Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Period End Date | Jun. 30, 2021 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Registrant Name | BRIDGE INVESTMENT GROUP HOLDINGS INC. | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001854401 | |
Entity File Number | 001-40622 | |
Title of 12(b) Security | Class A common stock, $0.01 par value per share | |
Trading Symbol | BRDG | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2769085 | |
Entity Address, State or Province | UT | |
Entity Address, Address Line One | 111 East Sego Lily Drive | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, Postal Zip Code | 84070 | |
City Area Code | 801 | |
Local Phone Number | 716-4500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 25,175,240 |
Condensed Combined Balance Shee
Condensed Combined Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Apr. 02, 2021 | Dec. 31, 2020 |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |||
Current assets | |||
Cash and cash equivalents | $ 100 | $ 100 | |
Total assets | 100 | 100 | |
Stockholder's equity | |||
Common stock, par value $0.01 per share, 100 shares issued and outstanding | 1 | 1 | |
Additional paid-in-capital | 99 | 99 | |
Total stockholders' equity | 100 | $ 100 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Current assets | |||
Cash and cash equivalents | 61,548 | $ 101,830 | |
Restricted cash | 5,609 | 5,524 | |
Marketable securities | 5,133 | 5,053 | |
Receivables from affiliates | 22,309 | 25,481 | |
Notes receivable from affiliates | 10,335 | 40,795 | |
Notes receivable from employees | 7,431 | ||
Prepaid and other current assets | 5,504 | 5,184 | |
Total current assets | 110,438 | 191,298 | |
Investments (including accrued performance allocation of $246,620 and $199,410 at June 30, 2021 and December 31, 2020, respectively) | 281,671 | 215,427 | |
Long-term notes receivable from employees | 1,739 | ||
Tenant improvements, furniture and equipment – Less accumulated depreciation of $3,222 and $2,686 at June 30, 2021 and December 31, 2020, respectively | 3,943 | 4,158 | |
Intangible assets - Less accumulated amortization of $11,744 and $10,988 at June 30, 2021 and December 31, 2020, respectively | 4,154 | 4,910 | |
Goodwill | 9,830 | 9,830 | |
Other assets | 195 | 389 | |
Total assets | 411,970 | 426,012 | |
Current liabilities: | |||
Accrued performance allocations compensation | 31,136 | 22,167 | |
Accounts payable and accrued expenses | 12,438 | 11,137 | |
Accrued payroll and benefits | 20,006 | 11,614 | |
General partner notes payable at fair value | 15,435 | 16,458 | |
Insurance loss reserves | 4,883 | 4,436 | |
Self-insurance reserves and unearned premiums | 3,457 | 3,700 | |
Other current liabilities | 4,699 | 4,830 | |
Total current liabilities | 92,054 | 74,342 | |
Long-term notes payable, net | 147,927 | 147,713 | |
Other long-term liabilities | 2,348 | 2,486 | |
Total liabilities | 242,329 | 224,541 | |
Equity: | |||
Net investment in common control group | 157,253 | 186,091 | |
Non-controlling interest | 12,377 | 15,376 | |
Accumulated other comprehensive income | 11 | 4 | |
Total equity | 169,641 | 201,471 | |
Total liabilities and members' equity | $ 411,970 | $ 426,012 |
Condensed Combined Balance Sh_2
Condensed Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Issued | 100 | |
Common Stock, Shares, Outstanding | 100 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | ||
Accrued performance allocation | $ 246,620 | $ 199,410 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 3,222 | 2,686 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 11,744 | $ 10,988 |
Condensed Combined Statements o
Condensed Combined Statements of Operations - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 71,974 | $ 55,142 | $ 130,523 | $ 108,850 |
Investment income: | ||||
Incentive fees | 910 | |||
Performance allocations | ||||
Realized gains | 35,629 | 5,324 | 41,185 | 9,435 |
Unrealized gains (losses) | 43,248 | (21,435) | 57,967 | (2,618) |
Earnings (losses) from investments in real estate | 980 | (178) | 976 | (590) |
Total investment income | 79,857 | (16,289) | 101,038 | 6,227 |
Expenses: | ||||
Employee compensation and benefits | 42,306 | 19,839 | 69,457 | 44,532 |
Incentive fee compensation | 82 | |||
Performance allocations compensation | ||||
Realized gains | 3,747 | 517 | 4,241 | 905 |
Unrealized gains (losses) | 6,048 | (2,424) | 7,477 | (144) |
Loss and loss adjustment expenses | 2,132 | 1,096 | 2,917 | 1,678 |
Third-party operating expenses | 6,117 | 7,083 | 14,743 | 15,643 |
General and administrative expenses | 5,392 | 4,070 | 9,492 | 8,761 |
Depreciation and amortization | 727 | 672 | 1,480 | 1,344 |
Total expenses | 66,469 | 30,853 | 109,889 | 72,719 |
Other income (expense) | ||||
Net realized and unrealized gains | 300 | 152 | 6,097 | 807 |
