Bridge Investment (BRDG) 10 May 222022 Q1 Earnings call transcript

Greetings. Welcome to the Bridge Investment Group’s First Quarter 2022 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. the Shareholder to Relations. turn Rosen, host, now of Head will conference your over Bonni I

You begin. may

Good morning, results everyone. the Bridge We appreciate you Group quarter joining first XXXX financial conference Investment call. us for

Chief Elsnab. will include our our Robert Slager; Our prepared Executive Officer, comments Jonathan Katie remarks Officer, Accounting Executive from Chairman, Morse; Chief and

Client have Vice Chairman and We will following session Allara, Q&A join. the prepared of Dean our Solutions hold a remarks Group where will Head

of item, remarks please data earnings note shareholders As our a format to prepared supplemental transparency. which new our and quick and designed is house-keeping and full comprehensive presentation, the our constituencies complement with provide

feedback layout As welcome on always, new materials find helpful. and we hope the you our

earnings the turn the reconciliation appendix link. is found During provided accessible metrics ir.bridgeig.com. the over live the slides during call my our quarter webcast. we of of on discuss under the Bob. to at These today, supplemental The are call the in available our of They to are will pleasure materials the first portion can certain slides. now metrics. supplemental The be presentations non-GAAP also website are IR along financial call the It non-GAAP site with event

Thank you, Bonni.

key We’re Momentum XXXX continued our and across quarter Bridge growth excited in again for announce metrics. solid through to of each XQ another Bridge. year-end XXXX produced strong

strong is $XX.X billion, consistent company and growth has more earnings now earning for earnings per growing of XX% continue strategies. revenues by than fee record These year-over-year XXXX the delivered driven Bridge of management broad in more was related million history. best share of results a which and year-over-year. performance stands quarter Distributable of year-over-year years. quarter across and track First combination Fee fee at the the than many a tripled fund to and first AUM operating to doubled $XX.X healthy a share set $X.XX up to our

first impacting and quarter, annual earnings takeaway Katie our that focused and to of total XX% aggregate within increased Fed based Fed more context have to moment, respective addressable five end the events the grown large over that rise scale give geopolitical on will our attractive of the will In higher estate growing rates expectation and basis. detail additional sells market years. securities monthly purchasing and related the and XX% that in public continue past real and our AUM of As raises market. of investment compound differentiated interest at and markets and the a are rates and dominating and broad Macroeconomic investment fee Bridge growth my first some worldwide. is fundraising to sectors continues headlines as from of the execute instead approach a rates but quarter on the funds most holdings rate a volatility, Jonathan key of

across the exacerbated wage and COVID monetary sectors and Fiscal of view challenges destination believe supply define We to corporate growth to remains positive characteristics pandemic, some investment relative continue balance strong levels consumer, growth, economic supported are and which the contributed elevated growth of during to that unemployment, that the and the in an high in today. and pre-eminent U.S. low Strong attractive but stimulus our just high fact, part in globally. market formation, healthy sheets, in household the U.S. is economy. invest the also side inflation

rehabilitate and assets Economy buffeting pressures value as aware the Of the course, we the of on we inflationary of invest we assets repair develop in. the U.S. inflation and impact typically especially add acutely our investment currently that are and verticals, new

looking hope and forward. we chain navigated have and served do so in the supply through continue past Centralized issues cost careful our well. We projects procurement pressure well and planning to have can

development projected We and In adjusted observed rent affected rates investments returns across growth, in and in and the acquisition balance our higher and we've need formation, high sheets residential, have infrastructure strong believe new appropriately. consumer dire our for that continuing strong the verticals, performance added for household and logistics addition, across for the income real tailwinds our the investment specialized ever if in change To strategies. present our not hunt most core fundamentals the all we yield counter balance of have in estate headwinds. sectors fixed date, in the underlying observe the many sector tailwinds for macro U.S. significant of not investment a

investment recently have published stresses will a market our continue, Jack and XXXX Robinson outlook heads. of Research our by co-authored in resilient sector wide geopolitical remained likely range various market strategies of Managing real comprehensive and macro historically the Bridge Director our While outcomes. estate

