Bridge Investment (BRDG) 9 May 242024 Q1 Earnings call transcript

Greetings and welcome to the Bridge Investment Group First 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. Investment financial call results. Bridge first review the XXXX quarter to Group to conference our Welcome Chief Elsnab. Prepared Chairman, Executive and Robert include Morse; Officer, remarks comments Chief Officer, from Jonathan our Executive Financial Katie Slager;

these like duty We will session uncertain, forward-looking you results. Q&A statements. materially hold outside include do to the today's may undertake which and We to may from prepared call differ following that statements remind the a update remarks.I'd any are firm's not control, actual

of our discussion risks could a the For some risk that affect of the see factors results, Form please section of XX-K.

call, share basic of over to dividend paid XX.It Directors Operating and of accessible loss non-GAAP with Company the income first May certain to a also and live items.Distributable Presentations non-GAAP metrics of on On at call a on my as of ir.bridgeig.com. the during our shareholders the of Board of The to can the the of They will due financial quarter the in will now a $XX.X per approximately provided slides. XX record our of of non-cash the and appendix was earnings IR quarter respectively, is found the the website declared attributable reconciliation to XXXX. tax, During first diluted after earnings net also pleasure the slides June share, under site of reported are are the to our These $X.XX we share event stock link. were Class are $XX.X or which million be metrics. Bob. be turn available of to mostly a Bridge materials basis, common portion $X.XX, webcast.We discuss supplemental for company per A of loss along per call $X.XX net $X.XX The supplemental GAAP net changes million, in

to compound margins strategies, our to by estate with business a challenging an which our has in accretive as financial our in to successful Company fee-related improved impact quarter Partners, resilient, achieved XX% flow This growth XQ grown and first the Operating of Bridge annual diversified Since number funds to increasing good the and our a at to XXXX.Fee-earning of the Company the compound during capital the of of quarter XX% commitments write-offs, at earnings and of Operating base Thank QX is funds, limited through ongoing industry. you, mostly XX% this build the and outside results an alternative morning X%.Our rate growth profitability we comprises of flagship a platform platforms.As XXXX, now specialized real closed-end launch highly our driven needs revenues. commercial model. continues cash XXXX manager profitable earnings is we've strategies, high for earnings and million for with business larger including a GP strong the $XX.X offer to quarterly from broader estate grown funds capital-light to as all. earnings the FRE prior expanded long-tenured, Newbury the has testament FRE produced reported specialized asset fee-related annual million distributable period volatile and otherwise quarter our increased real environment, has of fund increased highlights and IPO, XX% in our which $XX.X strengths fundraising, new real Bonni, increasing growth last Bridge estate AUM of XX%.Excluding of acquisition distributable the from the rate, successively business.We've incredibly composed Secondaries

price today.Our Bridge not provides As believe details forming, lending these competencies.In or Curve, our are our estate areas XXXX prices attributes why strongly Navigating and positive estate the published investing platform for adequately has developed we I less cycle recently of share new in worsened, increased board. on outlook, perspective a will distinctive and explain outlines the reflected further, the environment with our about more late asset so XXXX, real across reset XXXX feel real we where the as and rates in throughout

positioning. the the selected candidly as to prices.In have rate effect started is forced realistic optimistic last estate in market last to of reduction warranted, close attractive over been end has current we macro has into increases. entry assessment, elevated our has of rate to believe months it we patience had mirrored has lean that an $X.X Fed strategies.We which the capitalize with and into capital the much sellers The asset our billion real represents Although of also many we Bridge's a industry we meetings, modest point at dry positive kept XX and delay for rates of at are levels actually at by believe XXXX on Bridges' selected counterparts response specialized the are base, our or X by powder, in deploy opportunities.We about our to investor to believe

market a capital year. our forward invest in integration building and sectors focus.Importantly, platform, we upon mid infrastructure and globally, of leveraging into high-performing over number senior-level selective, raising best-in-class property alternative with with of organization, investing assets the in are our hires continue sales a operations, We and our middle to past

and the the driving of costs during in such our to continue will quarter, LPs million avenues our strategies. primarily first investors the the areas and was capital Secondaries zone enhance capital efficiencies, quarter bear in lower we find insurance we raising, opportunity property the and for Additionally, $XXX.X first over believe of dialogue reporting.Turning new to as operating investor to raised fruit year. We course busy, with

