities have been paid. The number of Class A Units of the Operating Company that were transferred to GBC as a portion of the total consideration was based on an average closing price of the Company’s Class A common stock from January 13, 2022 through January 27, 2022. Class A Units of the Operating Company are exchangeable on a one-for-one basis with our Class A common stock, subject to certain conditions.

The following table summarizes the total consideration for the GBC Acquisition and the related purchase price allocation for the assets acquired, liabilities assumed and non-controlling interests (in thousands):

Consideration
Cash	$	15,089
Class A Units	14,930
Total consideration for equity interest acquired	$	30,019
Assets acquired, liabilities assumed and non-controlling interests
Cash			$	56
Working capital			623
Trade name(1)			150
In place contracts(1)			3,195
Other liabilities			(104)
Fair value of net assets acquired			$	3,920
Non-controlling interest(1)			(20,053)
Goodwill(1)			46,152
Total assets acquired, liabilities assumed and non-controlling interests, net			$	30,019

(1)The fair value was determined using Level 3 assumptions.

In connection with the GBC Acquisition, the Company expensed the closing costs during the period in which they were incurred, which is included in general and administrative expenses on the condensed consolidated statement of operations for the period then ended.

Intangible assets acquired consist of fund and property management contracts and trade name. The fair value of management contracts was estimated based upon estimated net cash flows generated from those contracts, discounted at 8.5% with remaining lives estimated between five and ten years for fund management contracts and 30 days for property management contracts. The trade name was valued using a relief-from-royalty method, based on estimated savings from an avoided royalty rate of 1.0% on expected revenue discounted at 8.5%, with an estimated useful life of 4 years.

9.    INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES

BIGRM is a wholly owned subsidiary of Bridge and is licensed under the Utah Captive Insurance Companies Act. BIGRM provides the following insurance policies:

•Lease Security Deposit Fulfillment (limits $500 per occurrence/per property unit);

•Lessor Legal Liability (limits $0.1 million per occurrence/per property unit);

•Workers’ Compensation Deductible Reimbursement (limit $250,000 per occurrence);

•Property Deductible Reimbursement ($1.5 million per occurrence/$5.0 million policy annual aggregate); and

•General Liability Deductible Reimbursement ($5.0 million in excess of $25,000 per occurrence; $10.0 million policy annual aggregate).

Effective June 20, 2023, BIGRM renewed its annual insurances policies, with the policy annual aggregate for Property Deductible Reimbursement insurance increasing from $3.0 million to $5.0 million.

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For BIGRM’s insured risks, claim expenses and the related insurance loss reserve liabilities are based on the estimated cost necessary to settle all reported and unreported claims occurring prior to the balance sheet dates. Additionally, claims are expensed when insured events occur or the estimated settlement costs are updated based on the current facts and the reporting date. Additionally, insurance claim expenses and insurance loss reserves include provisions for claims that have occurred but have yet to be reported. Insurance expenses and the insurance loss reserves for both reported and unreported claims are based on the Company’s previous experience and the analysis of a licensed actuary. Management believes such amounts are adequate to cover the ultimate net cost of insured events incurred through June 30, 2023. The insurance loss provisions are estimates and the actual amounts may ultimately be settled for a significantly greater or lesser amount. Any subsequent differences arising will be recorded in the period in which they are determined. As of June 30, 2023 and December 31, 2022, the Company had reserved $8.0 and $9.4 million, respectively.

10.    SELF-INSURANCE RESERVES

Medical Self-Insurance Reserves — The Company is primarily self-insured for employee health benefits. The Company records its self-insurance liability based on claims filed and an estimate of claims incurred but not yet reported. There is stop-loss coverage for amounts in excess of $0.2 million per individual per year and a maximum claim liability of $18.0 million. If more claims are made than were estimated or if the costs of actual claims increase beyond what was anticipated, reserves recorded may not be sufficient and additional accruals may be required in future periods. As of June 30, 2023 and December 31, 2022, the Company had reserved $2.8 million and $2.3 million, respectively.

Property and Casualty Reserves — As part of its property management business, the Company arranges for property and casualty risk management for the properties and entities affiliated with the Company (the “Insurance Program”). The Company uses a broker to arrange for insurers to provide coverage deemed necessary by management and required by lenders or property owners. Under the terms of the risk management program, each property has a $25,000 deductible for property and casualty claims for insured events. Insured property losses in excess of $25,000 for multifamily properties and $50,000 of commercial office properties are self-insured or fully insured as described below.

The Risk Management Program for property risks includes a Self-Insured Retention (“SIR”) component in order to more efficiently manage the risks. As of June 30, 2023, the Company’s SIR includes a layer of losses that the Company is responsible for satisfying after the properties have met their $25,000 deductible for each claim. That layer covers losses between $25,000 and $250,000, with an annual aggregate limit of $2.0 million. All multifamily and single-family losses above $250,000 are fully insured. For seniors housing properties, all losses are fully insured after the $50,000 deductible has been met. For commercial office, logistics and net lease properties, all losses are fully insured after the $50,000 deductible has been met. BIGRM, the captive risk management company wholly owned by the Operating Company, provides a $5.0 million insurance policy to cover the following: 100% of the $5.0 million layer above the multifamily deductible and SIR. All losses above $5.0 million are fully insured by multiple outside insurance carriers. Effective June 20, 2023, the per-occurrence limit for any single loss is $1.5 million with the annual aggregate limit increasing from $3.0 million to $5.0 million. All losses above the SIR thresholds are fully insured with the exception of catastrophic loss deductibles in excess of the deductibles outlined above. Catastrophic losses, in zones deemed catastrophic (CAT Zones), such as earthquake, named storm and flood zones, have deductibles that equal up to 5% of the insurable value of the property affected for a particular loss. Any catastrophic losses in non-CAT Zones are insured with the same $25,000/$50,000 deductibles and SIR of $75,000 for multifamily properties as outlined above.

On June 20, 2020, the Company added a general liability SIR aggregate limit of $10.0 million with a per-occurrence limit of $2.0 million and per location limit of $4.0 million, which was increased on June 20, 2022 to a per-occurrence of limit $5.0 million and per location limit of $10.0 million. Any insurance claims above these limits are fully insured by multiple outside insurance carriers. BPM insured this retention with the BIGRM captive. As of June 30, 2023 and December 31, 2022, the Company had reserved $0.8 million and $1.1 million, respectively.

As of June 30, 2023 and December 31, 2022, the total self-insurance reserve liability was $3.6 million and $3.5 million, respectively.

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11.    GENERAL PARTNER NOTES PAYABLE

The Bridge GPs traditionally have a General Partner commitment to the respective fund, which is usually satisfied by affiliates’ direct investment into the funds. For the General Partner commitments for BSH I GP and BMF III GP this commitment was satisfied by notes payable (“General Partner Notes Payable”) between the General Partner and certain related parties or outside investors (“GP Lenders”) for reduced management fees. Under the terms of the General Partner Notes Payable, the GP Lender enters into notes payable with the respective General Partner, which then subscribes to the respective fund for the same amount as the amount of the General Partner Notes Payable. The General Partner Notes Payable mature based upon the terms of the limited partnership agreement of the respective fund. The carrying value of the General Partner Notes Payable represents the related GP Lender’s net asset value in the fund. The GP Lenders are entitled to all returned capital and profit distributions net of management fees and carried interest. We have elected the fair value option for the General Partner Notes Payable so that changes in value are recorded in unrealized gains (losses). The following table summarizes the carrying value of the General Partner Notes Payable (in thousands):

			Fair Value
	Commitment		June 30, 2023		December 31, 2022
Bridge Seniors Housing Fund I	$	4,775	$	3,705	$	4,319
Bridge Multifamily Fund III	9,300		3,386		4,314
Total	$	14,075	$	7,091	$	8,633

The Company has no repayment obligation other than the return of capital and profit distributions, net of management fees and carried interest allocation of the respective fund.

12.    LINE OF CREDIT

On June 3, 2022, the Operating Company entered into a credit agreement with CIBC, Inc. and Zions Bancorporation, N.A. d/b/a Zions First National Bank as Joint Lead Arrangers (the “Credit Agreement”). The Credit Agreement allows for total revolving commitments of up to $125.0 million, which may be increased up to $225.0 million, contingent on certain criteria being met (the “Credit Facility”). The Credit Facility matures on June 3, 2024, subject to potential extension under certain circumstances.

Borrowings under the Credit Facility bear interest based on a pricing grid with a range of a 2.50% to 3.00% over the Term Secured Overnight Financing Rate (“SOFR”) as determined by the Company’s leverage ratio, or upon achievement of an investment grade rating, interest is then based on a range of 1.75% to 2.25% over Term SOFR. The Credit Facility is also subject to a quarterly unused commitment fee of up to 0.20%, which is based on the daily unused portion of the Credit Facility. Borrowings under the Credit Facility may be repaid at any time during the term of the Credit Agreement, but the Credit Facility requires paydown at least once annually.

On January 31, 2023, the Company entered into an amendment to the Credit Facility, pursuant to which (i) the Company exercised its option to increase the total revolving commitments under the Credit Facility to $225.0 million, (ii) the variable interest rates under the applicable pricing grid were each increased by 15 basis points and (iii) the quarterly unused commitment fee was increased to 0.25%.

Under the terms of the amended Credit Agreement, certain of the Operating Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Operating Company to maintain (1) a debt to Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) ratio of no more than 3.75x, (2) minimum liquidity of $15 million and (3) minimum quarterly EBITDA of $15 million and minimum EBITDA for the trailing four fiscal quarters of $80 million.

The carrying value of the Credit Facility approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

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On July 22, 2020, the Operating Company entered into a secured revolving line of credit to borrow up to $75.0 million (“Line of Credit”). Borrowings under this arrangement accrued interest at LIBOR plus 2.25%. The Line of Credit contained various financial covenants applicable to the Operating Company. The covenants required the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.0x, (2) minimum liquidity of $2.5 million, (3) $20.0 million of affiliate deposits in a specific financial institution and (4) minimum quarterly EBITDA of $10.0 million. The Line of Credit was to mature on July 22, 2022, however the Company terminated the Line of Credit in June 2022 in connection with its entry into the Credit Agreement.

As of June 30, 2023, the outstanding balance on the Credit Facility was $80.0 million with a weighted-average interest rate in effect of 7.00%. During the three and six months ended June 30, 2023, the Company incurred interest expense of approximately $2.5 million and $2.9 million, respectively, and unused commitments fees of $45,000 and $0.1 million, respectively. The Company incurred interest expense of approximately $0.1 million and unused commitments fees of $16,000 for both the three and six months ended June 30, 2022.

Debt issuance costs related to the Credit Facility are included in other assets in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, the Company was in full compliance with all debt covenants.

13.    NOTES PAYABLE

On July 22, 2020, the Operating Company entered into a $150.0 million note purchase agreement, pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $75.0 million of 3.9% with a five-year term maturing on July 22, 2025, and $75.0 million of 4.15% notes with a seven-year term maturing on July 22, 2027 (the “2020 Private Placement Notes”).

On June 3, 2022, the Operating Company entered into a $150.0 million note purchase agreement pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $75.0 million of 5.0% notes with a ten-year term maturing on July 12, 2032, and $75.0 million of 5.1% notes with a twelve-year term maturing on July 12, 2034 (the “2022 Private Placement Notes”).

On February 13, 2023, the Operating Company entered into a $150.0 million note purchase agreement pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $120.0 million of 6.0% notes with a seven-year term maturing on March 29, 2030 and $30.0 million of 6.1% notes with a ten-year term maturing on March 29, 2033 (the “2023 Private Placement Notes” and together with the 2020 Private Placement Notes and 2022 Private Placement Notes, the “Private Placement Notes”). The 2023 Private Placement Notes closed in connection with the closing of the Newbury Acquisition.

Under the terms of the Private Placement Notes, certain of the Operating Company’s assets are pledged as collateral. The Private Placement Notes contain covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; engage in new or different lines of business; and engage in transactions with affiliates. The Private Placement Notes also contain financial covenants requiring the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million and (3) minimum quarterly EBITDA of $15.0 million and minimum EBITDA for the trailing four fiscal quarters of $80.0 million.

As of June 30, 2023 and December 31, 2022, unamortized deferred financing costs were $3.8 million and $2.7 million, respectively, and the net carrying value of the Private Placement Notes was $446.2 million and $297.3 million, respectively. As of June 30, 2023, the Company was in full compliance with all debt covenants.

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The following table presents scheduled principal payments of the Private Placement Notes as of June 30, 2023 (in thousands):

2025	$	75,000
2026	—
2027	75,000
Thereafter	300,000
Total	$	450,000

The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Private Placement Notes are recorded as a reduction of the corresponding debt obligation. All debt issuance costs are amortized over the remaining term of the related obligation.

During the three months ended June 30, 2023 and 2022, interest expense was $5.7 million and $1.5 million, respectively. During the six months ended June 30, 2023 and 2022, interest expense was $9.1 million and $3.0 million, respectively.

14.    REALIZED AND UNREALIZED GAINS (LOSSES)

Realized gains (losses) in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments and other financial instruments, including the General Partner Notes Payable for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following tables summarize realized gains (losses) on investments and other financial instruments for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total
Investment in Company-sponsored funds	$	619	$	(2,448)	$	(1,829)	$	(256)	$	5,097	$	4,841
Investment in third-party partnerships	(46)		(92)		(138)		(49)		7		(42)
General Partner Notes Payable	(25)		469		444		28		(1,021)		(993)
Total realized and unrealized gains (losses)	$	548	$	(2,071)	$	(1,523)	$	(277)	$	4,083	$	3,806

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	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total
Investment in Company-sponsored funds	$	165	$	(1,517)	$	(1,352)	$	(249)	$	3,857	$	3,608
Investment in third-party partnerships	(151)		33		(118)		(61)		1,593		1,532
General Partner Notes Payable	(191)		1,577		1,386		(68)		(754)		(822)
Total realized and unrealized gains (losses)	$	(177)	$	93	$	(84)	$	(378)	$	4,696	$	4,318

15.    INCOME TAXES

The Company is taxed as a corporation for U.S. federal and state income tax purposes. In addition to U.S. federal and state income taxes, the Company is subject to local and foreign income taxes, with respect to the Company’s allocable share of any taxable income generated by the Operating Company that flows through to the Company.

The Operating Company and its subsidiaries, other than BIGRM and BPM, are limited liability companies or limited partnerships and, as such, are not subject to income taxes. The individual owners of the Operating Company and its subsidiaries are required to report their distributive share of realized income, gains, losses, deductions, or credits on their individual income tax returns.

The deferred income tax asset related to the TRA and the corresponding TRA liability as of June 30, 2023 was $61.8 million and $51.5 million, respectively, and $53.9 million and $52.0 million as of December 31, 2022, respectively. The increase in the deferred income tax asset during the three and six months ended June 30, 2023 was primarily attributed to the collapse of 2020 profits interests awards into shares of Class A common stock and Class A Units, as further described in Note 16.

The Company’s effective tax rate is dependent on many factors, including the estimated amount of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate primarily because a portion of income is allocated to non-controlling interests, and the tax liability on such income is borne by the holders of such non-controlling interests.

For the three and six months ended June 30, 2023, the Company utilized the discrete effective tax rate method, as allowed by ASC 740-270-30-18, “Income Taxes – Interim Reporting,” to calculate its interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate (“AETR”) is impractical because it is not possible to reliably estimate the AETR. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. The Company believes that, at this time, the use of the discrete method is more appropriate than the AETR method as (i) the estimated AETR method is not reliable due to the high degree of uncertainty in estimating annual pretax earnings and (ii) small changes in the projected ordinary annual income would result in significant changes in the AETR. The Company will re-evaluate the use of the discrete method each quarter until it is deemed appropriate to return to the AETR method.

The Company’s AETR was approximately 2% and 4% for the three and six months ended June 30, 2022, respectively.

The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized.

As of June 30, 2023, the Company had no unrecognized tax positions and does not expect any changes to uncertain tax positions within the next 12 months.

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The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. Although the outcome of tax audits is always uncertain, based on information available to the Company as of the date hereof, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s condensed consolidated financial statements.

16.    SHAREHOLDERS’ EQUITY

Initial Public Offering

On closing of the IPO, owners of the Contributed Bridge GPs contributed their interests in the respective Contributed Bridge GPs in exchange for LLC Interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Contributed Bridge GPs. Subsequent to the Transactions, the Operating Company consolidates the Contributed Bridge GPs. These condensed consolidated financial statements include 100% of the results of operations and performance of the Contributed Bridge GPs for the periods presented, including prior to the IPO, on the basis of common control prior to the Transactions. The net income that is not attributable to the Operating Company is reflected in net income attributable to non-controlling interests in the subsidiaries in the condensed consolidated statements of operations and comprehensive income.

Prior to the Transactions, the Contributed Bridge GPs had three classes of shares: (i) Class A; (ii) Class C; and (iii) Class D. Class A represented the voting interest and Classes C and D represented allocations of carried interest to employees of the Operating Company, which are included in performance allocations compensation. As part of the Transactions, all of the Class C shares of the Contributed Bridge GPs were exchanged for interests in the Operating Company. Generally, if at the termination of a fund (and at interim points in the life of a fund), the fund has not achieved investment returns that exceed the preferred return threshold or (in all cases) the applicable Bridge GP receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GP will be obligated to repay an amount equal to the excess of amounts previously distributed to the Bridge GP over the amounts to which the Bridge GP was ultimately entitled (generally net of income tax liabilities associated with related allocations of taxable income).

All of the distributable earnings of the Operating Company prior to the IPO were payable to the Original Equity Owners. As of June 30, 2023 and December 31, 2022, there was $0.5 million that was declared that had not yet been distributed to Original Equity Owners.

Changes in Shareholders’ Equity and Non-Controlling Interests

Collapse of 2020 Profits Interests Awards

On January 1, 2023, certain of the Company’s 2020 profits interests awards were collapsed into 801,927 shares of our Class A common stock and 2,025,953 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on distributable earnings attributable to the Operating Company, distributable earnings of the applicable subsidiary where such profits interests were held, and the market price of our Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to January 1, 2023; however, there was a corresponding increase in the number of outstanding Class A Units and shares of our Class A common stock. The collapse of the 2020 profits interests awards was partially accounted for as a modification and partially accounted for as cancellations. For the 2020 profits interests awards that were cancelled, the Company accelerated the recognition of the unamortized share-based compensation expense amounting to $0.3 million for the six months ended June 30, 2023.

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Collapse of 2019 Profits Interests Awards

On January 1, 2022, certain of the Company’s 2019 profits interests awards were collapsed into 790,424 shares of our Class A common stock and 13,255,888 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on distributable earnings attributable to the Operating Company, distributable earnings of the applicable subsidiary where such profits interests were held, and the market price of our Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to January 1, 2022; however, there was a corresponding increase in the number of outstanding Class A Units and shares of our Class A common stock. The collapse of the 2019 profits interests awards was partially accounted for as a modification and partially accounted for as cancellations. For the 2019 profits interests awards that were cancelled, the Company accelerated the recognition of the unamortized share-based compensation expense amounting to $0.6 million for the six months ended June 30, 2022.

Issuance of Class A Units for GBC Acquisition

In January 2022, the Company acquired a 60% interest in GBC’s asset and property management business for consideration of $30 million, with 50% paid in cash and 50% paid through the issuance of 694,412 Class A Units of the Operating Company valued at $14.9 million, which was based on an average of the closing stock price of our Class A common stock prior to the closing of the GBC Acquisition.

Redemptions of Non-controlling Interest in Bridge Investment Group Holdings Inc.

Certain current and former employees of the Company directly or indirectly own interests in the Operating Company, presented as non-controlling interests in the Operating Company. Non-controlling interests in the Operating Company have the right to require the Operating Company to redeem part or all of such member’s Class A Units for cash based on the market value of an equivalent number of shares of our Class A common stock at the time of redemption, or at the Company’s election as managing member of the Operating Company, through issuance of shares of our Class A common stock on a one-for-one basis. At the end of each period, non-controlling interests in the Operating Company is adjusted to reflect their ownership percentage in the Operating Company at the end of the period, through a reallocation between controlling and non-controlling interests in the Operating Company.

During the six months ended June 30, 2023, 161,754 Class A Units were redeemed, with the issuance of our Class A common stock on a one-for-one basis.

Bridge Investment Group Holdings Inc.

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Our Class A common stock is traded on the New York Stock Exchange. As of June 30, 2023, the Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.01 per share, 237,680,340 shares of Class B common stock with a par value of $0.01 per share, and 20,000,000 shares of preferred stock, with a par value of $0.01 per share. Each share of our Class A common stock is entitled to one vote and each share of our Class B common stock is entitled to ten votes. Refer to Note 1, “Organization” for additional information about the Company’s common stock.

As of June 30, 2023, 32,767,289 shares of our Class A common stock (including Restricted Stock) were outstanding, 85,144,321 shares of our Class B common stock were outstanding, and no shares of preferred stock were outstanding.

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The following table presents a reconciliation of Bridge Investment Group Holdings Inc. common stock for the six months ended June 30, 2023:

	Bridge Investment Group Holdings Inc.
	Class A Common Stock	Class A Restricted Common Stock	Class B Common Stock
Balance as of December 31, 2022	24,484,585	5,003,936	85,301,127
Class A common stock issued - 2020 profits interests conversion	8,671	793,256	—
Class A common stock issued - unitholder conversions	161,754	—	(111,754)
Class A restricted common stock issued	—	2,424,142	(45,052)
Class A restricted common stock forfeited	—	(109,055)	—
Class A restricted common stock vested	598,495	(598,495)	—
Balance as of June 30, 2023	25,253,505	7,513,784	85,144,321

Dividends are made to our Class A common stockholders and distributions are made to members of the Operating Company and holders of non-controlling interests in subsidiaries. Distributions are reflected when paid in the condensed consolidated statements of stockholders’ equity, while dividends on our Class A common stock are reflected when declared by the Company’s board of directors.

During the three and six months ended June 30, 2023 and 2022, the Company declared and paid the following dividends on our Class A common stock (dollars in thousands, except per share amounts):

Dividend Record Date	Dividend Payment Date	Dividend per Share of Common Stock		Dividend to Common Stockholders
March 10, 2023	March 24, 2023	$	0.17	$	5,541
June 2, 2023	June 16, 2023	0.15		4,850
		$	0.32	$	10,391
March 11, 2022	March 25, 2022	$	0.21	$	5,917
June 3, 2022	June 17, 2022	0.26		7,614
		$	0.47	$	13,531

Bridge Investment Group Holdings LLC

Prior to the IPO, the Operating Company had three classes of membership interests: (i) Class A; (ii) Class B-1; and (iii) Class B-2. Class A and Class B-1 represented the voting equity holders and Class B-2 represented profits interests awarded to employees of the Operating Company. Class B-1 and B-2 interests were issued as “profits interests,” pursuant to agreements entered into with certain employees during 2021, 2020 and 2019. At the time of issuance, the Class B-1 and B-2 interests had a capital account interest of zero. The holders of Class B-1 and B-2 interests were entitled to distributions in excess of the defined threshold per the respective award. The holders of Class B-2 interests did not have voting rights. As part of the Transactions, the Class B-1 and Class B-2 interests were exchanged for Class A Units in the Operating Company. As part of the Transactions, 97,463,981 new Class B Units were issued.

Net profits and any other items of income are allocated to the members’ capital accounts in a manner that is consistent with their respective ownership percentages. Distributions to members are generally made in a manner consistent with their respective ownership percentages at the time the profits were generated and are subject to approval of the Company’s board of directors. During the three and six months ended June 30, 2023, $18.0 million and $19.4 million, respectively, was distributed to non-controlling interests in the Operating Company and $25.3 million and $49.3 million, respectively, was distributed to non-controlling interest in the Company. During the three and six months ended June 30, 2022, $38.6 million and $56.1 million, respectively, was distributed to the Operating Company’s members and $42.2 million and $70.8 million, respectively, was distributed to non-controlling interests in the Operating Company.

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The Operating Company’s members’ capital interests are transferable; however, transfers are subject to obtaining the prior written consent of the Company, with certain exceptions for transfers to affiliated parties. Members’ liability is limited to the capital account balance. Distributions are reflected in the condensed consolidated statements of changes in equity when declared by the board of directors and consist of distributions to members and non-controlling interest holders.

As of June 30, 2023, the Company is the sole managing member of the Operating Company, and owns 32,767,289 Class A Units and 97,463,981 Class B Units (voting only) of the Operating Company, which represents 25% and 100% of the total outstanding Class A Units and Class B Units, respectively. The Company controls the business and affairs of the Operating Company and its direct and indirect subsidiaries.

The following table presents a reconciliation of the Operating Company’s Class A Units and Class B Units for the six months ended June 30, 2023:

	Bridge Investment Group Holdings LLC
	Class A Units	Class B Units
Balance as of December 31, 2022	124,445,671	97,463,981
Issuance of Class A Units	2,844,638	—
Forfeiture of unvested Class A Units	(48,191)	—
Balance as of June 30, 2023	127,242,118	97,463,981

17.    COMMITMENTS AND CONTINGENCIES

The Company leases office space generally under long-term non-cancelable operating lease agreements. The terms of each lease are unique and some permit early cancellation, while other leases have only a short period of time remaining on what was originally a longer dated lease agreement that is nearing the maturity. Certain leases contain renewal options, rent escalations, and terms to pay a proportionate share of the operating expenses. Rent expense is recorded on a straight-line basis over the lease term for leases with determinable rent escalation and lease incentives.

The following table summarizes the Company’s leases as of June 30, 2023 and December 31, 2022 (dollar amounts in thousands):

	June 30, 2023			December 31, 2022
Right-of-use assets, included in Other assets	$	12,203		$	15,260
Lease Liabilities, included in Other liabilities	$	14,642		$	17,490
Weighted-average remaining lease term (in years)	3.9			4.2
Weighted-average discount rate	4.05		%	4.24		%

The components of lease expense included in general and administrative in the condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease costs	$	1,332	1,056		2,341		2,121
Variable lease costs	42		70		106		102
Total lease costs, included in general and administrative expenses	$	1,374	$	1,126	$	2,447	$	2,223
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,445	$	894	$	2,737	$	2,061

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As of June 30, 2023, the maturities of operating lease liabilities were as follows (in thousands):

2023 (excluding the six months ended June 30, 2023)	$	2,811
2024	3,969
2025	3,041
2026	2,924
2027	2,667
Thereafter	105
Total lease liabilities	15,517
Less: Imputed interest	(875)
Total operating lease liabilities	$	14,642

Allocated Performance Income — Allocated performance income is affected by changes in the fair values of the underlying investments in the funds that we advise. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the applicable Bridge GP receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GP will be obligated to repay carried interest that was received by the Bridge GP in excess of the amounts to which the Bridge GP is entitled. This contingent obligation is normally reduced by income taxes paid by the members of the Bridge GP (including the Company) related to its carried interest. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Bridge GP if the Bridge GP has recognized more performance income than was ultimately earned. The general partner clawback obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.

As of June 30, 2023 and December 31, 2022, if the Company assumed all existing investments were worthless, the amount of performance income subject to potential repayment by the Bridge GPs, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $183.6 million and $177.7 million, respectively, of which $68.9 million and $141.4 million, respectively, is reimbursable to the Bridge GPs by certain professionals who are the recipients of such performance income. Management believes the possibility of all of the investments becoming worthless is remote. If the funds were liquidated at their fair values as of June 30, 2023, there would be no contingent repayment obligation or liability.

Legal Matters — In the normal course of business, the Company is party to certain claims or legal actions. Although the amount of the ultimate exposure cannot be determined at this time, the Company believes that the resolution of these matters will not have a material adverse effect on its financial position, liquidity or results of operations.

Standby Letters of Credit — As of June 30, 2023, the Company has guaranteed a $6.8 million standby letter of credit related to the self-insurance program of the properties owned by the funds. Additionally, as of June 30, 2023, the Company has guaranteed a $0.4 million standby letter of credit related to an operating lease.

Indemnifications and Other Guarantees — In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to certain officers and directors when they act in good faith in the performance of their duties for the Company. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheet as of June 30, 2023. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

The Company may incur contingent liabilities for claims that may be made against it in the future. The Company enters into contracts that contain a variety of representations, warranties and covenants. For example, the Company, and certain of the Company’s funds have provided non-recourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, in connection with certain investment vehicles that the Company manages. The Company’s maximum exposure under these arrangements is currently unknown, and the Company’s liabilities for these matters would require a claim to be made against the Company in the future.

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The Operating Company may provide guaranties to a lending institution for certain loans held by employees for investment in Bridge funds not to exceed $8.0 million. There were no outstanding loans guaranteed by the Operating Company under this program as of June 30, 2023.

18.    VARIABLE INTEREST ENTITIES

A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company’s involvement with its sponsored funds comprises fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company and contain terms and conditions that are customary to similar at-market fee arrangements.

The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. As the Company’s direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. Additionally, the Company has investments in funds sponsored by third parties that we do not consolidate as we are not the primary beneficiary. The Company’s maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated private funds, totaling $196.5 million and $77.1 million as of June 30, 2023 and December 31, 2022, respectively, which is included in other investments on the condensed consolidated balance sheets for the periods then ended.

During the three months ended June 30, 2023, the Company made a direct investment in Bridge Solar Energy Development Fund LP. Due to the timing of capital raising efforts, the Company’s equity interest was considered significant to the fund as of June 30, 2023, and as a result the fund was consolidated in the Company’s financial statements for the period then ended.

The assets of the Operating Company’s consolidated VIEs totaled $1,283.2 million and $1,099.5 million as of June 30, 2023 and December 31, 2022 respectively, while the liabilities of the consolidated VIEs totaled $685.0 million and $455.6 million as of the same dates, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities. Additionally, the Operating Company is a VIE that is consolidated by the Company.

19.    RELATED PARTY TRANSACTIONS

Receivables from Affiliates

Substantially all of the Company’s revenue is earned from its affiliates, including fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums, and real estate mortgage brokerage and administrative expense reimbursements. The related accounts receivable is included within receivables from affiliates within the condensed consolidated balance sheets.

The Company has investment management agreements with the funds that it manages. In accordance with these agreements, the funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the funds. The Company also has entered into agreements to be reimbursed for its expenses incurred for providing administrative services to certain related parties, including Bridge Founders Group, LLC.

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Employees and other related parties may be permitted to invest in Bridge funds alongside fund investors. Participation is limited to individuals who qualify under applicable securities laws. These funds generally do not require these individuals to pay management or performance fees. The Company considers its corporate professionals and non-consolidated funds to be affiliates.

Receivables from affiliates were comprised of the following as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Fees receivable from non-consolidated funds	$	21,802	$	31,712
Payments made on behalf of and amounts due from non-consolidated entities	19,901		22,092
Total receivables from affiliates	$	41,703	$	53,804

Notes Receivables from Affiliates

As of June 30, 2023 and December 31, 2022, the Company had total notes receivables from affiliates of $59.0 million and $67.2 million, respectively. Refer to Note 6, “Notes Receivables from Affiliates” for additional information.

Due to Affiliates

As of June 30, 2023 and December 31, 2022, the Company had accrued $51.5 million and $52.0 million, respectively, due to affiliates in connection with the TRA, which was included in due to affiliates on the condensed consolidated balance sheets for the periods then ended. Refer to Note 2, “Significant Accounting Policies,” and Note 15, “Income Taxes” for additional information.

20.    SHARE-BASED COMPENSATION AND PROFITS INTERESTS

Restricted Stock and RSUs

On July 6, 2021, the Company adopted the 2021 Incentive Award Plan, which became effective on July 20, 2021, under which 6,600,000 shares of our Class A common stock were initially reserved for issuance. Pursuant to the terms of the 2021 Incentive Award Plan, the number of shares available for issuance under the 2021 Incentive Award Plan increases automatically on the first day of each calendar commencing on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (a) 2% of the number of outstanding shares of our Class A common stock (calculated on an “as-converted” basis taking into account any and all securities (including membership interests in the Operating Company) convertible into, or exercisable, exchangeable, or redeemable for, Class A common stock) on the final day of the immediately preceding calendar year and (b) an amount determined by our board of directors. On January 1, 2023, the number of shares available under the 2021 Incentive Award Plan increased to 11,412,508. As of June 30, 2023, 4,400,905 shares remained available for future grants. Restricted Stock and RSUs are subject to graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversaries of the grant date. At vesting of the RSUs, the Company issues shares of Class A common stock.

The fair value of the Restricted Stock and RSUs is based upon our stock price at grant date and is expensed over the vesting period. We classify both Restricted Stock and RSUs as equity instruments. Share-based compensation expense is included in employee compensation and benefits in the condensed consolidated statement of operations, with the corresponding increase included in additional paid-in capital or non-controlling interests on the condensed consolidated balance sheet. If the recipient ceases to be employed by the Company prior to vesting of the Restricted Stock or RSUs, the awards are forfeited. The Company reversed share-based compensation related to Restricted Stock and RSU forfeitures of approximately $0.4 million and $0.6 million for the three and six months ended June 30, 2023, respectively, and $0.1 million for the three and six months ended June 30, 2022.

Restricted Stock is Class A common stock with certain restrictions that relate to trading and carry the possibility of forfeiture. Holders of Restricted Stock have full voting rights and receive dividends during the vesting period. RSUs represent rights to one share of common stock for each unit. Holders of RSUs receive dividend equivalents during the vesting period but do not have voting rights.

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During the six months ended June 30, 2023, 31,000 RSUs were issued at a weighted-average fair value per share of $12.05.

The following table summarizes Restricted Stock activity for the six months ended June 30, 2023:

	Restricted Stock	Weighted-Average  Fair Value per Share
Balance as of December 31, 2022	5,013,796	$	20.54
Issued	3,217,398	12.01
Vested	(598,495)	17.67
Forfeited	(118,915)	17.74
Balance as of June 30, 2023	7,513,784	$	17.16

The total value at grant date of Restricted Stock and RSUs granted during the six months ended June 30, 2023 was $38.6 million and $0.4 million, respectively. As of June 30, 2023, 7,513,784 shares of Restricted Stock and 97,637 RSUs were expected to vest with fair value of $85.3 million and $1.1 million, respectively.

As of June 30, 2023, the aggregate unrecognized compensation cost for all unvested Restricted Stock and RSU awards was $74.5 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Profits Interests

The Operating Company issued profits interests in the Operating Company and certain Fund Managers in 2019, 2020, and 2021 to certain members of management to participate in the growth of the Operating Company and the respective Fund Managers. A holding company was formed for each of the Fund Managers to hold these profits interests. The holding company’s ownership equates from 5% to 40% of the related Fund Managers above a certain income and valuation threshold. The Operating Company issued two types of profits interests: (i) award shares and (ii) anti-dilutive shares. The fair value of these awards was determined using a Monte Carlo Valuation model. Each of the awards has an earnings threshold for distributions and equity appreciation. The grant date fair value of the profits interests awards are expensed over the vesting period. The award shares are subject to graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversaries of the grant date. The Operating Company also issued anti-dilutive awards to active partners. Since the anti-dilutive awards were fully vested, the Company recorded 100% of the fair value as share-based compensation in the year the anti-dilutive shares were granted. Certain of the 2019 and 2020 profits interests awards have been collapsed into shares of our Class A common stock and Class A Units, as further described in Note 16, “Shareholders’ Equity.”

In August 2022, the Company issued profits interests in certain Fund Managers to certain members of management to participate in the growth of the respective Fund Managers (the “2022 profits interests”). Each of the 2022 profits interests awards have an earnings threshold for distributions. The 2022 profits interests are also subject to continued employment and graded vesting with approximately one-third of such grants vesting on the first, second and third anniversary of the vesting commencement date. The grant date fair value was determined to be $8.0 million using a Monte Carlo Valuation model, which will be expensed over the respective vesting periods.

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On March 31, 2023, the Company issued profits interests in certain Fund Managers to certain members of management to participate in the growth of the respective Fund Managers (the “2023 profits interests”). Each of the 2023 profits interests awards have an earnings threshold for distributions. The 2023 profits interests are also subject to continued employment and graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversary of the vesting commencement date. The grant date fair value was determined to be $33.9 million using a Monte Carlo Valuation model, which will be expensed over the respective vesting periods. The following assumptions were used in the Monte Carlo simulation valuation:

	Weighted Average
Risk free rate	3.6	%
Volatility	40.0	%
Expected cost of equity	16.8	%
Discount rate	17.1	%

If the recipient of profits interests awards ceases to be employed by the Company after the awards vest, the Company has the option to repurchase such profits interests at fair value. If the recipient ceases to be employed by the Company prior to vesting, a portion to all of the recipient’s awards are forfeited.

As of June 30, 2023, the aggregate unrecognized compensation cost for all unvested profits interests awards was $32.5 million, which is expected to be recognized over a weighted-average period of 2.9 years.