Our summarized views the investment of environment the by observations. current are following

of the destination. inflows record First, capital XXXX nearly and in returns time billion of U.S. focus, continuation these in estate the our of U.S. suggest areas remains XXXX trends. to a preeminent investment $XXX a In early real in the

Second, housing for the supplied, underserved supplied and remain cohorts to and workforce will U.S. under for in the is under years critically particularly middle-class come.

investment commercial in an inflation ones our focused secular huge provide a by There's ongoing infrastructure approximating to and tail solid Third, the income the combination Bridge and alternative global in ability in without markets by in our net expected XX-year current of and sustainable backed with lease engineering underpinned resilient, satisfied which real financial the substantial described. growth debt via founding vehicles, long need notwithstanding like U.S. opportunity a hunt the increases yield, very in recent Fourth, facilitate is position with sustainable strategies, those for is Since is properties on to as interest strategies hedge, AMBS environment. X%, yields double-digit continuing drivers estate collateral to estate has and treasury This onshoring. well for a and just real fundraising amount demand achieve like a Bridge yield the a and and credit of I increasingly rates. dire attractive. e-commerce

as add or acquire management manager into level investment purpose develop. integrated property asset specialized forward have capture we built optimize a to at assets alpha We the the we as Bridge value

total per premium scale. individual rehabilitation develop $X.X and deliver for nationwide X,XXX a as which target us which acquire at identify with plans and [bespoke] [ph] one our allows selective are and efficiently over renovation to many, aggregate did pay can don't real understand buy, at in and and knowledge, us deploy local assets Our a to nuance each XXXX assets. to what billion we now provide markets have More we and asset therefore teams, intimately time people than year in We we performance. best-in-class portfolio

for a investors success, the example, in which raised In resulting of slowest million. billion fundraising strategies. multiple XX% inflows driver investors across our are the during the we Our key our of X.X invest to XQ year. quarter, XX% quarter outperform calendar is is of of $XXX repeat typically investors XXXX, and

were add XX% added national we our In continued with of institutional investors raised and registered each in RIAs expand. wirehouses, new nine in both investment our wealth and nature. as in advisors quarter Additionally, global XQ investors relationships new local regional We expand managers. relationships XXXX, retail other to XXXX new have funds XQ institutional with institutional and wirehouses and and

expansion across our from to raised fundraising the in of my is surface the XXXX, begun business. calendar in international sign and scratch real In quarter continued And been good universe of we came from international full a our capital with XX% capital we raise Europe in momentum estate thus the Lastly, have our for investor opportunity in experience, busier are a across team investor clients. to than meetings Asia. and far verticals. just our have we recent ever

our week, to the strategy. that, meetings over let Next Europe, me turn detail in will call our further and to fundraising for and results U.S., Jonathan? elsewhere. Asia, in expanded team be Jonathan engaged example, actively With the

we everyone. you, strong and to to all excels proud single success how delivered Bridge family integrating the entry fundraising Thank broad on and was. accounts. good Bridge Bob, From performance of into are investment another rental, morning our quarter

the fee ago. sequentially up a the AUM grew XX%, earning to year XX% quarter, which Over quarter, compared is from prior

both and continued new is for growing. growth with and pipeline Our investors existing deep

Over Net Rental, Affordable Single Workforce backed successful first and mortgage agency had Multifamily funds, Housing, and including own, debt Seniors Family eight Bridge Income, the closings quarter, Lease securities. opportunities in Housing,

our primarily ahead to some due the fund in fourth strategies in QX. a debt revenue of than connection We This the of activity V pulls transaction QX later Multifamily closing forward close during XXXX. effectively planned will our fee anticipated, vintage stronger stronger and we in large final We of for schedule. deployment have Fund had earnings and QX a with

ago. unrealized which continued X.X Our was a perform increased funds totaling XXX%, with Similarly, performance fees also a XX% realized year performance compared to well year million, up compared fees to to ago.

