2023 Q4 Form 10-K Financial Statement

#000185440124000025 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $101.9M $253.4M
YoY Change 6.81% -38.04%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $79.86M $272.3M
YoY Change 27.15% 1.99%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.873M $16.36M
YoY Change 583.45% 457.22%
% of Gross Profit
Operating Expenses $94.77M $322.5M
YoY Change 34.09% 6.75%
Operating Profit
YoY Change
Interest Expense -$1.001M -$10.12M
YoY Change 488.82% -181.97%
% of Operating Profit
Other Income/Expense, Net -$2.109M -$2.112M
YoY Change -269.26% -313.77%
Pretax Income $4.073M -$81.28M
YoY Change -84.25% -127.59%
Income Tax $3.396M $6.127M
% Of Pretax Income 83.38%
Net Earnings -$4.325M -$6.766M
YoY Change -124.1% -102.48%
Net Earnings / Revenue -4.24% -2.67%
Basic Earnings Per Share -$0.46
Diluted Earnings Per Share -$0.16 -$0.26
COMMON SHARES
Basic Shares Outstanding 26.00M shares
Diluted Shares Outstanding 26.00M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.54M $57.70M
YoY Change -60.88% -68.57%
Cash & Equivalents $57.70M $57.70M
Short-Term Investments $19.84M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $44.37M $44.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $102.1M $102.1M
YoY Change -57.0% -57.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $233.6M
YoY Change 317.25%
Intangibles $140.2M
YoY Change 2764.69%
Long-Term Investments $203.7M $605.5M
YoY Change 138.32% -7.53%
Other Assets $77.10M $77.10M
YoY Change 20.32% 20.32%
Total Long-Term Assets $1.187B $1.187B
YoY Change 29.35% 29.35%
TOTAL ASSETS
Total Short-Term Assets $102.1M $102.1M
Total Long-Term Assets $1.187B $1.187B
Total Assets $1.289B $1.289B
YoY Change 11.6% 11.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.07M $35.07M
YoY Change 40.61% 40.61%
Accrued Expenses $90.92M $90.92M
YoY Change 10.34% 10.34%
Deferred Revenue
YoY Change
Short-Term Debt $34.00M $34.00M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $160.0M $160.0M
YoY Change 49.05% 49.05%
LONG-TERM LIABILITIES
Long-Term Debt $446.6M $446.6M
YoY Change 50.22% 50.22%
Other Long-Term Liabilities $136.9M $136.9M
YoY Change 31.77% 31.77%
Total Long-Term Liabilities $583.5M $583.5M
YoY Change 45.44% 45.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $160.0M $160.0M
Total Long-Term Liabilities $583.5M $583.5M
Total Liabilities $743.5M $1.214B
YoY Change 46.2% 12.84%
SHAREHOLDERS EQUITY
Retained Earnings -$14.47M
YoY Change -201.65%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.91M $74.91M
YoY Change
Total Liabilities & Shareholders Equity $1.289B $1.289B
YoY Change 11.6% 11.6%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.325M -$6.766M
YoY Change -124.1% -102.48%
Depreciation, Depletion And Amortization $4.873M $16.36M
YoY Change 583.45% 457.22%
Cash From Operating Activities $63.61M $174.8M
YoY Change 38.56% -23.45%
INVESTING ACTIVITIES
Capital Expenditures $408.0K $2.408M
YoY Change -84.32% -25.4%
Acquisitions $319.4M
YoY Change 2016.54%
Other Investing Activities -$5.902M -$340.8M
YoY Change -11.84% 1726.87%
Cash From Investing Activities -$6.310M -$343.2M
YoY Change -32.13% 1468.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -47.81M $42.39M
YoY Change 9.13% -143.67%
NET CHANGE
Cash From Operating Activities 63.61M $174.8M
Cash From Investing Activities -6.310M -$343.2M
Cash From Financing Activities -47.81M $42.39M
Net Change In Cash 9.495M -$126.0M
YoY Change -231.98% -215.19%
FREE CASH FLOW
Cash From Operating Activities $63.61M $174.8M
Capital Expenditures $408.0K $2.408M
Free Cash Flow $63.20M $172.4M
YoY Change 45.94% -23.42%

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ProfitLoss
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CY2021 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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ComprehensiveIncomeLossAttributableToOperatingCompany
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ComprehensiveIncomeLossAttributableToOperatingCompany
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CY2021 brdg Comprehensive Income Loss Attributable To Operating Company
ComprehensiveIncomeLossAttributableToOperatingCompany
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ComprehensiveIncomeLossNetOfTaxAttributableToCommonControlGroupPriorToTransactionsAndIPO
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ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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CY2021 us-gaap Comprehensive Income Net Of Tax
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CY2021 brdg Derecognition Of Bridge Debt Strategies Fund Gpllc
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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ProfitLoss
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CY2021 us-gaap Profit Loss
ProfitLoss
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DepreciationAndAmortization
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CY2023 us-gaap Share Based Compensation
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ShareBasedCompensation
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ShareBasedCompensation
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IncomeLossFromEquityMethodInvestments
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IncomeLossFromEquityMethodInvestments
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IncomeLossFromEquityMethodInvestments
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Increase Decrease Due From Affiliates
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CY2022 us-gaap Increase Decrease In Self Insurance Reserve
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CY2021 us-gaap Increase Decrease Due From Affiliates
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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IncreaseDecreaseInOtherOperatingLiabilities
1933000 usd
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CY2021 brdg Write Down Of Right Of Use Assets And Lease Liabilities For Lease Termination
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CY2021 brdg Origination Of Short Term Loan Receivable For Prepaid Acquisitions
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CY2021 brdg Settlement Of Accrued Performance Allocations Compensation Liability With Equity
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CY2022 brdg Issuance Of Class A Common Units For Acquisition
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CY2023 us-gaap Nature Of Operations