The following table summarizes our share-based compensation expense associated with our profits interests awards, Restricted Stock, and RSUs, which is recorded in employee compensation and benefits on the condensed consolidated statements of operations and comprehensive income (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Profits interests award shares	$	3,946	$	841	5,933		2,457
Restricted Stock and RSUs	7,173		5,712		14,546		11,361
Total share-based compensation	$	11,119	$	6,553	$	20,479	$	13,818

As of June 30, 2023, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands):

	As of June 30, 2023
	Total		Restricted Stock and RSUs		Profits Interests Awards
Remainder of 2023	$	18,344	$	15,302	$	3,042
2024	39,524		28,649		10,875
2025	28,519		19,359		9,160
2026	15,149		9,197		5,952
2027	4,897		1,979		2,918
2028	562		6		556
Total	$	106,995	$	74,492	$	32,503

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21.    (LOSS) EARNINGS PER SHARE

The following table presents our (loss) earnings per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$	(4,772)	$	12,940	$	(2,738)	$	22,711
Less:
Income allocated to Restricted Stock and RSUs	—		(915)		—		(1,608)
Distributions on Restricted Stock and RSUs	(1,142)		(1,436)		(2,448)		(2,432)
Net (loss) income available to Class A common stockholders, diluted	(5,914)		10,589		(5,186)		18,671
Denominator:
Weighted-average shares of Class A common stock outstanding—basic and diluted	25,143,289		24,029,107		25,105,753		23,581,393
(Loss) earnings per share of Class A common stock—basic and diluted	$	(0.24)	$	0.44	$	(0.21)	$	0.79

Basic earnings per share is calculated by dividing earnings available to our Class A common shareholders by the weighted-average number of our Class A common shares outstanding for the period. Restricted Stock and RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested Restricted Stock and RSUs have been excluded as applicable, from earnings available to our Class A common stockholders used in basic and diluted earnings per share.

Diluted earnings per share of our Class A common stock is computed by dividing earnings available to Bridge Investment Group Holdings Inc., giving consideration to the reallocation of net income (loss) between holders of our Class A common stock and non-controlling interests, by the weighted-average number of shares of our Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any.

Shares of our Class B common stock do not share in the earnings or losses attributable to the Company and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

22.    SUBSEQUENT EVENTS

Redemption of Equity Interests

On July 1, 2023, certain of the Company’s 2021 profits interests awards were collapsed into 489,407 shares of Class A common stock and 2,429,453 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on Distributable Earnings attributable to the Operating Company, Distributable Earnings of the applicable subsidiary where such profits interests were held, and the market price of the Company’s Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to July 1, 2023; however, there was a corresponding increase in the number of outstanding Class A Units and shares of Class A common stock.

Investments

On July 3, 2023, the Company withdrew a $20.0 million investment in Bridge Agency MBS Fund and recognized a realized loss of approximately $1.9 million. On July 31, 2023, the Company reinvested $20.0 million in its Bridge Agency MBS Fund.

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On July 31, 2023, Bridge Multifamily Fund III agreed to sell a portfolio of real estate assets to Bridge Multifamily CV LP (the “Continuation Fund”) in a transaction valued at $550 million, with additional equity raised by the Continuation Fund to support further investment in the portfolio of real estate assets. The Continuation Fund provides additional time and capital to further invest in the portfolio of real estate assets, while also offering liquidity to existing limited partners of Bridge Multifamily Fund III, who were provided a choice to receive liquidity or continue their investment in the Continuation Fund.

Credit Facility

On July 7, 2023, the Company repaid the outstanding balance of $80 million on its Credit Facility. On July 27, 2023, the Company made a draw of $80 million on its Credit Facility.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section presents management’s perspective on our financial condition and results of operations. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this quarterly report on Form 10-Q, including the condensed consolidated financial statements and related notes, and should be read in conjunction with the accompanying tables and our annual audited financial statements in our annual report on Form 10-K, filed with the SEC on February 27, 2023. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.” We assume no obligation to update any of these forward-looking statements. In addition, amounts and percentages in the tables below may reflect rounding adjustments and consequently totals may not appear to sum.

Overview

We are a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.9 billion of AUM as of June 30, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on various specialized and synergistic investment platforms, including Multifamily, Workforce and Affordable Housing, Seniors Housing, Single-Family Rental, Development, Net Lease Income, Logistics, Debt Strategies, Agency MBS, Office, Property Technology, Renewable Energy and Secondaries. Our broad range of products and vertically integrated structure allow us to capture new market opportunities and serve investors with various investment objectives. Our ability to scale our specialized and operationally driven investment approach across multiple attractive sectors within real estate equity and debt, in a way that creates sustainable and thriving communities, is the ethos of who we are and the growth engine of our success. We have enjoyed significant growth since our establishment as an institutional fund manager in 2009, driven by strong investment returns, and our successful efforts to organically develop and strategically acquire an array of investment platforms focused on sectors of the U.S. real estate market and secondaries investments that we believe are the most attractive.

Business Segment

We operate as one business, a fully integrated alternative investment manager. The Company’s chief operating decision maker, which is the executive chairman, utilizes a consolidated approach to assess financial performance and allocate resources. As such, the Company operates as one business segment.

Recent Events

On February 13, 2023, affiliates of Bridge entered into a definitive agreement to purchase substantially all of the assets of Newbury Partners LLC (“Newbury”), a Delaware limited liability company, pursuant to the terms of an Asset Purchase Agreement (the “Asset Purchase Agreement”) by and among the Operating Company, Newbury Partners-Bridge LLC, a Delaware limited liability company (an indirect wholly owned subsidiary of the Operating Company, the “Buyer”), Newbury, Richard Lichter and RLP Navigator LLC, a Delaware limited liability company (collectively, the “Newbury Holders”). Bridge acquired substantially all of Newbury’s assets and assumed certain of Newbury’s liabilities for total consideration of $320.1 million paid in cash, subject to certain purchase price adjustments as set forth in the Asset Purchase Agreement (the “Newbury Acquisition”). The transaction closed on March 31, 2023. See Note 8, “Business Combination and Goodwill,” to our condensed consolidated financial statements in this quarterly report on Form 10-Q for more information.

Trends Affecting Our Business

Our business is affected by a variety of factors, including conditions in the financial markets and economic and political conditions. Changes in global economic conditions and regulatory or other governmental policies or actions can materially affect the values of our holdings and the ability to source attractive investments and completely deploy the capital that we have raised. However, we believe our disciplined investment philosophy across our diversified investment strategies has historically contributed to the stability of our performance throughout market cycles.

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In addition to these macroeconomic trends and market factors, our future performance is heavily dependent on our ability to attract new capital, generate strong, stable returns, source investments with attractive risk-adjusted returns and provide attractive investment products to a growing investor base. We believe our future performance will be influenced by the following factors:

•The extent to which fund investors favor private markets investments. Our ability to attract new capital is partially dependent on fund investors’ views of alternative investments relative to traditional asset classes. We believe our fundraising efforts will continue to be subject to certain fundamental asset management trends, including (1) the increasing importance and market share of alternative investment strategies to fund investors of all types as fund investors focus on lower correlated and absolute levels of return, (2) the increasing demand for private markets from private wealth fund investors, (3) shifting asset allocation policies of institutional fund investors, (4) de-leveraging of the global banking system, bank consolidation and increased regulatory requirements and (5) increasing barriers to entry and growth.

•Our ability to generate strong, stable returns and retain investor capital throughout the market cycle. Our ability to raise and retain capital is significantly dependent on our track record and the investment returns we are able to generate for our fund investors. The capital we raise drives growth in our AUM, management fees and performance fees. Although our AUM and fees generated have grown significantly since our inception and particularly in recent years, a significant deterioration in the returns we generate for our fund investors, adverse market conditions or an outflow of capital in the alternative asset management industry in general, or in the real estate space in which we specialize, could negatively affect our future growth rate. In addition, market dislocations, contractions or volatility could adversely affect our returns in the future, which could in turn affect our fundraising abilities. Our ability to retain and attract fund investors also depends on our ability to build and maintain strong relationships with both existing and new fund investors, many of whom place significant emphasis on an asset manager’s track record of strong fund performance and distributions. While we believe that our reputation for generating attractive risk-adjusted returns is favorable to our ability to continue to attract investors, we may face greater challenges in raising capital for new verticals as we continue to expand our market presence and asset classes.

•Our ability to source investments with attractive risk-adjusted returns. Our ability to continue to grow our revenue is dependent on our continued ability to source and finance attractive investments and efficiently deploy the capital that we have raised. Capital deployed may vary significantly from period to period with the fluctuating availability of attractive opportunities, which are dependent on a number of factors, including debt financing, the general macroeconomic environment, market positioning, valuation, size, the liquidity of such investment opportunities, and the long-term nature of our investment strategies. Each of these factors impact our ability to efficiently and effectively invest our growing pool of fund capital and maintain our revenue growth over time. Increases in prevailing interest rates could affect not only our returns on debt and mortgage-backed securities, but also our ability to deploy capital for Bridge-sponsored funds due to the increased cost of, and ability to secure, borrowings. Moreover, with respect to our Debt Strategies and Agency MBS Funds, macro-economic trends or adverse credit and interest rate environments affecting the quality or quantity of new issuance debt and mortgage-backed securities or a substantial increase in defaults could adversely affect our ability to source investments with attractive risk-adjusted returns.

•The attractiveness of our product offerings to a broad and evolving investor base. Investors in our industry may have changing investment priorities and preferences over time, including with respect to risk appetite, portfolio allocation, desired returns and other considerations. We continue to expand and diversify our product offerings to increase investment options for our fund investors, while balancing this expansion with our goal of continuing to deliver the consistent, attractive returns that have cultivated our reputation. We believe that achieving that balance is crucial to both our fund investors’ success and satisfaction, as well as our ability to maintain our competitive position and grow our revenue.

•Our ability to maintain our data advantage relative to competitors. Our proprietary data and technology platforms, analytical tools and deep industry knowledge allow us to provide our fund investors with customized investment solutions, including specialized asset management services, tailored reporting packages, customized performance benchmarks as well as experienced and responsive compliance, administration, and tax capabilities. Our ability to maintain our data advantage is dependent on a number of factors, including our continued access to a broad set of private market information and our ability to grow our relationships with sophisticated partners and wealth management platforms.

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Business Environment

Global markets shifted dramatically in 2022, experiencing significant volatility driven by increasing concerns over persistent inflation, rising interest rates, slowing economic growth and geopolitical uncertainty, which has continued in 2023. Inflation persisted at multi-decade highs in many major economies around the world, prompting central banks to pursue monetary policy tightening actions that created, and are likely to continue to create, headwinds to economic growth. However, U.S. inflation has moderated somewhat and decreased from 5% in March 2023 to 3% in June 2023, its lowest point in the last two years.

It is possible that our future results may be adversely affected by resulting slowdowns in fundraising activity, the pace of capital deployment and the expansion of our tenant base and our ability to collect rental income when due. See “Risk Factors—Risks Related to Our Business—Difficult economic, market and political conditions may adversely affect our businesses, including by reducing the value or hampering the performance of the investments made by our funds or reducing the ability of our funds to raise or deploy capital, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition” in our annual report on Form 10-K.

Key Financial Measures

We manage our business using financial measures and key operating metrics that we believe reflect the productivity of our core investment activities. We prepare our condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Additional information regarding our significant accounting policies can be found in Note 2, “Significant Accounting Policies,” to our condensed consolidated financial statements, included in this quarterly report on Form 10-Q. Our key financial and operating measures are discussed below.

Revenues

Fund Management Fees. Our fund management fees are generally based on a defined percentage of total commitments, invested capital, or net asset value (“NAV”) of the investment portfolios that we manage. Generally, with respect to fund management fees charged on committed capital, fund management fees are earned at the management fee rate on committed capital and, beginning at the expiration of the investment period, on invested capital. The majority of our fee-earning AUM pays fees on committed capital during the respective funds’ investment periods, which generally produces more management fee revenue than fees paid on invested capital. The fees are generally based on a quarterly measurement period and paid in advance. We typically share a portion of the fees we earn on capital raised through wirehouse and distribution channels. Fund management fees are recognized as revenue in the period in which advisory services are rendered, subject to our assessment of collectability. As of June 30, 2023, our weighted-average management fee varies by fund and is based upon the size of the commitment; however, the low average for a single fund is 0.50% and the high average for a single fund is 2.50% of committed or invested capital for our closed-end funds. Fund management fees also includes management fees for joint ventures and separately managed assets. Management fees for those types of assets are usually less than 1% and typically charged on invested capital or invested equity. For our sponsored closed-end funds, our capital raising period is traditionally 18 to 24 months. After the initial closing of a closed-end fund, we charge catch-up management fees to investors who subscribe in subsequent closings in amounts equal to the fees they would have paid if they had subscribed in the initial closing plus interest. Catch-up management fees are recognized in the period in which the investor subscribes to the fund. Fund management fees are presented net of placement agent fees, where we are acting as an agent in the arrangement.

Property Management and Leasing Fees. We have vertically integrated platforms where we manage a significant percentage of the real estate properties owned by our funds. As of June 30, 2023, we managed approximately 100% of the multifamily properties, 100% of the workforce and affordable housing properties, 80% of the office properties, and 44% of the seniors housing properties owned by our funds. We also provide property management services for a limited number of third-party owned assets. These fees are based upon cash collections at the managed properties and traditionally range from 2.5% to 3.5% for multifamily and workforce and affordable housing properties, 2% to 3% for office properties and 4% to 5% for seniors housing properties. Additionally, we receive leasing fees upon the execution of a leasing agreement for our office assets. We determined that certain third-party asset management costs, for which we are deemed to be the primary obligor, are recorded as gross revenue with a corresponding expense. The gross presentation has no impact on our net income to the extent the expense incurred, and corresponding cost reimbursement income are recognized. The offset is recorded in third-party operating expenses on the condensed consolidated statements of operations.

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Construction Management Fees and Development Fees. The majority of our equity funds have a value-add component, where we seek to make improvements or reposition the properties, or have a development strategy. Similar to property management fees, we perform the construction management and development management for certain managed properties and receive fees for these services. These fees are earned as the work is completed. The rates charged are based upon market rates and are updated on an annual basis. For small projects, we occasionally charge an immaterial flat fee. For significant projects, the range is generally 0.5% to 5.0% of construction costs.

Transaction Fees. We earn transaction fees associated with the due diligence related to the acquisition of assets and origination of debt financing for assets. The fee is recognized upon the acquisition of the asset or origination of the mortgage or other debt. The fee range for acquisition fees is generally 0.5% to 1.0% of the gross acquisition cost of the investment or, in the case of development projects, the total development budget, and the fee range for debt origination is generally 0.3% to 1.0%.

Fund Administration Fees. The Company earns fees for providing fund administration services to its funds. Fund administration fees include a fixed annual amount plus a percentage of invested or deployed capital. Fund administration fees also include investor services fees, which are based on an annual fee per investor. Fees are earned as services are provided, and are recognized on a straight-line basis.

Insurance Premiums. BIGRM is our subsidiary that provides certain insurance products for multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, tenant legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant legal liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period.

Other Asset Management and Property Income. Other asset management and property income includes, among other things, interest on catch-up management fees, fees related to in-house legal and tax professional services, which are generally billed on an hourly rate to various Bridge funds and properties, and other miscellaneous fees.

Performance Fees. We earn two types of performance fee revenues: incentive fees and performance allocations, as described below. Incentive fees comprise fees earned from certain fund investor investment mandates for which we do not have a general partner interest in a fund. Performance allocations include the allocation of performance-based fees, commonly referred to as carried interest, from limited partners in the funds to us. As of June 30, 2023, we had approximately $17.9 billion of carry-eligible fee-earning AUM across approximately 49 funds and other vehicles, of which 18 were in accrued carried interest positions.

Incentive fees are generally calculated as a percentage of the profits earned with respect to certain accounts for which we are the investment manager, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in our contracts with investors in our funds. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. We recognize incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax basis portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and are included in accrued performance allocations compensation in the condensed consolidated balance sheets.

Performance allocations include the allocation of performance-based fees to us from limited partners in the funds in which we hold an equity interest. We are entitled to a performance allocation (typically 15% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to the achievement of minimum return levels (typically 6% to 8%), in accordance with the terms set forth in the respective fund’s governing documents. We account for our investment balances in the funds, including performance allocations, under the equity method of accounting because we are presumed to have significant influence as the general partner or managing member. Accordingly, performance allocations are not deemed to be within the scope of Accounting Standards Codification (“ASC”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers. We recognize income attributable to performance allocations from a fund based on the amount that would be due to us pursuant

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to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as performance allocation income reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. We record the amount of carried interest allocated to us as of each period end as accrued performance allocations in the condensed consolidated balance sheets. Performance allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Performance allocations are subject to reversal to the extent that the amount received to date exceeds the amount due to us based on cumulative results. As such, a liability is accrued for the potential clawback obligations if amounts previously distributed to us would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life.

Earnings (Losses) from Investments in Real Estate. The Company’s share of the investee’s income and expenses for the Company’s equity method investments (exclusive of carried interest) is included in investment income as earnings (losses) from investments in real estate.

Expenses

Employee Compensation and Benefits. Compensation includes salaries, bonuses (including discretionary awards), related benefits, share-based compensation, compensatory awards, and the cost of processing payroll. Bonuses are accrued over the employment period to which they relate.

Share-Based Compensation. To further align the interests of our employees with our shareholders and to cultivate a strong sense of ownership and commitment to our Company, certain employees also are eligible to receive Class A restricted common stock (“Restricted Stock”), Restricted Stock Units (“RSUs”), and profits interests awards. Equity-classified awards granted to employees that have a service condition only are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The fair value of the Restricted Stock and RSUs awards are based upon our stock price on the grant date. The fair value for profits interests awards classified as equity is determined using a Monte Carlo valuation on the grant date or date of modification. We recognize compensation expense on a straight-line basis over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. Refer to Note 20, “Share-Based Compensation and Profits Interests,” to our condensed consolidated financial statements included in this quarterly report on Form 10-Q for additional information about equity awards.

Performance Allocations Compensation. Performance fee-related compensation deemed to be compensatory awards represents the portion of performance allocation revenue and incentive fees that have been awarded to employees as a form of long-term incentive compensation. Performance fee-related compensation is generally tied to the investment performance of the funds. Up to 60% of performance allocation revenue is awarded to employees as part of our long-term incentive compensation plan, fostering alignment of interest with our fund investors and investors, and retaining key investment professionals. Performance allocations related compensation is accounted for as compensation expense in conjunction with the related performance allocation revenue and, until paid, is recorded as a component of accrued performance allocations compensation in the condensed consolidated balance sheets. Amounts presented as realized indicate the amounts paid or payable to employees based on the receipt of performance allocation revenue from realized investment activity. Performance allocations related compensation expense may be subject to reversal to the extent that the related performance allocation revenue is reversed. Performance allocations related compensation paid to employees may be subject to clawback on an after-tax basis under certain scenarios. Incentive fee-related compensation is accrued as compensation expense when it is probable and estimable that payment will be made.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses includes the estimated liability (based upon actuarial reports) of both losses which have been reported to us, but have not been processed and paid, and losses relating to insured events which have occurred but have not been reported to us.

Third-party Operating Expenses. Third-party operating expenses represent transactions, largely operation and leasing of assets, with third-party operators of real estate owned by the funds where we were determined to be the principal rather than the agent in the transaction.

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General and Administrative Expenses. General and administrative expenses include costs primarily related to professional services, occupancy, travel, communication and information services, transaction costs, and other general operating items.

Depreciation and Amortization. Deprecation or amortization of tenant improvements, furniture and equipment and intangible assets is expensed on a straight-line basis over the useful life of the asset.

Other Income (Expense)

Realized and Unrealized Gains (Losses). Realized and unrealized gains (losses) occur when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized gains (losses) result from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized gains (losses) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) in the condensed consolidated statements of operations. Finally, realized and unrealized gain (loss) associated with the financial instruments that we elect the fair value option is also included in net realized and unrealized gains (losses).

Interest Income. Interest (other than interest on catch-up management fees), dividends and other investment income are included in interest income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established.

Other Income (Expense). Other income (expense) relates to non-operating and non-investment related expenses, which at times can include changes in our TRA liability.

Interest Expense. Interest expense includes interest related to our privately offered notes, or the Private Placement Notes, which have a weighted-average fixed coupon rate of 5.03%, respectively. The Credit Facility (as defined herein), executed in June 2022, incurs interest based on a pricing grid, as determined by the Company’s leverage ratio, over Term Secured Overnight Financing Rate (“SOFR”) and an unused commitment fee of up to 0.25%, which is based on the daily unused portion of the Credit Facility. As of June 30, 2023, the weighted-average interest rate on the Credit Facility was 7.00%.

Income Tax Provision. Income tax expense consists of taxes paid or payable by us and our operating subsidiaries. We are taxed as a corporation for U.S. federal and state income tax purposes and, as a result, are subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of any taxable income generated by the Operating Company that will flow through to its members. The Operating Company has historically been treated as a partnership for U.S. federal and state income tax purposes. As such, income generated by the Operating Company flows through to its members and is generally not subject to U.S. federal or state income tax at the Operating Company level. Our non-U.S. subsidiaries operate as corporate entities in non-U.S. jurisdictions. Accordingly, in some cases, these entities are subject to local or non-U.S. income taxes. In addition, certain subsidiaries are subject to local jurisdiction taxes at the entity level, with the related tax provision reflected in the condensed consolidated statements of operations.

Net Income (Loss) Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC. Net Income (loss) Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC represent the economic interests held by management and third parties in the consolidated subsidiaries of the Operating Company, fund manager entities, and employees in those entities. These non-controlling interests are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Net Income (Loss) Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net Income (Loss) Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. represents the economic interests in the Operating Company held by the third-party owners of Class A Units of the Operating Company. Non-controlling interests in Bridge Investment Group Holdings Inc. are allocated a share of income or loss in the Operating Company in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

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For additional discussion of components of our condensed consolidated financial statements, refer to Note 2, “Significant Accounting Policies,” to our condensed consolidated financial statements included in this quarterly report on Form 10-Q.

Operating Metrics

We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business.

Assets Under Management

AUM refers to the assets we manage. Our AUM represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and vehicles and those of Bridge affiliates). Our AUM is not reduced by any outstanding indebtedness or other accrued but unpaid liabilities of the assets we manage. We view AUM as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital. Our calculations of AUM and fee-earning AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of AUM (but not fee-earning AUM) includes uncalled commitments to (and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the agreements governing the funds and vehicles we manage or advise.

The following table presents a rollforward of our AUM for the three and six months ended June 30, 2023 and 2022 (dollar amounts in millions):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
AUM as of beginning of period	$	48,805		$	38,847		$	43,292		$	36,315
New capital / commitments raised(1)	319			1,389			6,181			2,490
Distributions / return of capital(2)	(327)			(461)			(513)			(1,044)
Change in fair value and acquisitions(3)	95			2,194			(68)			4,208
AUM as of end of period	$	48,892		$	41,969		$	48,892		$	41,969
Increase	87			3,122			5,600			5,654
Increase %	0.2		%	8.0		%	12.9		%	15.6		%

(1)New capital / commitments raised generally represents limited partner capital raised by our funds and other vehicles, including any reinvestments in our open-ended vehicles. New capital / commitments raised for the six months ended June 30, 2023 includes $5.1 billion of AUM attributed to the Newbury Acquisition.

(2)Distributions / return of capital generally represents the proceeds realized from the disposition of assets, current income, or capital returned to investors.

(3)Change in fair value and acquisitions generally represents realized and unrealized activity on investments held by our funds and other vehicles (including changes in fair value and changes in leverage) as well as the net impact of fees, expenses, and non-investment income.

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Fee-Earning AUM

Fee-earning AUM reflects the assets from which we earn management fee revenue. The assets we manage that are included in our fee-earning AUM typically pay management fees based on capital commitments, invested capital or, in certain cases, NAV, depending on the fee terms.

Management fees are only marginally affected by market appreciation or depreciation because substantially all of the funds pay management fees based on commitments or invested capital.

Our calculation of fee-earning AUM may differ from the calculations of other investment managers and, as a result, may not be comparable to similar measures presented by other investments managers. The following table presents a rollforward of our total fee-earning AUM for the three and six months ended June 30, 2023 and 2022 (dollar amounts in millions):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Fee-earning AUM as of beginning of period	$	22,168		$	14,657		$	17,334		$	13,363
Increases (capital raised/deployment)(1)	254			985			5,224			2,550
Changes in fair market value	27			2			(13)			12
Decreases (liquidations/other)(2)	(211)			(102)			(307)			(383)
Fee-earning AUM as of end of period	$	22,238		$	15,542		$	22,238		$	15,542
Increase	$	70		$	885		$	4,904		$	2,179
Increase %	0.3		%	6.0		%	28.3		%	16.3		%

(1)Increases generally represent limited partner capital raised or deployed by our funds and other vehicles that is fee-earning when raised or deployed, respectively, including any reinvestments in our open-ended vehicles. Increases for the six months ended June 30, 2023 includes $4.3 billion of fee-earning AUM attributed to the Newbury Acquisition.

(2)Decreases generally represent liquidations of investments held by our funds or other vehicles or other changes in fee basis, including the change from committed capital to invested capital after the expiration or termination of the investment period.

Capital raising activities and deployment coupled with the launch of new funds led comparative fee-earning AUM, excluding contributions from the Newbury Acquisition, to increase $2.4 billion, or 16%, from June 30, 2022 to June 30, 2023.

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The following table summarizes the balances of fee-earning AUM by fund as of June 30, 2023 and 2022 and December 31, 2022 (in millions):

	As of June 30,				As of December 31,
	2023		2022		2022
Fee-Earning AUM by Fund
Bridge Debt Strategies Fund IV	$	2,773	$	2,038	$	2,381
Bridge Multifamily Fund V	2,233		1,471		2,143
Newbury Equity Partners Fund V	1,951		—		—
Bridge Workforce Fund II	1,719		1,212		1,719
Bridge Opportunity Zone Fund IV	1,476		1,476		1,476
Newbury Equity Partners Fund IV	1,408		—		—
Bridge Multifamily Fund IV	1,358		1,342		1,347
Bridge Opportunity Zone Fund III	1,019		1,019		1,019
Newbury Equity Partners Fund III	895		—		—
Bridge Debt Strategies Fund III	872		1,137		1,028
Bridge Seniors Housing Fund II	782		797		793
Bridge Seniors Housing Fund I	615		626		615
Bridge Workforce Fund I	556		556		556
Bridge Opportunity Zone Fund V	551		240		504
Bridge Opportunity Zone Fund I	482		482		482
Bridge Office Fund I	424		499		478
Bridge Opportunity Zone Fund II	408		408		408
Bridge Debt Strategies IV JV Partners	349		158		142
Bridge Debt Strategies Fund II	280		280		280
Bridge Logistics U.S. Venture I	273		250		256
Bridge Agency MBS Fund	254		194		245
Bridge Net Lease Industrial Income Fund	233		95		179
Bridge Single-Family Rental Fund IV	231		227		229
Bridge Debt Strategies III JV Partners	211		264		223
Bridge Office Fund II	161		176		161
Bridge Debt Strategies II JV Partners	139		152		145
Bridge Multifamily Fund III	138		228		188
Bridge Office I JV Partners	108		130		132
Bridge Office III JV Partners	92		—		93
Bridge Seniors Housing Fund III	65		57		66
Newbury Equity Partners Fund VI	49		—		—
Bridge Opportunity Zone Fund VI	42		—		—
Morrocroft Neighborhood Fund III1	32		—		32
Bridge Logistics U.S. Venture II	26		—		—
Bridge Office II JV Partners	21		6		6
Bridge Solar Energy Development Fund I	7		—		—
Bridge Multifamily III JV Partners	4		4		4
Bridge Ventures Fund I	1		—		—
Bridge Debt Strategies I JV Partners	—		18		4
Total Fee-Earning AUM	$	22,238	$	15,542	$	17,334
Average remaining fund life of closed-end funds, in years	7.2		$	7.9	7.7

(1)    Morrocroft Neighborhood Fund III, LP is a single-family rental fund managed by Bridge Single-Family Rental Fund Manager LLC, which is a subsidiary of the Company.

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Undeployed Capital

As of June 30, 2023, we had $4.1 billion of undeployed capital available to be deployed for future investment or reinvestment. Of this amount, $3.0 billion is currently fee-earning based on commitments and $1.1 billion will be fee-earning if and when it is deployed.

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Our Performance

We have a demonstrated record of producing attractive returns for our fund investors across our platforms. Our historical investment returns have been recognized by third parties such as Preqin Ltd., which ranked Bridge Multifamily Funds II, III, IV, Bridge Workforce Housing Fund I and Bridge Debt Funds II and III in the top quartile for their vintage. Our historical investment returns for our closed-end funds by platform are shown in the chart below (dollar amounts in millions):

	Investment Performance Summary as of June 30, 2023
Closed-End Funds(1) (Investment Period Beginning, Ending Date)	Cumulative Fund Committed Capital(2)		Unreturned Drawn Capital plus Accrued Pref(3)		Cumulative Investment Invested Capital(4)		Realized Investment Value(5)		Unrealized Investment Value(6)		Unrealized Investment MOIC(7)	Total Investment Fair Value(8)		Total Investment MOIC(9)	Investor Levered Net IRR(10)		Investor Unlevered Net IRR(11)
(in millions)
Equity Strategies Funds
Multifamily
Bridge Multifamily I (Mar 2009, Mar 2012)	$	124	$	—	$	150	$	280	$	—	N/A	$	280	1.87x	15.1	%	15.1	%
Bridge Multifamily II (Apr 2012, Mar 2015)	596		—		605		1,264		—		N/A	1,264		2.09x	23.0	%	22.5	%
Bridge Multifamily III (Jan 2015, Jan 2018)	912		605		893		1,825		174		1.52x	1,999		2.24x	18.5	%	18.0	%
Bridge Multifamily IV (Jun 2018, Jun 2021)	1,590		1,576		1,476		398		2,551		1.98x	2,949		2.00x	20.5	%	19.9	%
Bridge Multifamily V (Jul 2021, to present)	2,257		1,103		962		27		757		0.81x	784		0.81x	(25.2)	%	(21.8)	%
Total Multifamily Funds(12)	$	5,479	$	3,284	$	4,086	$	3,794	$	3,481	1.52x	$	7,275	1.78x	18.1	%	17.6	%
Workforce & Affordable Housing
Bridge Workforce Housing I (Aug 2017, Aug 2020)	$	619	$	665	$	592	$	164	$	1,058	2.03x	$	1,222	2.06x	18.2	%	18.2	%
Bridge Workforce Housing II (Aug 2020, to present)	1,741		1,103		973		89		970		1.09x	1,059		1.09x	(0.5)	%	—	%
Total Workforce & Affordable Housing Funds(12)	$	2,360	$	1,768	$	1,565	$	253	$	2,028	1.44x	$	2,281	1.46x	12.5	%	12.2	%
Office
Bridge Office I (Jul 2017, Jul 2020)	$	573	$	699	$	622	$	211	$	219	0.68x	$	430	0.69x	(15.3)	%	(14.9)	%
Bridge Office II (Dec 2019, Dec 2022)	208		215		242		76		214		1.20x	290		1.20x	5.7	%	5.7	%
Total Office Funds(12)	$	781	$	914	$	864	$	287	$	433	0.84x	$	720	0.83x	(10.8)	%	(10.1)	%
Seniors Housing
Bridge Seniors I (Jan 2014, Jan 2018)	$	578	$	846	$	732	$	412	$	386	0.92x	$	798	1.09x	(1.1)	%	(0.9)	%
Bridge Seniors II (Mar 2017, Mar 2020)	820		865		736		248		683		1.26x	931		1.26x	3.2	%	3.2	%
Bridge Seniors III (Nov 2020, to present)	48		33		24		2		31		1.38x	33		1.38x	5.5	%	5.3	%
Total Seniors Housing Funds(12)	$	1,446	$	1,744	$	1,492	$	662	$	1,100	1.11x	$	1,762	1.18x	1.0	%	1.1	%
Debt Strategies Funds
Bridge Debt I (Sep 2014, Sep 2017)	$	132	$	—	$	219	$	264	$	—	N/A	$	264	1.21x	5.9	%	5.9	%
Bridge Debt II (July 2016, July 2019)	1,002		249		2,645		2,840		272		1.35x	3,112		1.18x	8.7	%	8.6	%
Bridge Debt III (May 2018, May 2021)	1,624		876		5,809		5,551		892		1.29x	6,443		1.11x	9.0	%	8.9	%
Bridge Debt IV (Nov 2020, to present)	2,888		2,844		7,820		5,635		2,542		1.10x	8,177		1.05x	8.0	%	7.2	%
Total Debt Strategies Funds(12)	$	5,646	$	3,969	$	16,493	$	14,290	$	3,706	1.17x	$	17,996	1.09x	8.5	%	8.3	%

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Footnotes:

The investment performance presented herein is intended to illustrate the performance of investments held by the funds and other vehicles we manage and the potential for which is relevant to the performance-based fees to Bridge. Other than the Investor Unlevered Net IRR and the Investor Levered Net IRR numbers presented, the cash flows in the investment performance do not reflect the cash flows used in presentations of fund performance due to the fund level expenses, reserves, and reinvested capital.

(1)Closed-End Funds does not include performance for (i) Opportunity Zone funds as such funds are invested in active development projects and have minimal stabilized assets, (ii) funds that are currently raising capital, including our open-ended funds, (iii) funds related to the acquisition of the investment management business of Gorelick Brothers Capital, LLC that closed on January 31, 2022 where Bridge is not acting as the general partner, or (iv) funds related to the acquisition of the investment management business of Newbury Partners, LLC that closed on March 31, 2023. Each fund identified contemplates all associated parallel and feeder limited partnerships in which investors subscribe and accordingly share common management. All intercompany accounts and transactions have been eliminated in the combined presentation. Values and performance are the combined investor returns gross of any applicable legal entity taxes.

(2)Cumulative Fund Committed Capital represents total capital commitments to the fund (excluding joint ventures or separately managed accounts).

(3)Unreturned Drawn Capital plus Accrued Pref represents the amount the fund needs to distribute to its investors as a return of capital and a preferred return before the General Partner is entitled to receive performance fees or allocations from the fund.

(4)Cumulative Investment Invested Capital represents the total cost of investments since inception (including any recycling or refinancing of investments). This figure will differ from Cumulative Paid-In Capital, which represents the total contributions or drawn down commitments from all investors since inception.

(5)Realized Investment Value represents net cash proceeds received in connection with all investments, including distributions from investments and disposition proceeds.

(6)Unrealized Investment Value represents the estimated liquidation values that are generally based upon appraisals, contracts and internal estimates. There can be no assurance that Unrealized Investment Value will be realized at valuations shown, and realized values will depend on numerous factors including, among others, future asset-level operating results, asset values and market conditions at the time of disposition, transaction costs, and the timing and manner of disposition, all of which may differ from the assumptions on which the Unrealized Investment Fair Value are based. Direct fund investments in real property are held at cost minus transaction expenses for the first six months.

(7)Unrealized Investment MOIC represents the Multiple on Invested Capital (“MOIC”) for Total Investment Fair Value associated with unrealized investments before management fees, fund level expenses and carried interest, divided by Cumulative Investment Invested Capital attributable to those unrealized investments.

(8)Total Investment Fair Value represents the sum of Realized Investment Value and Unrealized Investment Value, before management fees, expenses and carried interest.

(9)Total Investment MOIC represents the MOIC for Total Investment Fair Value divided by Cumulative Investment Invested Capital.

(10)Investor Levered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions) and cash outflows (distributions) and the remaining fair value, net of the investors actual management fees, fund-level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee-paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. This return may differ from actual investor level returns due to timing, variance in fees paid by investors, and other investor-specific investment costs such as taxes. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, IRRs may be amplified by fund leverage and early fund expenses and may not be meaningful. For IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period's return.

(11)Investor Unlevered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions and drawdowns on fund lines of credit) and cash outflows (distributions and repayments on fund lines of credit) and the remaining fair value (after removing outstanding balances on fund lines of credit), net of the investors actual management fees, fund-level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee-paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, this IRR may be amplified by early fund expenses and may not be meaningful. For IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period's return.

(12)Any composite returns presented herein do not represent actual returns received by any one investor and are for illustrative purposes only. Composite performance is based on actual cash flows of the funds within a strategy over the applicable timeframes and are prepared using certain assumptions. Each fund has varied investment periods and investments were made during different market environments; past performance of prior funds within a strategy is not a guarantee of future results. Fund investors generally pay fees based on a defined percentage of total commitments during the investment period and invested capital thereafter, but some fund investors may pay fees based on invested capital for the life of the fund according to the applicable governing documents.

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The returns presented above are those of the primary funds in each platform and not those of the Company. The returns presented above do not include returns for joint ventures or separately managed accounts. An investment in our Class A common stock is not an investment in any of our funds. The historical returns attributable to our platforms are presented for illustrative purposes only and should not be considered as indicative of the future returns of our Class A common stock or any of our current or future funds. These returns are presented by platform and include multiple funds of varied vintage, including funds that are fully realized, and performance of a specific fund within a platform can vary materially from the return of the platform as a whole. The returns represent aggregate returns for the U.S. domiciled partnerships, and such aggregate returns may differ materially from the fund-level returns for each individual partnership co-investment vehicles or separately managed accounts or each non-U.S. partnership due to varied management fee structures, timing of investments, contributions and distributions and additional structuring costs and taxes.

There is no guarantee that any fund or other vehicle within a platform will achieve its investment objectives or achieve comparable investment returns.

Results of Operations

Three Months Ended June 30, 2023 Compared to the Three Months Ended June 30, 2022

Revenues

	Three Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Revenues:
Fund management fees	$	60,317	$	49,380	$	10,937	22	%
Property management and leasing fees	19,130		19,616		(486)		(2	%)
Construction management fees	2,902		2,426		476		20	%
Development fees	1,337		793		544		69	%
Transaction fees	4,682		17,643		(12,961)		(73	%)
Fund administration fees	4,304		3,657		647		18	%
Insurance premiums	3,485		2,845		640		22	%
Other asset management and property income	2,646		2,659		(13)		—	%
Total revenues	$	98,803	$	99,019	$	(216)	—	%

Fund Management Fees. Our fee-earning AUM increased by $2.4 billion, or 16%, exclusive of the Newbury Acquisition, from June 30, 2022 to June 30, 2023. Our weighted-average management fee, which varies largely due to the size of investor commitments, was 1.37% as of June 30, 2023 compared to 1.54% as of June 30, 2022. The decrease from June 30, 2022 was partially attributed to the Newbury Acquisition as these secondary funds generally have a lower weighted-average management fee range than other Bridge-sponsored funds.

