Q2 2024 Bridge Investment Group Holdings Inc Earnings Call Transcript
Key Points
- Bridge Investment Group Holdings Inc (BRDG) reported improved financial results for Q2 2024, with fee-related earnings increasing by 6% and distributable earnings by 10% from the previous quarter.
- The company has shown robust growth in fee-earning AUM, increasing at a 21% compound annual growth rate from $13.4 billion in Q4 2021 to $21.5 billion in Q2 2024.
- Bridge Investment Group Holdings Inc (BRDG) successfully raised $305 million of capital during Q2 and an additional $400 million post-quarter end, totaling $700 million since March 31.
- The company is seeing increasing signs of moderating inflation and expects potential Fed rate cuts, which could benefit the real estate sector and broader private assets ecosystem.
- Bridge Investment Group Holdings Inc (BRDG) continues to focus on middle-income and workforce housing, which remains attractive during times of economic slowdown and higher mortgage rates.
- Despite improved financial results, Bridge Investment Group Holdings Inc (BRDG) reported a net loss attributable to Bridge per share of Class A common stock of $0.11, primarily due to changes in noncash items.
- Capital raising for the secondaries platform, Newbury Partners, has been slower than anticipated due to liquidity challenges faced by investors.
- The company acknowledges that investors remain cautious in their approach, and the lack of realizations is influencing broader cash flow allocation.
- Real estate transaction volumes remain 30% to 40% below average levels, indicating a slower recovery in the market.
- Construction costs have surged by more than 18% over the past three years, leading to a significant deficit in new construction starts for multifamily and logistics sectors.
Greetings and welcome to the Bridge Investment Group second quarter 2024 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Bonni Rosen, Head of Shareholder Relations for Bridge Investment Group. Thank you. You may begin.
Good morning, everyone. Welcome to the Bridge Investment Group conference call to review our second quarter 2024 financial results. Prepared remarks include comments from our Executive Chairman, Robert Morse; Chief Executive Officer, Jonathan Slager; and Chief Financial Officer, Katie Elsnab. We will hold a Q&A session following the prepared remarks.
Iâd like to remind you that today's call may include forward-looking statements, which are uncertain, outside the firmâs control and may differ materially from actual results. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see
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