Interest income | 557 | 231 | 1,165 | 603 |
Interest expense | (2,554) | (444) | (4,140) | (925) |
Total other income (expense) | (1,697) | (61) | 3,122 | 485 |
Income before provision for income taxes | 83,665 | 7,939 | 124,794 | 42,843 |
Income tax provision | (424) | (170) | (834) | (182) |
Net income | 83,241 | 7,769 | 123,960 | 42,661 |
Net income attributable to non-controlling interests | 5,815 | 4,450 | 9,764 | 6,484 |
Net income attributable to the Company | 77,426 | 3,319 | 114,196 | 36,177 |
Fund Management Fees [Member] | ||||
Revenues: | ||||
Total revenues | 34,536 | 25,723 | 65,387 | 51,442 |
Property Management And Leasing Fees [Member] | ||||
Revenues: | ||||
Total revenues | 14,335 | 14,845 | 31,081 | 31,367 |
Construction Management Fees [Member] | ||||
Revenues: | ||||
Total revenues | 2,065 | 2,215 | 3,891 | 3,777 |
Development Fees [Member] | ||||
Revenues: | ||||
Total revenues | 1,163 | 373 | 1,549 | 577 |
Transaction Fees [Member] | ||||
Revenues: | ||||
Total revenues | 16,242 | 8,294 | 21,568 | 15,639 |
Insurance Premiums [Member] | ||||
Revenues: | ||||
Total revenues | 2,022 | 1,349 | 3,916 | 2,505 |
Other Asset Management And Property Income [Member] | ||||
Revenues: | ||||
Total revenues | $ 1,611 | $ 2,343 | $ 3,131 | $ 3,543 |
Condensed Combined Statements_2
Condensed Combined Statements of Comprehensive Income - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 83,241 | $ 7,769 | $ 123,960 | $ 42,661 |
Other comprehensive income - foreign currency translation adjustments | 6 | 7 | ||
Comprehensive income | 83,247 | 7,769 | 123,967 | 42,661 |
Less: comprehensive income attributable to non-controlling interests | 5,815 | 4,450 | 9,764 | 6,484 |
Comprehensive income attributable to the Company | $ 77,432 | $ 3,319 | $ 114,203 | $ 36,177 |
Condensed Combined Statements_3
Condensed Combined Statements of Net Investment - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Opening Balance | $ 215,364 | $ 181,479 | $ 201,471 | $ 190,325 |
Net income for the period | 83,241 | 7,769 | 123,960 | 42,661 |
Foreign currency translation adjustment | 6 | 7 | ||
Capital contributions | 323 | 745 | 273 | |
Return of capital | (7) | |||
Share based compensation | 14,624 | 388 | 15,465 | 775 |
Repurchase of membership interests | (111) | (6,500) | ||
Distributions to members | (143,910) | (16,218) | (171,896) | (54,116) |
Ending Balance | 169,641 | 173,418 | 169,641 | 173,418 |
Net investment in common control group [Member] | ||||
Opening Balance | 202,167 | 168,489 | 186,091 | 174,465 |
Net income for the period | 77,426 | 3,319 | 114,196 | 36,177 |
Capital contributions | 422 | |||
Return of capital | (7) | |||
Share based compensation | 13,767 | 351 | 14,508 | 702 |
Repurchase of membership interests | (68) | (6,500) | ||
Distributions to members | (136,100) | (7,438) | (157,896) | (40,123) |
Ending Balance | 157,253 | 164,721 | 157,253 | 164,721 |
Non-controlling interests [Member] | ||||
Opening Balance | 13,192 | 12,990 | 15,376 | 15,860 |
Net income for the period | 5,815 | 4,450 | 9,764 | 6,484 |
Capital contributions | 323 | 323 | 273 | |
Share based compensation | 857 | 37 | 957 | 73 |
Repurchase of membership interests | (43) | |||
Distributions to members | (7,810) | (8,780) | (14,000) | (13,993) |
Ending Balance | 12,377 | $ 8,697 | 12,377 | $ 8,697 |
Accumulated Other Comprehensive Income [Member] | ||||
Opening Balance | 5 | 4 | ||
Foreign currency translation adjustment | 6 | 7 | ||
Ending Balance | $ 11 | $ 11 |
Condensed Combined Statements_4
Condensed Combined Statements of Cash Flows - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 123,960 | $ 42,661 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,480 | 1,344 |
Amortization of deferred financing costs and debt discount and premium | 278 | 56 |
Share based compensation | 15,465 | 775 |
Equity in income of investments | (5,725) | (285) |
Changes in unrealized gain on General Partner Notes Payable | (415) | (1,011) |
Amortization of lease incentives | (135) | (166) |
Changes in unrealized performance allocations | (57,967) | 2,618 |
Changes in operating assets and liabilities: | ||
Receivables from affiliates | 3,173 | 14,024 |
Prepaid and other current assets | (384) | (4,201) |
Other assets | 15 | (191) |
Account payable and accrued expenses | 1,301 | (2,837) |
Accrued payroll and benefits | 8,392 | 3,135 |
Other current liabilities | (131) | 2,011 |
Insurance loss reserves | 447 | 721 |
Self-insurance reserves and unearned premiums | (243) | (767) |
Accrued performance allocations compensation | 8,969 | (144) |
Deferred Rent | (3) | 42 |
Net cash provided by operating activities | 98,477 | 57,785 |
Cash flows from investing activities: | ||
Purchase of investments | (2,717) | (2,408) |
Proceeds from sale of investments | 81 | 918 |
Issuance of notes receivable | (146,040) | (135,051) |