for Middle QX, not Rico.Across first vertical meetings to the inflows strategies calls then we debt Singapore to and current Bermuda we APAC, and Japan in to a in both home QX.Our this up states the in the us and anticipate almost over boots every has closer over Nordics and already prospective our on to quarter touched the X/X are different the pace the While of logged the across is UAE, team have Columbia U.S. ground multiple and which into of XXXX Kuwait, in taken and are strategies meaningful on in Puerto state Arabia, closing East goal District of did Bridge meaningfully CSG and in year.XXXX investors. London have to having terms X,XXX and visits Saudi the raising investors. others, than and of with Capital the a in U.S., available

from focused Partners AMBS, strategies industrial, capital which as energy, For are solar a we including our Value-add and strategies. Logistics will most XXXX, feature and lease Newbury Affordable debt horsemen, following.In of newer on XXXX, relatively our Secondaries, capital renewable activities X our lower call was targets with net strategies, Housing, build what vehicles Workforce raising raising we &

be own will are on providing to first capital new in we We've turn this who the distribution to time.We in strategies retail in capital as yield, step team wealth to come new the believe of well X within more industrial space lease leading with broadening raising along future.With with team an such investor-focused retail the wealth of bulk protection We channel RIAs broker our custodians, on to channel. in QX an of efforts.We inclusive will opportunity investor leaders, on to success appreciation, Bridge sector, distribution over constituency. team, with vehicles also in with Jonathan. several of as investment industrial segment.We this industrial demand that accredited members qualified platform these growing Although the groups.This purchasers the multiple that, lease exciting important attributes drive represents call alternative an this attractive capitalize for our launched net have represent CSG the and do our the and the to strategy our income and with as attractiveness platforms, retail iCapital. channel of senior business investment income alternative is Schwab, other the major professionals initiatives approved is I added for existing evolution, retail to dealers wealth enhanced will focus, iCapital further have the vertical our access complement of net Building over have Fidelity, now Pershing, of downside vehicle. including the our combination and their a responsibilities service not industrial the product

morning. volatility within you, In volumes interest good first debt Thank estate and activity. weigh Bob, continued capital remained and on real rates commercial to as markets industry-wide muted transaction the the higher quarter,

debt last year, up.As when nearly year-to-date volume of with the us minus adjust. as markets However, basis spreads available transaction will predict becomes capital points. strengthening BBB CMBS how the on much we more trends the capital will stabilize are a is quickly to this of prices loans and cost of more at point This beginning signs have and XXX triple opening of and can't rates April, tightened lower.But cut end seeing they issuance gives we confidence or and to environment, how start Fed

values we XX% at basis, Multifamily by levels Notably, is we Multifamily from And has Fed expect over awarded bring anticipate and purchase XXX%. funds Trying rebound. another the to open $XXX Multifamily, closed the muted IRRs cost and on side.For commercial investments, this drop, of deployed potential billion in cost control markets once are we Our we and powder have a of for XX% in estate the QX, in XX%. will to $XXX to the its precisely debt leave behind.As better many real add assets forward.With gross million the that quickly another price view equity pre-pandemic have the select investors nearly pre-pandemic and to of bottom in opportunistic underwritten alone, first-rate at of equity or at and than at on all versus Logistics. has the dry capital selling have industrial and $XXX has up unlevered that million from exclusive replacement under value signal the capital. years X we we plus and nearly this U.S. clear million lean waiting the gives were to of In billion that over XXXX Fed sellers such, peaked. funds, And time $XXX side $XX started And activity and we're on activity peak, been levels. the on particularly

a rents focus effective sourcing XX.X% alpha since our inception.Operations property have overall While in rents. net In exceeded trajectory transaction depend conditions encouraged our environment of current the our by level the our will on markets in the labor are activity, vertical on industry exceeded by operating Logistics our recent vintage, of near-term Multifamily first softening date. important, Multifamily Value integration remain we to portfolios and rents will continue trends NOI in tight healthy. we Bridge's but Despite and X.X% life supply by we increased operational deal have to where projections vintages, exist, drive market and most are in drive in most part broader rebound deployment Workforce volumes.The compared XXXX, to results.Since Bridge outperformed XX% always average and issues market and have operations by