Fund management fees increased by $10.9 million, or 22%, primarily attributed to the Newbury Acquisition coupled with timing of capital raising for Bridge Opportunity Zone Fund V, which launched in March 2022, and the final closings for Bridge Debt Strategies Fund IV and Bridge Workforce and Affordable Housing Fund II in the second half of 2022, and Bridge Multifamily Fund V in January 2023. These factors contributed an additional $17.1 million of fund management fees for the three months ended June 30, 2023 compared to the three months ended June 30, 2022. These increases were partially offset by decreases of $6.2 million attributed to the timing of placement agent fees and timing of one-time catch-up fees.

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There were no catch-up fees recognized for the three months ended June 30, 2023, compared to one-time catch-up fees of $4.0 million for the three months ended June 30, 2022, which were primarily attributed to the timing of capital raising for Bridge Multifamily Fund V, Bridge Workforce and Affordable Housing Fund II and Bridge Debt Strategies Fund IV. The following chart presents the composition of our fund management fees for the three months ended June 30, 2023 and 2022 (dollar amounts in millions)(1):

(1)Fund management fees for the three months ended June 30, 2022 excludes fees for those funds launched subsequent to such date.

Property Management and Leasing Fees. Property management and leasing fees decreased by $0.5 million, or 2%, primarily due to a reduction in leasing commissions, which was partially offset by a 6% increase in the number of workforce and affordable housing, seniors housing, and single-family rental properties under management.

Construction Management and Fees. Construction management fees increased by $0.5 million, or 20%, primarily due to commercial office and logistics properties under management.

Development Fees. Development fees increased by $0.5 million, or 69%, primarily due to timing of projects.

Transaction Fees. Transaction fees decreased by $13.0 million, or 73%, primarily due to a reduction in acquisition fees driven by lower volume of real estate transactions during the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Fund Administration Fees. Fund administration fees increased by $0.6 million, or 18%, during the three months ended June 30, 2023, correlated with the increase in our AUM.

Insurance Premiums. Insurance premiums increased by $0.6 million, or 22%, largely due to the increase in AUM.

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Investment income

	Three Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Investment (loss) income:
Incentive fees	$	41	$	—	$	41	—
Performance allocations:
Realized	$	8,425	$	33,581	$	(25,156)	(75)	%
Unrealized	(19,284)		70,116		(89,400)		(128)	%
Earnings from investments in real estate	215		1,251		(1,036)		(83)	%
Total investment (loss) income	$	(10,603)	$	104,948	$	(115,551)	(110)	%

Performance allocations. Net performance allocations decreased by $114.6 million, or 111%. The following table reflects our carried interest and incentive fees by fund (in thousands):

	Three Months Ended June 30, 2023				Three Months Ended June 30, 2022
	Realized		Unrealized		Realized		Unrealized
BMF IV GP	$	—	$	(10,191)	$	—	$	66,381
BMF III GP	5,525		(10,049)		29,916		(11,121)
BOF II GP	—		(1,546)		—		796
BAMBS GP	—		(1,153)		—		(151)
BLV I GP	—		(241)		—		—
BWH I GP	—		(137)		—		17,192
BDS IV GP	—		—		493		(2,698)
BWH II GP	—		—		—		6,597
BSH III GP	—		148		—		—
BNLI GP	—		219		—		695
BSFR IV GP	—		388		—		—
BDS III GP	2,900		790		2,040		(3,900)
NEP V GP(1)	—		408		—		—
BDS II GP	—		2,080		1,132		(3,675)
Total	$	8,425	$	(19,284)	$	33,581	$	70,116

(1)    The performance allocation income for Newbury Partners Fund V represents the portion payable to former employees of Newbury Partners and therefore no portion of such amount will be retained by the Company.

Unrealized performance allocation (loss) income is recorded one quarter in arrears, and as such the unrealized performance allocation (loss) income for the three months ended June 30, 2023 and 2022 reflects asset valuations as of March 31, 2023 and 2022, respectively. For the three months ended June 30, 2023, the decrease in unrealized performance allocations was largely due to market depreciation from properties within our multifamily funds, and includes the reversal of realized performance allocation income during the second quarters of both 2023 and 2022. For the three months ended June 30, 2023 and 2022, the realized performance allocations were primarily related to dispositions in Bridge Multifamily Fund III and tax distributions in Bridge Debt Strategies Funds II and III.

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Expenses

	Three Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Expenses:
Employee compensation and benefits	$	56,376	$	46,693	$	9,683	21	%
Incentive fee compensation	3		—		3		—
Performance allocations compensation:
Realized	495		2,165		(1,670)		(77)	%
Unrealized	(4,649)		7,987		(12,636)		(158)	%
Loss and loss adjustment expenses	1,684		1,439		245		17	%
Third-party operating expenses	5,219		6,749		(1,530)		(23)	%
General and administrative expenses	12,872		9,769		3,103		32	%
Depreciation and amortization	5,118		887		4,231		477	%
Total expenses	$	77,118	$	75,689	$	1,429	2	%

Employee Compensation and Benefits. Employee compensation and benefits increased by $9.7 million, or 21%, largely due to a net increase of $5.1 million in salaries and benefits attributed to higher headcount driven by the increase in our AUM and the number of Bridge-sponsored funds, which was largely offset by a reduction in bonus expense. An additional increase of $4.6 million was attributed to Restricted Stock and RSUs that were issued January 2023 and the additional expense related to the 2022 profits interests awards granted in the third quarter of 2022 and 2023 profits interests granted in the first quarter of 2023.

Performance Allocation Compensation. Net performance allocation compensation decreased by approximately $14.3 million, or 141%, due to a $12.6 million decrease in unrealized performance allocation compensation and a decrease of $1.7 million related to realized performance allocation awards, which is directly correlated to our performance allocations (loss) income during the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses increased by $0.2 million, or 17%, primarily due to tenant, workers compensation, and general liability insurance losses incurred or paid during the three months ended June 30, 2023 compared to the three months ended June 30, 2022.

Third-party Operating Expenses. Third-party operating expenses decreased by $1.5 million, or 23%, primarily due to a reduction in leasing commissions and operating expenses related to seniors housing properties managed.

General and Administrative Expenses. General and administrative expenses increased by $3.1 million, or 32%, primarily attributed to $2.2 million of consolidated fund-level expenses coupled with increases in professional services, software licensing fees, and other expenses correlated with the increase in AUM and the number of properties managed.

Depreciation and Amortization. Depreciation and amortization increased by $4.2 million, or 477%, primarily attributed to additional amortization for intangibles acquired as part of the Newbury Acquisition.

Other income (expense)

	Three Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Other income (expense)
Realized and unrealized (losses) gains, net	$	(1,367)	$	3,489	$	(4,856)	(139)	%
Interest income	3,728		1,353		2,375		176	%
Interest expense	(8,735)		(2,901)		(5,834)		201	%
Total other (loss) income	$	(6,374)	$	1,941	$	(8,315)	(428)	%

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Realized and Unrealized (Losses) Gains, Net. Net realized and unrealized (losses) gains decreased by $4.9 million, or 139%, for the three months ended June 30, 2023, primarily due to unrealized appreciation recognized on certain other investments during the second quarter of 2022.

Interest Income. Interest income increased by $2.4 million, or 176%, largely due to additional interest income driven by the increase in interest rates and the weighted-average outstanding cash and cash equivalents between periods, timing of distribution income and of short-term borrowings by our funds.

Interest Expense. Interest expense increased by $5.8 million, or 201%, due to the $150 million of 2022 Private Placement Notes that funded in July 2022, which have a weighted-average interest rate of 5.05%, the $150 million of 2023 Private Placement Notes that funded in March 2023, which have a weighted-average interest rate of 6.01%, and the $80.0 million of net proceeds drawn on the Credit Facility during 2023.

Net (Loss) Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC. Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings LLC is comprised of non-controlling interests related to the Operating Company’s subsidiaries and to our profits interests programs. The following table summarizes the allocation of net (loss) income to the non-controlling interests in the Operating Company (in thousands):

	Three Months Ended June 30,
	2023		2022
Non-controlling interests related to General Partners - realized	$	5,066	$	18,409
Non-controlling interests related to General Partners - unrealized	(6,173)		32,316
Non-controlling interests related to Fund Managers	(3,189)		(2,228)
Non-controlling interests related to 2019 profits interests awards	110		44
Non-controlling interests related to 2020 profits interests awards	—		689
Non-controlling interests related to 2021 profits interests awards	—		518
Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	$	(4,186)	$	49,748

Net Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $6.2 million and $61.7 million during the three months ended June 30, 2023 and 2022, respectively.

On January 1, 2023, certain of the Company’s 2020 profits interests awards were collapsed into 801,927 shares of our Class A common stock and 2,025,953 Class A Units. Certain of the 2021 profits interests awards were collapsed into Class A Units in the Operating Company (or shares of our Class A common stock) on July 1, 2023. The 2021 profits interests were collapsed based on their then-current fair values and the relative value of the Company, based on Distributable Earnings (as defined subsequently) attributable to the Operating Company, Distributable Earnings of the applicable subsidiary where such profits interests are currently held, and the market price of our Class A common stock, in each case as of the date of the collapse. This will result in a decrease in net income attributable to non-controlling interests for the applicable periods; however, there will also be a corresponding increase in the number of outstanding Class A Units at the Operating Company (or shares of our Class A common stock).

Income tax expense

Income tax expense increased by $1.6 million, or 28%, primarily due to the reversal of unrealized accrued performance allocations during the six months ended June 30, 2023.

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Six Months Ended June 30, 2023 Compared to the Six Months Ended June 30, 2022

Revenues

	Six Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Revenues:
Fund management fees	$	114,166	$	102,080	$	12,086	12	%
Property management and leasing fees	39,029		37,895		1,134		3	%
Construction management fees	6,187		4,312		1,875		43	%
Development fees	1,672		2,052		(380)		(19	%)
Transaction fees	7,059		39,641		(32,582)		(82	%)
Fund administration fees	8,480		7,297		1,183		16	%
Insurance premiums	8,214		5,261		2,953		56	%
Other asset management and property income	5,443		4,614		829		18	%
Total revenues	$	190,250	$	203,152	$	(12,902)	(6	%)

Fund Management Fees. Our fee-earning AUM increased by $2.4 billion, or 16%, exclusive of the Newbury Acquisition, from June 30, 2022 to June 30, 2023. Our weighted-average management fee, which varies largely due to the size of investor commitments, was 1.37% as of June 30, 2023 compared to 1.54% as of June 30, 2022. The decrease from June 30, 2022 was partially attributed to the Newbury Acquisition as these secondary funds generally have a lower weighted-average management fee range than other Bridge-sponsored funds.

Fund management fees increased by $12.1 million, or 12%, primarily attributed to the Newbury Acquisition coupled with the timing of capital raising for Bridge Opportunity Zone Fund V, which launched in March 2022, and the final closings for Bridge Multifamily Fund V in January 2023 and Bridge Debt Strategies Fund IV and Bridge Workforce and Affordable Housing Fund II in the second half of 2022. These factors contributed an additional $24.2 million of fund management fees for the six months ended June 30, 2023 compared to the six months ended June 30, 2022. These increases were partially offset by decreases of $12.1 million due to the timing of placement agent and one-time catch-up fees and reductions in fee-earning AUM attributed to fund-level assets realized during the respective periods.

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Included in fund management fees are one-time catch-up fees of $2.7 million for the six months ended June 30, 2023, which were primarily related to Bridge Multifamily Fund V and Bridge Opportunity Zone Fund V, compared to one-time catch-up fees of $12.4 million for the six months ended June 30, 2022, which were primarily attributed to the timing of capital raising for Bridge Multifamily Fund V, Bridge Workforce and Affordable Housing Fund II, and Bridge Debt Strategies Fund IV. The following chart presents the composition of our fund management fees for the six months ended June 30, 2023 and 2022 (dollar amounts in millions)(1):

(1)Fund management fees for the six months ended June 30, 2022 excludes fees for those funds launched subsequent to such date.

Property Management and Leasing Fees. Property management and leasing fees increased by $1.1 million, or 3%, primarily due to a 6% increase in the number of workforce and affordable housing, seniors housing and single-family rental properties under management, which was partially offset by a reduction in leasing commissions.

Construction Management Fees. Construction management fees increased by $1.9 million, or 43%, primarily due to multifamily and commercial office properties under management.

Development Fees. Development fees decreased by $0.4 million, or 19%, primarily due to timing of projects.

Transaction Fees. Transaction fees decreased by $32.6 million, or 82%, primarily driven by a $27.9 million decrease in due diligence fees attributed to a slowdown in the deployment of capital during the six months ended June 30, 2023. The remaining $4.7 million decrease was related to a reduction of debt origination fees, which was largely due to origination fees for mortgages related to deployment during the first quarter of 2022.

Fund Administration Fees. Fund administration fees increased by $1.2 million, or 16%, during the six months ended June 30, 2023 largely due to the increase in fee-earning AUM.

Insurance Premiums. Insurance premiums increased by $3.0 million, or 56%, largely due to the increase in AUM.

Other Asset Management and Property Income. Other asset management and property income increased by $0.8 million, or 18%, primarily due to an increase in other income driven by the growth in AUM.

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Investment income

	Six Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Investment (loss) income:
Incentive fees	$	41	$	—	$	41	—	%
Performance allocations:
Realized	11,587		42,518		(30,931)		(73)	%
Unrealized	(126,309)		135,978		(262,287)		(193)	%
Earnings from investments in real estate	215		1,291		(1,076)		(83)	%
Total investment (loss) income	$	(114,466)	$	179,787	$	(294,253)	(164)	%

Performance allocations. Net performance allocations decreased by $293.2 million, or 164%. The following table reflects our carried interest and incentive fees by fund (in thousands):

	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
	Realized		Unrealized		Realized		Unrealized
BMF IV GP	$	—	$	(37,518)	$	—	$	105,464
BMF III GP	5,798		(22,529)		31,625		(1,820)
BWH I GP	—		(22,289)		—		26,003
BDS III GP	2,900		(15,599)		7,604		(7,501)
BWH II GP	—		(13,774)		—		9,295
BDS II GP	—		(4,881)		2,796		(1,954)
BSFR IV GP	—		(3,222)		—		—
BOF II GP	—		(2,974)		—		4,416
BDS IV GP	2,889		(2,889)		493		2,154
BLV I GP	—		(1,852)		—		—
BSH III GP	—		170		—		—
BOF I GP	—		—		—		(65)
BNLI GP	—		304		—		695
BAMBS GP	—		336		—		(709)
NEP V GP(1)	—		408		—		—
Total	$	11,587	$	(126,309)	$	42,518	$	135,978

(1)    The performance allocation income for Newbury Partners Fund V represents the portion payable to former employees of Newbury Partners and therefore no portion of such amount will not be retained by the Company.

The realized performance income and unrealized performance income (loss) allocation is recorded one quarter in arrears, and as such the performance allocation income (loss) for the six months ended June 30, 2023 and 2022 reflects asset valuations as of March 31, 2023 and 2022, respectively. For the six months ended June 30, 2023, the decrease in unrealized performance allocations was largely due to market depreciation from properties within our multifamily and workforce and affordable housing funds and within our credit funds, and includes the reversal of realized performance allocation income during the respective period. For the six months ended June 30, 2023 and 2022, the realized performance allocations were primarily related to dispositions in Bridge Multifamily Fund III and tax distributions in Bridge Debt Strategies Funds III and IV.

Fair value of the accrued performance allocations is reported on a three-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a more timely basis. Subsequent to the quarter ended June 30, 2023, Bridge Multifamily Fund III sold the majority of its assets to a newly formed continuation vehicle managed by Bridge. This transaction included a liquidity discount which is expected to reduce our total accrued performance allocation by approximately 6% to 8%, and is not yet reflected in reported amounts. In addition, any other changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts.

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Expenses

	Six Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Expenses:
Employee compensation and benefits	$	107,553	$	94,172	$	13,381	14	%
Incentive fee compensation	3		—		3		—	%
Performance allocations compensation:
Realized	2,227		2,725		(498)		(18)	%
Unrealized	(19,319)		17,225		(36,544)		(212)	%
Loss and loss adjustment expenses	4,004		3,191		813		25	%
Third-party operating expenses	11,329		13,517		(2,188)		(16)	%
General and administrative expenses	26,765		19,277		7,488		39	%
Depreciation and amortization	6,211		1,520		4,691		309	%
Total expenses	$	138,773	$	151,627	$	(12,854)	(8)	%

Employee Compensation and Benefits. Employee compensation and benefits increased by $13.4 million, or 14%, largely due to a net increase of $6.7 million in salaries and benefits attributed to higher headcount driven by the increase in our AUM and the number of Bridge-sponsored funds, which was largely offset by a reduction in bonus expense. An additional increase of $6.7 million was attributed to Restricted Stock and RSU awards granted in January 2023 and the additional expense related to the 2022 profits interests awards that were granted in the third quarter of 2022 and the 2023 profits interests awards that were granted in the first quarter of 2023.

Performance Allocation Compensation. Performance allocation compensation decreased by $37.0 million, or 186%, primarily due to a $36.5 million decrease in unrealized performance allocation compensation and a decrease of $0.5 million related to realized performance allocation awards, which is directly correlated to our performance allocation (loss) during the six months ended June 30, 2023 compared to performance allocation income during the six months ended June 30, 2022.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses increased by $0.8 million, or 25%, primarily due to tenant, workers compensation, and general liability insurance losses incurred or paid during the six months ended June 30, 2023 compared to 2022.

Third-party Operating Expenses. Third-party operating expenses decreased by $2.2 million, or 16%, primarily due to a decrease in leasing commissions and a reduction in operating expenses related to seniors housing properties managed.

General and Administrative Expenses. General and administrative expenses increased by $7.5 million, or 39%, primarily due to $3.5 million of transaction costs incurred related to the Newbury Acquisition, $2.2 million of consolidated fund-level expenses, $0.6 million related to lease termination costs for one our corporate offices, an increase in professional services, software licensing fees, rent and other expenses correlated with the increase in AUM and the number of properties managed.

Depreciation and Amortization. Depreciation and amortization increased by $4.7 million, or 309%, primarily attributed to additional amortization for intangibles acquired as part of the Newbury Acquisition.

Other income (expense)

	Six Months Ended June 30,				Amount Change		% Change
(in thousands)	2023		2022
Other income (expense)
Realized and unrealized gains (losses), net	$	120	$	3,916	$	(3,796)	(97)	%
Interest income	7,182		2,562		4,620		180	%
Interest expense	(12,881)		(4,522)		(8,359)		185	%
Total other income	$	(5,579)	$	1,956	$	(7,535)	(385)	%

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Realized and Unrealized Gains (Losses), Net. Net realized and unrealized gains (losses) decreased by $3.8 million, or 97%, for the six months ended June 30, 2023, primarily due to unrealized appreciation recognized on certain other investments during the second quarter of 2022.

Interest Income. Interest income increased by $4.6 million, or 180%, largely due to the timing of short-term borrowings by Bridge-sponsored funds coupled with an increase in the related weighted-average outstanding interest rate between periods, as well as an increase in the weighted-average outstanding cash and cash equivalents between periods.

Interest Expense. Interest expense increased by $8.4 million, or 185%, primarily due to the $150 million of 2022 Private Placement Notes that funded in July 2022, which have a weighted-average interest rate of 5.05%, the $150 million of 2023 Private Placement Notes that funded in March 2023, which have a weighted-average interest rate of 6.01%, and the $80.0 million of net proceeds drawn on the Credit Facility during 2023.

Net (Loss) Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC. Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC is comprised of non-controlling interests related to the Operating Company’s subsidiaries and to our profits interests programs. The following table summarizes the allocation of net (loss) income to the non-controlling interests in the Operating Company (in thousands):

	Six Months Ended June 30,
	2023		2022
Non-controlling interests related to General Partners - realized	$	5,685	$	24,502
Non-controlling interests related to General Partners - unrealized	(60,751)		63,086
Non-controlling interests related to Fund Managers	(5,479)		(2,606)
Non-controlling interests related to 2019 profits interests awards	110		44
Non-controlling interests related to 2020 profits interests awards	—		917
Non-controlling interests related to 2021 profits interests awards	—		518
Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	$	(60,435)	$	86,461

Net (Loss) Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net loss attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $7.0 million and net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $112.7 million during the six months ended June 30, 2023 and 2022, respectively.

On January 1, 2023, certain of the Company’s 2020 profits interests awards were collapsed into 801,927 shares of our Class A common stock and 2,025,953 Class A Units. Certain of the 2021 profits interests awards were collapsed into Class A Units in the Operating Company (or shares of our Class A common stock) on July 1, 2023. The profits interests were collapsed based on their then-current fair values and the relative value of the Company, based on Distributable Earnings (as defined subsequently) attributable to the Operating Company, Distributable Earnings of the applicable subsidiary where such profits interests are currently held, and the market price of our Class A common stock, in each case as of the date of the collapse. This will result in a decrease in net income attributable to non-controlling interests for the applicable periods; however, there will also be a corresponding increase in the number of outstanding Class A Units at the Operating Company (or shares of our Class A common stock).

Income tax expense

Income tax expense decreased by $9.8 million, or 86%, primarily due to the reversal of unrealized accrued performance allocations during the six months ended June 30, 2023.

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Non-GAAP financial measures

We use non-GAAP financial measures, such as Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Fee Related Expenses, to supplement financial information presented in accordance with GAAP. We believe that excluding certain items from our GAAP results allows management to better understand our condensed consolidated financial performance from period to period and better project our future condensed consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Fee Related Revenues and Fee Related Expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our Fee Related Earnings. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons.

There are limitations to the use of the non-GAAP financial measures presented in this report. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for measures prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Fee Related Expenses to its most directly comparable GAAP financial measure are presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.

Distributable Earnings. Distributable Earnings is a key performance measure used in our industry and is evaluated regularly by management in making resource deployment and compensation decisions, and in assessing our performance. We believe that reporting Distributable Earnings is helpful to understanding our business and that investors should review the same supplemental financial measure that management uses to analyze our performance.

Distributable Earnings differs from net income before provision for income taxes, computed in accordance with GAAP in that it does not include depreciation and amortization, income (loss) from consolidated Bridge-sponsored funds, unrealized performance allocations and related compensation expense, unrealized gains (losses), share-based compensation, cash net income attributable to non-controlling interests, charges (credits) related to corporate actions and non-recurring items. Such items, where applicable, include: charges associated with acquisitions or strategic investments, changes in the TRA liability, corporate conversion costs, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance. Distributable Earnings is not a measure of performance calculated in accordance with GAAP. Although we believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance, the use of Distributable Earnings without consideration of the related GAAP measures is not adequate due to the adjustments described herein. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed further under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” prepared in accordance with GAAP. Our calculations of Distributable Earnings may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers.

Fee Related Earnings. Fee Related Earnings is a supplemental performance measure used to assess our ability to generate profits from fee-based revenues that are measured and received on a recurring basis. Fee Related Earnings differs from net income (loss) before provision for income taxes, computed in accordance with GAAP in that it adjusts for the items included in the calculation of Distributable Earnings, and also adjusts Distributable Earnings to exclude realized performance allocations income and related compensation expense, net insurance income, earnings from investments, net insurance income, earnings from investments, net interest (interest income less interest expense), net realized gain (loss), income (loss) from consolidated fund investments, and, if applicable, certain general and net administrative expenses when the timing of any future payment is uncertain. Fee Related Earnings is not a measure of performance calculated in accordance with GAAP. The use of Fee Related Earnings without consideration of the related GAAP measures is not adequate due to the adjustments described herein. Our calculations of Fee Related Earnings may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers.

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Fee Related Revenues. Fee Related Revenues is a component of Fee Related Earnings. Fee Related Revenues includes fund management fees, transaction fees net of any third-party operating expenses, net earnings from Bridge property operators, development fees, and other asset management and property income. Net earnings from Bridge property operators is calculated as a summation of property management, leasing fees and construction management fees less third-party operating expenses and property operating expenses. Property operating expenses is calculated as a summation of employee compensation and benefits, general and administrative expenses and interest expense at our property operators. We believe our vertical integration enhances returns to our shareholders and fund investors, and we view the net earnings from Bridge property operators as part of our fee related revenue as these services are provided to essentially all of the real estate properties in our equity funds. Net earnings from Bridge property operators is a metric that is included in management’s review of our business. Please refer to the reconciliation below to the comparable line items on the condensed consolidated statements of operations. Fee Related Revenues differs from revenue computed in accordance with GAAP in that it excludes insurance premiums and income (loss) from consolidated fund investments. Additionally, Fee Related Revenues is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds.

Fee Related Expenses. Fee Related Expenses is a component of Fee Related Earnings. Fee Related Expenses differs from expenses computed in accordance with GAAP in that it does not include incentive fee compensation, performance allocations compensation, share-based compensation, loss and loss adjustment expenses associated with our insurance business, depreciation and amortization, or charges (credits) related to corporate actions and non-recurring items, expenses from consolidated fund investments, and expenses attributable to non-controlling interests in consolidated entities. Additionally, Fee Related Expenses is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds. Fee Related Expenses are used in management’s review of the business. Please refer to the reconciliation below to the comparable line items on the condensed consolidated statements of operations.

Fee Related Revenues and Fee Related Expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our Fee Related Earnings.

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Income before provision for income taxes is the GAAP financial measure most comparable to Distributable Earnings and Fee Related Earnings. The following table sets forth a reconciliation of net income to Distributable Earnings attributable to the Operating Company and to Total Fee Related Earnings attributable to the Operating Company for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net (loss) income	$	(2,760)	$	124,382	$	(70,192)	$	221,886
Income tax expense	7,468		5,837		1,624		11,382
Income (loss) before provision for income taxes	4,708		130,219		(68,568)		233,268
Depreciation and amortization	5,118		887		6,211		1,520
Impact of fund consolidation	2,259		—		2,259		—
Less: Unrealized performance allocations	19,284		(70,116)		126,309		(135,978)
Plus: Unrealized performance allocations compensation	(4,649)		7,987		(19,319)		17,225
Less: Unrealized (gains) losses, net	1,368		(3,483)		(125)		(3,962)
Plus: Share-based compensation	11,119		6,553		20,479		13,818
Plus: Transaction and non-recurring costs(1)	—		—		4,118		—
Less: Cash income attributable to non-controlling interests in subsidiaries	865		977		2,721		1,127
Less: Net realized performance allocations attributable to non-controlling interests	(5,066)		(18,409)		(5,685)		(24,502)
Distributable Earnings attributable to the Operating Company	35,006		54,615		68,400		102,516
Realized performance allocations and incentive fees	(8,466)		(33,581)		(11,628)		(42,518)
Realized performance allocations and incentive fees compensation	498		2,165		2,230		2,725
Net realized performance allocations to non-controlling interests	5,066		18,409		5,685		24,502
Net insurance (income) loss	(1,801)		(1,406)		(4,210)		(2,070)
(Earnings) losses from investments in real estate	(215)		(1,251)		(215)		(1,291)
Net interest (income) expense and realized (gain) loss	5,006		1,529		5,704		1,979
Less: Cash income attributable to non-controlling interests in subsidiaries	(865)		(977)		(2,721)		(1,127)
Total Fee Related Earnings	34,229		39,503		63,245		84,716
Total Fee Related Earnings attributable to non-controlling interests	865		977		2,721		1,127
Total Fee Related Earnings attributable to the Operating Company	$	35,094	$	40,480	$	65,966	$	85,843

(1)    Transaction costs and non-recurring expenses represent transaction costs related to the Newbury Acquisition and lease termination costs related to one of our corporate offices.

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The following table sets forth our total Fee Related Earnings and Distributable Earnings for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fund-level fee revenues
Fund management fees	$	60,353	$	49,380	$	114,202	$	102,080
Transaction fees	4,682		17,643		7,059		39,641
Total net fund-level fee revenues	65,035		67,023		121,261		141,721
Net earnings from Bridge property operators	2,828		2,108		6,071		4,318
Development fees	1,337		793		1,672		2,052
Fund administration fees	4,304		3,657		8,480		7,297
Other asset management and property income	2,636		2,659		5,433		4,614
Fee Related Revenues	76,140		76,240		142,917		160,002
Cash-based employee compensation and benefits	(35,248)		(30,120)		(66,870)		(61,946)
Net administrative expenses	(6,663)		(6,617)		(12,802)		(13,340)
Fee Related Expenses	(41,911)		(36,737)		(79,672)		(75,286)
Total Fee Related Earnings	34,229		39,503		63,245		84,716
Total Fee Related Earnings attributable to non-controlling interests	865		977		2,721		1,127
Total Fee Related Earnings to the Operating Company	35,094		40,480		65,966		85,843
Realized performance allocations and incentive fees	8,466		33,581		11,628		42,518
Realized performance allocations and incentive fees compensation	(498)		(2,165)		(2,230)		(2,725)
Net realized performance allocations attributable to non-controlling interests	(5,066)		(18,409)		(5,685)		(24,502)
Net insurance income (loss)	1,801		1,406		4,210		2,070
Earnings (losses) from investments in real estate	215		1,251		215		1,291
Net interest income (expense) and realized gain (loss)	(5,006)		(1,529)		(5,704)		(1,979)
Distributable Earnings attributable to the Operating Company	$	35,006	$	54,615	$	68,400	$	102,516

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The following table sets forth the components of the employee compensation and benefits, general and administrative expenses, and total other income (expense) line items on our condensed consolidated statements of operations. Other income (expense) is disclosed in our non-GAAP measures based upon the nature of the income. Realized amounts are disclosed separately in order to determine Distributable Earnings. Other income from Bridge property operators is included in net earnings from Bridge property operators (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cash-based employee compensation and benefits	$	35,248	$	30,120	$	66,870	$	61,946
Compensation expense of Bridge property operators	10,009		10,020		20,204		18,408
Share-based compensation	11,119		6,553		20,479		13,818
Employee compensation and benefits	$	56,376	$	46,693	$	107,553	$	94,172
Administrative expenses, net of Bridge property operators	$	6,663	$	6,617	$	12,802	$	13,340
Administrative expenses of Bridge property operators	3,976		3,152		7,612		5,937
Transaction and non-recurring costs	—		—		4,118		—
Impact of fund consolidation	2,233		—		2,233		—
General and administrative expenses	$	12,872	$	9,769	$	26,765	$	19,277
Unrealized gains (losses)	$	(1,368)	$	3,483	$	125	$	3,962
Other expenses from Bridge property operators	—		(13)		—		(27)
Net interest income (expense) and realized gain (loss)	(5,006)		(1,529)		(5,704)		(1,979)
Total other (loss) income	$	(6,374)	$	1,941	$	(5,579)	$	1,956

Distributable Earnings and Fee Related Earnings to the Operating Company

Total Fee Related Earnings to the Operating Company decreased by $5.4 million, or 13%, for the three months ended June 30, 2023, compared to the three months ended June 30, 2022, while Distributable Earnings to the Operating Company decreased by $19.6 million, or 36%, during the same period due to the following:

•Total fee related revenues decreased by $0.1 million, principally due to:

◦Transaction fees decreased by $13.0 million, or 73%, due to reduced volume of real estate transactions attributed to the current macroeconomic environment, including increasing interest rates and availability of debt financing; and

◦Fund management fees increased by $11.0 million, or 22%, primarily due to the timing of capital raising between 2023 and 2022.

•Net earnings from Bridge property operators increased by $0.7 million, or 34%, driven by an increase in number of managed units as of June 30, 2023 compared to June 30, 2022.

•Fee related expenses increased by $5.2 million, or 14%, principally due to:

◦Cash-based employee compensation and benefits increased by $5.1 million, or 17%, primarily due to increased headcount driven by the 16% increase in our fee-earning AUM, exclusive of the Newbury Acquisition, and new investment strategies launched in 2022, which was partially offset by a reduction in 2023 bonuses; and

◦Net administrative expenses increased by $46,000, or 1%, primarily due to an increase in professional services, software licensing fees, and other additional expenses correlated with the increase in AUM and the number of properties managed.

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•Net of related compensation, realized performance allocations and incentive fees decreased by $23.4 million, or 75%, compared to 2022, due to the timing of realizations in Bridge Multifamily Fund III and Bridge Debt Strategies Funds II and III.

Total Fee Related Earnings to the Operating Company decreased by $19.9 million, or 23%, for the six months ended June 30, 2023, compared to the six months ended June 30, 2022, while Distributable Earnings to the Operating Company decreased by $34.1 million, or 33%, during the same period due to the following:

•Total fee related revenues decreased by $17.1 million, or 11%, principally due to:

◦Transaction fees decreased by $32.6 million, or 82%, due to reduced volume of real estate transactions attributed to the current macroeconomic environment, including increasing interest rates and availability of debt financing; and

◦Fund management fees increased by $12.1 million, or 12%, primarily due to the timing of capital raising between 2023 and 2022.

•Net earnings from Bridge property operators increased by $1.8 million, or 41%, driven by an increase in number of managed units as of June 30, 2023 compared to June 30, 2022.

•Fee related expenses increased by $4.4 million, or 6%, principally due to:

◦Cash-based employee compensation and benefits increased by $4.9 million, or 8%, primarily due to increased headcount driven by the 16% increase in our fee-earning AUM, exclusive of the Newbury Acquisition, and new investment strategies launched in 2022, which was partially offset by a reduction in 2023 bonuses; and

◦Net administrative expenses decreased by $0.5 million, or 4%, primarily due to one-time transaction costs related to the Newbury Acquisition, lease termination costs for one our corporate offices, and an increase in professional services, software licensing fees, rent and other additional expenses correlated with the increase in AUM.

•Net of related compensation, realized performance allocations and incentive fees decreased by $30.4 million, or 76%, compared to 2022, primarily due to the timing of realizations in Bridge Multifamily Fund III and Bridge Debt Strategies Funds II, III and IV.

Liquidity and Capital Resources

Our liquidity needs primarily include working capital and debt service requirements. We believe that our current sources of liquidity, which include cash generated by our operating activities, cash and funds available under our credit sources, along with the proceeds from the IPO and Private Placement Notes, will be sufficient to meet our projected operating and debt service requirements for at least the next 12 months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may raise additional capital through the sale of equity securities or through debt financing arrangements. If we raise additional funds by issuing equity securities, the ownership of our existing stockholders will be diluted. The incurrence of additional debt financing would result in debt service obligations, and any future instruments governing such debt could provide for operating and financial covenants that could restrict our operations. We operate in a rapidly evolving and unpredictable business environment that may change the timing or amount of expected future cash receipts and expenditures. Accordingly, there can be no assurance that we may not be required to raise additional funds through the sale of equity or debt securities or from credit facilities. Additional capital, if needed, may not be available on satisfactory terms, or at all.

As of June 30, 2023 and December 31, 2022, we had total assets of $1,346.4 million and $1,154.8 million, respectively, which included $71.0 million and $183.6 million of cash and cash equivalents, respectively, and total liabilities of $730.7 million and $508.5 million, respectively. There were no borrowings outstanding under the Credit Facility. We generate cash primarily from fund management fees, property and construction management fees, leasing fees, development fees, transaction fees, and fund administration fees. We have historically managed our liquidity and capital resource needs through (a) cash generated from our operating activities and (b) borrowings under credit agreements and other borrowing arrangements.

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Ongoing sources of cash include (a) fund management fees and property management and leasing fees, which are collected monthly or quarterly, (b) transaction fee income, and (c) borrowings under the Credit Facility. In the future, we will also evaluate opportunities, based on market conditions, to access the capital markets. We use cash flow from operations to pay compensation and related expenses, general and administrative expenses, income taxes, debt service, capital expenditures and to make distributions to our equity holders.

We do not have any off-balance sheet arrangements that would expose us to any liability or require us to fund losses or guarantee target returns to investors in our funds that are not reflected in our condensed consolidated financial statements. Refer to Note 17, “Commitments and Contingencies” and Note 18, “Variable Interest Entities” to our condensed consolidated financial statements included in this quarterly report on Form 10-Q for additional information on commitments and contingencies and variable interest entities, respectively.

The following table presents a summary of our cash flows for the six months ended June 30, 2023 and 2022 (in thousands):

	Six Months Ended June 30,
	2023		2022
Net cash provided by operating activities	$	72,676	$	142,379
Net cash (used in) provided by investing activities	(339,035)		25,605
Net cash provided by (used in) financing activities	153,039		(141,678)
Net (decrease) increase in cash, cash equivalents, and restricted cash	$	(113,320)	$	26,306

Operating Activities

Cash (used in) provided by operating activities was primarily driven by our earnings in the respective periods after adjusting for significant non-cash activity, including non-cash performance allocations and incentive fees, the related non-cash performance allocations and incentive fee related compensation expense, non-cash investment income, non-cash share-based compensation, depreciation, amortization and impairments, and the effect of changes in working capital and other activities. Operating cash inflows primarily included the receipt of management fees, property management and leasing fees, and realized performance allocations and incentive fees, while operating cash outflows primarily include payments for operating expenses, including compensation and general and administrative expenses.