Proceeds from repayment of notes receivable | 182,192 | 115,150 |
Purchase of tenant improvements and office equipment | (321) | |
Net cash provided by (used in) investing activities | 33,195 | (21,391) |
Cash flows from financing activities: | ||
Capital contributions | 745 | 273 |
Distributions to members | (157,896) | (40,123) |
Distributions to non-controlling interest | (14,000) | (13,993) |
Repurchase of membership interests | (111) | (6,500) |
Payments of deferred financing costs | (121) | |
Repayment of notes payable | (323) | |
Repayments of General Partner notes payable | (607) | |
Proceeds from line of credit | 64,800 | 46,151 |
Payments of line of credit | (64,800) | (33,085) |
Net cash used in financing activities | (171,869) | (47,721) |
Net decrease in cash, cash equivalents, and restricted cash | (40,197) | (11,327) |
Cash, cash equivalents and restricted cash—beginning of year | 107,354 | 60,110 |
Cash, cash equivalents and restricted cash—end of year | 67,157 | 48,783 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 834 | 182 |
Cash paid for interest | 3,019 | 54 |
Cash and Cash Equivalents [Member] | ||
Cash flows from financing activities: | ||
Cash, cash equivalents and restricted cash—end of year | 61,548 | 44,721 |
Restricted Cash [Member] | ||
Cash flows from financing activities: | ||
Cash, cash equivalents and restricted cash—end of year | $ 5,609 | $ 4,062 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Organization | 1. ORGANIZATION Bridge Investment Group Holdings Inc. (the “Company”) was incorporated in the state of Delaware on March 18, 2021. In connection with its incorporation, the Company issued 100 shares of common stock for $100 to Bridge Investment Group Holding s |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Organization | 1. ORGANIZATION Bridge Investment Group Holdings LLC (formerly Bridge Investment Group LLC) (the “Operating Company”), a Delaware limited liability company, was formed on December 2, 2011, to act as a holding company of certain affiliates that provide an array of real estate-related services. The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the following investment manager entities (collectively, the “Fund Managers”): Bridge Multifamily Fund Manager LLC, Bridge Seniors Housing Fund Manager LLC, Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC, Bridge Development Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, Bridge Logistics Net Lease Fund Manager LLC and Bridge Logistics Properties Fund Manager LLC. The Fund Managers provide real estate and fund investment advisory services on a discretionary basis to multiple investment funds and other vehicles, including joint venture real estate projects, separately managed accounts and privately offered real estate-related limited partnerships, including any parallel investment vehicles and feeder funds (collectively, the “funds”). The Operating Company is entitled to the management fees of the funds. Each time that a new fund family is established, a new general partner for that fund family is also established. These general partners are collectively referred to as the Bridge GPs. The Bridge GPs are entitled to any performance fees from the funds. The Operating Company and the Bridge GPs, collectively defined as “Bridge” or the “Company,” are under common control by the direct owners of Bridge. The owners have the ability to control the Operating Company and each of Bridge GPs, and manage and operate these entities through the Fund Managers, a common board of directors, common ownership, and shared resources and facilities. Bridge represents the predecessor history for the combined operations. Bridge Investment Group Holdings Inc. was incorporated in the state of Delaware on March 18, 2021 for the purpose of facilitating an initial public offering and other related transactions in order to carry on the Operating Company’s business. On July 20, 2021, the Company completed its initial public offering of 18,750,000 shares of its Class A common stock at a public offering price of $16.00 per share (the “IPO”), receiving approximately $274.3 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 initial public offering price per share of Class A common stock in the IPO, less the underwriting discounts and commissions and estimated offering expenses. On closing of the IPO, owners of the Bridge GPs contributed their interests in the respective 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 Bridge GPs. These condensed combined financial statements include 100% of operations of the Bridge GPs for the periods presented on the basis of common control. Pursuant to a reorganization into a holding company structure, Bridge Investment Group Holdings Inc. is a holding company and its principal asset is a