million achieving potential crossed to earnings XXX now ago. $X.X providing performance a fees, have XXX% We the in up in future milestone billion the for over the year distributable unrealized operating company, for

we pleased While ago, performance last to million a fees, growth in with million of I'm over and growth the fund track from of XX.X are management from compounded continued five years. record XX.X recurring proud which very which million annual the XX.X our most XX% grew fees, our quarter-over-quarter represents year a

active all than more an million the We our XXX on side also funds. quarter across transaction with business, the had deployed of of

quartile More operate deploy assets performing top providing the importantly, high have and to continued well we them performance.

more market the grow multifamily X interest at gap and our real feet by a affordable to were Similarly, $XXX particularly which to In absorbed by Preqin the rates, of geopolitical National IV year-over-year both the performance demand product. two fund in States logistics across and in housing In the across of decades. past absorption to in million been decades top billion by the housing estate According Realtors, Number phase previous to our by in by residential and fourth U.S. of to estate expected Today, average, of accelerate. performing to fact, they double turmoil, revenue pushing and by our XXXX, and at sizes has estimate see funds inflation to to industrial up for industrial vacancy under commissioned United all Even multifamily workforce drivers XXX,XXX to but least units quarter, net Fund all classes. ranked According verticals. of study by Association an XX.X% the rents e-commerce X categories. its the the Bridge equate continue single-family related surged real e-commerce square billion our all X demand. for Multifamily fundamentals across study respective U.S. continues their IRR be would X.X% low in than rising JOL, strong all-time is the one a the built verticals, in

over the Katie call an update to our our provide review turn me investment I newest let Before to financials, on strategies.

we ownership November deployment strategies of single-family successfully Gorelick Brothers have single to quarter, majority acquired strategy in residential and the logistics rental a million, market. focused on already acquiring operates our Bridge housing in-field which the management the of at strategy, U.S. January, launching and the attractive In Since in Global the our capital been first $XXX expanding platform begun we've portfolios, to including markets. Gateway in co-investment scale First, first fund. launch are conjunction growing of rent and business with homes, Capital, built We've family invest in terrific in small that individual multiple raised relationships. position in XXXX, through

in agreement Our for key million target feet and opportunities. with we and in acquisition on assets, boots of ground the in our under billion to deployed regional have structure locations is which approximately development equates $X.X X.X square place or logistics organization

forward, We demand, in XX% to is which part AUM in of current business continue largest related experiencing well-positioned is of the logistics, which over scale our strategies. residential expected potential future. the this foreseeable growth with remains Bridge are seeing already moving unprecedented of for the And is opportunity.

to we due to changes our times, continue teams alpha Our us market. dynamically believe is to and integrated specialized for in can with the to in strong business allows react perform operating we Bridge’s vertically diligence investors. core well platform, inflationary drive suited our process

Bridge buyers portfolios remains weaker started seller's rates But a consideration are presenting interest optimistic on a market end-markets. to us. from to we buyers market, and impact have have begun strong from transition and become the to about its markets selective eliminate to we've market. more see begin our the Sellers confident opportunity the and about higher asset see As buyer's a of

Now, to you, over Katie.

achieved as we XXXX drive fees, to AUM shareholders. class Jonathan, more as of our and continue to morning. first was profits in be the best the strong our accretive our growth in quarter investment good interest fee-related environment, program Thanks, fundraising this income and and growth management our to public the earnings, platform macroeconomic history proved Despite Bob distributable noted, and volatile earnings. year-over-year transactions And

same months AUM management during ended Multifamily X.X the year-over-year and increase a year-over-year for increase total fees, fees. catch-up for On basis, to was X revenue the increase fees, million XX, by compared first management million, which prior which absolute XX.X This reoccurring million, the XXXX an due was fund quarter Our our of earning to is in a three due to the fees in catch-up million March of closing fund were increase an will mainly the primarily period driven of our larger Fund which XX% XX% in $XXX.X V. was an year.

revenue as million the reoccurring we fund we as similar quarter, we call, cost operational As now increase This time have is scale. we successfully to This our on over X.X was and administration which LPs expect could our will a you first a result. quarter and better amount a in efficiencies. internalized driving reporting see with mentioned stream overall each last and

our the was quarter the during driven prior QX and versus which by in XXX fees up Strategies. of XXXX. driven Rental over higher XXX% by and million Additionally, Multifamily The $XXX was housing workforce deployment Family activity Single year, affordable transactions million are