For the six months ended June 30, 2023 — cash provided by operating activities was $72.7 million, primarily consisting of adjustments for non-cash items of $135.2 million offset by a net loss during the period of $70.2 million and cash provided by operating assets and liabilities of $7.7 million. Adjustments for non-cash items primarily consisted of a $126.3 million reversal of unrealized performance allocations, $20.5 million of share-based compensation, and $6.2 million of depreciation and amortization, which was partially offset by a reduction of $19.3 million in unrealized accrued performance allocations compensation.

For the six months ended June 30, 2022 — cash provided by operating activities was $142.4 million, consisting of net income of $221.9 million offset by adjustments for non-cash items of $107.4 million and cash provided by operating assets and liabilities of $27.9 million. Adjustments for non-cash items primarily consisted of $136.0 million unrealized performance allocations and $4.8 million of equity in income from equity method investments, which was offset by $13.8 million of share-based compensation and $17.2 million of unrealized accrued performance allocations compensation.

Investing Activities

Our investing activities primarily consist of lending to affiliate entities and investing activities related to our other investments.

For the six months ended June 30, 2023 — net cash used in investing activities of $339.0 million primarily consisted of $319.4 million in cash paid for the Newbury Acquisition, issuances of notes receivable of $135.0 million, and $30.7 million for purchases of investments. These decreases were primarily offset by $143.3 million in collections of notes receivable related to our lending activities to affiliate entities.

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For the six months ended June 30, 2022 — net cash provided by investing activities of $25.6 million primarily consisted of $318.3 million in collections of notes receivable related to our lending activities to affiliate entities, which was offset by issuances of notes receivables of $242.9 million, $35.4 million for purchases of investments, and $15.1 million used for the acquisition of GBC.

Financing Activities

Our financing activities primarily consist of distributions to our members and shareholders as well as borrowings associated with our Private Placement Notes (as defined herein) and Credit Facility, and at times proceeds from issuances of our common stock.

For the six months ended June 30, 2023 — net cash provided by financing activities of $153.0 million was largely due to the $150.0 million in proceeds received from our 2023 Private Placement Notes, net proceeds of $80.0 million drawn on our Credit Facility, both of which were used to fund the Newbury Acquisition, and $4.2 million of capital contributions from non-controlling interests. These increases were partially offset by $68.7 million of distributions paid to non-controlling interests, $10.4 million of dividends paid to our Class A common stockholders, and the payment of deferred financing costs related to the amendment to our Credit Facility and the 2023 Private Placement Notes.

For the six months ended June 30, 2022 — net cash used in financing activities of $141.7 million was largely due to $126.9 million of distributions paid to non-controlling interests and $13.5 million of dividends paid to our Class A common stockholders, in addition to paydowns on the revolving line of credit of $50.0 million and the payment of deferred financing costs related to the new Credit Facility entered into in June 2022. These were offset by draws on the revolving line of credit of $50.0 million.

Corporate Credit Facilities

On June 3, 2022, the Operating Company entered into a credit agreement with CIBC, Inc. and Zions Bancorporation, N.A. d/b/a Zions First National Bank as Joint Lead Arrangers (the “Credit Facility”).

On January 31, 2023, the Company entered into an amendment to the Credit Facility, pursuant to which (i) the Company exercised its option to increase total commitments under the Credit Facility to $225.0 million, (ii) the variable interest rates under the applicable pricing grid were each increased by 15 basis points and (iii) the quarterly unused commitment fee was increased to 0.25%.

The Credit Facility matures on June 3, 2024, subject to potential extension under certain circumstances.

Borrowings under the Credit Facility bear interest based on a pricing grid with a range of a 2.65% to 3.15% over the Term Secured Overnight Financing Rate (“SOFR”) as determined by the Operating Company’s leverage ratio, or upon achievement of an investment grade rating, interest is then based on a range of 1.90% to 2.40% over Term SOFR. The Credit Facility is also subject to a quarterly unused commitment fee of up to 0.25%, which is based on the daily unused portion of the Credit Facility. Borrowings under the Credit Facility may be repaid at any time during the term of the Credit Agreement, but require paydown at least once annually or if the aggregate commitments exceed certain thresholds for an extended period of time.

Under the terms of the Credit Facility, certain of the Operating Company’s assets serve as pledged collateral. In addition, the Credit Facility contains covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Facility also contains financial covenants requiring the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million and (3) minimum quarterly EBITDA of $15 million and minimum EBITDA for the trailing four fiscal quarters of $80 million.

The weighted-average interest rate in effect for the Credit Facility as of June 30, 2023 was 7.00%. As of June 30, 2023, $80.0 million was outstanding on the Credit Facility.

On July 7, 2023, the Company repaid the outstanding balance of $80 million on its Credit Facility. On July 27, 2023, the Company made a draw of $80 million on its Credit Facility.

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Private Placement Notes

On July 22, 2020, the Operating Company entered into a $150.0 million note purchase agreement, pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $75.0 million of 3.9% notes with a five-year term maturing on July 22, 2025, and $75.0 million of 4.15% notes with a seven-year term maturing on July 22, 2027 (the “2020 Private Placement Notes”).

On June 3, 2022, the Operating Company entered into a $150.0 million note purchase agreement pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $75.0 million of 5.0% notes with a ten-year term maturing on July 12, 2032, and $75.0 million of 5.1% notes with a twelve-year term maturing on July 12, 2034 (the “2022 Private Placement Notes”).

On February 13, 2023, the Operating Company entered into a $150 million note purchase agreement pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $120 million of 6.0% notes with a seven-year term maturing on March 29, 2030 and $30 million of 6.1% notes with a ten-year term maturing on March 29, 2033 (the “2023 Private Placement Notes” and together with the 2020 and 2022 Private Placement Notes, the “Private Placement Notes”). The 2023 Private Placement Notes closed in connection with the closing of the Newbury Acquisition.

Under the terms of the Private Placement Notes, certain of the Operating Company’s assets are pledged as collateral. The Private Placement Notes contain covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; engage in new or different lines of business; and engage in transactions with affiliates. The Private Placement Notes also contain financial covenants requiring the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million and (3) minimum quarterly EBITDA of $15.0 million and minimum EBITDA for the trailing four fiscal quarters of $80.0 million.

Debt Covenants

As of June 30, 2023 and December 31, 2022, the Company was in full compliance with all debt covenants.

Critical Accounting Estimates

The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a more complete discussion of the accounting judgments and estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended December 31, 2022 and Note 2, “Significant Accounting Policies,” to our condensed consolidated financial statements included in this quarterly report on Form 10-Q. There have been no significant changes in our critical accounting estimates during the quarter ended June 30, 2023.

Recent Accounting Pronouncements

For a discussion of new accounting pronouncements recently adopted and not yet adopted, refer to Note 2, “Significant Accounting Policies” to our condensed consolidated financial statements included in this quarterly report on Form 10-Q.

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JOBS Act

As an emerging growth company under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, we can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption from new or revised accounting standards and, therefore, will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. We intend to rely on other exemptions provided by the JOBS Act, including without limitation, not being required to comply with the auditor attestation requirements of Section 404(b) of Sarbanes-Oxley. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year following the fifth anniversary of the IPO, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.2 billion, (iii) the last day of the fiscal year in which we are deemed to be a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our Class A common stock held by non-affiliates exceeded $700 million as of the last business day of the second fiscal quarter of such year, or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, we are exposed to a broad range of risks inherent in the financial markets in which we participate, including market risk, interest rate risk, credit and counterparty risk, liquidity risk, and foreign exchange rate risk. Potentially negative effects of these risks may be mitigated to a certain extent by those aspects of our investment approach, investment strategies, fundraising practices or other business activities that are designed to benefit, either in relative or absolute terms, from periods of economic weakness, tighter credit, or financial market dislocations.

Market Risk

Our predominant exposure to market risk is related to our role as general partner or investment manager for our specialized funds and customized separate accounts and the sensitivities to movements in the fair value of their investments, which may adversely affect our equity in income of affiliates. Since our management fees are generally based on commitments or invested capital, our management fee and advisory fee revenue is not significantly impacted by changes in investment values.

Interest Rate Risk

As of June 30, 2023, we had cash of $35.4 million deposited in non-interest bearing accounts and $35.6 million deposited in an interest-bearing account, with limited to no interest rate risk. In addition, our Credit Facility bears interest based on a margin over SOFR (see the disclosures contained in “—Corporate Credit Facilities”). Interest-earning instruments carry a degree of interest rate risk. We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.

Credit and Counterparty Risk

Access to and the cost of obtaining credit from financial institutions and other lenders may be uncertain due to market conditions, and under certain circumstances we may not be able to access financing. We are also a party to agreements providing for various financial services and transactions that contain an element of risk in the event that the counterparties are unable to meet the terms of such agreements. In such agreements, we depend on the respective counterparty to make payment or otherwise perform. We generally endeavor to minimize our risk of exposure by limiting the counterparties with which we enter into financial transactions to reputable financial institutions.

Liquidity Risk

See the disclosures contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

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Foreign Exchange Rate Risk

We do not possess significant assets in foreign countries in which we operate or engage in material transactions in currencies other than the U.S. dollar. Therefore, changes in exchange rates are not expected to materially impact our financial statements.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our periodic and current reports that we file with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated, as of the end of the period covered by this quarterly report on Form 10-Q, the effectiveness of our disclosure controls and procedures. Based on such evaluation, our principal executive officer and principal financial officer have concluded that as of June 30, 2023, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the three months ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Our process for evaluating controls and procedures is continuous and encompasses constant improvement of the design and effectiveness of established controls and procedures and the remediation of any deficiencies, which may be identified during this process.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are, from time to time, party to various claims and legal proceedings arising out of our ordinary course of business, but we do not believe that any of these claims or proceedings will have a material effect on our business, consolidated financial condition or results of operations.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in Part 1, Item 1A of our annual report on Form 10-K for the fiscal year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

There were no unregistered equity securities sold from January 1, 2023 to June 30, 2023, other than as previously disclosed in our current reports on Form 8-K.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended June 30, 2023, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.

82

Item 6. Exhibits

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	Filing Date	Exhibit Number	Filed Herewith
3.1	Amended and Restated Certificate of Incorporation of Bridge Investment Group Holdings Inc.	10-Q	8/17/21	3.1
3.2	Amended and Restated Bylaws of Bridge Investment Group Holdings Inc.	10-Q	8/17/21	3.2
31.1	Certification of Chief Executive Officer as required by Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
31.2	Certification of Chief Financial Officer as required by Rule 13a-14(a) or Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
32.1*	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
32.2*	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
101.SCH*	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)				X
101.CAL*	Inline XBRL Taxonomy Extension Schema Document				X
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document				X
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document				X
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document				X
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)				X

*This certification is deemed not filed for purpose of section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

83

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BRIDGE INVESTMENT GROUP HOLDINGS INC.
Date: August 8, 2023	By:	/s/ Jonathan Slager
		Jonathan Slager
		Chief Executive Officer (Principal Executive Officer)
Date: August 8, 2023	By:	/s/ Katherine Elsnab
		Katherine Elsnab
		Chief Financial Officer (Principal Financial Officer)

84

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jonathan Slager, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Bridge Investment Group Holdings Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023	By:	/s/ Jonathan Slager
		Jonathan Slager
		Chief Executive Officer (principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Katherine Elsnab, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Bridge Investment Group Holdings Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023	By:	/s/ Katherine Elsnab
		Katherine Elsnab
		Chief Financial Officer (principal financial officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Bridge Investment Group Holdings Inc. (the “Company”) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2023	By:	/s/ Jonathan Slager
		Jonathan Slager
		Chief Executive Officer (principal executive officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Bridge Investment Group Holdings Inc. (the “Company”) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2023	By:	/s/ Katherine Elsnab
		Katherine Elsnab
		Chief Financial Officer (principal financial officer)

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40622
Entity Registrant Name	BRIDGE INVESTMENT GROUP HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2769085
Entity Address, Address Line One	111 East Sego Lily Drive, Suite 400
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84070
City Area Code	(801)
Local Phone Number	716-4500
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	BRDG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001854401
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		33,347,126
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		85,067,321

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 70,969	$ 183,576
Restricted cash	8,976	9,689
Marketable securities, at fair value	12,624	14,614
Receivables from affiliates	41,703	53,804
Notes receivable from affiliates	59,030	67,244
Other assets	71,919	70,466
Other investments	207,850	85,456
Accrued performance allocations	428,414	554,723
Intangible assets, net	148,971	4,894
Goodwill	233,831	55,982
Deferred tax assets, net	62,096	54,387
Total assets	1,346,383	1,154,835
Liabilities and equity
Accrued performance allocations compensation	47,529	66,754
Accrued compensation and benefits	24,958	15,643
Accounts payable and accrued expenses	22,760	24,942
Due to affiliates	51,513	51,966
General Partner Notes Payable, at fair value	7,091	8,633
Insurance loss reserves	7,994	9,445
Self-insurance reserves and unearned premiums	3,645	3,453
Line of credit	80,000	0
Other liabilities	39,037	30,386
Notes payable	446,195	297,294
Total liabilities	730,722	508,516
Commitments and contingencies (Note 17)	0	0
Shareholdersʼ equity:
Preferred stock, $0.01 par value, 20,000,000 authorized; 0 issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	83,374	63,939
Retained earnings	1,101	14,230
Accumulated other comprehensive loss	(155)	(220)
Bridge Investment Group Holdings Inc. equity	85,499	79,097
Total equity	615,661	646,319
Total liabilities and equity	1,346,383	1,154,835
Class A Common Stock
Shareholdersʼ equity:
Common stock, par value $0.01 per share	328	295
Class B Common Stock
Shareholdersʼ equity:
Common stock, par value $0.01 per share	851	853
Bridge Investment Group Holdings LLC
Assets
Accrued performance allocations	428,414	554,723
Goodwill	233,800	56,000
Deferred tax assets, net	61,800	53,900
Liabilities and equity
Insurance loss reserves	8,000	9,400
Self-insurance reserves and unearned premiums	3,600	3,500
Shareholdersʼ equity:
Non-controlling interests	321,247	309,677
Bridge Investment Group Holdings Inc.
Shareholdersʼ equity:
Non-controlling interests	$ 208,915	$ 257,545

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	32,767,289	29,488,521
Common stock, shares outstanding (in shares)	32,767,289	29,488,521
Class B Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	237,680,340	237,837,544
Common stock, shares issued (in shares)	85,144,321	85,301,127
Common stock, shares outstanding (in shares)	85,144,321	85,301,127

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 98,803	$ 99,019	$ 190,250	$ 203,152
Investment income:
Incentive fees	41	0	41	0
Performance allocations:
Realized	8,425	33,581	11,587	42,518
Unrealized	(19,284)	70,116	(126,309)	135,978
Earnings from investments in real estate	215	1,251	215	1,291
Total investment (loss) income	(10,603)	104,948	(114,466)	179,787
Expenses:
Employee compensation and benefits	56,376	46,693	107,553	94,172
Incentive fee compensation	3	0	3	0
Performance allocations compensation:
Realized	495	2,165	2,227	2,725
Unrealized	(4,649)	7,987	(19,319)	17,225
Loss and loss adjustment expenses	1,684	1,439	4,004	3,191
Third-party operating expenses	5,219	6,749	11,329	13,517
General and administrative expenses	12,872	9,769	26,765	19,277
Depreciation and amortization	5,118	887	6,211	1,520
Total expenses	77,118	75,689	138,773	151,627
Other income (expense):
Realized and unrealized (losses) gains, net	(1,367)	3,489	120	3,916
Interest income	3,728	1,353	7,182	2,562
Interest expense	(8,735)	(2,901)	(12,881)	(4,522)
Total other (loss) income	(6,374)	1,941	(5,579)	1,956
Income (loss) before provision for income taxes	4,708	130,219	(68,568)	233,268
Income tax expense	(7,468)	(5,837)	(1,624)	(11,382)
Net (loss) income	(2,760)	124,382	(70,192)	221,886
Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	(4,186)	49,748	(60,435)	86,461
Net income (loss) attributable to Bridge Investment Group Holdings LLC	1,426	74,634	(9,757)	135,425
Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings Inc.	6,198	61,694	(7,019)	112,714
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$ (4,772)	$ 12,940	$ (2,738)	$ 22,711
Earnings (loss) per share of Class A common stock - Basic (in dollars per share)	$ (0.24)	$ 0.44	$ (0.21)	$ 0.79
Earnings (loss) per share of Class A common stock - Diluted (in dollars per share)	$ (0.24)	$ 0.44	$ (0.21)	$ 0.79
Weighted-average shares of Class A common stock outstanding - Basic (in shares)	25,143,289	24,029,107	25,105,753	23,581,393
Weighted-average shares of Class A common stock outstanding - Diluted (in shares) (in shares)	25,143,289	24,029,107	25,105,753	23,581,393
Fund management fees
Revenues:
Total revenues	$ 60,317	$ 49,380	$ 114,166	$ 102,080
Property management and leasing fees
Revenues:
Total revenues	19,130	19,616	39,029	37,895
Construction management fees
Revenues:
Total revenues	2,902	2,426	6,187	4,312
Development fees
Revenues:
Total revenues	1,337	793	1,672	2,052
Transaction fees
Revenues:
Total revenues	4,682	17,643	7,059	39,641
Fund administration fees
Revenues:
Total revenues	4,304	3,657	8,480	7,297
Insurance premiums
Revenues:
Total revenues	3,485	2,845	8,214	5,261
Other asset management and property income
Revenues:
Total revenues	$ 2,646	$ 2,659	$ 5,443	$ 4,614

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Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (2,760)	$ 124,382	$ (70,192)	$ 221,886
Other comprehensive (loss) income—foreign currency translation adjustments, net of tax	(22)	(13)	65	(4)
Total comprehensive income (loss)	(2,782)	124,369	(70,127)	221,882
Less: comprehensive (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	(4,186)	49,748	(60,435)	86,461
Comprehensive income (loss) attributable to Bridge Investment Group Holdings LLC	1,404	74,621	(9,692)	135,421
Less: comprehensive (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings Inc.	6,198	61,694	(7,019)	112,714
Comprehensive (loss) income attributable to Bridge Investment Group Holdings Inc.	$ (4,794)	$ 12,927	$ (2,673)	$ 22,707

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Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest in Bridge Investment Group Holdings LLC	NCI in Bridge Investment Group Holdings Inc.
Beginning balance at Dec. 31, 2021	$ 549,737	$ 230	$ 867	$ 53,527	$ 17,184	$ (21)	$ 272,482	$ 205,468
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	221,886				22,711		86,461	112,714
Conversion of profit interest awards	0	8		(8)
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	780	10	(10)	780
Issuance of Class A Units for acquisition	14,930							14,930
Fair value of non-controlling interest in acquired business	20,053						20,053
Capital contributions from non-controlling interests	201						201
Share-based compensation, net of forfeitures	13,818	43		3,689			14	10,072
Distributions	(126,873)						(56,070)	(70,803)
Dividends	(13,531)				(13,531)
Foreign currency translation adjustment	(4)					(4)
Reallocation of equity	0			2,974				(2,974)
Ending balance at Jun. 30, 2022	680,997	291	857	60,962	26,364	(25)	323,141	269,407
Beginning balance at Mar. 31, 2022	638,424	289	859	59,247	21,038	(12)	311,915	245,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	124,382				12,940		49,748	61,694
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	5	2	(2)	5
Capital contributions from non-controlling interests	31						31
Share-based compensation, net of forfeitures	6,553			2,119			6	4,428
Distributions	(80,771)						(38,559)	(42,212)
Dividends	(7,614)				(7,614)
Foreign currency translation adjustment	(13)					(13)
Reallocation of equity	0			(409)				409
Ending balance at Jun. 30, 2022	680,997	291	857	60,962	26,364	(25)	323,141	269,407
Beginning balance at Dec. 31, 2022	646,319	295	853	63,939	14,230	(220)	309,677	257,545
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(70,192)				(2,738)		(60,435)	(7,019)
Conversion of profit interest awards	7,500	8		7,492
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	3	2	(1)	2
Fair value of non-controlling interest in acquired business	86,365						86,365
Capital contributions from non-controlling interests	4,229
Share-based compensation, net of forfeitures	20,479	23	(1)	8,667			798	10,992
Distributions	(68,716)						(19,387)	(49,329)
Dividends	(10,391)				(10,391)
Foreign currency translation adjustment	65					65
Reallocation of equity	0			3,274				(3,274)
Ending balance at Jun. 30, 2023	615,661	328	851	83,374	1,101	(155)	321,247	208,915
Beginning balance at Mar. 31, 2023	641,597	327	853	73,104	10,723	(133)	336,586	220,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,760)				(4,772)		(4,186)	6,198
Conversion of profit interest awards	7,500			7,500
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement	(20)	1	(1)	(20)
Fair value of non-controlling interest in acquired business	2,168						2,168
Capital contributions from non-controlling interests	4,218						4,218
Share-based compensation, net of forfeitures	11,119	0	(1)	5,511			436	5,173
Distributions	(43,289)						(17,975)	(25,314)
Dividends	(4,850)				(4,850)
Foreign currency translation adjustment	(22)					(22)
Reallocation of equity	0			(2,721)				2,721
Ending balance at Jun. 30, 2023	$ 615,661	$ 328	$ 851	$ 83,374	$ 1,101	$ (155)	$ 321,247	$ 208,915

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Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on common stock	$ 0.15	$ 0.26	$ 0.32	$ 0.47

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (70,192)	$ 221,886
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	6,211	1,520
Amortization of financing costs and debt discount and premium	570	303
Share-based compensation	20,479	13,818
Equity in income of investments	2,006	(4,837)
Changes in unrealized gain (loss) on General Partner Notes Payable	(1,386)	822
Non-cash lease amortization	29	(208)
Unrealized performance allocations	126,309	(135,978)
Unrealized accrued performance allocations compensation	(19,319)	17,225
Change in deferred income taxes	291	(63)
Changes in operating assets and liabilities:
Receivable from affiliates	12,101	1,969
Prepaid and other assets	(4,157)	708
Accounts payable and accrued expenses	(2,179)	11,453
Accrued payroll and benefits	8,579	13,548
Other liabilities	(4,548)	(694)
Insurance loss and self-insurance reserves	(1,260)	465
Accrued performance allocations compensation	94	442
Due to affiliates	(952)	0
Net cash provided by operating activities	72,676	142,379
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(30,711)	(35,384)
Distributions from investments	40	855
Sale of marketable securities	4,420	0
Issuance of notes receivable	(135,039)	(242,905)
Proceeds from collections on notes receivable	143,252	318,255
Purchase of tenant improvements, furniture and equipment	(1,633)	(788)
Deposits	0	661
Cash paid for acquisition, net of cash acquired	(319,364)	(15,089)
Net cash (used in) provided by investing activities	(339,035)	25,605
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions from non-controlling interests	4,229	201
Distributions to non-controlling interests	(68,716)	(126,873)
Repayments of General Partner Notes Payable	(159)	(460)
Dividends paid on Class A common stock	(10,391)	(13,531)
Proceeds from revolving line of credit	250,000	50,000
Payments on revolving line of credit	(170,000)	(50,000)
Borrowings on private notes	150,000	0
Payments of deferred financing costs	(1,924)	(1,015)
Net cash provided by (used in) financing activities	153,039	(141,678)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(113,320)	26,306
Cash, cash equivalents and restricted cash - beginning of period	193,265	83,872
Cash, cash equivalents and restricted cash - end of period	79,945	110,178
Supplemental disclosure of cash flow information:
Cash paid for income taxes	1,782	2,066
Cash paid for interest	8,237	3,118
Non-cash investing and financing activities:
Establishment of lease liabilities in exchange for lease right-of-use assets	550	18,808
Write down of right-of-use assets and lease liabilities for lease termination	(3,032)	0
Origination of short-term loan receivable for prepaid acquisitions	0	40,000
Conversion of note receivable to equity interest investment	1,559	0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement	499	5,948
Deferred tax effect from conversion of profits interests awards	7,500	0
Issuance of Class A Units for acquisition	0	14,930
Non-controlling interest assumed in business combination	86,365	20,053
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	70,969	102,777
Restricted cash	8,976	7,401
Cash, cash equivalents, and restricted cash	$ 79,945	$ 110,178

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ORGANIZATION

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

Bridge Investment Group Holdings Inc. (“we,” “us,” “our,” the “Company” or “Bridge”) is a leading, alternative investment manager, diversified across specialized asset classes. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on various specialized and synergistic investment platforms, including Multifamily, Workforce and Affordable Housing, Seniors Housing, Office, Development, Net Lease Income, Logistics, Debt Strategies, Agency MBS, Single-Family Rental, Property Technology, Renewable Energy and Secondaries. Our broad range of products and vertically integrated structure allow us to capture new market opportunities and serve investors with various investment objectives. Our ability to scale our specialized and operationally driven investment approach across multiple attractive sectors within real estate equity and debt, in a way that creates sustainable and thriving communities, is the ethos of who we are and the growth engine of our success. We have enjoyed significant growth since our establishment as an institutional fund manager in 2009, driven by strong investment returns, and our successful efforts to organically develop and strategically acquire an array of investment platforms focused on sectors of the U.S. real estate market and secondaries investments that we believe are the most attractive.

The Company was incorporated as a Delaware corporation on March 18, 2021, for the purpose of facilitating the Company’s initial public offering (“IPO”) and other related transactions in order to carry on the business of Bridge Investment Group Holdings LLC (formerly known as Bridge Investment Group LLC, or, the “Operating Company”), and its wholly owned subsidiaries.

The Company’s principal asset is a controlling financial interest in the Operating Company through its ownership of the Operating Company’s Class A common units (“Class A Units”) and 100% of the Class B common units (“Class B Units”) (voting only). The Company acts as the sole managing member of the Operating Company and, as a result, indirectly operates and controls all of the Operating Company’s business and affairs and its direct and indirect subsidiaries. As a result, the Company consolidates the financial results of the Operating Company and reports non-controlling interests related to the Class A Units. The assets and liabilities of the Operating Company represent substantially all of the Company’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to the Tax Receivable Agreement. Refer to Note 15, “Income Taxes,” for additional information. As of June 30, 2023, the Company held approximately 25% of the economic interest in the Operating Company. To the extent the Operating Company’s members exchange their Class A Units into our Class A common stock in the future, the Company’s economic interest in the Operating Company will increase.

The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the following investment manager entities, which we refer to collectively as the Fund Managers: Bridge Multifamily Fund Manager LLC, Bridge Seniors Housing Fund Manager LLC (“BSHM”), Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC (“BOFM”), Bridge Development Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, Bridge Net Lease Industrial Fund Manager LLC, Bridge Logistics Properties Fund Manager LLC, Bridge Single-Family Rental Fund Manager LLC, Bridge Investment Group Ventures Fund Manager LLC, Bridge Renewable Energy Fund Manager LLC and Newbury Partners-Bridge LLC (together, the “Fund Managers”). The Fund Managers provide real estate and fund investment advisory services to multiple investment funds and other vehicles, including joint venture real estate projects, separately managed accounts and privately offered real estate-related limited partnerships, including any parallel investment vehicles and feeder funds (collectively, the “funds”). The Operating Company is entitled to a pro rata portion of the management fees earned from providing these services to the funds based on its ownership in the Fund Managers, which ranges from 60% to 100%.

Each time we establish a new fund, our direct owners establish a new general partner for that fund (each, a “General Partner”). We refer to these General Partners collectively as the “Bridge GPs.” The Operating Company and the Bridge GPs are under common control by the direct owners of the Operating Company and the Bridge GPs. Under the terms of the Bridge GP operating agreements, the General Partners are entitled to performance fees from the funds once certain threshold returns are achieved for the limited partners.

Reorganization in Connection with IPO

In connection with the IPO, the Company completed a series of organizational transactions (the “Transactions”). The Transactions included:

•The Operating Company amended and restated its existing limited liability company agreement to, among other things, (1) convert the Operating Company to a limited liability company organized under the laws of the State of Delaware, (2) change the name of the Operating Company from “Bridge Investment Group LLC” to “Bridge Investment Group Holdings LLC,” (3) convert all existing ownership interests in the Operating Company into 97,463,981 Class A Units and a like amount of Class B Units of the Operating Company and (4) appoint the Company as the sole managing member of the Operating Company upon its acquisition of Class A Units and Class B Units (“LLC Interests”);

•The Company amended and restated its certificate of incorporation to, among other things, provide for (1) the recapitalization of the Company’s outstanding shares of existing common stock into one share of our Class A common stock, (2) the authorization of additional shares of our Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to the Company’s stockholders generally and (3) the authorization of shares of our Class B common stock, with each share of our Class B common stock entitling its holder to ten votes per share on all matters presented to the Company’s stockholders generally, and that shares of our Class B common stock may only be held by such direct and indirect holders of Class A Units and our Class B common stock as may exchange at each of their respective options (subject in certain circumstances to time-based vesting requirements and certain other restrictions), in whole or in part from time to time, their Class A Units (along with an equal number of shares of our Class B common stock (and such shares shall be immediately cancelled)) for, at our election, cash or newly issued shares of our Class A common stock) and their respective permitted transferees (collectively, the “Continuing Equity Owners”);

•A series of transactions were effectuated such that, among other things, direct and indirect owners of interests in the Operating Company, various fund manager entities, and certain Bridge GPs (the “Contributed Bridge GPs”) contributed all or part of their respective interests to the Operating Company shares of our Class B common stock and Class A Units, a portion of which were further contributed to the Company in exchange for shares of our Class A common stock; and

•The Company entered into (1) a stockholders agreement with certain of the Continuing Equity Owners (including each of our then executive officers), (2) a registration rights agreement with certain of the Continuing Equity Owners (including each of our then executive officers) and (3) a tax receivable agreement with the Operating Company and the Continuing Equity Owners, as amended and restated (the “Tax Receivable Agreement” or “TRA”).

Initial Public Offering

On July 20, 2021, the Company completed its IPO, in which it sold 18,750,000 shares of our Class A common stock at a public offering price of $16.00 per share receiving approximately $277.2 million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. The net proceeds from the IPO were used to purchase 18,750,000 newly issued Class A Units from the Operating Company at a price per unit equal to the IPO price per share of our Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses. The Operating Company used net proceeds from the public offering to pay approximately $139.9 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the owners of LLC Interests in the Operating Company, prior to the IPO (collectively, “Original Equity Owners”). Refer to Note 16, “Shareholders’ Equity,” for additional information.

In connection with the IPO, owners of the Contributed Bridge GPs contributed 24% to 40% of their interests in the respective Contributed Bridge GPs in exchange for LLC Interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Contributed Bridge GPs. These combined financial statements prior to the IPO include 100% of the operations of the Contributed Bridge GPs for the periods presented on the basis of common control.

Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 shares of our Class A common stock. The Company used 100% of the net proceeds of approximately $18.2 million, after taking into account the underwriting discounts and commissions and estimated offering expenses, to purchase 1,416,278 newly issued Class A Units directly from the Operating Company, at a price per Class A Unit equal to the IPO price per share of our Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Operating Company used all of the net proceeds from the sale of Class A Units to the Company related to this over-allotment option to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners.

Prior to the IPO, the Operating Company and the then-existing Bridge GPs were under common control by the Original Equity Owners (the “Common Control Group”). The Original Equity Owners had the ability to control the Operating Company and each applicable Bridge GP and manage and operate these entities through the Fund Managers, a common board of directors, common ownership, and shared resources and facilities. The Operating Company and the then-existing Bridge GPs represented the predecessor history for the consolidated operations. As a result, the financial statements for the periods prior to the IPO are the combined financial statements of the Operating Company and the then-existing Bridge GPs, as applicable, as the predecessor to the Company for accounting and reporting purposes. We carried forward unchanged the value of the related assets and liabilities recognized in the Contributed Bridge GPs’ financial statements prior to the IPO into our financial statements. We have assessed the Contributed Bridge GPs for consolidation subsequent to the Transactions and IPO and have concluded that the Contributed Bridge GPs represent variable interests for which the Operating Company is the primary beneficiary. As a result, the Operating Company consolidates the Contributed Bridge GPs following the Transactions. BDS I GP LLC was not contributed as part of the Transactions and as such, was derecognized upon the completion of the IPO.

As part of the Transactions, the Operating Company acquired the non-controlling interest of its consolidated subsidiaries BSHM and BOFM, which was accounted for as an equity transaction with no gain or loss recognized in the combined statement of operations. The carrying amounts of the non-controlling interest in BSHM and BOFM were adjusted to zero.

Following the Transactions and the IPO, the Company became a holding company whose principal asset is a controlling financial interest in the Operating Company through its ownership of the Operating Company’s Class A Units and 100% of the Class B Units (voting only). The Company acts as the sole managing member of the Operating Company and, as a result, indirectly operates and controls all of the Operating Company’s business and affairs and its direct and indirect subsidiaries. As a result, the Company consolidates the financial results of the Operating Company and reports non-controlling interests related to the Class A Units. The assets and liabilities of the Operating Company represent substantially all of the Company’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to the Tax Receivable Agreement. Refer to Note 15, “Income Taxes,” for additional information.

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SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation — The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated and combined financial statements included in its annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”).

Principles of Consolidation — The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities — A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company may perform a related party analysis to assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

Voting Interest Entities — Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements.

At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and non-controlling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Non-controlling Interests — Non-controlling interests represent the share of consolidated entities owned by third parties. Bridge recognizes each non-controlling shareholder’s respective ownership at the estimated fair value of the net assets at the date of formation or acquisition. Non-controlling interests are subsequently adjusted for the non-controlling shareholder’s additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. Net income is allocated to non-controlling interests based on the ownership interest during the period. The net income that is not attributable to Bridge is reflected in net income attributable to non-controlling interests in the condensed consolidated statements of operations and comprehensive income and shareholders’ equity.

Non-controlling interests include non-controlling interests attributable to Bridge and non-controlling interests attributable to the Operating Company. Non-controlling interests attributable to the Operating Company represent third-party equity interests in the Operating Company subsidiaries related to general partner and fund manager equity interests as well as profits interests awards. Non-controlling interests attributable to Bridge include equity interests in the Operating Company owned by third-party investors. Non-controlling interests in the Operating Company are adjusted to reflect third-party investors’ ownership percentage in the Operating Company at the end of the period, through a reallocation between controlling and non-controlling interest in the Operating Company, as applicable.

Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the condensed consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments, which directly affect accrued performance allocations and related compensation, the carrying amount of the Company's equity method investments, the measurement of deferred tax balances (including valuation allowances), and the accounting for goodwill, all of which involve a high degree of judgement and complexity and may have a significant impact on net income. Actual results could differ from those estimates and such differences could be material.

Global markets are experiencing continued volatility driven by weakening U.S. fundamentals, rising geopolitical risks in Europe, ongoing economic impacts of the COVID-19 pandemic, softening growth in Asia, global supply chain disruptions, labor shortages, rising commodity prices, availability of debt financing in the capital markets, high inflation and increasing interest rates. As a result, management’s estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.

Cash and Cash Equivalents — The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. Cash balances may be invested in money market accounts that are not insured. The Company holds and invests its cash with high-credit quality institutions in amounts that regularly exceed the amount insured by the Federal Deposit Insurance Corporation for a single financial institution. However, the Company has not realized any losses in such cash investments or accounts and believes it is not exposed to any significant credit risk.

Restricted Cash — Restricted cash primarily consists of a collateral trust account for the benefit of the insurance carriers associated with Bridge Investment Group Risk Management, Inc. (“BIGRM”). These funds are held as collateral for the insurance carriers in the event of a claim that would require a high deductible payment from BIGRM.

Marketable Securities — The Company’s marketable securities are reported at fair value, with changes in fair value recognized through realized and unrealized gains (losses) in other income (expense). Fair value is based on quoted prices for identical assets in active markets. Realized gains and losses are determined on the basis for the actual cost of the securities sold. Dividends on equity securities are recognized as income when declared.

Fair Value — GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

•Level 1 — Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level 2 inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Level 2 inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.

•Level 3 — Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.

In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. Refer to Note 7, “Fair Value Measurements” for additional information.

Fair Value Option — The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. Refer to Note 7, “Fair Value Measurements” for additional information. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company elected the fair value option for the General Partner Notes Payable (as defined in Note 11). The carrying value of the General Partner Notes Payable represents the related General Partner lenders’ net asset value (“NAV”), in the respective fund and the General Partner lenders are entitled to receive distributions and carried interest. The NAV changes over time so marking the General Partner Notes Payable to fair value reflect these changes.

Receivables and Notes Receivable from Affiliates — Receivables consist principally of amounts due from the funds and other affiliates. These include receivables associated with fund or asset management fees, property management fees and other fees. Additionally, the Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the private funds managed by the Company and related properties operated by the Company, which include: (i) organization and offering costs associated with the formation and offering; (ii) direct and indirect operating costs associated with managing the operations of the properties; and (iii) costs incurred in performing investment due diligence. During the normal course of business, the Company makes short-term uncollateralized loans to the funds for asset acquisitions and working capital.

The Company also has notes receivable with employees to purchase an equity interest in the Company or its affiliates or managed funds. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method.

The Company facilitates the payments of these fees, which are recorded as receivables, principally from affiliated parties on the condensed consolidated balance sheets, until such amounts are repaid. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted capital raising, and establishes an allowance for any balances considered not collectible. There were no material receivables considered not collectible as of June 30, 2023 and December 31, 2022.