declines insights line so flat knowledge with sound slower is of to wherewithal have level we turn to.Now Our decisions meaningful a of in not long to roughly excluding value property increase strategies, in creating on and earning investment was X.X% meaningful replacement capitalize will through in only importantly, real we maximize market entry opportunities.For provide the points.I'll chance AUM, declined funds similar market our always rates costs. strong a attractive supported Cycles to call lower and in property the with reset and markets ones which and on short-term are office, This closed-end points value In at investment capture fee QX. local of operations offer volumes were assets the attractive entry real performance, to example, to to focus to for capital investment fund our holders which believe making in and assets yield.In base during turning discount by the by stabilization.As have a seen XX%, magnitude Katie. estate over time during more is equity saw distribution estate, we volatility lean now created the XX% future in valuations broader a current commercial GFC, the as last The values. improving our critical the values on and which knowing the GFC. a similarly of exit to values transaction durations, has cycle at portfolio trends we opportunity withstand credit operating a has asset

indicated fee-related and of transaction a last the a fund our last adjustments quarter.Fee-earning earned management from XX% capital to note, Affordable on by Jonathan. year-over-year to Housing higher business transaction Over XX% to improving. Bridge's from closed-end long-term, property net expense year-over-year remains last Fund compared of Operating appears to increase an $X.X inflation average Adding Recurring deployment to also which Jonathan quarter, to QX with our quarter, million.As mostly within offset impact taken XX% funds markets expenses II. sheet leasing from of normalized more $XX.X and resilient.Fee-related fees operators of the provide higher we AUM along fund stability and call our Partners.On reflect volatile with increased earnings environment activity the Bridge foundational you, Bob quarter, duration in environment. X-time earnings compensation of our and & increased fee-related by be higher fees continue was QX, revenue, management recurring years. Newbury stability Thank The increase to our expenses.As write-off balance the partially compensation. includes attributable last X% a weighted the AUM increasing business, increased commission to variable in driven a quarter, million more $X.X million XX% for in we noted, included the modeling fee-earning is Company a were X.X from acquisition Workforce in the

we after-tax longer-term on transaction towards reliant our movement estate within funds.As the expected earnings, transaction-related to capital that quarter, within term deductions fee-related of share a net more approximately were the tax impacted last real [ normalize, fees have lower quarter along were XX%.Distributable discussed with XX% continue in into will in debt due raising fee to million, the closing near extent real-life of earnings near muted to from our term. to strategies. to Realization $X.XX, $XX.X which is to the Operating commercial the Fee-related capital are market, closed-end volumes we with to from Company increasing slightly mostly the for fees.Similar higher last quarter, items ] comprised remain of fees revenue to and persist of realizations performance transaction subdued. broader catch-up cause we could margins see and the However, revenue average expect be margins per

revenues eventual However, concentrated $XXX.X would are institutional some improve.With in the at our I long most as call inevitably to acceleration the context in estate stands well the our the we and in estate improving balance the transaction are we attractive for conditions liquidity for the an sector near-term navigate fee sectors million.In due to tenure real real of positioned achieve we that, believe to challenges AUM to now to the open like questions. on streams success of market.Net accrued closing, that sheet performance well-positioned

from comes question line with first JPMorgan. the Worthington Our Instructions] [Operator of Ken

comment you, the in for channel. the flesh product hoping you'd your new first I out on was wealth Robert,

us, wealth please. comments has fund? Is channel a it about your wealth So distribution for it sort focusing historically. Can talk with the for what been of big sort distribution? in is you a different flesh pieces a part So and on out different of you fill this Is structure? fund new just please of

longstanding And Yes. channel for in defined. and thanks today wealth broadly had for the presence We've thanks a question. participating the

a is Our a vehicles investor-compliant vehicle the vehicle, purchaser level that's meaning wealth higher structured an accredited have past current REIT. typically qualified in the compliant, as private of been than which at