While highs and this transaction what from from call, off QX, our see we amount noted real still to start had was the the difficult quarter, is is to on that as fourth seasonality. an estate last we impressive

these focused less core I our times, the in business, business. have to Bob a want of spend certain growth moment and the emphasizing the Jonathan in in opportunities While stability on

value duration We have performance, prior investment of can average about management with on the fund which included through focusing fees fees, diligence, If assets to tenure reoccurring in additional growth value markets. due information created been compared turn long an the years. has you up eight These XX%, our to see are are quarter. add high our that we

of quarter mostly investment driven Multifamily total realizations strategy the of carried driven fees carried interest increased income million. performance first The X by Our and verticals. were by million debt for year-over-year, realized and unrealized fees incentive XXX% in XX.X interest

hit future significant. The performance We is unrealized for in distributable the mark X.X have carry. runway driven billion now earnings

which an employee Single and corporate Although based head QX professionals count related is to addition We've timing largely includes quarterly increase of vary in employee Rental due is partially new reflected investment had in end our January. also disposition. benefits growth a will the realization pace to in Family strategies. significant upon of and increase year-over-year, and platform, which with This total our of AUM in the acquisition at compensation

the first XX.X quarter strong being earnings it related did operating XX.X company, was the GAAP to our costs of which in with Overall, company we $X.XX. during the XXXX. incurred X income incur per not public quarter, million to million over GAAP million year, a and Additionally, share versus was net in a prior

to XX.X the over the our reoccurring fund fund AUM last management by year contractually for million, fees XXX% continued strong growth quarter in total powered growth. driven level increased Our fees by

was up grew growth over year strong driven by growth also Total fee effective previously The and quarter fundraising million. deployment. and AUM at last XXX% revenues the fee by fee strong was XX.X transaction performance discussed. Our ends continued as related

property results which our extension fees in said believe also AUM we in integration integration earning as many upon direct growth our we've our management drives of Based becoming from our our differentiated for savings. This operators earnings times, well and as fee the fund expected results our LPs, expense pulled the during an and fees. net As vertical higher transaction generate functions. margins additional These integration Multifamily XX%. forward was fee fees. deployment This than management close strong for we the on including once to bear due of again side, larger includes catch-up we property fees also the elevated quarter, margins an and related vertical

up Our fee-related these and ratios. impact margins of indicated on million This new XX building quarter-by-quarter an and last of Total includes the vary the the an as quarter, the in XXXX will company compared strategies was operating interest have collapse amount shares. last XXX% to profits first scaling XX.X quarter can our of to million, year. earnings we the impressive the impacted

approximately the newer as was the the they from positive the amount there in a scale. to to remaining verticals of Additionally, impact XXX,XXX in interest loss due non-controlling build

quarter Lastly, our million, a company earnings the XX.X XXX% basis. a pre-tax operating distributable for to compared on ago were to the up pro forma year

$X.XX earnings to forma on Our This $X.XX after a substantially balance investment a inflation, our detailed, distributable earnings are in-line earning of allocations. AUM with tax we share, increased fee-related a all curated distributable growth, share rates that interest well-positioned compared the sectors, per believe sheet, fee our and ago In business to including share performance earnings XXX% of pro growing shareholders. earning to with closing, distribute basis. Bridge declared of our per rising driven fee long was to components our by duration and our we’ve all dividend we strong AUM. $X.XX year goal strong despite realized per carefully and our

wanted the I will the that, With operator questions. their our the company we all and end to call who support to investors your for turn take of back by can best-in-class. so of to work I Finally, tirelessly be employees thanking

Our proceed from Stanley. question Cyprus with Michael Morgan with is [Operator question. first Instructions] Please your

in taking to believe clearly for that platform it Hey, question circle the a AUM you channel, of retail lot I good here. your morning. the lot of back embedded sold to have [QP] [ph]. guys on Thanks but a Wanted retail the already is

space out talk within bit a little pushing hoping wider the organization So, audience think the roadmap retail. this Thank as thinking talk access you're help you could standpoint your Maybe on about little about affluent could about that bit opportunity to and products and a was could about sort there? of you products requires a this how you mass timeframe the I a those, to what you. distribution from broaden