Accrued Performance Allocations — Performance allocations that are received in advance that remain subject to clawback are recorded as accrued performance allocations in the condensed consolidated balance sheets. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. The Company’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period the Company calculates the accrued performance allocations that would be due to the Company for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued performance allocations to reflect either (a) positive performance resulting in an increase in the accrued performance allocation to the general partner, or (b) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued performance allocation to the general partner. In each scenario, it is necessary to calculate the accrued performance allocation on cumulative results compared to the accrued performance allocation recorded to date and make the required positive or negative adjustments. The Company ceases to record negative performance allocations once previously accrued performance allocations for such fund have been fully reversed. The Company is not obligated to pay guaranteed returns or hurdles in this situation, and therefore, cannot have negative performance allocations over the life of a fund. The carrying amounts of equity method investments are reflected in accrued performance allocations on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, which are based on asset valuations one quarter in arrears.

Other Investments — A non-controlling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of NAV practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss.

For certain equity method investments, the Company records its proportionate share of income on a one to three-month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the condensed consolidated statements of cash flows under the cumulative earnings approach.

Changes in fair value of equity method investments are recorded as realized and unrealized gains (losses) in other income (expense) on the condensed consolidated statements of operations.

Impairment of Investments

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if the carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Leases — The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company primarily enters into operating lease agreements, as the lessee, for office space and certain equipment. Operating leases are included in other assets and other liabilities in the condensed consolidated balance sheet. Certain leases include lease and non-lease components, which the Company accounts for separately. Lease right of use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Leases may include options to extend or terminate the lease which are included in the ROU assets and lease liability when they are reasonably certain of exercise. Lease ROU assets are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate based on information available at the inception date in determining the present value of future minimum lease payments. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheet. Refer to Note 17, “Commitments and Contingencies” for additional information.

Business Combinations — The determination of whether an acquisition qualifies as an asset acquisition or business combination is an area that requires management’s use of judgment in evaluating the criteria of the screen test.

Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.

Acquisitions of Businesses — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

Goodwill — Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. As of June 30, 2023 and December 31, 2022, the Company had goodwill of $233.8 million and $56.0 million, respectively. Refer to Note 8, “Business Combination and Goodwill” for additional information.

The Company performs its annual goodwill impairment test using a qualitative and, if necessary, a quantitative approach as of October 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. The Company performed its annual goodwill impairment assessment as of October 1, 2022, and determined that there was no impairment of goodwill.

The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. As of June 30, 2023, there were no indicators of goodwill impairment.

Intangible Assets — The Company’s finite-lived intangible assets consist primarily of acquired contractual rights to earn future management and advisory fee income. Intangible assets with a finite life are amortized based on the pattern in which the estimated economic benefits of the intangible asset on a straight-line basis, ranging from 4 to 14 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the intangible. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the asset.

Revenue Recognition — Revenues consist of fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums, fund administration fees and other asset management and property income. The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied.

Fund Management Fees — Fund management fees are generally based on a defined percentage of total commitments, invested capital or NAV of the investment portfolios managed by the Fund Managers. Following the expiration or termination of the investment period, the basis on which management fees are earned for certain closed-end funds and managed accounts, generally changes from committed capital to invested capital with no change in the management fee rate. The fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Fund management fees are recognized as revenue in the period advisory services are rendered, subject to our assessment of collectability. Fund management fees also include management fees for joint ventures and separately managed accounts. For Company sponsored closed-end funds, the capital raising period is generally 18 to 24 months. The Fund Managers charge catch-up management fees to investors who subscribe in later closings in amounts equal to the fees they would have paid if they had been in the initial closing (plus interest as if the investor had subscribed in the initial closing). Catch-up management fees are recognized in the period in which the limited partner subscribes to the fund. Fund management fees are presented net of placement agent fees, where the Company is acting as an agent in the arrangement.

Property Management and Leasing Fees — Property management fees are earned as the related services are provided under the terms of the respective property management agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. The Company also earns revenue associated with the leasing of commercial assets. The revenue is recognized upon the execution of the lease agreement.

Construction Management Fees — Construction management fees are earned as the services are provided under the terms of the property management agreement with each property.

Development Fees — Development fees are earned as the services are provided under the terms of the development agreement with each asset.

Transaction Fees — The Company earns transaction fees associated with the due diligence related to the acquisition of assets and financing of assets. The fees are recognized upon the acquisition of the asset or origination of the mortgage or other debt, as applicable.

Fund Administration Fees — The Company earns fund administration fees as services are provided under the terms of the respective fund administration agreement. Fund administration fees include a fixed annual amount plus a percentage of invested or deployed capital. Fund administration fees also include investor services fees which are based on an annual fee per investor. Fees are earned as services are provided and are recognized on a straight-line basis.

Insurance Premiums — BIGRM insures multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, lessor legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period.

Other Asset Management and Property Income — Other asset management and property income is comprised of, among other things, interest on catch-up management fees, fees related to in-house legal and tax professional fees, which is generally billed on an hourly rate to various funds and properties managed by affiliates of the Company, and other miscellaneous fees.

Investment Income — Investment income is based on certain specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Substantially all performance income is earned from funds and joint ventures managed by affiliates of the Company.

Incentive Fees — Incentive fees comprise fees earned from certain fund investor investment mandates for which the Company does not have a general partner interest in a fund. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period.

Performance Allocations — The Company accounts for accrued performance obligations, which represents a performance-based capital allocation from a fund General Partner to the Company, as earnings from financial assets within the scope of Accounting Standards Codification (“ASC”) 323, Investments—Equity Method and Joint Ventures. The underlying investments in the funds upon which the allocation is based reflect valuations on a three-month lag. The Company recognizes performance allocations as a separate revenue line item in the condensed consolidated statements of operations with uncollected carried interest as of the reporting date reported within accrued performance allocations on the condensed consolidated balance sheets.

Carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s partnership agreement or other governing documents. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner based on a fund’s cumulative investment returns. Accordingly, the amount recognized as performance allocation revenue reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period.

As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within accrued performance allocations compensation in the condensed consolidated balance sheets.

Carried interest is realized when an underlying investment is profitably disposed of, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally do not become realized until the end of a fund’s life.

Employee Compensation and Benefits — Employee compensation and benefits include salaries, bonus (including discretionary awards), related benefits, share-based compensation, and cost of processing payroll. Bonuses are accrued over the employment period to which they relate. Equity-classified awards granted to employees that have a service condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The fair value of profits interests awards is determined using a Monte Carlo valuation at date of grant or date of modification when applicable. The fair value of Restricted Stock Units (“RSUs”) and Restricted Stock Awards is determined using the Company's closing stock price on the grant date or date of modification. The Company recognizes compensation expense over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. Refer to Note 20, “Share-Based Compensation and Profits Interests,” for additional information.

Incentive Fees and Performance Allocations Compensation — The Company records incentive fee compensation when it is probable that a liability has been incurred and the amount is reasonably estimable. The incentive fee compensation accrual is based on a number of factors, including the cumulative activity for the period and the expected timing of the distribution of the net proceeds in accordance with the applicable governing agreement.

A portion of the performance allocations earned is awarded to employees. The Company evaluates performance allocations to determine if they are compensatory awards or equity-classified awards based on the underlying terms of the award agreements on the grant date.

Performance allocations awards granted to employees and other participants are accounted for as a component of compensation and benefits expense contemporaneously with our recognition of the related realized and unrealized performance allocation revenue. Upon a reversal of performance allocation revenue, the related compensation expense, if any, is also reversed. Liabilities recognized for carried interest amounts due to affiliates are not paid until the related performance allocation revenue is realized.

Third-party Operating Expenses — Third-party operating expenses represent transactions, largely operation and leasing of assets, with third-party operators of real estate owned by the funds where the Company was determined to be the principal rather than the agent in the transaction.

Realized and Unrealized Gains (Losses) — Realized gains (losses) occur when the Company redeems all or a portion of an investment or when the Company receives cash income, such as dividends or distributions. Unrealized gains (losses) result from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as realized gains (losses) in the condensed consolidated statements of operations.

Finally, the realized and unrealized change in gains (losses) associated with the financial instruments that we elect the fair value option is also included in realized and unrealized gains (losses).

Income Taxes — The Operating Company is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Operating Company flows through to its members, including the Company, and is generally not subject to U.S. federal or state income tax at the level of the Operating Company. The Operating Company’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to local or non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, with the related tax provision reflected in the condensed consolidated statements of operations. As a result, the Operating Company does not generally record U.S. federal and state income taxes on its income or that of its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of units in the Operating Company.

Deferred income tax assets is primarily comprised of the TRA between the Operating Company and each of the Continuing Equity Owners and deferred income taxes related to the operations of Bridge Investment Group Risk Management, Inc. (“BIGRM”). Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more likely than not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more likely than not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as general, administrative and other expenses in the condensed consolidated statements of operations. Refer to Note 15, “Income Taxes” for additional information.

Other than BIGRM and Bridge PM, Inc. (“BPM”), the Operating Company and its subsidiaries are limited liability companies and partnerships, as such, are not subject to income taxes; the individual members of the Operating Company are required to report their distributive share of the Operating Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns.

Tax Receivable Agreement — In connection with the IPO, the Company entered into a TRA with the Operating Company and each of the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) increases in the Company’s allocable share of the tax basis of the Operating Company’s assets resulting from (a) the Company’s purchase of Class A Units directly from the Operating Company and the partial redemption of Class A Units by the Operating Company in connection with the IPO, (b) future redemptions or exchanges (or deemed exchanges in certain circumstances) of Class A Units for our Class A common stock or cash and (c) certain distributions (or deemed distributions) by the Operating Company; (2) the Company’s allocable share of the existing tax basis of the Operating Company’s assets at the time of any redemption or exchange of Class A Units (including in connection with the IPO), which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by the Company and (3) certain additional tax benefits arising from payments made under the TRA. The Company will retain the benefit of the remaining 15% of these net cash tax savings under the TRA.

Segments — The Company operates as one business, a fully integrated real estate investment manager. The Company’s chief operating decision maker, which is the executive chairman, utilizes a consolidated approach to assess financial performance and allocate resources. As such, the Company operates as one business segment.

Earnings Per Share — Basic earnings per share is calculated by dividing net income available to our Class A common stockholders by the weighted-average number of our Class A common shares outstanding for the period.

Diluted earnings per share of our Class A common stock is computed by dividing net income available to our Class A common stockholders after giving consideration to the reallocation of net income between holders of our Class A common stock and non-controlling interests, by the weighted-average number of shares of our Class A common stock outstanding during the period adjusted to give effect to potentially dilutive securities, if any. Potentially dilutive securities include unvested Restricted Stock Awards, RSUs, and Class A Units exchangeable on a one-for-one basis with shares of our Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of our Class A common stock using the more dilutive result of the treasury stock method or the two-class method.

Unvested share-based payment awards, including Restricted Stock Awards and RSUs, that contain non-forfeitable rights to dividends (whether paid or unpaid) are participating securities. Outstanding Class A Units are also considered participating securities. As a result of being participating securities, Restricted Stock Awards, RSUs and Class A Units are considered in the computation of earnings per share of our Class A common stock pursuant to the two-class method.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which has subsequently been amended. The amended guidance requires a company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Prior to ASU 2016-13, GAAP required an “incurred loss” methodology that delayed recognition until it was probable a loss had been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected and the income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. Financial instruments measured at fair value are not within the scope of this guidance. The guidance was effective for the Company on January 1, 2023, and was adopted using a modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the condensed consolidated financial statements of the Company.

Upon adoption of ASU 2016-13, the Company assessed the collection risk characteristics of its outstanding receivables and allocated them into the following pools of receivables: receivables from affiliates, notes receivables from affiliates and notes receivables from employees. The Company’s receivables are predominantly with its investment funds, which have low risk of credit loss based on the Company’s historical experience. Historical credit loss data may be adjusted for current conditions and reasonable and supportable forecasts, including the Company’s expectation of near-term realization based on the liquidity of the affiliated investment funds.

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REVENUE

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

The Company earns base management fees for the day-to-day operations and administration of its managed private funds and other investment vehicles. Other revenue sources include construction and development fees, insurance premiums, fund administration fees, and other asset management and property income, which includes property management and leasing fees, and are described in more detail in Note 2, “Significant Accounting Policies”. The following tables present revenues disaggregated by significant product offerings, which align with the Company’s performance obligations and the basis for calculating each amount for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
FUND MANAGEMENT FEES	2023		2022		2023		2022
Funds	$	59,176	$	47,617	$	111,349	$	98,826
Joint ventures and separately managed accounts	1,141		1,763		2,817		3,254
Total fund management fees	$	60,317	$	49,380	$	114,166	$	102,080

	Three Months Ended June 30,				Six Months Ended June 30,
PROPERTY MANAGEMENT AND LEASING FEES	2023		2022		2023		2022
Multifamily	$	6,871	$	5,964	$	13,587	$	11,277
Seniors Housing	6,662		7,059		13,530		14,165
Office	3,042		4,083		6,956		8,347
Single-Family Rental	2,555		2,510		4,956		4,106
Total property management and leasing fees	$	19,130	$	19,616	$	39,029	$	37,895

	Three Months Ended June 30,				Six Months Ended June 30,
CONSTRUCTION MANAGEMENT FEES	2023		2022		2023		2022
Multifamily	$	1,791	$	1,900	$	4,029	$	3,282
Office	694		468		1,523		902
Seniors Housing	154		58		299		128
Logistics	211		—		282		—
Other	52		—		54		—
Total construction management fees	$	2,902	$	2,426	$	6,187	$	4,312

	Three Months Ended June 30,				Six Months Ended June 30,
TRANSACTION FEES	2023		2022		2023		2022
Acquisition fees	$	4,267	$	15,075	$	6,442	$	31,672
Brokerage fees	415		2,568		617		7,969
Total transaction fees	$	4,682	$	17,643	$	7,059	$	39,641

For the three and six months ended June 30, 2023 and 2022, no individual client represented 10% or more of the Company’s total reported revenues and substantially all of revenue was derived from operations in the United States.

As of June 30, 2023 and December 31, 2022, the Company had $15.2 million and $8.7 million, respectively, of deferred revenues, which is included in other liabilities on the condensed consolidated balance sheets for the periods then ended. During the three and six months ended June 30, 2023, the Company recognized $4.7 and $7.9 million, respectively, as revenue from amounts included in the deferred revenue balance as of December 31, 2022. The Company expects to recognize deferred revenues within a year of the balance sheet date.

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MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2023

Marketable Securities [Abstract]

MARKETABLE SECURITIES

MARKETABLE SECURITIES

The Company invests a portion of the premiums received at BIGRM in exchange traded funds and mutual funds. As of June 30, 2023 and December 31, 2022, the Company’s investment securities are summarized as follows (in thousands):

	Cost		Unrealized (Gains) Losses		Fair Value
June 30, 2023:
Common shares in publicly traded company	$	152	$	10	$	162
Exchange traded funds	1,824		—		1,824
Mutual funds	11,005		(367)		10,638
Total marketable securities	$	12,981	$	(357)	$	12,624
December 31, 2022:
Common shares in publicly traded company	$	132	$	(46)	$	86
Exchange traded funds	2,171		(54)		2,117
Mutual funds	12,884		(473)		12,411
Total marketable securities	$	15,187	$	(573)	$	14,614

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INVESTMENTS

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

The Company has interests in 181 partnership or joint venture entities. The limited liability companies and limited partnerships in which the Company is the general partner are generally engaged directly or indirectly in the acquisition, development, operation, and ownership of real estate. The accounting principles of these entities are substantially the same as those of the Company. Additionally, the Company has direct investments in several funds, including certain Bridge-sponsored funds. The Company’s investments are summarized below (in thousands):

	Carrying Value
Investments	June 30, 2023		December 31, 2022
Accrued performance allocations(1)	$	428,414	$	554,723
Other investments:
Partnership interests in Company-sponsored funds(2)	182,318		65,289
Investments in third-party partnerships(3)	14,153		11,798
Other(4)	11,379		8,369
Total other investments	$	207,850	$	85,456

(1)Represents various investment accounts held by the Bridge GPs for carried interest in Bridge-sponsored funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investment is valued using NAV of the respective vehicle, which are based on asset valuations one quarter in arrears.

(2)Partnership interests in Company-sponsored funds are valued using NAV of the respective vehicle.

(3)Investments in limited partnership interest in third-party private property technology venture capital firms are valued using NAV of the respective vehicle.

(4)Other investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.

The Company recognized a loss related to its accrued performance allocations and other investments of $12.2 million for the three months ended June 30, 2023 and income of $107.2 million for the three months ended June 30, 2022, of which a loss of $10.9 million and income of $103.7 million for three months ended June 30, 2023 and 2022, respectively, related to accrued performance allocations recognized under the equity method. The Company recognized a loss related to its accrued performance allocations and other investments of $114.6 million for the six months ended June 30, 2023 and income of $182.4 million for the six months ended June 30, 2022, of which a loss of $114.7 million and income of $178.5 million for three months ended June 30, 2023 and 2022, respectively, related to accrued performance allocations recognized under the equity method.

Of the total accrued performance allocations balance as of June 30, 2023 and December 31, 2022, $47.5 million and $66.8 million, respectively, were payable to affiliates and are included in accrued performance allocations compensation in the condensed consolidated balance sheets as of the periods then ended.

Fair value of the accrued performance allocations is reported on a three-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a more-timely basis. Subsequent to the quarter ended June 30, 2023, Bridge Multifamily Fund III sold the majority of its assets to a newly formed continuation vehicle managed by Bridge as further described in Note 22. This transaction included a liquidity discount, which is expected to reduce our total accrued performance allocation by approximately 6% to 8%, and is not yet reflected in the reported amounts. In addition, any other changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts.

The Company evaluates each of its equity method investments, excluding accrued performance allocations, to determine if any were significant as defined by the SEC. As of June 30, 2023 and December 31, 2022, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

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NOTES RECEIVABLES FROM AFFILIATES

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

NOTES RECEIVABLES FROM AFFILIATES

NOTES RECEIVABLES FROM AFFILIATES

As of June 30, 2023 and December 31, 2022, the Company had the following notes receivable from affiliates outstanding (in thousands):

	June 30, 2023		December 31, 2022
Bridge Single-Family Rental Fund IV	$	21,624	$	40,566
Bridge Office Fund II	13,000		11,000
Bridge Office Fund I	15,000		6,500
Bridge Net Lease Industrial Income Fund	3,500		—
Bridge Debt Strategies Fund II	—		5,000
Total short-term notes receivables from affiliates	$	53,124	$	63,066
Notes receivables from employees	5,906		4,178
Total notes receivable from affiliates	$	59,030	$	67,244

Interest on the short-term notes receivables from affiliates accrues at a weighted-average fixed rate of 4.94% and 4.82% per annum as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company had approximately $1.1 million and $0.4 million, respectively, of interest receivable outstanding, which is included in other assets in the accompanying condensed consolidated balance sheets for the periods then ended.

During 2023 and 2022, the Company executed multiple notes with employees, none of whom are executive officers or immediate family members of executive officers, which were primarily used to invest in the Company or the Operating Company. As of June 30, 2023 and December 31, 2022, the aggregate outstanding principal amount outstanding was $5.9 million and $4.2 million, respectively. These employee notes receivable have staggered maturity dates beginning in 2026. Certain employee loans are interest-only for the first two years after origination, while all other employee loans accrue interest on a monthly basis after origination. The employee notes receivable accrued interest at a weighted-average rate of 5.00% and 4.025% per annum as of June 30, 2023 and December 31, 2022, respectively.

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Equity Securities: Equity securities traded on a national securities exchange are stated at the last reported sales price as of the condensed consolidated balance sheet dates, June 30, 2023 and December 31, 2022. To the extent these equity securities are actively traded and valuation adjustments are not applied, they are classified as Level I.

Exchange traded funds: Valued using the market price of the fund as of the condensed consolidated balance sheet dates, June 30, 2023 and December 31, 2022. Exchange traded funds valued using quoted prices are classified within Level 1 of the fair value hierarchy.

Mutual funds: Valued at the number of shares of the underlying fund multiplied by the closing NAV per share quoted by that fund as of the condensed consolidated balance sheet dates, June 30, 2023 and December 31, 2022. The value of the specific funds the Company has invested in are validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1 in the fair value hierarchy.

Accrued performance allocations and partnership interests: The Company generally values its investments in accrued performance allocations and partnership interests using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining a fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the NAV per share practical expedient.

Other investments: Investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes. Unrealized gains or losses on other investments are included in unrealized gains (losses) on the condensed consolidated statements of operations.

General Partner Notes Payable: Valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table presents assets that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):

	Level 1		Level 2		Level 3		Measured at NAV		Total
June 30, 2023
Assets:
Common shares in publicly traded company	$	162	$	—	$	—	$	—	$	162
Exchange traded funds	1,824		—		—		—		1,824
Mutual funds	10,638		—		—		—		10,638
Accrued performance allocations	—		—		—		428,414		428,414
Partnership interests	—		—		—		196,471		196,471
Other investments	—		—		11,379		—		11,379
Total assets at fair value	$	12,624	$	—	$	11,379	$	624,885	$	648,888
Liabilities:
General Partner Notes Payable	$	—	$	—	$	—	$	7,091	$	7,091
December 31, 2022
Assets:
Common shares in publicly traded company	$	86	$	—	$	—	$	—	$	86
Exchange traded funds	2,117		$	—	$	—	$	—	$	2,117
Mutual funds	12,411		—		—		—		12,411
Accrued performance allocations	—		—		—		554,723		554,723
Partnership interests	—		—		—		77,087		77,087
Other investments	—		—		8,369		—		8,369
Total assets at fair value	$	14,614	$	—	$	8,369	$	631,810	$	654,793
Liabilities:
General Partner Notes Payable	$	—	$	—	$	—	$	8,633	$	8,633

The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes (in thousands):

	Other Investments
Balance as of December 31, 2022	$	8,369
Purchases	1,451
Conversion of note receivable	1,559
Balance as of June 30, 2023	$	11,379

Accrued performance allocations, investments in funds, and investments in limited partnership interests in third-party private funds are valued using NAV of the respective vehicle. The following table presents investments carried at fair value using NAV (in thousands):

	Fair Value		Unfunded Commitments
June 30, 2023:
Accrued performance allocations	$	428,414	N/A
Partnership interests:
Company-sponsored open-end fund	$	47,873	$	—
Company-sponsored closed-end funds	134,445		28,665
Third-party closed-end funds	14,153		8,127
Total partnership interests	$	196,471	$	36,792
December 31, 2022:
Accrued performance allocations	$	554,723	N/A
Partnership interests:
Company-sponsored open-end fund	$	26,169	$	20,755
Company-sponsored closed-end funds	39,120		3,763
Third-party closed-end funds	11,798		5,569
Total partnership interests	$	77,087	$	30,087

The Company can redeem its investments in the Company-sponsored open-end funds with a 60-day notice. The Company’s interests in its closed-end funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The closed-end funds generally have eight- to ten-year terms, which may be extended in certain circumstances.

Fair Value Information of Financial Instruments Reported at Cost

The carrying values of cash, accounts receivable, due from and to affiliates, interest payable, and accounts payable approximate fair value due to their short-term nature and negligible credit risk.

The following table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost (in thousands):

	Level 1		Level 2		Level 3		Total		Carrying Value
As of June 30, 2023:
Notes payable (private notes)	$	—	$	—	$	418,857	$	418,857	$	450,000
As of December 31, 2022:
Notes payable (private notes)	$	—	$	—	$	270,270	$	270,270	$	300,000

Fair values of the private notes were estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments. As of June 30, 2022, the discount rate range used in determining the fair value of the private notes was between 5.90% and 8.48%. An increase in market interest rates would decrease the estimated fair value of the private notes.

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BUSINESS COMBINATION AND GOODWILL

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION AND GOODWILL

BUSINESS COMBINATION AND GOODWILL

Acquisition of Newbury Partners LLC

On February 13, 2023, affiliates of Bridge entered into a definitive agreement to purchase substantially all of the assets of Newbury Partners LLC (“Newbury”), a Delaware limited liability company, pursuant to the terms of an Asset Purchase Agreement (the “Asset Purchase Agreement”) by and among the Operating Company, Newbury Partners-Bridge LLC, a Delaware limited liability company (an indirect wholly owned subsidiary of the Operating Company, the “Buyer”), Newbury, Richard Lichter and RLP Navigator LLC, a Delaware limited liability company (collectively, the “Newbury Holders”). Bridge acquired substantially all of Newbury’s assets and assumed certain of Newbury’s liabilities for total consideration of $320.1 million paid in cash, subject to certain purchase price adjustments as set forth in the Asset Purchase Agreement (the “Newbury Acquisition”). The transaction closed on March 31, 2023 (the “Acquisition Date”).

During the quarter ended June 30, 2023, the Company made certain measurement period adjustments to equity method investments acquired from Newbury in order to reflect asset valuations as of the Acquisition Date which included the related adjustments to non-controlling interest and goodwill. As of June 30, 2023, the estimated fair values and allocation of consideration are preliminary as the Company continues to evaluate the underlying inputs and assumptions. Accordingly, these provisional values may be subject to adjustment during the measurement period, not to exceed one year from the Acquisition Date, based upon new information obtained about facts and circumstances that existed at the time of closing (in thousands).

Consideration
Cash	$	319,364
Liabilities assumed	736
Total consideration	$	320,100
Assets acquired and liabilities assumed
Net tangible acquired assets			$	79,727
Trade name(1)			3,000
Client relationship(1)			48,000
Management contracts(1)			98,000
Fair value of net identifiable assets acquired			$	228,727
Non-controlling interest(1)			(86,365)
Goodwill(1)			177,738
Total assets acquired and liabilities assumed, net			$	320,100

(1)The fair value was determined using Level 3 assumptions.

In connection with the Newbury Acquisition, the Company expensed the transaction costs of $3.5 million, which is included in general and administrative expenses on the condensed consolidated statement of operations for the six months ended June 30, 2023.

In connection with the Newbury Acquisition, the Company allocated $98.0 million, $48.0 million, and $3.0 million of the purchase price to the fair value of management contracts, client relationships and trade name, respectively. The fair value of management contracts was estimated based upon estimated net cash flows generated from those contracts, discounted at 16.0%, with remaining lives estimated between 4 and 10 years for fund management contracts. The fair value of client relationships was estimated based upon estimated net cash flows expected to be generated under future management contracts, discounted at 22%, with a remaining estimated useful life of 14 years. The trade name was valued using a relief-from-royalty method, based on estimated savings from an avoided royalty rate of 1% on expected revenue discounted at 21.0%, with an estimated useful life of 10 years.

The carrying value of goodwill associated with Newbury was $177.7 million as of the Acquisition Date and is attributable to expected synergies and the assembled workforce of Newbury.

As part of the Newbury Acquisition, approximately $0.7 million of liabilities were assumed by the Operating Company as part of the total consideration.

Supplemental information on a pro forma basis, as if the Newbury Acquisition had been consummated on January 1, 2022, is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues and investment (loss) income	$	88,200	$	214,748	$	86,299	$	404,726
Net income attributable to Bridge Investment Group Holdings Inc.	(4,772)		12,319		(5,041)		21,423

The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and Newbury been a combined entity during the periods presented. These pro forma amounts have been calculated after applying the following adjustments that were directly attributable to the Newbury Acquisition:

•adjustments to reflect the exclusion of accrued performance allocation income and related compensation for certain Newbury funds that were not acquired as part of the Newbury Acquisition;

•adjustments to include the impact of the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2022, together with the consequential tax effects;

•adjustments to reflect compensation agreements and profits interests awards granted to certain transferred employees, as if they were granted on January 1, 2022;

•adjustments to include interest expense related to the 2023 Private Placement Notes and the draw on our Credit Facility (as defined herein) as if it had been consummated on January 1, 2022 and adjustments to exclude interest expense related to the line of credit that was not assumed by the Company in the Newbury Acquisition;

•adjustments to reflect the tax effects of the Newbury Acquisition and the related adjustments as if Newbury had been included in the Company’s results of operations as of January 1, 2022; and

•adjustments to reflect the pro-rata economic ownership attributable to Bridge.

Included in the pro forma financial information for the six months ended June 30, 2023 is $3.5 million and $4.6 million of transaction costs incurred by the Company and Newbury, respectively. There were no transaction costs incurred for the three months ended June 30, 2023 or for three and six months ended June 30, 2022, respectively.

Acquisition of Gorelick Brothers Capital

On January 31, 2022, the Company acquired certain assets of Gorelick Brothers Capital (“GBC”), including a 60% interest in GBC’s asset and property management business (the “GBC Acquisition”). The 60% interest in GBC’s asset and property management business was acquired by the Operating Company for consideration of $30.0 million (total implied value of $50.0 million) with 50% paid in cash and 50% with 694,412 Class A Units of the Operating Company, which was based on a 15-day average of the Company’s closing stock price prior to the closing of the transaction. Upon consummation of the GBC Acquisition, (i) the GBC team and Bridge launched a single-family rental (“SFR”) strategy on the Bridge platform, (ii) Bridge and the former key principals of GBC formed and jointly own a new SFR investment manager within Bridge, and (iii) Bridge and the former GBC principals completed a $660.0 million recapitalization of a portfolio comprising more than 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States. The Operating Company now indirectly owns a 60% majority of the newly created Bridge SFR investment manager, and the former principals of GBC own the remaining 40%.

A majority of the fair value of the purchase consideration was attributed to goodwill, with synergies expected to accrue from the vertically integrated Bridge SFR investment strategy. As part of the transaction, approximately $1.0 million of liabilities were assumed by the Operating Company as consideration for the purchase price. As of June 30, 2023, these assumed liabilities have been paid. The number of Class A Units of the Operating Company that were transferred to GBC as a portion of the total consideration was based on an average closing price of the Company’s Class A common stock from January 13, 2022 through January 27, 2022. Class A Units of the Operating Company are exchangeable on a one-for-one basis with our Class A common stock, subject to certain conditions.

The following table summarizes the total consideration for the GBC Acquisition and the related purchase price allocation for the assets acquired, liabilities assumed and non-controlling interests (in thousands):

Consideration
Cash	$	15,089
Class A Units	14,930
Total consideration for equity interest acquired	$	30,019
Assets acquired, liabilities assumed and non-controlling interests
Cash			$	56
Working capital			623
Trade name(1)			150
In place contracts(1)			3,195
Other liabilities			(104)
Fair value of net assets acquired			$	3,920
Non-controlling interest(1)			(20,053)
Goodwill(1)			46,152
Total assets acquired, liabilities assumed and non-controlling interests, net			$	30,019

(1)The fair value was determined using Level 3 assumptions.

In connection with the GBC Acquisition, the Company expensed the closing costs during the period in which they were incurred, which is included in general and administrative expenses on the condensed consolidated statement of operations for the period then ended.

Intangible assets acquired consist of fund and property management contracts and trade name. The fair value of management contracts was estimated based upon estimated net cash flows generated from those contracts, discounted at 8.5% with remaining lives estimated between five and ten years for fund management contracts and 30 days for property management contracts. The trade name was valued using a relief-from-royalty method, based on estimated savings from an avoided royalty rate of 1.0% on expected revenue discounted at 8.5%, with an estimated useful life of 4 years.

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INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES

6 Months Ended

Jun. 30, 2023

Loss And Loss Adjustment Liability And Expenses [Abstract]

INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES

INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES

BIGRM is a wholly owned subsidiary of Bridge and is licensed under the Utah Captive Insurance Companies Act. BIGRM provides the following insurance policies:

•Lease Security Deposit Fulfillment (limits $500 per occurrence/per property unit);

•Lessor Legal Liability (limits $0.1 million per occurrence/per property unit);

•Workers’ Compensation Deductible Reimbursement (limit $250,000 per occurrence);

•Property Deductible Reimbursement ($1.5 million per occurrence/$5.0 million policy annual aggregate); and

•General Liability Deductible Reimbursement ($5.0 million in excess of $25,000 per occurrence; $10.0 million policy annual aggregate).

Effective June 20, 2023, BIGRM renewed its annual insurances policies, with the policy annual aggregate for Property Deductible Reimbursement insurance increasing from $3.0 million to $5.0 million.

For BIGRM’s insured risks, claim expenses and the related insurance loss reserve liabilities are based on the estimated cost necessary to settle all reported and unreported claims occurring prior to the balance sheet dates. Additionally, claims are expensed when insured events occur or the estimated settlement costs are updated based on the current facts and the reporting date. Additionally, insurance claim expenses and insurance loss reserves include provisions for claims that have occurred but have yet to be reported. Insurance expenses and the insurance loss reserves for both reported and unreported claims are based on the Company’s previous experience and the analysis of a licensed actuary. Management believes such amounts are adequate to cover the ultimate net cost of insured events incurred through June 30, 2023. The insurance loss provisions are estimates and the actual amounts may ultimately be settled for a significantly greater or lesser amount. Any subsequent differences arising will be recorded in the period in which they are determined. As of June 30, 2023 and December 31, 2022, the Company had reserved $8.0 and $9.4 million, respectively.

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SELF-INSURANCE RESERVES

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

SELF-INSURANCE RESERVES

SELF-INSURANCE RESERVES

Medical Self-Insurance Reserves — The Company is primarily self-insured for employee health benefits. The Company records its self-insurance liability based on claims filed and an estimate of claims incurred but not yet reported. There is stop-loss coverage for amounts in excess of $0.2 million per individual per year and a maximum claim liability of $18.0 million. If more claims are made than were estimated or if the costs of actual claims increase beyond what was anticipated, reserves recorded may not be sufficient and additional accruals may be required in future periods. As of June 30, 2023 and December 31, 2022, the Company had reserved $2.8 million and $2.3 million, respectively.

Property and Casualty Reserves — As part of its property management business, the Company arranges for property and casualty risk management for the properties and entities affiliated with the Company (the “Insurance Program”). The Company uses a broker to arrange for insurers to provide coverage deemed necessary by management and required by lenders or property owners. Under the terms of the risk management program, each property has a $25,000 deductible for property and casualty claims for insured events. Insured property losses in excess of $25,000 for multifamily properties and $50,000 of commercial office properties are self-insured or fully insured as described below.

The Risk Management Program for property risks includes a Self-Insured Retention (“SIR”) component in order to more efficiently manage the risks. As of June 30, 2023, the Company’s SIR includes a layer of losses that the Company is responsible for satisfying after the properties have met their $25,000 deductible for each claim. That layer covers losses between $25,000 and $250,000, with an annual aggregate limit of $2.0 million. All multifamily and single-family losses above $250,000 are fully insured. For seniors housing properties, all losses are fully insured after the $50,000 deductible has been met. For commercial office, logistics and net lease properties, all losses are fully insured after the $50,000 deductible has been met. BIGRM, the captive risk management company wholly owned by the Operating Company, provides a $5.0 million insurance policy to cover the following: 100% of the $5.0 million layer above the multifamily deductible and SIR. All losses above $5.0 million are fully insured by multiple outside insurance carriers. Effective June 20, 2023, the per-occurrence limit for any single loss is $1.5 million with the annual aggregate limit increasing from $3.0 million to $5.0 million. All losses above the SIR thresholds are fully insured with the exception of catastrophic loss deductibles in excess of the deductibles outlined above. Catastrophic losses, in zones deemed catastrophic (CAT Zones), such as earthquake, named storm and flood zones, have deductibles that equal up to 5% of the insurable value of the property affected for a particular loss. Any catastrophic losses in non-CAT Zones are insured with the same $25,000/$50,000 deductibles and SIR of $75,000 for multifamily properties as outlined above.

On June 20, 2020, the Company added a general liability SIR aggregate limit of $10.0 million with a per-occurrence limit of $2.0 million and per location limit of $4.0 million, which was increased on June 20, 2022 to a per-occurrence of limit $5.0 million and per location limit of $10.0 million. Any insurance claims above these limits are fully insured by multiple outside insurance carriers. BPM insured this retention with the BIGRM captive. As of June 30, 2023 and December 31, 2022, the Company had reserved $0.8 million and $1.1 million, respectively.

As of June 30, 2023 and December 31, 2022, the total self-insurance reserve liability was $3.6 million and $3.5 million, respectively.

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GENERAL PARTNER NOTES PAYABLE

6 Months Ended

Jun. 30, 2023

General Partner Notes Payable [Abstract]

GENERAL PARTNER NOTES PAYABLE

GENERAL PARTNER NOTES PAYABLE

The Bridge GPs traditionally have a General Partner commitment to the respective fund, which is usually satisfied by affiliates’ direct investment into the funds. For the General Partner commitments for BSH I GP and BMF III GP this commitment was satisfied by notes payable (“General Partner Notes Payable”) between the General Partner and certain related parties or outside investors (“GP Lenders”) for reduced management fees. Under the terms of the General Partner Notes Payable, the GP Lender enters into notes payable with the respective General Partner, which then subscribes to the respective fund for the same amount as the amount of the General Partner Notes Payable. The General Partner Notes Payable mature based upon the terms of the limited partnership agreement of the respective fund. The carrying value of the General Partner Notes Payable represents the related GP Lender’s net asset value in the fund. The GP Lenders are entitled to all returned capital and profit distributions net of management fees and carried interest. We have elected the fair value option for the General Partner Notes Payable so that changes in value are recorded in unrealized gains (losses). The following table summarizes the carrying value of the General Partner Notes Payable (in thousands):

			Fair Value
	Commitment		June 30, 2023		December 31, 2022
Bridge Seniors Housing Fund I	$	4,775	$	3,705	$	4,319
Bridge Multifamily Fund III	9,300		3,386		4,314
Total	$	14,075	$	7,091	$	8,633

The Company has no repayment obligation other than the return of capital and profit distributions, net of management fees and carried interest allocation of the respective fund.