controlling equity interest in the Operating Company. As the sole managing member of the Operating Company, Bridge Investment Group Holdings Inc. operates and controls all of the business and affairs of the Operating Company, and through the Operating Company and its subsidiaries, conduct its business. These financial statements should be read in conjunction with our annual financial statements and include all adjustments necessary for a fair presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statement of the Company has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Summary of Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Combination and Presentation Principles of Consolidation Variable Interest Entities Voting Interest Entities At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and non-controlling Non-controlling Non-controlling non-controlling Non-controlling non-controlling non-controlling non-controlling Use of Estimates The preparation of condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The outbreak of the novel coronavirus (“COVID-19”) Cash and Cash Equivalents Restricted Cash Marketable Securities available-for-sale Fair Value Financial assets and liabilities measured and reported at fair value are classified as follows: • Level 1 — Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level 2 inputs include prices in markets with few transactions, non-current • Level 3 — Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. (See Note 8 for further detail . Fair Value Option Investments non-controlling, Changes in fair value of equity method investments are recorded in realized and unrealized gains (losses). Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate For certain equity method investments, the Company records its proportionate share of income on a one to three-month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the combined statements of cash flows under the cumulative earnings approach. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market. For investments under the measurement alternative, if the carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment (“OTTI”) involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. Receivables from Affiliates The Company facilitates the payments of these fees, which are recorded as receivables-principally from affiliated parties on the combined balance sheets, until such amounts are repaid. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted capital raising, and establishes an allowance for any balances considered not collectible. None of the receivables were considered not collectible at the respective balance sheet dates. Notes Receivable from Affiliates and Employees Prepaid and Other Current Assets Tenant Improvements, Furniture and Equipment Intangible Assets Goodwill million related to the acquisition of Bridge Property Management, L.C. (“BPM”) and Bridge Acquisitions, Asset Management, and Dispositions LLC (“BAA&D”) in 2012, and Bridge Commercial Real Estate LLC (“BCRE”) and other Fairlead companies in 2016. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of December 31, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. The Company performed annual goodwill impairment assessments as of December 31, 2020 and 2019 and determined that there The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. As of June 30, 2021, there were no indicators of goodwill impairment. Other Assets Accounts Payable and Accrued Expenses Other Current Liabilities Other Long-term Liabilities Business Combinations Definition of a Business Asset Acquisitions Acquisitions of Businesses non-controlling non-controlling Revenue Recognition Fund Management Fees Fund management fees are generally based on a defined percentage of total commitments, invested capital or NAV of the investment portfolios managed by the Fund Managers. Following the expiration or termination of the investment period, the basis on which management fees are earned for certain closed-end closed-end 18-24 catch-up Catch-up Property Management and Leasing Fees Property management fees are earned as the related services are provided under the terms of the respective property management agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. The Company also earns revenue associated with the leasing of commercial assets. The revenue is recognized upon the execution of the lease agreement. Construction Management Fees Construction management fees are earned as the services are provided under the terms of the property management agreement with each property. Development Fees Development fees are earned as the services are provided under the terms of the development agreement with each asset. Transaction Fees The Company earns transaction fees associated with the due diligence related to the acquisition of