This your Morse that. for Bob I'll question. Michael is address Thanks speaking, and

high that in hopefully saying in the have most appeal we level our qualified yield, we a with as speaking generally that good of that at market perhaps the market, soon so of correct record of purchasers business part of wirehouses, major – the brand ultra-high the returns to – broad so the good at our messaged affluent we’ve many really that in and wirehouses. before, position funds a level, U.S. the with retail and more to above part do $XXX,XXX opportunities a network We've our track and said for And for leading commitment, You're as well. Jonathan in have been think the to really funds, you returns, and funds wirehouses a mass will. of offering of the market t We if market strong actively as major all good respect. exploring

early place and retail would and Our be would define space transition believe think in effective help a launch competitive areas to be thesis in although retail be affluent some, that U.S. advantage lot when We that mass indicated with structural able lot and of it's it's market – so and a is all have of as to really differentiated not there could offer discussions point, Bridge attractive entrance, at of an a in the the do under a to this are within penetrated for appropriate The that area. there structure a and have respect. should structure really that highly it seamless estate we that differentiated the vehicle, investment be real and we that elements attractive. to vehicle both if that put are organizational invest in we and

at of point. deal that on a us. a We that it's point, the but this one it's share focus of have we of So, great don't at have can this area for timetable an particular areas focus we

the the seeing crowdedness we're from might curious to kind what question you. hearing are inflation, sort any, a congestion your that marketplace? on just perspectives how could, the here months? you just over around you And update some on, in there us in forward may roll I macro environment market, and I'm concerns the and extent you Great. the those ability And What concerns timeframe impact that impact for have of the hear and strategies just some have next that still geopolitical around raising couple impact follow just the fundraising sort maybe you fundraising, institutional of to Thank that your as marketplace of if of to here perspective capital? what broader is could you're raise on And the of raises?

to meetings in people. not again ongoing participant markets that last the it's a that And up. question by take out as we Bridge easier for relationships on creating and are you I'll world a able when show fantastic And Thanks a but to showed reopening to where we're crack well. get new first that relationships people basis. taking new a participant, an that follow-on create harder as and year. can and at impossible create the is new it's new not relationships Zoom, we're is It's meet and –

my well of this continue and norm expand to over reach institutional have as at our extraordinarily base coming month the as calendar who on well point busy literally are course we the the of raising of remarks, retail the the on over teams look all We and we forward. side. in out as U.S. world, the investor as as side, prepared sort the as I have an we senior mentioned we capital people that's,

we think our we have wins at this backs some at So, point.

in volatility public been some the that point. well strategies and at have show the in a received continuing this market traction notwithstanding are very deal have to great of markets We the

of and that's alpha at is inflation at in U.S. point. protected values to the in terms fundamentals for the of the this the drive the often in environment real one asset estate U.S. U.S. yield think able is of to we competitive real particularly many in able estate real add offer values of value [indiscernible] investing and being estate current investing respects of One supportive of that level

So, we around strategies there are some tailwinds that have. the

to great effect. marketing We of housing family completing offer our residents. Multifamily the fifth for in affordable given we the for critical, Fund marketing the and single We're our are market need that's second well. for our fourth We're and workforce the housing fund, received U.S. and continuing and dire with great our rent which vehicle quality community way programming housing in been social as well and affordable

offering. We have value logistics a add

We're fourth We just have well. of in It's but as a lease really strategies a list, a net debt completing successfully those each backed offering. competitive very our securities mortgage fund and we fund have one long agency attractive. is

in think our as well Office side III more launched I the Fund slightly Fund that soon III we're seeing excited traction well. really opportunistic and Housing on great to we're Seniors as both be

of we've drives think that I of are part So, of makes attractive integral complicated estate. perhaps our parts offerings particularly we forward in of a That that's what offerings, integration the specialized venue really some with of specialization, a lot most an past coupled superior think cover that strategy. shown for which the specialization returns, real the U.S. when

you Thank Great. much. so

Thank you.