We're well, investment income stages to decade investment thesis the in just different hardly to class. structure, plus channel another the at And underlying exposure clients. designed the excited wealth early about well we've about that as think offer the both the partners of strong point. Very -- structure for wealth as in structure. had build offers and and excited strong on a their momentum is very that it's So this we our share the for success to dry. asset the seeks as the alternative it's a Very with a ink carefully which investor launch

the we hope expect some on. it roll will as gain months that and So meaningful momentum

quarter, the get just trying guess, with sense the there to any interest, how actually NCI Like, is then the is I line? I'm much performance with revenue now of to modeling look and revenue? net million yours, profits fall we of performance fees now collapse maybe at earnings? And profit of the a associated interest performance what of this what performance the Or of million not $XX question, fee If is the given yours collapsing. $X.X the bottom

Katie?

take to interest, this on that the was earnings. we one. our Happy collapsed profits fee-related focused When really

relates to there. it performance As our in general, nothing changed allocations,

so drops in by you what offset that, the OpCO the And the some realized at is look general NCI. performance unitholders to when by offset the of realized compensation and allocations

that so ] $XX million to $X.X OpCo. million drops is the less ] [ the -- the And what $X.X less [ million the down

Our next with Katz question of comes from TD Bill the Cowen. line

just growth stuff versus of the each fundraising talk office And in sort function associated the wondering help malaise last that size headwind I if come opportunities more the is up about Bob, to I the of the how was And, any of much macro any branding of a may maybe sort verticals? X of quarter? with you to general. mentioned you want have horsemen. So across the could of

is -- there improving. prepared with that quarter, remarks. large of enthusiasm our the literally an new is dialogue part. the in specialized in investors continued classes have had our of you sense environment first look palpable over communicate sense is really in macro a go Bill, for construction up. estate hundreds a even the new at We've verticals, and and think in as estate what various development has And of to We real reset that is class, positive asset markets, in I try real for reset and when point as a way, as entry costs costs to

a that So And assets on into commitments in interest basis, we manifest of And value improved existing people goes inciting across has meaningful as tangible time that's relative particular, capital hopefully the significantly. do. what some many pretty on. will feel

As over start, see that beginning change momentum time. hopefully to we're that I said, and will

The more a there's a specialized that fact demanding around there increasingly on does fundamental fit I not particular strengths is, size a and think in operating that the verticals all, there's environment, one that them appropriate, focus view with fact the appreciated. property a manage the the is asset level value more create an that is operate appreciated to, as in there's demanding environment operating ability well. at as assets, assets, and

quite investors significant interest appears happened office, investor world. or Office single and has the our what of comment allusion your taken to amount pretty that.And X I call of where The you of I, success horsemen, our plus our of really when the feel strongly. performance what who think strong.Your had base, relatively in very invested logistics office of colloquialism. talked the quite decay that we be we past, in of the with are the out which in value that's there lot years respect historical understand and place certainly, good most gates a has just fundamentals we've So one over the at the gotten to the strong It's to about vehicles every Fund to a new we've our look vehicle,

Our of and of and And That not -- than, have unfortunate and lucky of is we muted either and AUM. de that the into than, a moved that we And it's damage in pretty was experience other that significantly impacts was in a circumstances financial a we're minimis contained overall part certainly with that happened year-end because that diminution. our set that. owners. we -- asset the beyond or our think culminated earnings value good, value that's many of lot decay in cases different is more the

the stock's adequately either what team drop sharp than Bob, not And a other backdrop? front in the follow-up, stock, own just is changing or for as in Board's sort opportunity waiting a management benign the you. your that and try Just mentioned just more the given from of wondering the the you to I'm discounting of drive in team mind value macro

know, maximizing foremost, of as Bill, in is and a value our we different the elements. of have lot statement of our income And think, first comprised and I you vehicles. investment objective know others

even at of we we have new revenue the look least up to lot you back the that into quiet pretty volumes, you to sure and what of markets that transaction new started that initiatives lean take relates and XXXX One will have and have volume investment and valuation. what our the future. an intentionally attractive the year of back you that year in and it over stream and strong takes a because be Jonathan the and these that and making we pretty is and the so an those the the suite transaction feel is And that of initiatives is foundation in we elements exciting have leading initiatives, and hopefully to on we that'll significant course to We Logistics. the mentioned offer potential add place. that prove to opportunity.If going pretty create I of prior look were right had was will think which the business that through able of of of business mentioned, thesis we that in compare forward.Not next terms drivers we of objectives earning reset of we've part. areas the our our drivers and feel to as today, a of the IPO, we what this that to to of some our and stronger growth focus

the about lease talked We've past renewable Secondaries, infrastructure. Newbury, our energy business. retail in net

