2024 Q3 Form 10-Q Financial Statement

#000185440124000093 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $101.5M
YoY Change -4.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $80.55M
YoY Change 7.12%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.997M
YoY Change -5.72%
% of Gross Profit
Operating Expenses $98.97M
YoY Change 11.26%
Operating Profit
YoY Change
Interest Expense -$2.181M
YoY Change -127.82%
% of Operating Profit
Other Income/Expense, Net -$5.435M
YoY Change 38.22%
Pretax Income $8.150M
YoY Change -148.55%
Income Tax -$2.433M
% Of Pretax Income -29.85%
Net Earnings $4.666M
YoY Change 1487.07%
Net Earnings / Revenue 4.6%
Basic Earnings Per Share $0.11
Diluted Earnings Per Share $0.04
COMMON SHARES
Basic Shares Outstanding 32.99M shares
Diluted Shares Outstanding 129.2M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.96M
YoY Change 30.17%
Cash & Equivalents $61.94M
Short-Term Investments $17.02M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $46.96M
Other Receivables $0.00
Total Short-Term Assets $108.9M
YoY Change 12.97%
LONG-TERM ASSETS
Property, Plant & Equipment $16.14M
YoY Change
Goodwill $233.6M
YoY Change 0.1%
Intangibles $127.4M
YoY Change -11.88%
Long-Term Investments $183.7M
YoY Change -8.35%
Other Assets $86.64M
YoY Change 23.59%
Total Long-Term Assets $1.138B
YoY Change -3.73%
TOTAL ASSETS
Total Short-Term Assets $108.9M
Total Long-Term Assets $1.138B
Total Assets $1.247B
YoY Change -2.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.71M
YoY Change 14.02%
Accrued Expenses $111.0M
YoY Change 58.09%
Deferred Revenue
YoY Change
Short-Term Debt $11.70M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $150.4M
YoY Change 59.14%
LONG-TERM LIABILITIES
Long-Term Debt $447.1M
YoY Change -9.87%
Other Long-Term Liabilities $126.4M
YoY Change 8.55%
Total Long-Term Liabilities $573.5M
YoY Change -6.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $150.4M
Total Long-Term Liabilities $573.5M
Total Liabilities $723.9M
YoY Change 2.39%
SHAREHOLDERS EQUITY
Retained Earnings -$15.31M
YoY Change 247.07%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $88.78M
YoY Change
Total Liabilities & Shareholders Equity $1.247B
YoY Change -2.47%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income $4.666M
YoY Change 1487.07%
Depreciation, Depletion And Amortization $4.997M
YoY Change -5.72%
Cash From Operating Activities $6.734M
YoY Change -82.51%
INVESTING ACTIVITIES
Capital Expenditures $33.00K
YoY Change -91.75%
Acquisitions
YoY Change
Other Investing Activities $1.265M
YoY Change -49.4%
Cash From Investing Activities $1.232M
YoY Change -41.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.68M
YoY Change -70.26%
NET CHANGE
Cash From Operating Activities 6.734M
Cash From Investing Activities 1.232M
Cash From Financing Activities -18.68M
Net Change In Cash -10.71M
YoY Change -51.76%
FREE CASH FLOW
Cash From Operating Activities $6.734M
Capital Expenditures $33.00K
Free Cash Flow $6.701M
YoY Change -82.41%

Facts In Submission

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BRIDGE INVESTMENT GROUP HOLDINGS INC.
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Profit Loss
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us-gaap Profit Loss
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Investments Fair Value Disclosure
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us-gaap Investment Income Net
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InterestExpenseDebt
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CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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CY2024Q3 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2024#OtherAssets
CY2023Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
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CY2023Q4 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
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CY2024Q3 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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NetIncomeLossAttributableToOperatingCompany
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DeferredTaxEffectResultingFromPurchaseOfClassAUnitsNetOfAmountPayableUnderTaxReceivableAgreement
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CY2024Q3 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
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CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10624000 usd
CY2024Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2024Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2024Q3 us-gaap Dividends Common Stock
DividendsCommonStock
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CY2024Q3 brdg Adjustments To Additional Paid In Capital Reallocation Of Equity Interest
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CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q3 us-gaap Profit Loss
ProfitLoss
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CY2023Q3 brdg Conversion Of Profit Interest Awards
ConversionOfProfitInterestAwards
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CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2023Q3 us-gaap Dividends Common Stock
DividendsCommonStock
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brdg Deferred Tax Effect Resulting From Purchase Of Class A Units Net Of Amount Payable Under Tax Receivable Agreement
DeferredTaxEffectResultingFromPurchaseOfClassAUnitsNetOfAmountPayableUnderTaxReceivableAgreement
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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us-gaap Dividends Common Stock
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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AdjustmentsToAdditionalPaidInCapitalReallocationOfEquityInterest
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CY2024Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Profit Loss
ProfitLoss
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us-gaap Noncontrolling Interest Increase From Business Combination
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock
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CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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ShareBasedCompensation
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IncomeLossFromEquityMethodInvestments
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Increase Decrease Due From Affiliates
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Due To Affiliates
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Minority Shareholders
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us-gaap Payments Of Dividends Minority Interest
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us-gaap Payments Of Dividends Common Stock
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us-gaap Proceeds From Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Proceeds From Notes Payable
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us-gaap Payments Of Financing Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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brdg Establishment Of Lease Liabilities In Exchange For Lease Right Of Use Assets
EstablishmentOfLeaseLiabilitiesInExchangeForLeaseRightOfUseAssets
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brdg Write Down Of Right Of Use Assets And Lease Liabilities For Lease Termination
WriteDownOfRightOfUseAssetsAndLeaseLiabilitiesForLeaseTermination
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brdg Conversion Of Note Receivable To Equity Interest Investment
ConversionOfNoteReceivableToEquityInterestInvestment
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brdg Non Controlling Interest Assumed In Business Combination
NonControllingInterestAssumedInBusinessCombination
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74196000 usd
us-gaap Nature Of Operations
NatureOfOperations
ORGANIZATION<div style="margin-bottom:12pt;margin-top:6pt;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;margin-top:6pt;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;margin-top:6pt;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’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 14, “Income Taxes,” for additional information. As of September 30, 2024, the Company held approximately 30% 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;margin-top:6pt;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 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;margin-top:6pt;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:12pt;margin-top:6pt;padding-left:27pt;text-indent:27pt"><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;margin-top:6pt;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;margin-top:6pt;padding-left:54pt;text-indent:-27pt"><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:23.5pt">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;margin-top:6pt;padding-left:54pt;text-indent:-27pt"><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:23.5pt">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;margin-top:6pt;padding-left:54pt;text-indent:-27pt"><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:23.5pt">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;margin-top:6pt;padding-left:54pt;text-indent:-27pt"><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:23.5pt">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:12pt;margin-top:6pt;padding-left:27pt;text-indent:27pt"><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;margin-top:6pt;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 15, “Shareholders’ Equity,” for additional information.</span></div><div style="margin-bottom:12pt;margin-top:6pt;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;margin-top:6pt;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;margin-top:6pt;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.</span></div><div style="margin-bottom:12pt;margin-top:6pt;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>
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