from Our Please with with your next Wells question is proceed question Fargo. O'Shea Finian

morning. good everyone, Hi,

cap volume we're seeing this just and pricing if rates changing as turbulence you're I what you on but the in Are and some previous market the impacts real in forward? look expand you time, changing for you the could question, touched the seeing the on was in your is as it volume of market pipeline? think curious

question? that handle to want you Jonathan,

starting participants last ground, more surety as lose shipped you And we're that and well-held] focused let's we things call Sure. for on on remarks [ph] at so the the It's I thanks and it is, the prepared of one investment things are Happy longer focused that in my execution call [less question. heard they're sellers and in some when think to and definitely the seeing market investment looking no seeing of transactions. – investors of and it, interesting, dollar out too. are the close wins are let’s getting the

sorry, I market. more we're buyer's lots little little a a great shift It's of to think of bit of a around little assets play toward market. and a still yes, buyer's there's – that a seller's are of still see starting still energy the bit more, bit bit a I'm getting more little market, them. the attractive a

We call times this you acquire think when, periods terms, starting secular seen significantly an to it of if wanted able very normal put to traditional up to lot quickly. there's lower. but right, if buy and We're little, let's had we are attractive we more being seeing asset, terms, a you were seeing of where money you on a more to and close a things multifamily industrial, the for sectors, volume again see normal haven't such go due deep, back demand the more diligence and to most the transaction especially gets non-refundable about

longer, bit attractive pretty overall kind now robust. we're dispositions bit some seeing pricing [acquisition deal going [ph], of doing would though. wait little shift of right that and midst those. but is on the differences seeing we're we're the I to a say a seen I'm The a that, there's win competitors side] still several really flow the and a had of less have maybe in sellers seeing We say, lot on we're

up of we the the tremendous that's because to little little growth rates for and have more. relatively demand rates interest We're continues more less, underwriting So there's And have supply stay things a that's still these flow, we're win. low moved some lag interest a describe emphasis flow less on that – one when kind of and again, seeing the rent say less of we is, move lot rents of imbalance. as rates cash because I bit at in happened revenues, cap up there's investments, you look in seeing would we're this how more period but growth. And the of a little a short-term bit then and cash seeing so

So, private a still solid institutional attractive, the capital amount still I sector returns from would investment I and in investors. [indiscernible] of and say risk-adjusted think

mentioned a you to you. [Multiple constructive couple seem on Thank comments can small logistics, Speakers]? you helpful. follow-up, That’s And about throw Amazon the that times Great. you’re very just talk John,

think, was about guess of that don’t What's much Amazon. in China I response massive you multiple to world. are sector. overall that that focused view And is you've place this relative the I take I a ask taking of our the They focused sort everybody and universe, from place online and dominate places places would hoping behind they. seen a in lot is those. we're Yeah. and on is as the players extremely still demand I the so like shift to and is, There we think curve digital. and there's UK see the interesting shift

We know trend had continuing consumes anyone have. penetration in terms the And don't that that penetration. that who a And estate. haven't lot places doesn't real see industrial of those that nearly of I

the estimate the a think years of I estate. square billion over industrial next real few feet like is

billion It's it's is of not Amazon. of So, actually a from lot demand demand big even. that X.X be a all – it might amount and

the are can getting even there's going going very need, people make as on events demand to interruptions, chain prepared happening hold supply So, inventory for today bit everything increase they China to inventory a know that and little from thing most they're means sure to given warehousing going they're retailers the scare with, right? chain you in they when the the in they've saw that decided they're of they're space. that's supply an more inventory is, which think I that which all to in concerned what's other need So, get