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ORGANIZATION<div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 real estate, credit, renewable energy and secondaries strategies. 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.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the Transactions (defined herein Note 1) and 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 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 16, “Income Taxes,” for additional information. As of December 31, 2023, the Company held approximately 28% of the economic interest in the Operating Company. To the extent the Operating Company’s other 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.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Operating Company is the 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 Renewable Energy Fund Manager LLC and Newbury Partners-Bridge LLC (together, the “Fund Managers”). The Fund Managers provide investment advisory services to multiple investment funds and other vehicles, including joint ventures, separately managed accounts and privately offered limited partnerships, including any parallel investment vehicles and feeder funds (collectively, the “funds”). Certain Fund Managers also provide real estate services to applicable funds. The Operating Company is entitled to a pro rata portion of the management fees earned by the Fund Managers based on its ownership in the Fund Managers, which ranges from 60% to 100%.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each time we establish a new fund, we establish a new general partner for that fund (each, a “General Partner” and collectively the “Bridge GPs”) controlled by the Operating Company and, in some cases, by senior management of the applicable vertical. Under the terms of the fund operating agreements, the General Partners are entitled to performance fees from the funds once certain threshold returns are achieved for the limited partners.</span></div><div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reorganization in Connection with IPO</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the IPO, the Company completed a series of organizational transactions (the “Transactions”). The Transactions included:</span></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:32.5pt">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”);</span></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:32.5pt">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”);</span></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:32.5pt">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 for 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</span></div><div style="margin-bottom:12pt;padding-left:72pt;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:32.5pt">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”).</span></div><div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 17, “Shareholders’ Equity,” for additional information.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2023 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> — The preparation of consolidated and combined 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 consolidated and combined 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.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Global markets are experiencing continued volatility driven by weakening U.S. fundamentals, rising geopolitical risks in Europe, ongoing economic uncertainty, 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 limited estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.</span></div>
CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Number Of Operating Segments
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q4 brdg Marketable Securities Cost
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CY2023Q4 brdg Marketable Securities Unrealized Gains
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CY2023Q4 brdg Marketable Securities Unrealized Losses
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CY2023Q4 us-gaap Investments Fair Value Disclosure
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CY2022Q4 brdg Marketable Securities Cost
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CY2022Q4 brdg Marketable Securities Unrealized Gains
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CY2022Q4 brdg Marketable Securities Unrealized Losses
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CY2022Q4 us-gaap Investments Fair Value Disclosure
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CY2023 brdg Number Of Partnerships And Joint Ventures
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CY2023Q4 us-gaap Equity Method Investments
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CY2022Q4 us-gaap Equity Method Investments
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CY2023 us-gaap Investment Income Net
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CY2022 us-gaap Investment Income Net
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CY2021 us-gaap Investment Income Net
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CY2022 brdg Equity Method Investment Accrued Performance Allocations
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CY2021 brdg Equity Method Investment Accrued Performance Allocations
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CY2023Q4 brdg Accrued Performance Allocations Compensation
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CY2022Q4 brdg Accrued Performance Allocations Compensation
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CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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21210000 usd
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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17059000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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16342000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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16305000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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14692000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
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50000000 usd