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LINE OF CREDIT

6 Months Ended

Jun. 30, 2023

Line of Credit Facility [Abstract]

LINE OF CREDIT

LINE OF CREDIT

On June 3, 2022, the Operating Company entered into a credit agreement with CIBC, Inc. and Zions Bancorporation, N.A. d/b/a Zions First National Bank as Joint Lead Arrangers (the “Credit Agreement”). The Credit Agreement allows for total revolving commitments of up to $125.0 million, which may be increased up to $225.0 million, contingent on certain criteria being met (the “Credit Facility”). The Credit Facility matures on June 3, 2024, subject to potential extension under certain circumstances.

Borrowings under the Credit Facility bear interest based on a pricing grid with a range of a 2.50% to 3.00% over the Term Secured Overnight Financing Rate (“SOFR”) as determined by the Company’s leverage ratio, or upon achievement of an investment grade rating, interest is then based on a range of 1.75% to 2.25% over Term SOFR. The Credit Facility is also subject to a quarterly unused commitment fee of up to 0.20%, which is based on the daily unused portion of the Credit Facility. Borrowings under the Credit Facility may be repaid at any time during the term of the Credit Agreement, but the Credit Facility requires paydown at least once annually.

On January 31, 2023, the Company entered into an amendment to the Credit Facility, pursuant to which (i) the Company exercised its option to increase the total revolving commitments under the Credit Facility to $225.0 million, (ii) the variable interest rates under the applicable pricing grid were each increased by 15 basis points and (iii) the quarterly unused commitment fee was increased to 0.25%.

Under the terms of the amended Credit Agreement, certain of the Operating Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Operating Company to maintain (1) a debt to Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) ratio of no more than 3.75x, (2) minimum liquidity of $15 million and (3) minimum quarterly EBITDA of $15 million and minimum EBITDA for the trailing four fiscal quarters of $80 million.

The carrying value of the Credit Facility approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

On July 22, 2020, the Operating Company entered into a secured revolving line of credit to borrow up to $75.0 million (“Line of Credit”). Borrowings under this arrangement accrued interest at LIBOR plus 2.25%. The Line of Credit contained various financial covenants applicable to the Operating Company. The covenants required the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.0x, (2) minimum liquidity of $2.5 million, (3) $20.0 million of affiliate deposits in a specific financial institution and (4) minimum quarterly EBITDA of $10.0 million. The Line of Credit was to mature on July 22, 2022, however the Company terminated the Line of Credit in June 2022 in connection with its entry into the Credit Agreement.

As of June 30, 2023, the outstanding balance on the Credit Facility was $80.0 million with a weighted-average interest rate in effect of 7.00%. During the three and six months ended June 30, 2023, the Company incurred interest expense of approximately $2.5 million and $2.9 million, respectively, and unused commitments fees of $45,000 and $0.1 million, respectively. The Company incurred interest expense of approximately $0.1 million and unused commitments fees of $16,000 for both the three and six months ended June 30, 2022.

Debt issuance costs related to the Credit Facility are included in other assets in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, the Company was in full compliance with all debt covenants.

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NOTES PAYABLE

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTES PAYABLE

On July 22, 2020, the Operating Company entered into a $150.0 million note purchase agreement, pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $75.0 million of 3.9% with a five-year term maturing on July 22, 2025, and $75.0 million of 4.15% notes with a seven-year term maturing on July 22, 2027 (the “2020 Private Placement Notes”).

On June 3, 2022, the Operating Company entered into a $150.0 million note purchase agreement pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $75.0 million of 5.0% notes with a ten-year term maturing on July 12, 2032, and $75.0 million of 5.1% notes with a twelve-year term maturing on July 12, 2034 (the “2022 Private Placement Notes”).

On February 13, 2023, the Operating Company entered into a $150.0 million note purchase agreement pursuant to which the Operating Company issued two tranches of notes in a private placement offering. The transaction consisted of $120.0 million of 6.0% notes with a seven-year term maturing on March 29, 2030 and $30.0 million of 6.1% notes with a ten-year term maturing on March 29, 2033 (the “2023 Private Placement Notes” and together with the 2020 Private Placement Notes and 2022 Private Placement Notes, the “Private Placement Notes”). The 2023 Private Placement Notes closed in connection with the closing of the Newbury Acquisition.

Under the terms of the Private Placement Notes, certain of the Operating Company’s assets are pledged as collateral. The Private Placement Notes contain covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; engage in new or different lines of business; and engage in transactions with affiliates. The Private Placement Notes also contain financial covenants requiring the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million and (3) minimum quarterly EBITDA of $15.0 million and minimum EBITDA for the trailing four fiscal quarters of $80.0 million.

As of June 30, 2023 and December 31, 2022, unamortized deferred financing costs were $3.8 million and $2.7 million, respectively, and the net carrying value of the Private Placement Notes was $446.2 million and $297.3 million, respectively. As of June 30, 2023, the Company was in full compliance with all debt covenants.

The following table presents scheduled principal payments of the Private Placement Notes as of June 30, 2023 (in thousands):

2025	$	75,000
2026	—
2027	75,000
Thereafter	300,000
Total	$	450,000

The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Private Placement Notes are recorded as a reduction of the corresponding debt obligation. All debt issuance costs are amortized over the remaining term of the related obligation.

During the three months ended June 30, 2023 and 2022, interest expense was $5.7 million and $1.5 million, respectively. During the six months ended June 30, 2023 and 2022, interest expense was $9.1 million and $3.0 million, respectively.

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REALIZED AND UNREALIZED GAINS (LOSSES)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

REALIZED AND UNREALIZED GAINS (LOSSES)

REALIZED AND UNREALIZED GAINS (LOSSES)

Realized gains (losses) in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments and other financial instruments, including the General Partner Notes Payable for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following tables summarize realized gains (losses) on investments and other financial instruments for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total
Investment in Company-sponsored funds	$	619	$	(2,448)	$	(1,829)	$	(256)	$	5,097	$	4,841
Investment in third-party partnerships	(46)		(92)		(138)		(49)		7		(42)
General Partner Notes Payable	(25)		469		444		28		(1,021)		(993)
Total realized and unrealized gains (losses)	$	548	$	(2,071)	$	(1,523)	$	(277)	$	4,083	$	3,806

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total
Investment in Company-sponsored funds	$	165	$	(1,517)	$	(1,352)	$	(249)	$	3,857	$	3,608
Investment in third-party partnerships	(151)		33		(118)		(61)		1,593		1,532
General Partner Notes Payable	(191)		1,577		1,386		(68)		(754)		(822)
Total realized and unrealized gains (losses)	$	(177)	$	93	$	(84)	$	(378)	$	4,696	$	4,318

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INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company is taxed as a corporation for U.S. federal and state income tax purposes. In addition to U.S. federal and state income taxes, the Company is subject to local and foreign income taxes, with respect to the Company’s allocable share of any taxable income generated by the Operating Company that flows through to the Company.

The Operating Company and its subsidiaries, other than BIGRM and BPM, are limited liability companies or limited partnerships and, as such, are not subject to income taxes. The individual owners of the Operating Company and its subsidiaries are required to report their distributive share of realized income, gains, losses, deductions, or credits on their individual income tax returns.

The deferred income tax asset related to the TRA and the corresponding TRA liability as of June 30, 2023 was $61.8 million and $51.5 million, respectively, and $53.9 million and $52.0 million as of December 31, 2022, respectively. The increase in the deferred income tax asset during the three and six months ended June 30, 2023 was primarily attributed to the collapse of 2020 profits interests awards into shares of Class A common stock and Class A Units, as further described in Note 16.

The Company’s effective tax rate is dependent on many factors, including the estimated amount of income subject to tax. Consequently, the effective tax rate can vary from period to period. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate primarily because a portion of income is allocated to non-controlling interests, and the tax liability on such income is borne by the holders of such non-controlling interests.

For the three and six months ended June 30, 2023, the Company utilized the discrete effective tax rate method, as allowed by ASC 740-270-30-18, “Income Taxes – Interim Reporting,” to calculate its interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate (“AETR”) is impractical because it is not possible to reliably estimate the AETR. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. The Company believes that, at this time, the use of the discrete method is more appropriate than the AETR method as (i) the estimated AETR method is not reliable due to the high degree of uncertainty in estimating annual pretax earnings and (ii) small changes in the projected ordinary annual income would result in significant changes in the AETR. The Company will re-evaluate the use of the discrete method each quarter until it is deemed appropriate to return to the AETR method.

The Company’s AETR was approximately 2% and 4% for the three and six months ended June 30, 2022, respectively.

The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized.

As of June 30, 2023, the Company had no unrecognized tax positions and does not expect any changes to uncertain tax positions within the next 12 months.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. Although the outcome of tax audits is always uncertain, based on information available to the Company as of the date hereof, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s condensed consolidated financial statements.

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SHAREHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

SHAREHOLDERS’ EQUITY

Initial Public Offering

On closing of the IPO, owners of the Contributed Bridge GPs contributed their interests in the respective Contributed Bridge GPs in exchange for LLC Interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Contributed Bridge GPs. Subsequent to the Transactions, the Operating Company consolidates the Contributed Bridge GPs. These condensed consolidated financial statements include 100% of the results of operations and performance of the Contributed Bridge GPs for the periods presented, including prior to the IPO, on the basis of common control prior to the Transactions. The net income that is not attributable to the Operating Company is reflected in net income attributable to non-controlling interests in the subsidiaries in the condensed consolidated statements of operations and comprehensive income.

Prior to the Transactions, the Contributed Bridge GPs had three classes of shares: (i) Class A; (ii) Class C; and (iii) Class D. Class A represented the voting interest and Classes C and D represented allocations of carried interest to employees of the Operating Company, which are included in performance allocations compensation. As part of the Transactions, all of the Class C shares of the Contributed Bridge GPs were exchanged for interests in the Operating Company. Generally, if at the termination of a fund (and at interim points in the life of a fund), the fund has not achieved investment returns that exceed the preferred return threshold or (in all cases) the applicable Bridge GP receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GP will be obligated to repay an amount equal to the excess of amounts previously distributed to the Bridge GP over the amounts to which the Bridge GP was ultimately entitled (generally net of income tax liabilities associated with related allocations of taxable income).

All of the distributable earnings of the Operating Company prior to the IPO were payable to the Original Equity Owners. As of June 30, 2023 and December 31, 2022, there was $0.5 million that was declared that had not yet been distributed to Original Equity Owners.

Changes in Shareholders’ Equity and Non-Controlling Interests

Collapse of 2020 Profits Interests Awards

On January 1, 2023, certain of the Company’s 2020 profits interests awards were collapsed into 801,927 shares of our Class A common stock and 2,025,953 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on distributable earnings attributable to the Operating Company, distributable earnings of the applicable subsidiary where such profits interests were held, and the market price of our Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to January 1, 2023; however, there was a corresponding increase in the number of outstanding Class A Units and shares of our Class A common stock. The collapse of the 2020 profits interests awards was partially accounted for as a modification and partially accounted for as cancellations. For the 2020 profits interests awards that were cancelled, the Company accelerated the recognition of the unamortized share-based compensation expense amounting to $0.3 million for the six months ended June 30, 2023.

Collapse of 2019 Profits Interests Awards

On January 1, 2022, certain of the Company’s 2019 profits interests awards were collapsed into 790,424 shares of our Class A common stock and 13,255,888 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on distributable earnings attributable to the Operating Company, distributable earnings of the applicable subsidiary where such profits interests were held, and the market price of our Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to January 1, 2022; however, there was a corresponding increase in the number of outstanding Class A Units and shares of our Class A common stock. The collapse of the 2019 profits interests awards was partially accounted for as a modification and partially accounted for as cancellations. For the 2019 profits interests awards that were cancelled, the Company accelerated the recognition of the unamortized share-based compensation expense amounting to $0.6 million for the six months ended June 30, 2022.

Issuance of Class A Units for GBC Acquisition

In January 2022, the Company acquired a 60% interest in GBC’s asset and property management business for consideration of $30 million, with 50% paid in cash and 50% paid through the issuance of 694,412 Class A Units of the Operating Company valued at $14.9 million, which was based on an average of the closing stock price of our Class A common stock prior to the closing of the GBC Acquisition.

Redemptions of Non-controlling Interest in Bridge Investment Group Holdings Inc.

Certain current and former employees of the Company directly or indirectly own interests in the Operating Company, presented as non-controlling interests in the Operating Company. Non-controlling interests in the Operating Company have the right to require the Operating Company to redeem part or all of such member’s Class A Units for cash based on the market value of an equivalent number of shares of our Class A common stock at the time of redemption, or at the Company’s election as managing member of the Operating Company, through issuance of shares of our Class A common stock on a one-for-one basis. At the end of each period, non-controlling interests in the Operating Company is adjusted to reflect their ownership percentage in the Operating Company at the end of the period, through a reallocation between controlling and non-controlling interests in the Operating Company.

During the six months ended June 30, 2023, 161,754 Class A Units were redeemed, with the issuance of our Class A common stock on a one-for-one basis.

Bridge Investment Group Holdings Inc.

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Our Class A common stock is traded on the New York Stock Exchange. As of June 30, 2023, the Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.01 per share, 237,680,340 shares of Class B common stock with a par value of $0.01 per share, and 20,000,000 shares of preferred stock, with a par value of $0.01 per share. Each share of our Class A common stock is entitled to one vote and each share of our Class B common stock is entitled to ten votes. Refer to Note 1, “Organization” for additional information about the Company’s common stock.

As of June 30, 2023, 32,767,289 shares of our Class A common stock (including Restricted Stock) were outstanding, 85,144,321 shares of our Class B common stock were outstanding, and no shares of preferred stock were outstanding.

The following table presents a reconciliation of Bridge Investment Group Holdings Inc. common stock for the six months ended June 30, 2023:

	Bridge Investment Group Holdings Inc.
	Class A Common Stock	Class A Restricted Common Stock	Class B Common Stock
Balance as of December 31, 2022	24,484,585	5,003,936	85,301,127
Class A common stock issued - 2020 profits interests conversion	8,671	793,256	—
Class A common stock issued - unitholder conversions	161,754	—	(111,754)
Class A restricted common stock issued	—	2,424,142	(45,052)
Class A restricted common stock forfeited	—	(109,055)	—
Class A restricted common stock vested	598,495	(598,495)	—
Balance as of June 30, 2023	25,253,505	7,513,784	85,144,321

Dividends are made to our Class A common stockholders and distributions are made to members of the Operating Company and holders of non-controlling interests in subsidiaries. Distributions are reflected when paid in the condensed consolidated statements of stockholders’ equity, while dividends on our Class A common stock are reflected when declared by the Company’s board of directors.

During the three and six months ended June 30, 2023 and 2022, the Company declared and paid the following dividends on our Class A common stock (dollars in thousands, except per share amounts):

Dividend Record Date	Dividend Payment Date	Dividend per Share of Common Stock		Dividend to Common Stockholders
March 10, 2023	March 24, 2023	$	0.17	$	5,541
June 2, 2023	June 16, 2023	0.15		4,850
		$	0.32	$	10,391
March 11, 2022	March 25, 2022	$	0.21	$	5,917
June 3, 2022	June 17, 2022	0.26		7,614
		$	0.47	$	13,531

Bridge Investment Group Holdings LLC

Prior to the IPO, the Operating Company had three classes of membership interests: (i) Class A; (ii) Class B-1; and (iii) Class B-2. Class A and Class B-1 represented the voting equity holders and Class B-2 represented profits interests awarded to employees of the Operating Company. Class B-1 and B-2 interests were issued as “profits interests,” pursuant to agreements entered into with certain employees during 2021, 2020 and 2019. At the time of issuance, the Class B-1 and B-2 interests had a capital account interest of zero. The holders of Class B-1 and B-2 interests were entitled to distributions in excess of the defined threshold per the respective award. The holders of Class B-2 interests did not have voting rights. As part of the Transactions, the Class B-1 and Class B-2 interests were exchanged for Class A Units in the Operating Company. As part of the Transactions, 97,463,981 new Class B Units were issued.

Net profits and any other items of income are allocated to the members’ capital accounts in a manner that is consistent with their respective ownership percentages. Distributions to members are generally made in a manner consistent with their respective ownership percentages at the time the profits were generated and are subject to approval of the Company’s board of directors. During the three and six months ended June 30, 2023, $18.0 million and $19.4 million, respectively, was distributed to non-controlling interests in the Operating Company and $25.3 million and $49.3 million, respectively, was distributed to non-controlling interest in the Company. During the three and six months ended June 30, 2022, $38.6 million and $56.1 million, respectively, was distributed to the Operating Company’s members and $42.2 million and $70.8 million, respectively, was distributed to non-controlling interests in the Operating Company.

The Operating Company’s members’ capital interests are transferable; however, transfers are subject to obtaining the prior written consent of the Company, with certain exceptions for transfers to affiliated parties. Members’ liability is limited to the capital account balance. Distributions are reflected in the condensed consolidated statements of changes in equity when declared by the board of directors and consist of distributions to members and non-controlling interest holders.

As of June 30, 2023, the Company is the sole managing member of the Operating Company, and owns 32,767,289 Class A Units and 97,463,981 Class B Units (voting only) of the Operating Company, which represents 25% and 100% of the total outstanding Class A Units and Class B Units, respectively. The Company controls the business and affairs of the Operating Company and its direct and indirect subsidiaries.

The following table presents a reconciliation of the Operating Company’s Class A Units and Class B Units for the six months ended June 30, 2023:

	Bridge Investment Group Holdings LLC
	Class A Units	Class B Units
Balance as of December 31, 2022	124,445,671	97,463,981
Issuance of Class A Units	2,844,638	—
Forfeiture of unvested Class A Units	(48,191)	—
Balance as of June 30, 2023	127,242,118	97,463,981

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

The Company leases office space generally under long-term non-cancelable operating lease agreements. The terms of each lease are unique and some permit early cancellation, while other leases have only a short period of time remaining on what was originally a longer dated lease agreement that is nearing the maturity. Certain leases contain renewal options, rent escalations, and terms to pay a proportionate share of the operating expenses. Rent expense is recorded on a straight-line basis over the lease term for leases with determinable rent escalation and lease incentives.

The following table summarizes the Company’s leases as of June 30, 2023 and December 31, 2022 (dollar amounts in thousands):

	June 30, 2023			December 31, 2022
Right-of-use assets, included in Other assets	$	12,203		$	15,260
Lease Liabilities, included in Other liabilities	$	14,642		$	17,490
Weighted-average remaining lease term (in years)	3.9			4.2
Weighted-average discount rate	4.05		%	4.24		%

The components of lease expense included in general and administrative in the condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease costs	$	1,332	1,056		2,341		2,121
Variable lease costs	42		70		106		102
Total lease costs, included in general and administrative expenses	$	1,374	$	1,126	$	2,447	$	2,223
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,445	$	894	$	2,737	$	2,061

As of June 30, 2023, the maturities of operating lease liabilities were as follows (in thousands):

2023 (excluding the six months ended June 30, 2023)	$	2,811
2024	3,969
2025	3,041
2026	2,924
2027	2,667
Thereafter	105
Total lease liabilities	15,517
Less: Imputed interest	(875)
Total operating lease liabilities	$	14,642

Allocated Performance Income — Allocated performance income is affected by changes in the fair values of the underlying investments in the funds that we advise. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the applicable Bridge GP receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GP will be obligated to repay carried interest that was received by the Bridge GP in excess of the amounts to which the Bridge GP is entitled. This contingent obligation is normally reduced by income taxes paid by the members of the Bridge GP (including the Company) related to its carried interest. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Bridge GP if the Bridge GP has recognized more performance income than was ultimately earned. The general partner clawback obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.

As of June 30, 2023 and December 31, 2022, if the Company assumed all existing investments were worthless, the amount of performance income subject to potential repayment by the Bridge GPs, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $183.6 million and $177.7 million, respectively, of which $68.9 million and $141.4 million, respectively, is reimbursable to the Bridge GPs by certain professionals who are the recipients of such performance income. Management believes the possibility of all of the investments becoming worthless is remote. If the funds were liquidated at their fair values as of June 30, 2023, there would be no contingent repayment obligation or liability.

Legal Matters — In the normal course of business, the Company is party to certain claims or legal actions. Although the amount of the ultimate exposure cannot be determined at this time, the Company believes that the resolution of these matters will not have a material adverse effect on its financial position, liquidity or results of operations.

Standby Letters of Credit — As of June 30, 2023, the Company has guaranteed a $6.8 million standby letter of credit related to the self-insurance program of the properties owned by the funds. Additionally, as of June 30, 2023, the Company has guaranteed a $0.4 million standby letter of credit related to an operating lease.

Indemnifications and Other Guarantees — In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to certain officers and directors when they act in good faith in the performance of their duties for the Company. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheet as of June 30, 2023. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

The Company may incur contingent liabilities for claims that may be made against it in the future. The Company enters into contracts that contain a variety of representations, warranties and covenants. For example, the Company, and certain of the Company’s funds have provided non-recourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, in connection with certain investment vehicles that the Company manages. The Company’s maximum exposure under these arrangements is currently unknown, and the Company’s liabilities for these matters would require a claim to be made against the Company in the future.

The Operating Company may provide guaranties to a lending institution for certain loans held by employees for investment in Bridge funds not to exceed $8.0 million. There were no outstanding loans guaranteed by the Operating Company under this program as of June 30, 2023

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VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company’s involvement with its sponsored funds comprises fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company and contain terms and conditions that are customary to similar at-market fee arrangements.

The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. As the Company’s direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. Additionally, the Company has investments in funds sponsored by third parties that we do not consolidate as we are not the primary beneficiary. The Company’s maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated private funds, totaling $196.5 million and $77.1 million as of June 30, 2023 and December 31, 2022, respectively, which is included in other investments on the condensed consolidated balance sheets for the periods then ended.

During the three months ended June 30, 2023, the Company made a direct investment in Bridge Solar Energy Development Fund LP. Due to the timing of capital raising efforts, the Company’s equity interest was considered significant to the fund as of June 30, 2023, and as a result the fund was consolidated in the Company’s financial statements for the period then ended.

The assets of the Operating Company’s consolidated VIEs totaled $1,283.2 million and $1,099.5 million as of June 30, 2023 and December 31, 2022 respectively, while the liabilities of the consolidated VIEs totaled $685.0 million and $455.6 million as of the same dates, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities. Additionally, the Operating Company is a VIE that is consolidated by the Company.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Receivables from Affiliates

Substantially all of the Company’s revenue is earned from its affiliates, including fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums, and real estate mortgage brokerage and administrative expense reimbursements. The related accounts receivable is included within receivables from affiliates within the condensed consolidated balance sheets.

The Company has investment management agreements with the funds that it manages. In accordance with these agreements, the funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the funds. The Company also has entered into agreements to be reimbursed for its expenses incurred for providing administrative services to certain related parties, including Bridge Founders Group, LLC.

Employees and other related parties may be permitted to invest in Bridge funds alongside fund investors. Participation is limited to individuals who qualify under applicable securities laws. These funds generally do not require these individuals to pay management or performance fees. The Company considers its corporate professionals and non-consolidated funds to be affiliates.

Receivables from affiliates were comprised of the following as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Fees receivable from non-consolidated funds	$	21,802	$	31,712
Payments made on behalf of and amounts due from non-consolidated entities	19,901		22,092
Total receivables from affiliates	$	41,703	$	53,804

Notes Receivables from Affiliates

As of June 30, 2023 and December 31, 2022, the Company had total notes receivables from affiliates of $59.0 million and $67.2 million, respectively. Refer to Note 6, “Notes Receivables from Affiliates” for additional information.

Due to Affiliates

As of June 30, 2023 and December 31, 2022, the Company had accrued $51.5 million and $52.0 million, respectively, due to affiliates in connection with the TRA, which was included in due to affiliates on the condensed consolidated balance sheets for the periods then ended. Refer to Note 2, “Significant Accounting Policies,” and Note 15, “Income Taxes” for additional information.

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS

6 Months Ended

Jun. 30, 2023

SHARE-BASED COMPENSATION AND PROFITS INTERESTS [Abstract]

SHARE-BASED COMPENSATION AND PROFITS INTERESTS

SHARE-BASED COMPENSATION AND PROFITS INTERESTS

Restricted Stock and RSUs

On July 6, 2021, the Company adopted the 2021 Incentive Award Plan, which became effective on July 20, 2021, under which 6,600,000 shares of our Class A common stock were initially reserved for issuance. Pursuant to the terms of the 2021 Incentive Award Plan, the number of shares available for issuance under the 2021 Incentive Award Plan increases automatically on the first day of each calendar commencing on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (a) 2% of the number of outstanding shares of our Class A common stock (calculated on an “as-converted” basis taking into account any and all securities (including membership interests in the Operating Company) convertible into, or exercisable, exchangeable, or redeemable for, Class A common stock) on the final day of the immediately preceding calendar year and (b) an amount determined by our board of directors. On January 1, 2023, the number of shares available under the 2021 Incentive Award Plan increased to 11,412,508. As of June 30, 2023, 4,400,905 shares remained available for future grants. Restricted Stock and RSUs are subject to graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversaries of the grant date. At vesting of the RSUs, the Company issues shares of Class A common stock.

The fair value of the Restricted Stock and RSUs is based upon our stock price at grant date and is expensed over the vesting period. We classify both Restricted Stock and RSUs as equity instruments. Share-based compensation expense is included in employee compensation and benefits in the condensed consolidated statement of operations, with the corresponding increase included in additional paid-in capital or non-controlling interests on the condensed consolidated balance sheet. If the recipient ceases to be employed by the Company prior to vesting of the Restricted Stock or RSUs, the awards are forfeited. The Company reversed share-based compensation related to Restricted Stock and RSU forfeitures of approximately $0.4 million and $0.6 million for the three and six months ended June 30, 2023, respectively, and $0.1 million for the three and six months ended June 30, 2022.

Restricted Stock is Class A common stock with certain restrictions that relate to trading and carry the possibility of forfeiture. Holders of Restricted Stock have full voting rights and receive dividends during the vesting period. RSUs represent rights to one share of common stock for each unit. Holders of RSUs receive dividend equivalents during the vesting period but do not have voting rights.

During the six months ended June 30, 2023, 31,000 RSUs were issued at a weighted-average fair value per share of $12.05.

The following table summarizes Restricted Stock activity for the six months ended June 30, 2023:

	Restricted Stock	Weighted-Average  Fair Value per Share
Balance as of December 31, 2022	5,013,796	$	20.54
Issued	3,217,398	12.01
Vested	(598,495)	17.67
Forfeited	(118,915)	17.74
Balance as of June 30, 2023	7,513,784	$	17.16

The total value at grant date of Restricted Stock and RSUs granted during the six months ended June 30, 2023 was $38.6 million and $0.4 million, respectively. As of June 30, 2023, 7,513,784 shares of Restricted Stock and 97,637 RSUs were expected to vest with fair value of $85.3 million and $1.1 million, respectively.

As of June 30, 2023, the aggregate unrecognized compensation cost for all unvested Restricted Stock and RSU awards was $74.5 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Profits Interests

The Operating Company issued profits interests in the Operating Company and certain Fund Managers in 2019, 2020, and 2021 to certain members of management to participate in the growth of the Operating Company and the respective Fund Managers. A holding company was formed for each of the Fund Managers to hold these profits interests. The holding company’s ownership equates from 5% to 40% of the related Fund Managers above a certain income and valuation threshold. The Operating Company issued two types of profits interests: (i) award shares and (ii) anti-dilutive shares. The fair value of these awards was determined using a Monte Carlo Valuation model. Each of the awards has an earnings threshold for distributions and equity appreciation. The grant date fair value of the profits interests awards are expensed over the vesting period. The award shares are subject to graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversaries of the grant date. The Operating Company also issued anti-dilutive awards to active partners. Since the anti-dilutive awards were fully vested, the Company recorded 100% of the fair value as share-based compensation in the year the anti-dilutive shares were granted. Certain of the 2019 and 2020 profits interests awards have been collapsed into shares of our Class A common stock and Class A Units, as further described in Note 16, “Shareholders’ Equity.”

In August 2022, the Company issued profits interests in certain Fund Managers to certain members of management to participate in the growth of the respective Fund Managers (the “2022 profits interests”). Each of the 2022 profits interests awards have an earnings threshold for distributions. The 2022 profits interests are also subject to continued employment and graded vesting with approximately one-third of such grants vesting on the first, second and third anniversary of the vesting commencement date. The grant date fair value was determined to be $8.0 million using a Monte Carlo Valuation model, which will be expensed over the respective vesting periods.

On March 31, 2023, the Company issued profits interests in certain Fund Managers to certain members of management to participate in the growth of the respective Fund Managers (the “2023 profits interests”). Each of the 2023 profits interests awards have an earnings threshold for distributions. The 2023 profits interests are also subject to continued employment and graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversary of the vesting commencement date. The grant date fair value was determined to be $33.9 million using a Monte Carlo Valuation model, which will be expensed over the respective vesting periods. The following assumptions were used in the Monte Carlo simulation valuation:

	Weighted Average
Risk free rate	3.6	%
Volatility	40.0	%
Expected cost of equity	16.8	%
Discount rate	17.1	%

If the recipient of profits interests awards ceases to be employed by the Company after the awards vest, the Company has the option to repurchase such profits interests at fair value. If the recipient ceases to be employed by the Company prior to vesting, a portion to all of the recipient’s awards are forfeited.

As of June 30, 2023, the aggregate unrecognized compensation cost for all unvested profits interests awards was $32.5 million, which is expected to be recognized over a weighted-average period of 2.9 years.

The following table summarizes our share-based compensation expense associated with our profits interests awards, Restricted Stock, and RSUs, which is recorded in employee compensation and benefits on the condensed consolidated statements of operations and comprehensive income (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Profits interests award shares	$	3,946	$	841	5,933		2,457
Restricted Stock and RSUs	7,173		5,712		14,546		11,361
Total share-based compensation	$	11,119	$	6,553	$	20,479	$	13,818

As of June 30, 2023, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands):

	As of June 30, 2023
	Total		Restricted Stock and RSUs		Profits Interests Awards
Remainder of 2023	$	18,344	$	15,302	$	3,042
2024	39,524		28,649		10,875
2025	28,519		19,359		9,160
2026	15,149		9,197		5,952
2027	4,897		1,979		2,918
2028	562		6		556
Total	$	106,995	$	74,492	$	32,503

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(LOSS) EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE

The following table presents our (loss) earnings per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$	(4,772)	$	12,940	$	(2,738)	$	22,711
Less:
Income allocated to Restricted Stock and RSUs	—		(915)		—		(1,608)
Distributions on Restricted Stock and RSUs	(1,142)		(1,436)		(2,448)		(2,432)
Net (loss) income available to Class A common stockholders, diluted	(5,914)		10,589		(5,186)		18,671
Denominator:
Weighted-average shares of Class A common stock outstanding—basic and diluted	25,143,289		24,029,107		25,105,753		23,581,393
(Loss) earnings per share of Class A common stock—basic and diluted	$	(0.24)	$	0.44	$	(0.21)	$	0.79

Basic earnings per share is calculated by dividing earnings available to our Class A common shareholders by the weighted-average number of our Class A common shares outstanding for the period. Restricted Stock and RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested Restricted Stock and RSUs have been excluded as applicable, from earnings available to our Class A common stockholders used in basic and diluted earnings per share.

Diluted earnings per share of our Class A common stock is computed by dividing earnings available to Bridge Investment Group Holdings Inc., giving consideration to the reallocation of net income (loss) between holders of our Class A common stock and non-controlling interests, by the weighted-average number of shares of our Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any.

Shares of our Class B common stock do not share in the earnings or losses attributable to the Company and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Redemption of Equity Interests

On July 1, 2023, certain of the Company’s 2021 profits interests awards were collapsed into 489,407 shares of Class A common stock and 2,429,453 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on Distributable Earnings attributable to the Operating Company, Distributable Earnings of the applicable subsidiary where such profits interests were held, and the market price of the Company’s Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to July 1, 2023; however, there was a corresponding increase in the number of outstanding Class A Units and shares of Class A common stock.

Investments

On July 3, 2023, the Company withdrew a $20.0 million investment in Bridge Agency MBS Fund and recognized a realized loss of approximately $1.9 million. On July 31, 2023, the Company reinvested $20.0 million in its Bridge Agency MBS Fund.

On July 31, 2023, Bridge Multifamily Fund III agreed to sell a portfolio of real estate assets to Bridge Multifamily CV LP (the “Continuation Fund”) in a transaction valued at $550 million, with additional equity raised by the Continuation Fund to support further investment in the portfolio of real estate assets. The Continuation Fund provides additional time and capital to further invest in the portfolio of real estate assets, while also offering liquidity to existing limited partners of Bridge Multifamily Fund III, who were provided a choice to receive liquidity or continue their investment in the Continuation Fund.

Credit Facility

On July 7, 2023, the Company repaid the outstanding balance of $80 million on its Credit Facility. On July 27, 2023, the Company made a draw of $80 million on its Credit Facility.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$ (4,772)	$ 12,940	$ (2,738)	$ 22,711

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation — The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated and combined financial statements included in its annual report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”).

Principles of Consolidation

Principles of Consolidation — The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.

Variable Interest Entities

Variable Interest Entities — A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company may perform a related party analysis to assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE.

Voting Interest Entities

Voting Interest Entities — Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and non-controlling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.

Non-controlling Interests

Non-controlling Interests — Non-controlling interests represent the share of consolidated entities owned by third parties. Bridge recognizes each non-controlling shareholder’s respective ownership at the estimated fair value of the net assets at the date of formation or acquisition. Non-controlling interests are subsequently adjusted for the non-controlling shareholder’s additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. Net income is allocated to non-controlling interests based on the ownership interest during the period. The net income that is not attributable to Bridge is reflected in net income attributable to non-controlling interests in the condensed consolidated statements of operations and comprehensive income and shareholders’ equity.

Non-controlling interests include non-controlling interests attributable to Bridge and non-controlling interests attributable to the Operating Company. Non-controlling interests attributable to the Operating Company represent third-party equity interests in the Operating Company subsidiaries related to general partner and fund manager equity interests as well as profits interests awards. Non-controlling interests attributable to Bridge include equity interests in the Operating Company owned by third-party investors. Non-controlling interests in the Operating Company are adjusted to reflect third-party investors’ ownership percentage in the Operating Company at the end of the period, through a reallocation between controlling and non-controlling interest in the Operating Company, as applicable.

Use of Estimates

Use of Estimates — The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the condensed consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments, which directly affect accrued performance allocations and related compensation, the carrying amount of the Company's equity method investments, the measurement of deferred tax balances (including valuation allowances), and the accounting for goodwill, all of which involve a high degree of judgement and complexity and may have a significant impact on net income. Actual results could differ from those estimates and such differences could be material.Global markets are experiencing continued volatility driven by weakening U.S. fundamentals, rising geopolitical risks in Europe, ongoing economic impacts of the COVID-19 pandemic, softening growth in Asia, global supply chain disruptions, labor shortages, rising commodity prices, availability of debt financing in the capital markets, high inflation and increasing interest rates. As a result, management’s estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.

Cash and Cash Equivalents

Cash and Cash Equivalents — The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. Cash balances may be invested in money market accounts that are not insured. The Company holds and invests its cash with high-credit quality institutions in amounts that regularly exceed the amount insured by the Federal Deposit Insurance Corporation for a single financial institution. However, the Company has not realized any losses in such cash investments or accounts and believes it is not exposed to any significant credit risk.

Restricted Cash

Restricted Cash — Restricted cash primarily consists of a collateral trust account for the benefit of the insurance carriers associated with Bridge Investment Group Risk Management, Inc. (“BIGRM”). These funds are held as collateral for the insurance carriers in the event of a claim that would require a high deductible payment from BIGRM.

Marketable Securities

Marketable Securities — The Company’s marketable securities are reported at fair value, with changes in fair value recognized through realized and unrealized gains (losses) in other income (expense). Fair value is based on quoted prices for identical assets in active markets. Realized gains and losses are determined on the basis for the actual cost of the securities sold. Dividends on equity securities are recognized as income when declared.

Fair Value

Fair Value — GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

•Level 1 — Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level 2 inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Level 2 inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.

•Level 3 — Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.

In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. Refer to Note 7, “Fair Value Measurements” for additional information.

Fair Value Option

Fair Value Option — The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. Refer to Note 7, “Fair Value Measurements” for additional information. The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company elected the fair value option for the General Partner Notes Payable (as defined in Note 11). The carrying value of the General Partner Notes Payable represents the related General Partner lenders’ net asset value (“NAV”), in the respective fund and the General Partner lenders are entitled to receive distributions and carried interest. The NAV changes over time so marking the General Partner Notes Payable to fair value reflect these changes.

Receivables and Note Receivable from Affiliates

Receivables and Notes Receivable from Affiliates — Receivables consist principally of amounts due from the funds and other affiliates. These include receivables associated with fund or asset management fees, property management fees and other fees. Additionally, the Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the private funds managed by the Company and related properties operated by the Company, which include: (i) organization and offering costs associated with the formation and offering; (ii) direct and indirect operating costs associated with managing the operations of the properties; and (iii) costs incurred in performing investment due diligence. During the normal course of business, the Company makes short-term uncollateralized loans to the funds for asset acquisitions and working capital.

The Company also has notes receivable with employees to purchase an equity interest in the Company or its affiliates or managed funds. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method.

The Company facilitates the payments of these fees, which are recorded as receivables, principally from affiliated parties on the condensed consolidated balance sheets, until such amounts are repaid. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted capital raising, and establishes an allowance for any balances considered not collectible. There were no material receivables considered not collectible as of June 30, 2023 and December 31, 2022.