Amazon growth than So, we again, of participate we, rate we're a a going we slow going before the they're going player, of had just don't of the a take and doing just across important are the be demand continues before of insane greater to not not saying down little I call think that a bit super more. and we're most participants the market very anymore, to they're saying And they're logistics, all although of concerned. the supply to what to beat in start lot kind

much. Thanks Great. so

Ken question Our is [Operator Worthington Please your next question. J.P. proceed Instructions] Morgan. from with with

transaction and outlook into volumes. to love the Would morning. revenue good transaction Hi, dig for

with transaction few seller's lastly, a market deployed how to equity credit And the will revenue transaction next You that then given seemed fee activity a level an revenues of maybe over market inflation, levels and drive the migration me you robust do have to market, this volatility, quarters? couple that of these of times buyer’s the mentioned So, impact? from see equity.

assume maybe there's that something least either was brokerage deployment. we revenue I given high diligence what at So, mortgage mix fees fees thought on on or due here transaction drove

the So mix what's in happening there?

Jonathan?

of to the for I meant the that back league, the to put and relatively a ourselves us. bidder in the a of market this lot getting to execute the we our which pass and that making from about in the and to more the just And lot able but what in they're passing bit used now, where the thought it value we And sizable in they're starting we like energy then we free, of concerned days what the rebounder make levels weren't And I'm their right things. is, Katie values to they're I in looks and by out going able aggressive candidly know in deals my deposits don't overall are just, hold kind on think of a are we're and because to amount sense rebounding what the again, transactions were getting tap question coming first work the back where you do to sense. And they because fundamental part investment I'll remarks, about fund term the Yes, numbers we I loved were players volumes. just skills the have know second went high where we're felt said see and is the we assets. they candidly, team to of we call part be it too a think was having came more to away greatest transactions little see like starting walking not to do we right wanted financing Well, holding below even of just to question. our we're

we're acceleration we're portfolio. to our at most think and transaction set and expecting now pricing about seeing across the look this very we're in that but that deploy are seeing actually continue and least our be we right I not to we're set we to of that So, opportunity volume, able expecting say, an excited the of opportunity

confident. teams I I'm remain mix the piece. think address our So, going let to Katie

Sure. related QX funds. And our a recorded development lot of the development during fees that we to

there Thank And a part is so you. Speakers]. revenue the [Multiple of

criteria portion it there deferred. transaction of a is part a where is recognition of As revenue the fees

XX% [developments] those [ph]. related And so about is to

spill-over you're seeing effectively. But what a is

Exactly.

to Related opportunities on That sense? funds. our makes

That's great. Yeah.

think And this, on but I you you. Okay, guys not directly. thank touched then

to funds here, XQ make we're their of funds vintages the to next quarters, are are of? and we or terms or paying the going calendar that that in calendar that new XQ to start two again way like AUM new aware up going In are fundraising commence into should fee what sure ramp in make

funds, Ken. and Thanks ended have Remember securities. income agency we net two lease open mortgage backed

ongoing available are they investors. market in to the an basis and So, on

will those income delivering and as And offerings current on high us ended so remain investors. focused for resilient to both open

at are SMA announced in logistics the earlier significant launch this where very add year. stage the will our with follow to fund Townsend we We on we that value

Number the pull imminently. launching is Office early we're one, trigger at fund. where we fund that point our so with to III the And that about in on some Fund momentum are

Fund that Brothers. we're single the actively fund Gorelick fund for marketing class $XXX IV Denominated the record as closing had We are of builds of about founder first that stages our early million on We've track well. for rent prior marketing and fund that family at in a

Katie debt quarter Workforce and quarter third second fundraising close have their Strategies are Jonathan II, for those correct will Affordable successful the entrants. second So, or the we final that anything. either those if in funds docket Those on or and me the I've We're closes the, the as new are finalizing missed third quarter Debt and Affordable Fund Housing the respectively. have quarter IV Workforce in for Fund II, final for in and Housing

the And so, docket is. as really that's it

of don't did follow-on mention [indiscernible], I for course? And, know, you

in adding The This and Zone be core, last capital fund I funds entering fund housing think Fund $X.X have built a those V this country. opportunity in XXXX, we around needed earliest opportunity one And have No. about predominantly Thank affordable opportunity of November zones year. earlier think the was and selected projects. entering that we're In and Opportunity them $X around I after those owned I, billion the are period but in you, certainly equity. has target we've basically period XXXX, and up a characterized are up through year velocity. of and We’d funds very a one the of to Jonathan than significant in with to environment lease successfully and follow by workforce tough billion forma have of a raising two been successful this and to component motivated broadly lease in multifamily rates which to the [indiscernible] speaking developments invest in Fund some of in tax date, zones owned pursuing more launched we've stronger pro opportunities XXXX, leasing series that through, a navigated developments for we’ll rental develop, construction country, which that. investment