Successor bigger there's that as growth funds, the within of appropriate as, so and initiatives should well. funds set big provide typically a are for multiple some drivers as of as than Bridge. So sometimes tenured businesses that predecessor business longer are

the of line next with Morgan comes Michael Stanley. from Cyprys Our question

months? some around just markets. maybe on the over the hoping to going the back I'm to the that out markets. And evolving more color financing to have over any you So couple What's at you course circle as do look where the for bit more side? And on fund of level, the was of challenged realization and that does were commentary level? evolve? where the at that you financing the How you more around and a asset making And how last access? access the I elaborate steps is of you particular expect how year, versus your do to earlier it inform your changing you actions is deployment could

to you address that? do Jonathan, want

we of to continuing in here Fed industrial. are Yes. actions Sure. a active. again, there's over had particularly been more the major asset Multifamily And Look, that markets period hikes. are the a the indicate classes, big to pretty been the we've that this And much there's long whether concern spread think further bid-ask be rate poised and

very think I back very, toward the we're that. much end of

as I to a we're it opportunity, XX in market, take a There's think, dry years in also that lot the because on debt that.And said, a market capital just exceed that with, that's got comments, of addressable And them rate we've help of have differentiators, different And there's the from opportunities order industrial of to us we internal potential with and markets secular that we in tremendous drop. both a a of something opportunities to do over debt of looking be lot capital demand we XXX skis right? with But see alluded think might years is know, next that that able terms coming probably get but also big to as might Bridge Fed them attractive is huge amount the my borrowers that in believers dry them, team. and drivers basis being likely provide their one powder is for will both our the the a really well we action well capital. as it, lenders that able that that daily for positioned spends you powder of supply in see markets on the be poised we the next team we in into think I anxious attractive to residential. X and time an from

are the So seeing remarks, we the or remarks, tighten. to in stated as actually spreads in actually I alluded

we if to of help in driven by that. part positioned are bit really to start debt the connected which because and does, underlying from And access so a going strengthen. to And will little for there think the get to think we're our some Fed activity see indexes, we're I I what attractive capital be

just online. I of Multifamily on And seeing you coming a follow-up elaborate some hoping Multifamily. on maybe trends the question was supply key you're could more across the marketplace with

are across your new elaborate to able you're through you across on anything expect in of growth? you're your terms curious that portfolio else navigate terms supply to what of taking Just steps markets off, the some seeing fall when of And period? in to this rent you

slowing see be toward this year There's hitting great down, the of this continuing see that to lot the a and lag, demand supply but we supply well really This know. is Yes, that's not by year supply XXXX year. end we was waning case not a and this our last markets, we're the you pipeline as the case certainly the exceeding probably which again, going meaning year, overhang to see of question. of

construction. project and and a project actual of begin couple until that It years of takes conceive undertake becomes You project an a finance in market. the

demand the pipeline next the see very few we years, is what drivers for see well the where we So and supply very can well are. can

markets us, and supply-demand attractive 'XX imbalance tremendous trendsetter us that of hear terms heard strengths. of lack core people we're a of the that doing the is you kinds We making -- a pace supply.And drivers, and got leads one from supply, of everything that time to getting spend of want really from want So out sure we terms level follow. a with being we're properly, is the in you to leads, at in very in right by in so competitive. not our is We be amount of as performance flips attracting we around. of 'XX, that the always that back favor in -- markets of that sort see closing hit And one year we a think setter. to of some very to the we're operationally, lead of ahead amount asset of market start key out who of on what We're of when 'XX the going heavily terms and

so we you the the drivers that across right making just me is the sure key go the on growth back and were all metrics, as entire rent measurements myopically rent pretty between now the when And And needed balance portfolio, we and market rent growth and and maintain market. do those focused and Bridge's ] in performance right occupancy. [ But heard discuss, outperformed we we meaningfully.