Accrued Performance Allocations

Accrued Performance Allocations — Performance allocations that are received in advance that remain subject to clawback are recorded as accrued performance allocations in the condensed consolidated balance sheets. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate earnings allocation formula or a preferred return to certain investors. The Company’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period the Company calculates the accrued performance allocations that would be due to the Company for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued performance allocations to reflect either (a) positive performance resulting in an increase in the accrued performance allocation to the general partner, or (b) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued performance allocation to the general partner. In each scenario, it is necessary to calculate the accrued performance allocation on cumulative results compared to the accrued performance allocation recorded to date and make the required positive or negative adjustments. The Company ceases to record negative performance allocations once previously accrued performance allocations for such fund have been fully reversed. The Company is not obligated to pay guaranteed returns or hurdles in this situation, and therefore, cannot have negative performance allocations over the life of a fund. The carrying amounts of equity method investments are reflected in accrued performance allocations on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, which are based on asset valuations one quarter in arrears.

Other Investments

Other Investments — A non-controlling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of NAV practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable.

Equity Method Investments

The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss.

For certain equity method investments, the Company records its proportionate share of income on a one to three-month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the condensed consolidated statements of cash flows under the cumulative earnings approach.

Changes in fair value of equity method investments are recorded as realized and unrealized gains (losses) in other income (expense) on the condensed consolidated statements of operations.

Impairment of Investments

Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market.

For investments under the measurement alternative, if the carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred.

For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary.

Leases

Leases — The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company primarily enters into operating lease agreements, as the lessee, for office space and certain equipment. Operating leases are included in other assets and other liabilities in the condensed consolidated balance sheet. Certain leases include lease and non-lease components, which the Company accounts for separately. Lease right of use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Leases may include options to extend or terminate the lease which are included in the ROU assets and lease liability when they are reasonably certain of exercise. Lease ROU assets are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate based on information available at the inception date in determining the present value of future minimum lease payments. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheet. Refer to Note 17, “Commitments and Contingencies” for additional information.

Business Combinations

Business Combinations — The determination of whether an acquisition qualifies as an asset acquisition or business combination is an area that requires management’s use of judgment in evaluating the criteria of the screen test.

Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process.

Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.

Acquisitions of Businesses — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.

Goodwill

Goodwill — Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. As of June 30, 2023 and December 31, 2022, the Company had goodwill of $233.8 million and $56.0 million, respectively. Refer to Note 8, “Business Combination and Goodwill” for additional information.

The Company performs its annual goodwill impairment test using a qualitative and, if necessary, a quantitative approach as of October 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. The Company performed its annual goodwill impairment assessment as of October 1, 2022, and determined that there was no impairment of goodwill.

The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.

Intangible Assets

Intangible Assets — The Company’s finite-lived intangible assets consist primarily of acquired contractual rights to earn future management and advisory fee income. Intangible assets with a finite life are amortized based on the pattern in which the estimated economic benefits of the intangible asset on a straight-line basis, ranging from 4 to 14 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the intangible. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the asset.

Revenue Recognition 

Revenue Recognition — Revenues consist of fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums, fund administration fees and other asset management and property income. The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied.

Fund Management Fees — Fund management fees are generally based on a defined percentage of total commitments, invested capital or NAV of the investment portfolios managed by the Fund Managers. Following the expiration or termination of the investment period, the basis on which management fees are earned for certain closed-end funds and managed accounts, generally changes from committed capital to invested capital with no change in the management fee rate. The fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Fund management fees are recognized as revenue in the period advisory services are rendered, subject to our assessment of collectability. Fund management fees also include management fees for joint ventures and separately managed accounts. For Company sponsored closed-end funds, the capital raising period is generally 18 to 24 months. The Fund Managers charge catch-up management fees to investors who subscribe in later closings in amounts equal to the fees they would have paid if they had been in the initial closing (plus interest as if the investor had subscribed in the initial closing). Catch-up management fees are recognized in the period in which the limited partner subscribes to the fund. Fund management fees are presented net of placement agent fees, where the Company is acting as an agent in the arrangement.

Property Management and Leasing Fees — Property management fees are earned as the related services are provided under the terms of the respective property management agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. The Company also earns revenue associated with the leasing of commercial assets. The revenue is recognized upon the execution of the lease agreement.

Construction Management Fees — Construction management fees are earned as the services are provided under the terms of the property management agreement with each property.

Development Fees — Development fees are earned as the services are provided under the terms of the development agreement with each asset.

Transaction Fees — The Company earns transaction fees associated with the due diligence related to the acquisition of assets and financing of assets. The fees are recognized upon the acquisition of the asset or origination of the mortgage or other debt, as applicable.

Fund Administration Fees — The Company earns fund administration fees as services are provided under the terms of the respective fund administration agreement. Fund administration fees include a fixed annual amount plus a percentage of invested or deployed capital. Fund administration fees also include investor services fees which are based on an annual fee per investor. Fees are earned as services are provided and are recognized on a straight-line basis.

Insurance Premiums — BIGRM insures multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, lessor legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period. Other Asset Management and Property Income — Other asset management and property income is comprised of, among other things, interest on catch-up management fees, fees related to in-house legal and tax professional fees, which is generally billed on an hourly rate to various funds and properties managed by affiliates of the Company, and other miscellaneous fees.

Investment Income

Investment Income — Investment income is based on certain specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Substantially all performance income is earned from funds and joint ventures managed by affiliates of the Company.

Incentive Fees — Incentive fees comprise fees earned from certain fund investor investment mandates for which the Company does not have a general partner interest in a fund. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period.

Performance Allocations — The Company accounts for accrued performance obligations, which represents a performance-based capital allocation from a fund General Partner to the Company, as earnings from financial assets within the scope of Accounting Standards Codification (“ASC”) 323, Investments—Equity Method and Joint Ventures. The underlying investments in the funds upon which the allocation is based reflect valuations on a three-month lag. The Company recognizes performance allocations as a separate revenue line item in the condensed consolidated statements of operations with uncollected carried interest as of the reporting date reported within accrued performance allocations on the condensed consolidated balance sheets.

Carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s partnership agreement or other governing documents. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner based on a fund’s cumulative investment returns. Accordingly, the amount recognized as performance allocation revenue reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period.

As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within accrued performance allocations compensation in the condensed consolidated balance sheets.

Carried interest is realized when an underlying investment is profitably disposed of, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally do not become realized until the end of a fund’s life.

Employee Compensation and Benefits

Employee Compensation and Benefits — Employee compensation and benefits include salaries, bonus (including discretionary awards), related benefits, share-based compensation, and cost of processing payroll. Bonuses are accrued over the employment period to which they relate. Equity-classified awards granted to employees that have a service condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The fair value of profits interests awards is determined using a Monte Carlo valuation at date of grant or date of modification when applicable. The fair value of Restricted Stock Units (“RSUs”) and Restricted Stock Awards is determined using the Company's closing stock price on the grant date or date of modification. The Company recognizes compensation expense over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. Refer to Note 20, “Share-Based Compensation and Profits Interests,” for additional information.

Incentive Fees and Performance Allocations Compensation

Incentive Fees and Performance Allocations Compensation — The Company records incentive fee compensation when it is probable that a liability has been incurred and the amount is reasonably estimable. The incentive fee compensation accrual is based on a number of factors, including the cumulative activity for the period and the expected timing of the distribution of the net proceeds in accordance with the applicable governing agreement.

A portion of the performance allocations earned is awarded to employees. The Company evaluates performance allocations to determine if they are compensatory awards or equity-classified awards based on the underlying terms of the award agreements on the grant date.

Performance allocations awards granted to employees and other participants are accounted for as a component of compensation and benefits expense contemporaneously with our recognition of the related realized and unrealized performance allocation revenue. Upon a reversal of performance allocation revenue, the related compensation expense, if any, is also reversed. Liabilities recognized for carried interest amounts due to affiliates are not paid until the related performance allocation revenue is realized.

Third-party Operating Expenses 

Third-party Operating Expenses — Third-party operating expenses represent transactions, largely operation and leasing of assets, with third-party operators of real estate owned by the funds where the Company was determined to be the principal rather than the agent in the transaction.

Realized and Unrealized Gains (Losses)

Realized and Unrealized Gains (Losses) — Realized gains (losses) occur when the Company redeems all or a portion of an investment or when the Company receives cash income, such as dividends or distributions. Unrealized gains (losses) result from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as realized gains (losses) in the condensed consolidated statements of operations.

Finally, the realized and unrealized change in gains (losses) associated with the financial instruments that we elect the fair value option is also included in realized and unrealized gains (losses).

Income Taxes

Income Taxes — The Operating Company is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Operating Company flows through to its members, including the Company, and is generally not subject to U.S. federal or state income tax at the level of the Operating Company. The Operating Company’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to local or non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, with the related tax provision reflected in the condensed consolidated statements of operations. As a result, the Operating Company does not generally record U.S. federal and state income taxes on its income or that of its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of units in the Operating Company.

Deferred income tax assets is primarily comprised of the TRA between the Operating Company and each of the Continuing Equity Owners and deferred income taxes related to the operations of Bridge Investment Group Risk Management, Inc. (“BIGRM”). Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more likely than not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more likely than not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as general, administrative and other expenses in the condensed consolidated statements of operations. Refer to Note 15, “Income Taxes” for additional information.

Other than BIGRM and Bridge PM, Inc. (“BPM”), the Operating Company and its subsidiaries are limited liability companies and partnerships, as such, are not subject to income taxes; the individual members of the Operating Company are required to report their distributive share of the Operating Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns.

Tax Receivable Agreement — In connection with the IPO, the Company entered into a TRA with the Operating Company and each of the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) increases in the Company’s allocable share of the tax basis of the Operating Company’s assets resulting from (a) the Company’s purchase of Class A Units directly from the Operating Company and the partial redemption of Class A Units by the Operating Company in connection with the IPO, (b) future redemptions or exchanges (or deemed exchanges in certain circumstances) of Class A Units for our Class A common stock or cash and (c) certain distributions (or deemed distributions) by the Operating Company; (2) the Company’s allocable share of the existing tax basis of the Operating Company’s assets at the time of any redemption or exchange of Class A Units (including in connection with the IPO), which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by the Company and (3) certain additional tax benefits arising from payments made under the TRA. The Company will retain the benefit of the remaining 15% of these net cash tax savings under the TRA.

Segments

Segments — The Company operates as one business, a fully integrated real estate investment manager. The Company’s chief operating decision maker, which is the executive chairman, utilizes a consolidated approach to assess financial performance and allocate resources. As such, the Company operates as one business segment.

Earnings Per Share

Earnings Per Share — Basic earnings per share is calculated by dividing net income available to our Class A common stockholders by the weighted-average number of our Class A common shares outstanding for the period.

Diluted earnings per share of our Class A common stock is computed by dividing net income available to our Class A common stockholders after giving consideration to the reallocation of net income between holders of our Class A common stock and non-controlling interests, by the weighted-average number of shares of our Class A common stock outstanding during the period adjusted to give effect to potentially dilutive securities, if any. Potentially dilutive securities include unvested Restricted Stock Awards, RSUs, and Class A Units exchangeable on a one-for-one basis with shares of our Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of our Class A common stock using the more dilutive result of the treasury stock method or the two-class method.

Unvested share-based payment awards, including Restricted Stock Awards and RSUs, that contain non-forfeitable rights to dividends (whether paid or unpaid) are participating securities. Outstanding Class A Units are also considered participating securities. As a result of being participating securities, Restricted Stock Awards, RSUs and Class A Units are considered in the computation of earnings per share of our Class A common stock pursuant to the two-class method.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which has subsequently been amended. The amended guidance requires a company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Prior to ASU 2016-13, GAAP required an “incurred loss” methodology that delayed recognition until it was probable a loss had been incurred. Under ASU 2016-13, the allowance for credit losses must be deducted from the amortized cost of the financial asset to present the net amount expected to be collected and the income statement will reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. Financial instruments measured at fair value are not within the scope of this guidance. The guidance was effective for the Company on January 1, 2023, and was adopted using a modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the condensed consolidated financial statements of the Company.

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REVENUE (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present revenues disaggregated by significant product offerings, which align with the Company’s performance obligations and the basis for calculating each amount for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
FUND MANAGEMENT FEES	2023		2022		2023		2022
Funds	$	59,176	$	47,617	$	111,349	$	98,826
Joint ventures and separately managed accounts	1,141		1,763		2,817		3,254
Total fund management fees	$	60,317	$	49,380	$	114,166	$	102,080

	Three Months Ended June 30,				Six Months Ended June 30,
PROPERTY MANAGEMENT AND LEASING FEES	2023		2022		2023		2022
Multifamily	$	6,871	$	5,964	$	13,587	$	11,277
Seniors Housing	6,662		7,059		13,530		14,165
Office	3,042		4,083		6,956		8,347
Single-Family Rental	2,555		2,510		4,956		4,106
Total property management and leasing fees	$	19,130	$	19,616	$	39,029	$	37,895

	Three Months Ended June 30,				Six Months Ended June 30,
CONSTRUCTION MANAGEMENT FEES	2023		2022		2023		2022
Multifamily	$	1,791	$	1,900	$	4,029	$	3,282
Office	694		468		1,523		902
Seniors Housing	154		58		299		128
Logistics	211		—		282		—
Other	52		—		54		—
Total construction management fees	$	2,902	$	2,426	$	6,187	$	4,312

	Three Months Ended June 30,				Six Months Ended June 30,
TRANSACTION FEES	2023		2022		2023		2022
Acquisition fees	$	4,267	$	15,075	$	6,442	$	31,672
Brokerage fees	415		2,568		617		7,969
Total transaction fees	$	4,682	$	17,643	$	7,059	$	39,641

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MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2023

Marketable Securities [Abstract]

Schedule of Company's Investment Securities

The Company invests a portion of the premiums received at BIGRM in exchange traded funds and mutual funds. As of June 30, 2023 and December 31, 2022, the Company’s investment securities are summarized as follows (in thousands):

	Cost		Unrealized (Gains) Losses		Fair Value
June 30, 2023:
Common shares in publicly traded company	$	152	$	10	$	162
Exchange traded funds	1,824		—		1,824
Mutual funds	11,005		(367)		10,638
Total marketable securities	$	12,981	$	(357)	$	12,624
December 31, 2022:
Common shares in publicly traded company	$	132	$	(46)	$	86
Exchange traded funds	2,171		(54)		2,117
Mutual funds	12,884		(473)		12,411
Total marketable securities	$	15,187	$	(573)	$	14,614

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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Company's Investment

The Company’s investments are summarized below (in thousands):

	Carrying Value
Investments	June 30, 2023		December 31, 2022
Accrued performance allocations(1)	$	428,414	$	554,723
Other investments:
Partnership interests in Company-sponsored funds(2)	182,318		65,289
Investments in third-party partnerships(3)	14,153		11,798
Other(4)	11,379		8,369
Total other investments	$	207,850	$	85,456

(1)Represents various investment accounts held by the Bridge GPs for carried interest in Bridge-sponsored funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investment is valued using NAV of the respective vehicle, which are based on asset valuations one quarter in arrears.

(2)Partnership interests in Company-sponsored funds are valued using NAV of the respective vehicle.

(3)Investments in limited partnership interest in third-party private property technology venture capital firms are valued using NAV of the respective vehicle.

(4)Other investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes.

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NOTES RECEIVABLES FROM AFFILIATES (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Schedule of Notes Receivable from Affiliates

As of June 30, 2023 and December 31, 2022, the Company had the following notes receivable from affiliates outstanding (in thousands):

	June 30, 2023		December 31, 2022
Bridge Single-Family Rental Fund IV	$	21,624	$	40,566
Bridge Office Fund II	13,000		11,000
Bridge Office Fund I	15,000		6,500
Bridge Net Lease Industrial Income Fund	3,500		—
Bridge Debt Strategies Fund II	—		5,000
Total short-term notes receivables from affiliates	$	53,124	$	63,066
Notes receivables from employees	5,906		4,178
Total notes receivable from affiliates	$	59,030	$	67,244

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents assets that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 (in thousands):

	Level 1		Level 2		Level 3		Measured at NAV		Total
June 30, 2023
Assets:
Common shares in publicly traded company	$	162	$	—	$	—	$	—	$	162
Exchange traded funds	1,824		—		—		—		1,824
Mutual funds	10,638		—		—		—		10,638
Accrued performance allocations	—		—		—		428,414		428,414
Partnership interests	—		—		—		196,471		196,471
Other investments	—		—		11,379		—		11,379
Total assets at fair value	$	12,624	$	—	$	11,379	$	624,885	$	648,888
Liabilities:
General Partner Notes Payable	$	—	$	—	$	—	$	7,091	$	7,091
December 31, 2022
Assets:
Common shares in publicly traded company	$	86	$	—	$	—	$	—	$	86
Exchange traded funds	2,117		$	—	$	—	$	—	$	2,117
Mutual funds	12,411		—		—		—		12,411
Accrued performance allocations	—		—		—		554,723		554,723
Partnership interests	—		—		—		77,087		77,087
Other investments	—		—		8,369		—		8,369
Total assets at fair value	$	14,614	$	—	$	8,369	$	631,810	$	654,793
Liabilities:
General Partner Notes Payable	$	—	$	—	$	—	$	8,633	$	8,633

Schedule of Changes in Fair Value of Company's Level 3 Assets

The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes (in thousands):

	Other Investments
Balance as of December 31, 2022	$	8,369
Purchases	1,451
Conversion of note receivable	1,559
Balance as of June 30, 2023	$	11,379

Schedule of Investments Valued Using NAV Per Share

The following table presents investments carried at fair value using NAV (in thousands):

	Fair Value		Unfunded Commitments
June 30, 2023:
Accrued performance allocations	$	428,414	N/A
Partnership interests:
Company-sponsored open-end fund	$	47,873	$	—
Company-sponsored closed-end funds	134,445		28,665
Third-party closed-end funds	14,153		8,127
Total partnership interests	$	196,471	$	36,792
December 31, 2022:
Accrued performance allocations	$	554,723	N/A
Partnership interests:
Company-sponsored open-end fund	$	26,169	$	20,755
Company-sponsored closed-end funds	39,120		3,763
Third-party closed-end funds	11,798		5,569
Total partnership interests	$	77,087	$	30,087

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost

The following table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost (in thousands):

	Level 1		Level 2		Level 3		Total		Carrying Value
As of June 30, 2023:
Notes payable (private notes)	$	—	$	—	$	418,857	$	418,857	$	450,000
As of December 31, 2022:
Notes payable (private notes)	$	—	$	—	$	270,270	$	270,270	$	300,000

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BUSINESS COMBINATION AND GOODWILL (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Identifiable Assets Acquired and Liabilities Assumed

Accordingly, these provisional values may be subject to adjustment during the measurement period, not to exceed one year from the Acquisition Date, based upon new information obtained about facts and circumstances that existed at the time of closing (in thousands).

Consideration
Cash	$	319,364
Liabilities assumed	736
Total consideration	$	320,100
Assets acquired and liabilities assumed
Net tangible acquired assets			$	79,727
Trade name(1)			3,000
Client relationship(1)			48,000
Management contracts(1)			98,000
Fair value of net identifiable assets acquired			$	228,727
Non-controlling interest(1)			(86,365)
Goodwill(1)			177,738
Total assets acquired and liabilities assumed, net			$	320,100

(1)The fair value was determined using Level 3 assumptions.

The following table summarizes the total consideration for the GBC Acquisition and the related purchase price allocation for the assets acquired, liabilities assumed and non-controlling interests (in thousands):

Consideration
Cash	$	15,089
Class A Units	14,930
Total consideration for equity interest acquired	$	30,019
Assets acquired, liabilities assumed and non-controlling interests
Cash			$	56
Working capital			623
Trade name(1)			150
In place contracts(1)			3,195
Other liabilities			(104)
Fair value of net assets acquired			$	3,920
Non-controlling interest(1)			(20,053)
Goodwill(1)			46,152
Total assets acquired, liabilities assumed and non-controlling interests, net			$	30,019

(1)The fair value was determined using Level 3 assumptions.

Schedule of Supplemental Information for Pro Forma

Supplemental information on a pro forma basis, as if the Newbury Acquisition had been consummated on January 1, 2022, is as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues and investment (loss) income	$	88,200	$	214,748	$	86,299	$	404,726
Net income attributable to Bridge Investment Group Holdings Inc.	(4,772)		12,319		(5,041)		21,423

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GENERAL PARTNER NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2023

General Partner Notes Payable [Abstract]

Schedule of Carrying Value of General Partner Notes Payable

The following table summarizes the carrying value of the General Partner Notes Payable (in thousands):

			Fair Value
	Commitment		June 30, 2023		December 31, 2022
Bridge Seniors Housing Fund I	$	4,775	$	3,705	$	4,319
Bridge Multifamily Fund III	9,300		3,386		4,314
Total	$	14,075	$	7,091	$	8,633

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NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Principal Payments of the Company's Debt

The following table presents scheduled principal payments of the Private Placement Notes as of June 30, 2023 (in thousands):

2025	$	75,000
2026	—
2027	75,000
Thereafter	300,000
Total	$	450,000

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REALIZED AND UNREALIZED GAINS (LOSSES) (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Realized and Unrealized Gains (Losses) on Investments and Other Financial instruments

The following tables summarize realized gains (losses) on investments and other financial instruments for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30, 2023						Three Months Ended June 30, 2022
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total
Investment in Company-sponsored funds	$	619	$	(2,448)	$	(1,829)	$	(256)	$	5,097	$	4,841
Investment in third-party partnerships	(46)		(92)		(138)		(49)		7		(42)
General Partner Notes Payable	(25)		469		444		28		(1,021)		(993)
Total realized and unrealized gains (losses)	$	548	$	(2,071)	$	(1,523)	$	(277)	$	4,083	$	3,806

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Total
Investment in Company-sponsored funds	$	165	$	(1,517)	$	(1,352)	$	(249)	$	3,857	$	3,608
Investment in third-party partnerships	(151)		33		(118)		(61)		1,593		1,532
General Partner Notes Payable	(191)		1,577		1,386		(68)		(754)		(822)
Total realized and unrealized gains (losses)	$	(177)	$	93	$	(84)	$	(378)	$	4,696	$	4,318

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SHAREHOLDERS’ EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reconciliation

The following table presents a reconciliation of Bridge Investment Group Holdings Inc. common stock for the six months ended June 30, 2023:

	Bridge Investment Group Holdings Inc.
	Class A Common Stock	Class A Restricted Common Stock	Class B Common Stock
Balance as of December 31, 2022	24,484,585	5,003,936	85,301,127
Class A common stock issued - 2020 profits interests conversion	8,671	793,256	—
Class A common stock issued - unitholder conversions	161,754	—	(111,754)
Class A restricted common stock issued	—	2,424,142	(45,052)
Class A restricted common stock forfeited	—	(109,055)	—
Class A restricted common stock vested	598,495	(598,495)	—
Balance as of June 30, 2023	25,253,505	7,513,784	85,144,321

The following table presents a reconciliation of the Operating Company’s Class A Units and Class B Units for the six months ended June 30, 2023:

	Bridge Investment Group Holdings LLC
	Class A Units	Class B Units
Balance as of December 31, 2022	124,445,671	97,463,981
Issuance of Class A Units	2,844,638	—
Forfeiture of unvested Class A Units	(48,191)	—
Balance as of June 30, 2023	127,242,118	97,463,981

Schedule of Dividends Declared

During the three and six months ended June 30, 2023 and 2022, the Company declared and paid the following dividends on our Class A common stock (dollars in thousands, except per share amounts):

Dividend Record Date	Dividend Payment Date	Dividend per Share of Common Stock		Dividend to Common Stockholders
March 10, 2023	March 24, 2023	$	0.17	$	5,541
June 2, 2023	June 16, 2023	0.15		4,850
		$	0.32	$	10,391
March 11, 2022	March 25, 2022	$	0.21	$	5,917
June 3, 2022	June 17, 2022	0.26		7,614
		$	0.47	$	13,531

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

The following table summarizes the Company’s leases as of June 30, 2023 and December 31, 2022 (dollar amounts in thousands):

	June 30, 2023			December 31, 2022
Right-of-use assets, included in Other assets	$	12,203		$	15,260
Lease Liabilities, included in Other liabilities	$	14,642		$	17,490
Weighted-average remaining lease term (in years)	3.9			4.2
Weighted-average discount rate	4.05		%	4.24		%

The components of lease expense included in general and administrative in the condensed consolidated statements of operations for the six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease costs	$	1,332	1,056		2,341		2,121
Variable lease costs	42		70		106		102
Total lease costs, included in general and administrative expenses	$	1,374	$	1,126	$	2,447	$	2,223
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,445	$	894	$	2,737	$	2,061

Schedule of Maturities of Operating Lease Liabilities

As of June 30, 2023, the maturities of operating lease liabilities were as follows (in thousands):

2023 (excluding the six months ended June 30, 2023)	$	2,811
2024	3,969
2025	3,041
2026	2,924
2027	2,667
Thereafter	105
Total lease liabilities	15,517
Less: Imputed interest	(875)
Total operating lease liabilities	$	14,642

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RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Schedule of Professionals and Non-Consolidated Funds to be Affiliates

Receivables from affiliates were comprised of the following as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Fees receivable from non-consolidated funds	$	21,802	$	31,712
Payments made on behalf of and amounts due from non-consolidated entities	19,901		22,092
Total receivables from affiliates	$	41,703	$	53,804

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS (Tables)

6 Months Ended

Jun. 30, 2023

SHARE-BASED COMPENSATION AND PROFITS INTERESTS [Abstract]

Schedule of Restricted Stock activities

The following table summarizes Restricted Stock activity for the six months ended June 30, 2023:

	Restricted Stock	Weighted-Average  Fair Value per Share
Balance as of December 31, 2022	5,013,796	$	20.54
Issued	3,217,398	12.01
Vested	(598,495)	17.67
Forfeited	(118,915)	17.74
Balance as of June 30, 2023	7,513,784	$	17.16

Schedule of Assumptions Used In Monte Carlo Simulation Valuation

The following assumptions were used in the Monte Carlo simulation valuation:

	Weighted Average
Risk free rate	3.6	%
Volatility	40.0	%
Expected cost of equity	16.8	%
Discount rate	17.1	%

Schedule of Share Based Compensation Expense

The following table summarizes our share-based compensation expense associated with our profits interests awards, Restricted Stock, and RSUs, which is recorded in employee compensation and benefits on the condensed consolidated statements of operations and comprehensive income (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Profits interests award shares	$	3,946	$	841	5,933		2,457
Restricted Stock and RSUs	7,173		5,712		14,546		11,361
Total share-based compensation	$	11,119	$	6,553	$	20,479	$	13,818

Schedule of Unrecognized Compensation Cost

As of June 30, 2023, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands):

	As of June 30, 2023
	Total		Restricted Stock and RSUs		Profits Interests Awards
Remainder of 2023	$	18,344	$	15,302	$	3,042
2024	39,524		28,649		10,875
2025	28,519		19,359		9,160
2026	15,149		9,197		5,952
2027	4,897		1,979		2,918
2028	562		6		556
Total	$	106,995	$	74,492	$	32,503

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(LOSS) EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share of Class A Common Stock

The following table presents our (loss) earnings per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$	(4,772)	$	12,940	$	(2,738)	$	22,711
Less:
Income allocated to Restricted Stock and RSUs	—		(915)		—		(1,608)
Distributions on Restricted Stock and RSUs	(1,142)		(1,436)		(2,448)		(2,432)
Net (loss) income available to Class A common stockholders, diluted	(5,914)		10,589		(5,186)		18,671
Denominator:
Weighted-average shares of Class A common stock outstanding—basic and diluted	25,143,289		24,029,107		25,105,753		23,581,393
(Loss) earnings per share of Class A common stock—basic and diluted	$	(0.24)	$	0.44	$	(0.21)	$	0.79

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ORGANIZATION (Details)			6 Months Ended
	Aug. 12, 2021 USD ($) shares	Jul. 20, 2021 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) vote shares
Common Stock Into Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Stock conversion ratio (in shares)		1
Minimum
Subsidiary or Equity Method Investee [Line Items]
Funds			60.00%
Maximum
Subsidiary or Equity Method Investee [Line Items]
Funds			100.00%
Contributed Bridge GPs
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership			100.00%
Contributed Bridge GPs | Minimum
Subsidiary or Equity Method Investee [Line Items]
Percent of ownership exchanged for LLC interest		24.00%
Contributed Bridge GPs | Maximum
Subsidiary or Equity Method Investee [Line Items]
Percent of ownership exchanged for LLC interest		40.00%
Bridge Investment Group Holdings Inc. | Class A Units
Subsidiary or Equity Method Investee [Line Items]
Common units purchased during the year units (in shares)	1,416,278
Bridge Investment Group Holdings Inc. | Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)			8,671
Number of votes per share | vote			1
Bridge Investment Group Holdings Inc. | Class A Common Stock | Greenshoe
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)	1,416,278
Percentage of the proceeds used to buy common stock units	100.00%
Proceeds from the issuance of common stock | $	$ 18,200,000
Bridge Investment Group Holdings Inc. | Class B Units
Subsidiary or Equity Method Investee [Line Items]
Ownership of non-voting shares percentage			100.00%
Bridge Investment Group Holdings Inc. | Class B Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)			0
Number of votes per share | vote			10
Bridge Investment Group Holdings Inc. | IPO
Subsidiary or Equity Method Investee [Line Items]
Sale of stock per share (in dollars per share) | $ / shares		$ 16.00
Net proceeds from initial public offering | $		$ 277,200,000
Bridge Investment Group Holdings Inc. | IPO | Class A Units
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)		18,750,000
Bridge Investment Group Holdings Inc. | IPO | Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)		18,750,000
Bridge Investment Group Holdings LLC | Operating Company
Subsidiary or Equity Method Investee [Line Items]
Variable interest entity, ownership percentage			25.00%
Bridge Investment Group Holdings LLC | Class A Units | Operating Company
Subsidiary or Equity Method Investee [Line Items]
Payments for repurchase of equity | $		$ 139,900,000
Bridge Investment Group Holdings LLC | Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)			2,844,638
Bridge Investment Group Holdings LLC | Class B Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)			0
Bridge Investment Group Holdings LLC | IPO | Class A Units
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)		97,463,981
Bridge Investment Group Holdings LLC | IPO | Class B Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued (in shares)			97,463,981
Variable Interest Entity, Primary Beneficiary
Subsidiary or Equity Method Investee [Line Items]
Noncontrolling interest | $			$ 0

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SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) segment shares	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Goodwill	$ 233,831	$ 55,982
Number of segments | segment	1
Class A Common Stock
Class of Stock [Line Items]
Shares issued per common share | shares	1
Minimum
Class of Stock [Line Items]
Proportionate share of income	1 month
Capital raising period	18 months
Maximum
Class of Stock [Line Items]
Proportionate share of income	3 months
Capital raising period	24 months
Bridge Investment Group Holdings LLC
Class of Stock [Line Items]
Goodwill	$ 233,800	$ 56,000
Percent of tax receivable agreement	85.00%
Remaining percent of tax receivable agreement	15.00%
Bridge Investment Group Holdings LLC | Minimum
Class of Stock [Line Items]
Useful life	4 years
Bridge Investment Group Holdings LLC | Maximum
Class of Stock [Line Items]
Useful life	14 years

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REVENUE -Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 98,803	$ 99,019	$ 190,250	$ 203,152
Fund management fees
Disaggregation of Revenue [Line Items]
Revenue	60,317	49,380	114,166	102,080
Property management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	19,130	19,616	39,029	37,895
Construction management fees
Disaggregation of Revenue [Line Items]
Revenue	2,902	2,426	6,187	4,312
Transaction fees
Disaggregation of Revenue [Line Items]
Revenue	4,682	17,643	7,059	39,641
Funds | Fund management fees
Disaggregation of Revenue [Line Items]
Revenue	59,176	47,617	111,349	98,826
Joint ventures and separately managed accounts | Fund management fees
Disaggregation of Revenue [Line Items]
Revenue	1,141	1,763	2,817	3,254
Multifamily | Property management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	6,871	5,964	13,587	11,277
Multifamily | Construction management fees
Disaggregation of Revenue [Line Items]
Revenue	1,791	1,900	4,029	3,282
Seniors Housing | Property management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	6,662	7,059	13,530	14,165
Seniors Housing | Construction management fees
Disaggregation of Revenue [Line Items]
Revenue	154	58	299	128
Office | Property management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	3,042	4,083	6,956	8,347
Office | Construction management fees
Disaggregation of Revenue [Line Items]
Revenue	694	468	1,523	902
Logistics | Construction management fees
Disaggregation of Revenue [Line Items]
Revenue	211	0	282	0
Single-Family Rental | Property management and leasing fees
Disaggregation of Revenue [Line Items]
Revenue	2,555	2,510	4,956	4,106
Other | Construction management fees
Disaggregation of Revenue [Line Items]
Revenue	52	0	54	0
Acquisition fees | Transaction fees
Disaggregation of Revenue [Line Items]
Revenue	4,267	15,075	6,442	31,672
Brokerage fees | Transaction fees
Disaggregation of Revenue [Line Items]
Revenue	$ 415	$ 2,568	$ 617	$ 7,969

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REVENUE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 4.7	$ 7.9
Bridge Investment Group Holdings LLC
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 15.2	$ 15.2	$ 8.7

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MARKETABLE SECURITIES - Schedule of Company's Investment Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Cost	$ 12,981	$ 15,187
Unrealized (Gains) Losses	(357)	(573)
Fair Value	12,624	14,614
Common shares in publicly traded company
Marketable Securities [Line Items]
Cost	152	132
Unrealized (Gains) Losses	10	(46)
Fair Value	162	86
Exchange traded funds
Marketable Securities [Line Items]
Cost	1,824	2,171
Unrealized (Gains) Losses	0	(54)
Fair Value	1,824	2,117
Mutual funds
Marketable Securities [Line Items]
Cost	11,005	12,884
Unrealized (Gains) Losses	(367)	(473)
Fair Value	$ 10,638	$ 12,411

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INVESTMENTS - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) entity	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Partnership and joint venture entities | entity			181
Investment income	$ (12,200)	$ 107,200	$ (114,600)	$ 182,400
Accrued performance recognized under equity method	(10,900)	$ 103,700	(114,700)	$ 178,500
Accrued performance allocations compensation	$ 47,529		$ 47,529		$ 66,754
Minimum
Marketable Securities [Line Items]
Accrued performance allocation percentage			6.00%
Maximum
Marketable Securities [Line Items]
Accrued performance allocation percentage			8.00%

XML

INVESTMENTS - Schedule of Company's Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Accrued performance allocations	$ 428,414	$ 554,723
Total other investments	207,850	85,456
Bridge Investment Group Holdings LLC
Schedule of Equity Method Investments [Line Items]
Accrued performance allocations	428,414	554,723
Bridge Investment Group Holdings LLC | Other
Schedule of Equity Method Investments [Line Items]
Total other investments	11,379	8,369
Bridge Investment Group Holdings LLC | Partnership interests in Company-sponsored funds
Schedule of Equity Method Investments [Line Items]
Total other investments	182,318	65,289
Bridge Investment Group Holdings LLC | Investments in third-party partnerships
Schedule of Equity Method Investments [Line Items]
Total other investments	$ 14,153	$ 11,798

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NOTES RECEIVABLES FROM AFFILIATES - Schedule of Notes Receivable from Affiliates (Details) - Affiliated Entity - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total notes receivable from affiliates	$ 59,030	$ 67,244
Short-term Notes Receivables
Related Party Transaction [Line Items]
Total notes receivable from affiliates	53,124	63,066
Short-term Notes Receivables | Bridge Single-Family Rental Fund IV
Related Party Transaction [Line Items]
Total notes receivable from affiliates	21,624	40,566
Short-term Notes Receivables | Bridge Office Fund II
Related Party Transaction [Line Items]
Total notes receivable from affiliates	13,000	11,000
Short-term Notes Receivables | Bridge Office Fund I
Related Party Transaction [Line Items]
Total notes receivable from affiliates	15,000	6,500
Short-term Notes Receivables | Bridge Net Lease Industrial Income Fund
Related Party Transaction [Line Items]
Total notes receivable from affiliates	3,500	0
Short-term Notes Receivables | Bridge Debt Strategies Fund II
Related Party Transaction [Line Items]
Total notes receivable from affiliates	0	5,000
Note Receivable From Employees | Employees
Related Party Transaction [Line Items]
Total notes receivable from affiliates	$ 5,906	$ 4,178

XML

NOTES RECEIVABLES FROM AFFILIATES - Additional Information (Details) - Affiliated Entity - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Interest receivable	$ 1.1	$ 0.4
Note Receivable From Employees
Related Party Transaction [Line Items]
Fixed rate	4.94%	4.82%
Note Receivable From Employees | Employees
Related Party Transaction [Line Items]
Fixed rate	5.00%	4.025%
Principle amount outstanding	$ 5.9	$ 4.2
Interest only after origination rate	2 years