assets and financing of assets. The fees are recognized upon the acquisition of the asset or origination of the mortgage or other debt, as applicable. Insurance Premiums BIGRM insures multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, lessor legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period. Other Asset Management and Property Income Other Asset Management and Property Income is comprised of, among other things interest on catch-up in-house Investment Income (inclusive of incentive fees performance allocation) Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Substantially all performance income is earned from funds and joint ventures managed by affiliates of the Company. Incentive Fees Incentive fees comprise fees earned from certain fund investor investment mandates for which the Company does not have a general partner interest in a fund. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period. Performance Allocation Carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s partnership agreement or other governing documents. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner based on a fund’s cumulative investment returns. Accordingly, the amount recognized as performance allocation revenue reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within accrued performance allocations compensation in the combined balance sheet. Carried interest is realized when an underlying investment is profitably disposed of, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally do not become realized until the end of a fund’s life. The Company accounts for carried interest, which represents a performance-based capital allocation from a fund General Partner to the Company, as earnings from financial assets within the scope of ASC 323, Investments—Equity Method and Joint Ventures Employee Compensation and Benefits Performance Allocations Compensation Liability-classified carry awards to employees and other participants are accounted for as a component of compensation and benefits expense contemporaneously with our recognition of the related realized and unrealized performance allocation revenue. Upon a reversal of performance allocation revenue, the related compensation expense, if any, is also reversed. Liabilities recognized for carried interest amounts due to affiliates are not paid until the related performance allocation revenue is realized. The Company records incentive fee compensation when it is probable that a liability has been incurred and the amount is reasonably estimable. The incentive fee compensation accrual is based on a number of factors, including the cumulative activity for the period and the expected timing of the distribution of the net proceeds in accordance with the applicable governing agreement. Third-party Operating Expenses Realized and Unrealized Gains (Losses) The realized and unrealized change in gain (loss) associated with the financial instruments that we elect the fair value option is also included in realized and unrealized gains (losses). Interest Income catch-up Foreign Currency In addition, the consolidated results include certain foreign subsidiaries that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income. Income Tax Provision Income Taxes The Company’s policy is to recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the condensed combined financial statements. At June 30, 2021 and December 31, 2020, the Company did not have a liability recorded for payment of interest and penalties associated with uncertain tax positions. Other than BIGRM and Bridge PM, Inc., Bridge and its subsidiaries are limited liability companies and, as such, are not subject to income taxes; the individual Members of Bridge are required to report their distributive share of the Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns. Comprehensive Income Segments Recently Adopted Accounting Standards Consolidation — 2018-17, Consolidations 2018-17 2018-17 2018-17 Fair Value No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. No. 2018-13 Recent Accounting Pronouncements (Not Yet Adopted) In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 right-of-use 2016-02 non-public right-of-use In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses available-for-sale non-public In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 |
Stockholders Equity