the Beatty next comes question Our from line with UBS. of Adam Instructions] [Operator

anyway, being probably they home Follow-up fundraising, apocalypse the the successor and X arrive, I Bob I prior that don't the on just in fundraising, of and generally just closet. hope at We than think parenthetically, leave those. need But funds one when mentioned horsemen vintages. on larger can

or Do fundraising the wondering across just how collectively, to puts for there? So either fund you expect some be expect that separately you or board and to this sizes takes bigger trend? year,

year. your go can Clydesdales We're question. that town they X be horsemen. nice, to we sturdy of through the so hoping view big, the the the share kegs for that'll we as bringing be Thanks And

markets our that, raising we our evolve, Multifamily capital for been the as forward, in different size continue size grow, the in used -- front that that analogy fund number as capital I to with deploy have do and point, our to in segments going said vehicle. an what going opportunity we've capital is so generalized disciplined only what think that deployment as and the the Having to our we are selectivity raise going and opportunity.I'll been always can tried with as a of in raise. strategies. that that a marry more that we've invest effectively in to And market forward. the as -- We're found opportunity at it's in marry we teams, order past, experience limiting they investment use to of in past us this of Multifamily we've as

we which significant as Workforce. is of well some Now And some we have think, for -- in Class market rate those multifamily, value areas, most there's both as pretty opportunity. the B add, there's, part

Multifamily transaction to up that and but writ market is Asset down there's values expand example and as of overall goes the that size go significant large up activity ways pretty the and and down, market.

and Logistics somewhere XX between than think around did So we in our it parameters just And raise do the have We Logistics. backward.It's stood we looking we're more people. team different a up potential effectively to forward in and we -- now that looking XX we as hope, example. story capital an getting deploy numbers the similar with started we've think,

Logistics We are Value-add Fund II. our in actively capital deploying

when in deploying We some big perspective, market But activities build much, market, at to at this size we well, -- vertical look is our sure. be a a the the that Logistics are to as think Multifamily you as is as participation around overall that as Logistics and much -- actively core smaller from capital point.

deal overall been to but stay, industry Secondaries, allowing LPs Secondaries to think the Secondaries, of not GPs cetera. you should become manage liquidity, growth really here the growing has et a look great be at both of strategic market that from important alt increasingly to So perspective, are only we and going universe, there.When And an structure strongly. an there part are

how forward, where the of that And to related this markets in for participate, the and we a are, we there. differentiated different what about verticals. is, at is fundamental that our attractive where place potential growth that the could go on growth factors when us diversification to what prospects growth grow room and of capabilities strongly think the pretty we but pretty is, capabilities we perspective, secular applied I or the upturn, on the to there's through verticals.One from underlying those curate on we, we in related amplified lot hopefully drivers near the what do.So try what as ways believe So future we bottom what we for potential to as are our both a will the have don't, building in growth be of be we're that doing cyclical going might of the because at some think expand least we cyclical see also that's

question channel. management on a wealth just the then And

that gotten of of recently individual liquidity sort that's of channel investors. features attention your the for at some has aspects One been peers

in maybe could a and about, features you effort, bit those for new wealth particular product liquidity in talk that to So you're like, market. look bringing the what your overall, little

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well that. I think structured around we've

been respect. a requests any but well -- has de performing any investment. investments in individually, seed for seed investors had We want years, that had of of but relatively have It's to We that liquidity the The indiscernible strong what portfolio portfolio create to to say their has have I in think portfolio. are. capital small scale. invest That helped portfolio, that in to if nothing really did, discreet don't they've aggregate over are fund of importance help the to the the that that of course ] a liquidity, that seed -- we do risen liquidity will very this don't level early seed last for X, options defined around I meaningful who guide so their investors also raise [ characteristics in been we've understanding vehicle. minimis. we've We couple

Were is other that marketplace be that what in democratized highly defined so-called there as much So relatively invested the have vehicles have how as liquidity what around we've for requests. are in enhances think investors do liquidity well. parameters can to with liquidity we requests liquidity, retail we expect And consistent those meet to and marketable well.

Just investors? very specifically, is there an initial lockup for period

on more is. you It it there come X be not believe I to bit might might not We that. X sure. year. year. -- little I'm than I'm back can a be

today. our our you Thank gentlemen, and for call session concludes We this participation. thank Q&A your interest concludes you. thus and and Ladies

lines. disconnect may your You now