XML

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Bridge Investment Group Holdings LLC - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Total assets at fair value	$ 648,888	$ 654,793
Other investments
Assets
Total assets at fair value	11,379	8,369
General Partner Notes Payable
Liabilities
Total liabilities at fair value	7,091	8,633
Common shares in publicly traded company
Assets
Total assets at fair value	162	86
Exchange traded funds
Assets
Total assets at fair value	1,824	2,117
Mutual funds
Assets
Total assets at fair value	10,638	12,411
Accrued performance allocations
Assets
Total assets at fair value	428,414	554,723
Partnership interests
Assets
Total assets at fair value	196,471	77,087
Level 1
Assets
Total assets at fair value	12,624	14,614
Level 1 | Other investments
Assets
Total assets at fair value	0	0
Level 1 | General Partner Notes Payable
Liabilities
Total liabilities at fair value	0	0
Level 1 | Common shares in publicly traded company
Assets
Total assets at fair value	162	86
Level 1 | Exchange traded funds
Assets
Total assets at fair value	1,824	2,117
Level 1 | Mutual funds
Assets
Total assets at fair value	10,638	12,411
Level 1 | Accrued performance allocations
Assets
Total assets at fair value	0	0
Level 1 | Partnership interests
Assets
Total assets at fair value	0	0
Level 2
Assets
Total assets at fair value	0	0
Level 2 | Other investments
Assets
Total assets at fair value	0	0
Level 2 | General Partner Notes Payable
Liabilities
Total liabilities at fair value	0	0
Level 2 | Common shares in publicly traded company
Assets
Total assets at fair value	0	0
Level 2 | Exchange traded funds
Assets
Total assets at fair value	0	0
Level 2 | Mutual funds
Assets
Total assets at fair value	0	0
Level 2 | Accrued performance allocations
Assets
Total assets at fair value	0	0
Level 2 | Partnership interests
Assets
Total assets at fair value	0	0
Level 3
Assets
Total assets at fair value	11,379	8,369
Level 3 | Other investments
Assets
Total assets at fair value	11,379	8,369
Level 3 | General Partner Notes Payable
Liabilities
Total liabilities at fair value	0	0
Level 3 | Common shares in publicly traded company
Assets
Total assets at fair value	0	0
Level 3 | Exchange traded funds
Assets
Total assets at fair value	0	0
Level 3 | Mutual funds
Assets
Total assets at fair value	0	0
Level 3 | Accrued performance allocations
Assets
Total assets at fair value	0	0
Level 3 | Partnership interests
Assets
Total assets at fair value	0	0
Measured at NAV
Assets
Total assets at fair value	624,885	631,810
Measured at NAV | Other investments
Assets
Total assets at fair value	0	0
Measured at NAV | General Partner Notes Payable
Liabilities
Total liabilities at fair value	7,091	8,633
Measured at NAV | Common shares in publicly traded company
Assets
Total assets at fair value	0	0
Measured at NAV | Exchange traded funds
Assets
Total assets at fair value	0	0
Measured at NAV | Mutual funds
Assets
Total assets at fair value	0	0
Measured at NAV | Accrued performance allocations
Assets
Total assets at fair value	428,414	554,723
Measured at NAV | Partnership interests
Assets
Total assets at fair value	$ 196,471	$ 77,087

XML

FAIR VALUE MEASUREMENTS - Schedule of Rollforward of Level 3 Assets at Cost Adjusted for any Impairment and Observable Price Changes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 8,369
Purchases	1,451
Conversion of note receivable	1,559	$ 0
Ending balance	$ 11,379

XML

FAIR VALUE MEASUREMENTS - Schedule of Investments Valued Using NAV Per Share (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 12,624	$ 14,614
Bridge Investment Group Holdings LLC | Measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	196,471	77,087
Unfunded Commitments	36,792	30,087
Bridge Investment Group Holdings LLC | Measured at NAV | Accrued performance allocations
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	428,414	554,723
Bridge Investment Group Holdings LLC | Measured at NAV | Company-sponsored open-end fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	47,873	26,169
Unfunded Commitments	0	20,755
Bridge Investment Group Holdings LLC | Measured at NAV | Company-sponsored closed-end funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	134,445	39,120
Unfunded Commitments	28,665	3,763
Bridge Investment Group Holdings LLC | Measured at NAV | Third-party closed-end funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	14,153	11,798
Unfunded Commitments	$ 8,127	$ 5,569

XML

FAIR VALUE MEASUREMENTS - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 shares
Minimum | Discount Rate | Discounted Cash Flow | General Partner Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0590
Maximum | Discount Rate | Discounted Cash Flow | General Partner Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0848
Company-Sponsored Open-End Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment redemption, notice period	60 days
Bridge Investment Group Holdings LLC | Company-sponsored closed-end funds | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation weighted average period	8 years
Bridge Investment Group Holdings LLC | Company-sponsored closed-end funds | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liquidation weighted average period	10 years

XML

FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable (private notes), fair value	$ 7,091	$ 8,633
Bridge Investment Group Holdings LLC | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable (private notes), fair value	418,857	270,270
Bridge Investment Group Holdings LLC | Carrying Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable (private notes), carrying value	450,000	300,000
Bridge Investment Group Holdings LLC | Level 1 | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable (private notes), fair value	0	0
Bridge Investment Group Holdings LLC | Level 2 | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable (private notes), fair value	0	0
Bridge Investment Group Holdings LLC | Level 3 | Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes payable (private notes), fair value	$ 418,857	$ 270,270

XML

BUSINESS COMBINATION AND GOODWILL - Additional Information (Details)			6 Months Ended
	Mar. 31, 2023 USD ($)	Jan. 31, 2022 USD ($) market home shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Business Combination Segment Allocation [Line Items]
Goodwill			$ 233,831,000	$ 55,982,000
Acquired assets and liabilities		$ 50,000,000
Recapitalization, number of homes | home		2,700
Recapitalization, number of markets | market		14
Class A Common Stock
Business Combination Segment Allocation [Line Items]
Shares issued per common share | shares			1
GBC
Business Combination Segment Allocation [Line Items]
Percentage of holding company ownership by fund managers			40.00%
Newbury Partners LLC
Business Combination Segment Allocation [Line Items]
Cash	$ 319,364,000
Transaction costs			$ 3,500,000		$ 0
Goodwill	177,738,000
Liabilities assumed	736,000
Newbury Partners LLC | Newbury Partners LLC
Business Combination Segment Allocation [Line Items]
Transaction costs			$ 4,600,000
Newbury Partners LLC | Management/In Place Contracts
Business Combination Segment Allocation [Line Items]
Finite lived intangible assets	$ 98,000,000
Discounted rate	16.00%
Newbury Partners LLC | Client Relationships
Business Combination Segment Allocation [Line Items]
Finite lived intangible assets	$ 48,000,000
Useful life	14 years
Discount rate for projected future royalty fees	22.00%
Newbury Partners LLC | Trade name
Business Combination Segment Allocation [Line Items]
Finite lived intangible assets	$ 3,000,000
Useful life	10 years
Discount rate for projected future royalty fees	21.00%
Royalty rate	1.00%
Newbury Partners LLC | Minimum | Management/In Place Contracts
Business Combination Segment Allocation [Line Items]
Useful life	4 years
Newbury Partners LLC | Maximum | Management/In Place Contracts
Business Combination Segment Allocation [Line Items]
Useful life	10 years
GBC
Business Combination Segment Allocation [Line Items]
Consideration transferred		$ 30,000,000
Cash		15,089,000
Goodwill		$ 46,152,000
Voting interest rate		60.00%
Acquisition paid in cash		50.00%
Acquisition paid in shares		50.00%
Consideration transferred, shares (in shares) | shares		694,412
Average period of stock determination		15 days
Recapitalization costs		$ 660,000,000.0
Liabilities assumed		1,000,000
GBC | Management/In Place Contracts
Business Combination Segment Allocation [Line Items]
Finite lived intangible assets		3,195,000
GBC | Trade name
Business Combination Segment Allocation [Line Items]
Finite lived intangible assets		$ 150,000
Discounted rate		8.50%
Useful life		4 years
Royalty rate		1.00%
GBC | Fund Management Contracts
Business Combination Segment Allocation [Line Items]
Discounted rate		8.50%
GBC | Property management contracts
Business Combination Segment Allocation [Line Items]
Useful life		30 days
GBC | Minimum | Fund Management Contracts
Business Combination Segment Allocation [Line Items]
Useful life		5 years
GBC | Maximum | Fund Management Contracts
Business Combination Segment Allocation [Line Items]
Useful life		10 years
Bridge SFR
Business Combination Segment Allocation [Line Items]
Voting interest rate			60.00%

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BUSINESS COMBINATION AND GOODWILL - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands			6 Months Ended
	Mar. 31, 2023	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Payments to Acquire Businesses and Interest in Affiliates [Abstract]
Class A Units			$ 0	$ 14,930
Assets acquired, liabilities assumed and non-controlling interests
Goodwill			$ 233,831		$ 55,982
Newbury Partners LLC
Payments to Acquire Businesses and Interest in Affiliates [Abstract]
Cash	$ 319,364
Liabilities Assumed	736
Total consideration for equity interest acquired	320,100
Assets acquired, liabilities assumed and non-controlling interests
Net tangible acquired assets	79,727
Fair value of net assets acquired	228,727
Non-controlling interest	(86,365)
Goodwill	177,738
Acquired assets and liabilities	320,100
Newbury Partners LLC | Trade name
Assets acquired, liabilities assumed and non-controlling interests
Finite lived intangible assets	3,000
Newbury Partners LLC | Client Relationships
Assets acquired, liabilities assumed and non-controlling interests
Finite lived intangible assets	48,000
Newbury Partners LLC | Management/In Place Contracts
Assets acquired, liabilities assumed and non-controlling interests
Finite lived intangible assets	$ 98,000
GBC
Payments to Acquire Businesses and Interest in Affiliates [Abstract]
Cash		$ 15,089
Class A Units		14,930
Total consideration for equity interest acquired		30,019
Assets acquired, liabilities assumed and non-controlling interests
Cash		56
Working capital		623
Other liabilities		(104)
Fair value of net assets acquired		3,920
Non-controlling interest		(20,053)
Goodwill		46,152
Acquired assets and liabilities		30,019
GBC | Trade name
Assets acquired, liabilities assumed and non-controlling interests
Finite lived intangible assets		150
GBC | Management/In Place Contracts
Assets acquired, liabilities assumed and non-controlling interests
Finite lived intangible assets		$ 3,195

XML

BUSINESS COMBINATION AND GOODWILL - Schedule of Supplemental Information for Pro Forma (Details) - Newbury Partners LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Total revenues and investment (loss) income	$ 88,200	$ 214,748	$ 86,299	$ 404,726
Net income attributable to Bridge Investment Group Holdings Inc.	$ (4,772)	$ 12,319	$ (5,041)	$ 21,423

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INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 20, 2023	Jun. 19, 2023	Dec. 31, 2022
Loss And Loss Adjustment Liability And Expenses [Line Items]
Insurance loss reserves	$ 7,994,000			$ 9,445,000
Bridge Investment Group Holdings LLC
Loss And Loss Adjustment Liability And Expenses [Line Items]
Insurance loss reserves	8,000,000.0			$ 9,400,000
Bridge Investment Group Holdings LLC | Minimum
Loss And Loss Adjustment Liability And Expenses [Line Items]
Property deductible reimbursement insurance annual aggregate			$ 3,000,000
Bridge Investment Group Holdings LLC | Maximum
Loss And Loss Adjustment Liability And Expenses [Line Items]
Property deductible reimbursement insurance annual aggregate		$ 5,000,000
Lease Security Deposit Fulfillment | Bridge Investment Group Holdings LLC
Loss And Loss Adjustment Liability And Expenses [Line Items]
Loss contingency, estimate of possible loss	500
Lessor Legal Liability | Bridge Investment Group Holdings LLC
Loss And Loss Adjustment Liability And Expenses [Line Items]
Loss contingency, estimate of possible loss	100,000
Workers' Compensation Insurance | Bridge Investment Group Holdings LLC
Loss And Loss Adjustment Liability And Expenses [Line Items]
Loss contingency, estimate of possible loss	250,000
Property Insurance | Bridge Investment Group Holdings LLC
Loss And Loss Adjustment Liability And Expenses [Line Items]
Loss contingency, estimate of possible loss	5,000,000
Loss contingency, estimate of possible loss , limits per unit	1,500,000
General Liability | Bridge Investment Group Holdings LLC
Loss And Loss Adjustment Liability And Expenses [Line Items]
General liability deductible reimbursement, excess amount	5,000,000
General liability deductible reimbursement limits per unit	25,000
General liability deductible reimbursement, annual policy amount	$ 10,000,000

XML

SELF-INSURANCE RESERVES (Details) - USD ($)	Jun. 20, 2022	Jun. 20, 2020	Jun. 30, 2023	Jun. 20, 2023	Jun. 19, 2023	Dec. 31, 2022
Deferred Policy Acquisition Cost [Line Items]
Self insurance policy coverage limit			$ 5,000,000
Self-insurance reserves and unearned premiums			3,645,000			$ 3,453,000
Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Self insurance stop-loss coverage amount per individual per year			200,000
Self Insurance maximum claim liability			18,000,000
Property and casualty claims for insured, per property			25,000
Self insurance policy coverage limit			$ 5,000,000
Self Insurance reserve, limits per unit	$ 1,500,000
Percentage of catastrophic losses in non-CAT Zones			5.00%
Self insurance liability retention per location threshold	10,000,000	$ 4,000,000
Self-insurance reserves and unearned premiums			$ 3,600,000			3,500,000
Bridge Investment Group Holdings LLC | Multifamily Properties
Deferred Policy Acquisition Cost [Line Items]
Selling limit of losses on claim in insurance policy			250,000
Bridge Investment Group Holdings LLC | Commercial Office Properties
Deferred Policy Acquisition Cost [Line Items]
Selling limit of losses on claim in insurance policy			50,000
Bridge Investment Group Holdings LLC | Logistics And Net Lease Properties
Deferred Policy Acquisition Cost [Line Items]
Selling limit of losses on claim in insurance policy			$ 50,000
Property Insurance | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Self insurance policy coverage limit, percentage of claim			100.00%
Self insurance policy coverage limit, amount claimable			$ 5,000,000
Self insurance reserve annual policy amount			2,000,000
General Liability | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Self insurance reserve annual policy amount				$ 10,000,000
Self insurance reserve, excess amount	$ 5,000,000	$ 2,000,000
Insurance loss reserves			800,000			1,100,000
Minimum | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Property and casualty claims for insured, per property			25,000
Catastrophic losses in non-CAT Zones			25,000
Minimum | Property Insurance | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Self insurance reserve annual policy amount					$ 3,000,000
Maximum | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Property and casualty claims for insured, per property			250,000
Catastrophic losses in non-CAT Zones			50,000
Maximum | Property Insurance | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Self insurance reserve annual policy amount				$ 5,000,000
Medical Self Insurance Reserves
Deferred Policy Acquisition Cost [Line Items]
Medical self-insurance reserves			2,800,000			$ 2,300,000
Bride Property Management | Bridge Investment Group Holdings LLC
Deferred Policy Acquisition Cost [Line Items]
Property and casualty claims for insured, per property			25,000
Bride Property Management | Bridge Investment Group Holdings LLC | Multifamily Properties
Deferred Policy Acquisition Cost [Line Items]
Property and casualty claims for insured, per property			25,000
Bride Property Management | Bridge Investment Group Holdings LLC | Commercial Office Properties
Deferred Policy Acquisition Cost [Line Items]
Property and casualty claims for insured, per property			50,000
Self Insured Retention | Bridge Investment Group Holdings LLC | Multifamily Properties
Deferred Policy Acquisition Cost [Line Items]
Catastrophic losses in non-CAT Zones			$ 75,000

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GENERAL PARTNER NOTES PAYABLE - Schedule of Carrying Value of General Partner Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
General Partner Notes Payable [Line Items]
Commitment	$ 14,075
General Partner Notes Payable, at fair value	7,091	$ 8,633
Bridge Seniors Housing Fund I
General Partner Notes Payable [Line Items]
Commitment	4,775
General Partner Notes Payable, at fair value	3,705	4,319
Bridge Multifamily Fund III
General Partner Notes Payable [Line Items]
Commitment	9,300
General Partner Notes Payable, at fair value	$ 3,386	$ 4,314

XML

LINE OF CREDIT (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Jan. 31, 2023 USD ($)	Jun. 03, 2022 USD ($)	Jul. 22, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Interest expense				$ 8,735	$ 2,901	$ 12,881	$ 4,522
Line of Credit | The Credit Agreement
Line of Credit Facility [Line Items]
Maximum leverage ratio		3.75
Minimum quarterly EBITDA		$ 15,000
Minimum total EBITDA		$ 80,000
Interest expense				$ 2,500	100	2,900	100
Line of Credit | The Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Line of Credit Facility [Line Items]
Basis rate		2.50%
Line of Credit | The Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Line of Credit Facility [Line Items]
Basis rate		1.75%
Line of Credit | The Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Line of Credit Facility [Line Items]
Basis rate		3.00%
Line of Credit | The Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Line of Credit Facility [Line Items]
Basis rate		2.25%
Revolving Credit Facility | Line of Credit | The Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 125,000
Additional possible increase to credit		$ 225,000
Unused commitment fee		0.20%
Credit facility, outstanding balance						$ 80,000
Weighted average interest rate				7.00%		7.00%
Unused commitments fees				$ 45	$ 16	$ 100	$ 16
Corporate Credit Facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 225,000
Unused commitment fee	0.25%
Basis points	1500.00%
Bridge Investment Group Holdings LLC | Secured Revolving Line Of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 75,000
Basis rate			2.25%
Minimum liquidity			$ 2,500
Total debt to consolidated EBITDA ratio			3.0
Affiliate deposits			$ 20,000
Minimum quarterly EBITDA			$ 10,000
Bridge Investment Group Holdings LLC | Secured Revolving Line Of Credit | Line of Credit | The Credit Agreement
Line of Credit Facility [Line Items]
Minimum liquidity		$ 15,000

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NOTES PAYABLE - Additional Informational (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Feb. 13, 2023 USD ($) tranche	Dec. 31, 2022 USD ($)	Jun. 03, 2022 USD ($) tranche	Jul. 22, 2020 USD ($) tranche
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 3,800		$ 3,800			$ 2,700
Long-term debt	446,200		446,200			$ 297,300
Interest expense, debt	5,700	$ 1,500	9,100	$ 3,000
Notes payable | Private Notes
Debt Instrument [Line Items]
Maximum leverage ratio							3.75
Minimum liquidity							$ 15,000
Minimum quarterly EBITDA							15,000
Minimum total EBITDA							80,000
Long-term debt	$ 450,000		$ 450,000
Notes payable | 2020 Private Placement Notes
Debt Instrument [Line Items]
Principal amount outstanding								$ 150,000
Number of tranches | tranche								2
Notes payable | 2020 Private Placement Notes, Tranche One
Debt Instrument [Line Items]
Principal amount outstanding								$ 75,000
Debt term								5 years
Interest rate								3.90%
Notes payable | 2020 Private Placement Notes, Tranche Two
Debt Instrument [Line Items]
Principal amount outstanding								$ 75,000
Debt term								7 years
Interest rate								4.15%
Notes payable | 2022 Private Placement Notes
Debt Instrument [Line Items]
Principal amount outstanding							$ 150,000
Number of tranches | tranche							2
Notes payable | 2022 Private Placement Notes, Tranche One
Debt Instrument [Line Items]
Principal amount outstanding							$ 75,000
Debt term							10 years
Interest rate on notes							5.00%
Notes payable | 2022 Private Placement Notes, Tranche Two
Debt Instrument [Line Items]
Principal amount outstanding							$ 75,000
Debt term							12 years
Interest rate on notes							5.10%
Notes payable | 2023 Private Placement Notes
Debt Instrument [Line Items]
Principal amount outstanding					$ 150,000
Number of tranches | tranche					2
Notes payable | 2023 Private Placement Notes, Tranche One
Debt Instrument [Line Items]
Principal amount outstanding					$ 120,000
Debt term					7 years
Interest rate on notes					6.00%
Notes payable | 2023 Private Placement Notes, Tranche Two
Debt Instrument [Line Items]
Principal amount outstanding					$ 30,000
Debt term					10 years
Interest rate on notes					6.10%

XML

NOTES PAYABLE - Schedule of Scheduled Principal Payments of the Company's Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2025	$ 75,000
2026	0
Total	446,200	$ 297,300
Private Notes | Notes payable
Debt Instrument [Line Items]
2027	75,000
Thereafter	300,000
Total	$ 450,000

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REALIZED AND UNREALIZED GAINS (LOSSES) - Schedule of Realized Gains (Losses) on Investments and Other Financial instruments (Details) - Bridge Investment Group Holdings LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Realized And Unrealized Gains Losses [Line Items]
Net Realized Gains (Losses)	$ 548	$ (277)	$ (177)	$ (378)
Net Unrealized Gains (Losses)	(2,071)	4,083	93	4,696
Total realized and unrealized gains (losses)	(1,523)	3,806	(84)	4,318
Investment in Company-sponsored funds
Schedule Of Realized And Unrealized Gains Losses [Line Items]
Net Realized Gains (Losses)	619	(256)	165	(249)
Net Unrealized Gains (Losses)	(2,448)	5,097	(1,517)	3,857
Total realized and unrealized gains (losses)	(1,829)	4,841	(1,352)	3,608
Investment in third-party partnerships
Schedule Of Realized And Unrealized Gains Losses [Line Items]
Net Realized Gains (Losses)	(46)	(49)	(151)	(61)
Net Unrealized Gains (Losses)	(92)	7	33	1,593
Total realized and unrealized gains (losses)	(138)	(42)	(118)	1,532
General Partner Notes Payable
Schedule Of Realized And Unrealized Gains Losses [Line Items]
Net Realized Gains (Losses)	(25)	28	(191)	(68)
Net Unrealized Gains (Losses)	469	(1,021)	1,577	(754)
Total realized and unrealized gains (losses)	$ 444	$ (993)	$ 1,386	$ (822)

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INCOME TAXES (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Deferred tax assets, net			$ 62,096,000	$ 54,387,000
TRA liability			51,513,000	51,966,000
Bridge Investment Group Holdings LLC
Income Tax Disclosure [Line Items]
Deferred tax assets, net			61,800,000	$ 53,900,000
Effective tax rate	2.00%	4.00%
Unrecognized tax positions			$ 0

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SHAREHOLDERS’ EQUITY - Additional Information (Details)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 20, 2021 shares	Jan. 31, 2022 USD ($) shares	Jun. 30, 2023 USD ($) vote class_of_common_stock class_of_membership_interest $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) vote class_of_common_stock class_of_membership_interest $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 01, 2023 shares	Jan. 01, 2022 shares
Class of Stock [Line Items]
Business acquired | $					$ 319,364,000	$ 15,089,000
Number of class of stock | class_of_common_stock			2		2
Preferred stock, shares authorized (in shares)			20,000,000		20,000,000		20,000,000
Preferred stock, par or stated value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)			0		0		0
Number of classes membership interest | class_of_membership_interest			3		3
GBC
Class of Stock [Line Items]
Voting interest rate		60.00%
Business acquired | $		$ 30,000,000
Acquisition paid in cash		50.00%
Acquisition paid in shares		50.00%
Common stock, shares issued (in shares)		694,412
IPO
Class of Stock [Line Items]
Undistributed earnings | $					$ 500,000		$ 500,000
Prior Initial Public Offering
Class of Stock [Line Items]
Distributions | $			$ 18,000,000	$ 38,600,000	19,400,000	56,100,000
Cash distributed to non controlling interests | $			$ 25,300,000	$ 42,200,000	49,300,000	70,800,000
Capital Unit, Class A
Class of Stock [Line Items]
Profits interests awards (in shares)								2,025,953	13,255,888
Bridge Investment Group Holdings Inc.
Class of Stock [Line Items]
Unamortized share based compensation expense | $					$ 300,000	$ 600,000
Preferred stock, shares authorized (in shares)			20,000,000		20,000,000
Preferred stock, par or stated value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)			0		0
Class A Common Stock
Class of Stock [Line Items]
Profits interests awards (in shares)								801,927	790,424
Common stock, shares issued (in shares)			32,767,289		32,767,289		29,488,521
Common stock, value | $			$ 328,000		$ 328,000		$ 295,000
Common stock, par or stated value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)			500,000,000		500,000,000		500,000,000
Common stock, shares outstanding (in shares)			32,767,289		32,767,289		29,488,521
Class A Common Stock | GBC
Class of Stock [Line Items]
Common stock, value | $		$ 14,900,000
Class A Common Stock | Bridge Investment Group Holdings Inc.
Class of Stock [Line Items]
Redemption ratio					1
Stock redeemed (in shares)					161,754
Common stock, par or stated value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Common stock, shares authorized (in shares)			500,000,000		500,000,000
Number of votes per share | vote			1		1
Common stock, shares outstanding (in shares)			32,767,289		32,767,289
Number of shares issued (in shares)					8,671
Class A Common Stock | Bridge Investment Group Holdings Inc. | IPO
Class of Stock [Line Items]
Number of shares issued (in shares)	18,750,000
Class A Common Stock | Bridge Investment Group Holdings LLC
Class of Stock [Line Items]
Number of shares issued (in shares)					2,844,638
Common stock shares owned by managing partners			32,767,289		32,767,289
Common stock percentage owned by managing Partners			25.00%		25.00%
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares issued (in shares)			85,144,321		85,144,321		85,301,127
Common stock, value | $			$ 851,000		$ 851,000		$ 853,000
Common stock, par or stated value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)			237,680,340		237,680,340		237,837,544
Common stock, shares outstanding (in shares)			85,144,321		85,144,321		85,301,127
Class B Common Stock | Bridge Investment Group Holdings Inc.
Class of Stock [Line Items]
Common stock, par or stated value per share (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Number of votes per share | vote			10		10
Common stock, shares outstanding (in shares)			85,144,321		85,144,321
Number of shares issued (in shares)					0
Class B Common Stock | Bridge Investment Group Holdings LLC
Class of Stock [Line Items]
Number of shares issued (in shares)					0
Common stock shares owned by managing partners			97,463,981		97,463,981
Common stock percentage owned by managing Partners			100.00%		100.00%
Class B Common Stock | Bridge Investment Group Holdings LLC | IPO
Class of Stock [Line Items]
Capital account interest | $			$ 0		$ 0
Number of shares issued (in shares)					97,463,981

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SHAREHOLDERS’ EQUITY - Schedule of Reconciliation (Details)	6 Months Ended
	Jun. 30, 2023 shares
Bridge Investment Group Holdings Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A restricted common stock vested	598,495
Class A Common Stock | Bridge Investment Group Holdings Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance as of December 31, 2022	24,484,585
Class A common stock issued - 2020 profits interests conversion	8,671
Class A common stock issued - unitholder conversions	161,754
Class A restricted common stock issued	0
Class A restricted common stock forfeited	0
Balance as of June 30, 2023	25,253,505
Class A Common Stock | Bridge Investment Group Holdings LLC
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance as of December 31, 2022	124,445,671
Class A common stock issued - 2020 profits interests conversion	2,844,638
Forfeiture of unvested Class A Units	(48,191)
Balance as of June 30, 2023	127,242,118
Class A Restricted Common Stock | Bridge Investment Group Holdings Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance as of December 31, 2022	5,003,936
Class A common stock issued - 2020 profits interests conversion	793,256
Class A common stock issued - unitholder conversions	0
Class A restricted common stock issued	2,424,142
Class A restricted common stock forfeited	(109,055)
Class A restricted common stock vested	598,495
Balance as of June 30, 2023	7,513,784
Class B Common Stock | Bridge Investment Group Holdings Inc.
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance as of December 31, 2022	85,301,127
Class A common stock issued - 2020 profits interests conversion	0
Class A common stock issued - unitholder conversions	111,754
Class A restricted common stock issued	45,052
Class A restricted common stock forfeited	0
Class A restricted common stock vested	0
Balance as of June 30, 2023	85,144,321
Class B Common Stock | Bridge Investment Group Holdings LLC
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance as of December 31, 2022	97,463,981
Class A common stock issued - 2020 profits interests conversion	0
Forfeiture of unvested Class A Units	0
Balance as of June 30, 2023	97,463,981

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SHAREHOLDERS’ EQUITY - Schedule of Dividends Declared (Details) - Class A Common Stock - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended
	Jun. 16, 2023	Mar. 24, 2023	Jun. 17, 2022	Mar. 25, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Dividends on common stock (in dollars per share)	$ 0.15	$ 0.17	$ 0.26	$ 0.21	$ 0.32	$ 0.47
Dividend to Common Stockholders	$ 4,850	$ 5,541	$ 7,614	$ 5,917	$ 10,391	$ 13,531

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COMMITMENTS AND CONTINGENCIES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets, included in Other assets	$ 12,203		$ 12,203		$ 15,260
Operating lease, right-of-use asset, statement of financial position [extensible enumeration]	Other assets		Other assets		Other assets
Lease Liabilities, included in Other liabilities	$ 14,642		$ 14,642		$ 17,490
Operating lease, liability, statement of financial position [extensible enumeration]	Other liabilities		Other liabilities		Other liabilities
Weighted-average remaining lease term (in years)	3 years 10 months 24 days		3 years 10 months 24 days		4 years 2 months 12 days
Weighted-average discount rate	4.05%		4.05%		4.24%
Operating lease costs	$ 1,332	$ 1,056	$ 2,341	$ 2,121
Variable lease costs	42	70	106	102
Total lease costs, included in general and administrative expenses	1,374	1,126	2,447	2,223
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,445	$ 894	$ 2,737	$ 2,061

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COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Subsidiary or Equity Method Investee [Line Items]
Limit of guaranties made on behalf of employees	$ 8.0
Bridge Investment Group Holdings LLC
Subsidiary or Equity Method Investee [Line Items]
Short-term lease, cost	183.6	$ 177.7
Contingent repayment obligation or liability	68.9	$ 141.4
Letter of Credit | Bridge Investment Group Holdings LLC
Subsidiary or Equity Method Investee [Line Items]
Standby letter of credit	6.8
Operating leases	$ 0.4

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COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 2,811
2024	3,969
2025	3,041
2026	2,924
2027	2,667
Thereafter	105
Total lease liabilities	15,517
Less: Imputed interest	(875)
Total operating lease liabilities	$ 14,642	$ 17,490

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VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 1,346,383	$ 1,154,835
Liabilities	730,722	508,516
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,283,200	1,099,500
Liabilities	685,000	455,600
Bridge Investment Group Holdings LLC
Variable Interest Entity [Line Items]
Maximum amount of exposure to loss as a result of its involvement with the variable interest entity	$ 196,500	$ 77,100

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RELATED PARTY TRANSACTIONS - Schedule of Professionals and Non-Consolidated Funds to be Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Receivables from affiliates	$ 41,703	$ 53,804
Affiliated Entity
Related Party Transaction [Line Items]
Receivables from affiliates	41,703	53,804
Affiliated Entity | Fees Receivable
Related Party Transaction [Line Items]
Receivables from affiliates	21,802	31,712
Affiliated Entity | Payments Made On Behalf Of And Amounts Due From
Related Party Transaction [Line Items]
Receivables from affiliates	$ 19,901	$ 22,092

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RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 51,513	$ 51,966
Affiliated Entity
Related Party Transaction [Line Items]
Notes receivable from affiliates	59,030	67,244
Due to affiliates	$ 51,500	$ 52,000

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jul. 06, 2021	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jan. 01, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Aggregate unrecognized compensation cost				$ 106,995		$ 106,995
Restricted Stock and RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares increased (in shares)								11,412,508
Number of shares available for future grants (in shares)				4,400,905		4,400,905
Common stock for each unit (in shares)						1
Total value at grant date of restricted stock and RSUs granted						$ 400
RSUs expected to vest (in shares)				97,637		97,637
Aggregate intrinsic vest value						$ 1,100
Weighted-average period over which compensation cost not yet recognized is expected to be recognized						2 years 4 months 24 days
Restricted Stock and RSUs | Tranche One
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage						33.30%
Restricted Stock and RSUs | Tranche Two
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage						33.30%
Restricted Stock and RSUs | Tranche Three
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage						33.30%
Restricted Stock and RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
RSUs issued at weighted-average fair value (in shares)						31,000
RSUs issued weighted average fair value per share (in dollars per share)						$ 12.05
Aggregate unrecognized compensation cost				$ 74,492		$ 74,492
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total value at grant date of restricted stock and RSUs granted						$ 38,600
Shares of restricted stock (in shares)				7,513,784		7,513,784
Aggregate unrecognized compensation cost				$ 74,500		$ 74,500
Profits interests award shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total value at grant date of restricted stock and RSUs granted	$ 33,900		$ 8,000
Aggregate unrecognized compensation cost				32,503		$ 32,503
Weighted-average period over which compensation cost not yet recognized is expected to be recognized						2 years 10 months 24 days
Profits interests award shares | Tranche One
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage						33.30%
Profits interests award shares | Tranche Two
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage						33.30%
Profits interests award shares | Tranche Three
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vesting percentage						33.30%
Class A Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of number of outstanding shares		2.00%
Aggregate intrinsic value expected to vest				85,300		$ 85,300
Bridge Investment Group Holdings LLC | Restricted Stock and RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation reversed				$ 400	$ 100	$ 600	$ 100
Bridge Investment Group Holdings LLC | Antidilutive awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of anti-dilutive share based compensation record in year of grant						100.00%
Bridge Investment Group Holdings LLC | Fund Managers | Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of holding company ownership by fund managers				5.00%		5.00%
Bridge Investment Group Holdings LLC | Fund Managers | Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of holding company ownership by fund managers				40.00%		40.00%
2021 Incentive Award Plan | Bridge Investment Group Holdings LLC | Class A Common Stock | Restricted Stock and RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock initially reserved for issuance (in shares)		6,600,000

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS - Schedule of Restricted Stock activities (Details) - Class A Restricted Common Stock	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock
Beginning Balance (in shares) | shares	5,013,796
Issued (in shares) | shares	3,217,398
Vested (in shares) | shares	(598,495)
Forfeited (in shares) | shares	(118,915)
Ending Balance (in shares) | shares	7,513,784
Weighted-Average Fair Value per Share
Beginning Balance (in dollars per share) | $ / shares	$ 20.54
Issued (in dollars per share) | $ / shares	12.01
Vested (in dollars per share) | $ / shares	17.67
Forfeited (in dollars per share) | $ / shares	17.74
Ending Balance (in dollars per share) | $ / shares	$ 17.16

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS - Schedule of Assumptions Used In Monte Carlo Simulation Valuation (Details) - Profits interests award shares	6 Months Ended
	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate	3.60%
Volatility	40.00%
Expected cost of equity	16.80%
Discount rate	17.10%

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS - Schedule of Share Based Compensation Expense (Details) - Bridge Investment Group Holdings LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 11,119	$ 6,553	$ 20,479	$ 13,818
Profits interests award shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	3,946	841	5,933	2,457
Restricted Stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 7,173	$ 5,712	$ 14,546	$ 11,361

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SHARE-BASED COMPENSATION AND PROFITS INTERESTS - Schedule of Unrecognized Compensation Cost (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Disclosure of Profits Interests [Line Items]
Remainder of 2023	$ 18,344
2024	39,524
2025	28,519
2026	15,149
2027	4,897
2028	562
Total	106,995
Restricted Stock and RSUs
Disclosure of Profits Interests [Line Items]
Remainder of 2023	15,302
2024	28,649
2025	19,359
2026	9,197
2027	1,979
2028	6
Total	74,492
Profits interests award shares
Disclosure of Profits Interests [Line Items]
Remainder of 2023	3,042
2024	10,875
2025	9,160
2026	5,952
2027	2,918
2028	556
Total	$ 32,503

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(LOSS) EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income attributable to Bridge Investment Group Holdings Inc.	$ (4,772)	$ 12,940	$ (2,738)	$ 22,711
Income allocated to Restricted Stock and RSUs	0	(915)	0	(1,608)
Distributions on Restricted Stock and RSUs	(1,142)	(1,436)	(2,448)	(2,432)
Net (loss) income available to Class A common stockholders, diluted	$ (5,914)	$ 10,589	$ (5,186)	$ 18,671
Denominator:
Weighted-average shares of Class A common stock outstanding - basic (in shares)	25,143,289	24,029,107	25,105,753	23,581,393
Weighted-average shares of Class A common stock outstanding - Diluted (in shares) (in shares)	25,143,289	24,029,107	25,105,753	23,581,393
(Loss) earnings per share of Class A common stock - basic (in dollars per share)	$ (0.24)	$ 0.44	$ (0.21)	$ 0.79
(Loss) earnings per share of Class A common stock - diluted (in dollars per share)	$ (0.24)	$ 0.44	$ (0.21)	$ 0.79

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SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands					6 Months Ended
	Jul. 31, 2023	Jul. 27, 2023	Jul. 07, 2023	Jul. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Jul. 01, 2023	Jan. 01, 2023	Jan. 01, 2022
Subsequent Event [Line Items]
Purchase of investment					$ 30,711	$ 35,384
Proceeds from revolving line of credit					$ 250,000	$ 50,000
Capital Unit, Class A
Subsequent Event [Line Items]
Profits interests awards (in shares)								2,025,953	13,255,888
Class A Common Stock
Subsequent Event [Line Items]
Profits interests awards (in shares)								801,927	790,424
Subsequent Event | Real Estate Assets
Subsequent Event [Line Items]
Transaction value	$ 550,000
Subsequent Event | Revolving Credit Facility | The Credit Agreement | Line of Credit
Subsequent Event [Line Items]
Debt repaid			$ 80,000
Proceeds from revolving line of credit		$ 80,000
Subsequent Event | Bridge Agency MBS Fund
Subsequent Event [Line Items]
Proceeds from sale of investments				$ 20,000
Gain (loss) on disposal				$ (1,900)
Purchase of investment	$ 20,000
Subsequent Event | Capital Unit, Class A
Subsequent Event [Line Items]
Profits interests awards (in shares)							2,429,453
Subsequent Event | Class A Common Stock
Subsequent Event [Line Items]
Profits interests awards (in shares)							489,407