pretty well. good funds those feel So, as about we

much. Awesome. Thank so you

with question next Michael follow is your from with proceed Our question. Stanley. Please Morgan a Cyprus

follow-up infrastructure? desk, and you. guys you've how your possibly platform the pullback the and maybe thoughts and Thank would latest that talk European most a on broadly, the sense? I expectations what bit question seller the maybe taking you enough, And how and public number valuations the make opportunities is think just more have just the are of in adjusted sort deals given at valuations just of evolved a M&A. looking for crossing have about market be I’d little acquisition curious mentioned past, hear or here. current thanks your private even Hey, to could impacting you be backdrop

etcetera. That's think Thanks, market encompasses aware opportunities many are in whether of there appears like asset capital to to complex not most raising and lot things. of that capabilities, continuing transition to a succession or of big be M&A whether private it be are growth, consider of, alternative be or question for we access for investment managers available of a that the I'd a Michael. it infrastructure the just desire that to and if

So, stock the at values a I stock that think least and and with down everybody the was think public markets. have to continuation in-line versus results our year. the price of consider recognizes at that at look M&A temporarily I at our markets there's come across price end that our what enthusiasm Look of

down to IPOs, our so. as And to the but public income and is, we finding at we throughout that tough in we as and somebody those mass net as we've we've our opportunities have days gospel, you remember, but valuations we've as look by us information like well. that done Gorelick there as market translated most XXXX the private is a with think if potentially on lease average acquisition, recently, grown market sent that believe to to seeding IPO we've it's think into forward. What's class opportunity. by expand fit history, I important as couple cognizant some aka opportunities Don't we've right or strategy us looking ago well value in attractive, of been Brothers think the as estate focus. that of a going done a XXXX XX% teams I done the we've affluent being take forward, most focus grown was in add that of is good asked is opportunities continuing to earlier think real We the retail logistics, grown,

of business. We plus opportunity participate core have in the find core the business, plus of maybe side an side to a long the to stated core and initiative

Jerseys a but there And Europe I well. in there's an academic today what's their going at how a perhaps either I things think a it's today interest or done in us do lot we'll business and as former have we by through learned vision bringing do operating Bridge I lot forward. firms business acquisition business. from us are their And and more how them teams happening as our how than that either they of We've think you learned practices grown from and given and and the get a business develop as the company other put of other together. tangible aggregation parts characterize is powerful see they've would bit we've come on to same a an and interest, a together know we've and a today, grown all about people, thing strong think the number I philosophy, as from the best as and really on field of of interest we've on

a deliberate be hopefully and we growth what very important We think be of that want to very We So, today. will reflected can think that be the of platform for both to, going they inbound part and lot a outbound sort M&A do. in Bridge forward. that in and think should an represents we inquiry that's what do that see manifest our others of strategic we great

Thanks my follow. taking Great. for

Thank you.

of Robert session end the reached the call Morse the for question-and-answer and will turn closing remarks. to have over I We now

we We quarter. announce you, team attention. participated results who operator. We're To thanks environment see We're your raising management time Thank to company, and the continue to opportunities both encouraged work and as by deployment the capital strong as going the with of very to a lot a side, as everybody hard on a for us side. to today, on progress be this forward. able we our the well businesses for in delighted first that as

our We continue to company. invest in

provide that for that's didn't we of transparent successful took some place evolution the well. in-house year as a deal and We this which to and January was and at to to as X think administration, we of things the big well. of our mention a representative us fund will lower of of and conversion really cost One comprehensive today Bridge as the that's be think we that continued price of communications investors able better

your to for participation. dialogue, our Bye-bye. you look thank again continued So, forward we and

This your disconnect lines your at concludes conference today's may time. you you for participation. Thank and this