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CY2023 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div style="margin-top:12pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below summarizes BIGRM's losses incurred during the years ended December 31, 2023, 2022, and 2021 as well as rollforwards of the loss reserve liability for each of the respective periods then ended (in thousands):</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.927%"><tr><td style="width:1.0%"></td><td style="width:58.142%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.084%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"><div><span><br/></span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:105%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:105%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:105%">2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Balance as of beginning of year</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">9,445 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">8,086 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">4,436 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Losses incurred, related to:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Current year</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">9,915</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">7,034</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">8,387</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Prior years</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">512</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(935)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(569)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 23.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Total incurred</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">10,427</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">6,099</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">7,818</span></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Losses paid, related to:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Current year</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(1,529)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(786)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(2,012)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Prior years</span></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(5,659)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(3,954)</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(2,156)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 23.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Total paid</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(7,188)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(4,740)</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">(4,168)</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 28pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Balance as of end of year</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">12,684 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">9,445 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:105%">8,086 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2023Q4 brdg Self Insurance Stop Loss Coverage Amount
SelfInsuranceStopLossCoverageAmount
200000 usd
CY2023Q4 brdg Self Insurance Maximum Claim Liability
SelfInsuranceMaximumClaimLiability
18000000 usd
CY2023Q4 us-gaap Liability For Claims And Claims Adjustment Expense Property Casualty Liability
LiabilityForClaimsAndClaimsAdjustmentExpensePropertyCasualtyLiability
25000 usd
CY2023Q4 brdg Self Insurance Policy Coverage Limit
SelfInsurancePolicyCoverageLimit
5000000 usd
CY2023Q4 brdg Percentage Of Catastrophic Losses In Noncat Zones
PercentageOfCatastrophicLossesInNoncatZones
0.05
CY2022Q2 brdg Self Insurance Liability Retention Per Location Threshold
SelfInsuranceLiabilityRetentionPerLocationThreshold
10000000 usd
CY2023Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
2900000 usd
CY2022Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
3500000 usd
CY2023 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
700000 usd
CY2022 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
2100000 usd
CY2021 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
2200000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
3400000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
2700000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
446600000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
297300000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
75000000 usd
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1858000 usd
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1324000 usd
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
476000 usd
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2706000 usd
CY2023 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1362000 usd
CY2023 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
665000 usd
CY2023Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3403000 usd
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
20400000 usd
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
9600000 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
6100000 usd
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2462000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
6342000 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2887000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1247000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2982000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1300000 usd
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3190000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
9385000 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
4970000 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-772000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
3486000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-895000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6127000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22195000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8262000 usd
CY2021Q4 brdg Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
46100000 usd
CY2023Q4 brdg Deferred Tax Receivable Agreement
DeferredTaxReceivableAgreement
67000000 usd
CY2022Q4 brdg Deferred Tax Receivable Agreement
DeferredTaxReceivableAgreement
53900000 usd
CY2023 brdg Tax Receivable Agreement Liability Income Expense
TaxReceivableAgreementLiabilityIncomeExpense
-2100000 usd
CY2022 brdg Tax Receivable Agreement Liability Income Expense
TaxReceivableAgreementLiabilityIncomeExpense
1200000 usd
CY2021 brdg Tax Receivable Agreement Liability Income Expense
TaxReceivableAgreementLiabilityIncomeExpense
-1700000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0046
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0173
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0037
CY2023 brdg Effective Income Tax Rate Reconciliation Income Passed Through To Limited Partners Percent
EffectiveIncomeTaxRateReconciliationIncomePassedThroughToLimitedPartnersPercent
-0.2083
CY2022 brdg Effective Income Tax Rate Reconciliation Income Passed Through To Limited Partners Percent
EffectiveIncomeTaxRateReconciliationIncomePassedThroughToLimitedPartnersPercent
-0.1744
CY2021 brdg Effective Income Tax Rate Reconciliation Income Passed Through To Limited Partners Percent
EffectiveIncomeTaxRateReconciliationIncomePassedThroughToLimitedPartnersPercent
-0.1946
CY2023 brdg Effective Income Tax Rate Reconciliation Change In Deferred Tax Receivable Agreement Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxReceivableAgreementPercent
-0.0470
CY2022 brdg Effective Income Tax Rate Reconciliation Change In Deferred Tax Receivable Agreement Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxReceivableAgreementPercent
0
CY2021 brdg Effective Income Tax Rate Reconciliation Change In Deferred Tax Receivable Agreement Percent
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxReceivableAgreementPercent
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
-0.0254
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.0224
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.0007
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0753
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0753
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0198
CY2023Q4 brdg Deferred Tax Receivable Agreement
DeferredTaxReceivableAgreement
67006000 usd
CY2022Q4 brdg Deferred Tax Receivable Agreement
DeferredTaxReceivableAgreement
53915000 usd
CY2023Q4 us-gaap Deferred Tax Assets Unrealized Losses On Trading Securities
DeferredTaxAssetsUnrealizedLossesOnTradingSecurities
48000 usd
CY2022Q4 us-gaap Deferred Tax Assets Unrealized Losses On Trading Securities
DeferredTaxAssetsUnrealizedLossesOnTradingSecurities
110000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
469000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Loss Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLossReserves
348000 usd
CY2023Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
14000 usd
CY2022Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
14000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
67537000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
54387000 usd
CY2023 brdg Stockholders Equity Number Of Share Classes
StockholdersEquityNumberOfShareClasses
3 class_of_share
CY2023Q4 brdg Number Of Classes Of Common Stock
NumberOfClassesOfCommonStock
2 class_of_common_stock
CY2023Q4 brdg Number Of Membership Interest Classes
NumberOfMembershipInterestClasses
3 class_of_share
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17491000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15260000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
19557000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
17490000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0482
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0424
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
4562000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
4310000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
222000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
204000 usd
CY2023 us-gaap Lease Cost
LeaseCost
4784000 usd
CY2022 us-gaap Lease Cost
LeaseCost
4514000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
4935000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
4410000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3819000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4274000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4259000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3813000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1251000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5497000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22913000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3356000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
19557000 usd
CY2023 brdg Guaranties Made To Lending Institution Limit
GuarantiesMadeToLendingInstitutionLimit
8000000 usd
CY2023Q4 brdg Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Recognized In Next Twelve Months
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostRecognizedInNextTwelveMonths
38418000 usd
CY2023Q4 brdg Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Recognized In Second Year
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostRecognizedInSecondYear
27825000 usd
CY2023Q4 brdg Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Recognized In Third Year
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostRecognizedInThirdYear
14821000 usd
CY2023Q4 brdg Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Recognized In Year Four
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostRecognizedInYearFour
4804000 usd
CY2023Q4 brdg Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Recognized In Year Five
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostRecognizedInYearFive
562000 usd
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
86430000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-6766000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
27269000 usd
us-gaap Net Income Loss
NetIncomeLoss
23230000 usd
CY2023 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
CY2022 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-1648000 usd
CY2023 brdg Distributions On Restricted Stock
DistributionsOnRestrictedStock
5133000 usd
CY2022 brdg Distributions On Restricted Stock
DistributionsOnRestrictedStock
5286000 usd
brdg Distributions On Restricted Stock
DistributionsOnRestrictedStock
584000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11899000 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11899000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
21983000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21983000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20998000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20998000 usd
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25998863 shares
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25998863 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23928408 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23928408 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22515868 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22515868 shares
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

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0001854401-24-000025-index.html Edgar Link pending
0001854401-24-000025.txt Edgar Link pending
0001854401-24-000025-xbrl.zip Edgar Link pending
brdg-20221231exx211.htm Edgar Link pending
brdg-20231231.htm Edgar Link pending
brdg-20231231.xsd Edgar Link pending
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