Stockholders Equity | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Stockholders Equity | 3. STOCKHOLDERS EQUITY The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.01 per share, 250,000,000 shares of Class B common stock with a par value of $0.01 per share, and 20,000,000 shares of preferred stock, with a par value of $0.01 per share. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 3. REVENUE Fund Management Fees: The Company earns base management fees for the day-to-day operations Three Months Ended Six Months Ended 2021 2020 2021 2020 Funds $ 33,510 $ 23,982 $ 62,980 $ 48,639 Joint Ventures and Separately Managed Accounts 1,026 1,741 2,407 2,803 Total Fund Management Fees $ 34,536 $ 25,723 $ 65,387 $ 51,442 Property Management and Leasing Fees: The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Seniors Housing $ 6,597 $ 6,867 $ 13,153 $ 14,151 Multifamily 4,322 3,659 8,416 7,388 Office 3,416 4,319 9,512 9,828 Total Property Management and Leasing Fees $ 14,335 $ 14,845 $ 31,081 $ 31,367 Construction Management Fees The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Multifamily $ 1,133 $ 996 $ 2,058 $ 1,995 Office 829 1,007 1,578 1,501 Seniors Housing 103 212 255 281 Total Construction Management Fees $ 2,065 $ 2,215 $ 3,891 $ 3,777 Transaction Fees: The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Acquisition Fees $ 13,137 $ 6,647 $ 17,789 $ 12,084 Brokerage Fees 3,105 1,647 3,779 3,555 Total Transactional Fees $ 16,242 $ 8,294 $ 21,568 $ 15,639 For the three and six months ended June 30, 2021 and 2020, no individual client represented 10% or more of the Company’s total reported revenues and substantially all of revenue was derived from operations in the United States. As of June 30, 2021 and December 31, 2020, the Company had $3.0 million and $2.9 million, respectively, of deferred revenues, which is included in other current liabilities in the combined balance sheets. During the three and six months ended June 30, 2021, the Company recognized million and $0.7 million, respectively, as revenue from amounts included in the deferred revenue balance as of December 31, 2020. The Company expects to recognize the majority of the deferred revenues within a year of the balance sheet date. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Marketable Securities [Line Items] | |
Marketable Securities | 4. MARKETABLE SECURITIES The Company invests a portion of the premiums received at BIGRM in exchange traded funds and mutual funds. As of June 30, 2021 and December 31, 2020, the Company’s investment securities are summarized as follows (in thousands): Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2021 Exchange Traded Funds $ 715 $ 21 $ — $ 736 Mutual Funds 4,353 60 (16 ) 4,397 Total $ 5,068 $ 81 $ (16 ) $ 5,133 June 30, 2020 Exchange Traded Funds $ 713 $ 23 $ — $ 736 Mutual Funds 4,301 16 — 4,317 Total $ 5,014 $ 39 $ — $ 5,053 During both the six months ended June 30, 2021 and 2020, the Company did |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Schedule of Investments [Line Items] | |
Investments | 5. INVESTMENTS The Company has interests in 142 partnership or joint venture entities. The limited liability companies and limited partnerships in which the Company is the general partner are generally engaged directly or indirectly in the acquisition, development, operation and ownership of real estate. The accounting principles of these entities are substantially the same as those of the Company. Additionally, the Company has direct investments in several funds, including certain Bridge-sponsored funds. The Company’s investments are summarized below (in thousands): Carrying Value at Investments June 30, December 31, Partnership interest in carried interest (1) $ 246,620 $ 199,410 Partnership interest in the funds (2) 29,629 12,975 Investments in third party partnership (3) 5,081 2,697 Other investments (4) 341 345 Total $ 281,671 $ 215,427 (1) Represents an investment in carried interest in the funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investment is valued using NAV of the respective vehicle. (2) Investments in the funds and limited partnership interest are valued using NAV of the respective vehicle. (3) Investments in limited partnership interest in third party private proptech venture capital firms. Valued using NAV of the respective vehicle. (4) Investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes. Fair value of the investments is reported on a three-month lag from the fund financial statements due to timing of the information provided by the funds and third-party entities unless information is available on a more-timely basis. The Company’s equity method investments include investments that are not consolidated, but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the Securities Exchange Commission. Summarized financial information of our significant equity method investment in Bridge Multifamily Fund III, as of June 30, 2021, is as follows (in thousands): Three Months Ended June 30, 2021 June 30, 2020 Investment income Net earnings from investments in real estate $ 6,851 $ 686 Interest and other income 8 28 Total investment income 6,859 714 Expenses Management fees 1,563 2,222 Partnership expense 284 463 Interest expense 6 18 Total expenses 1,853 2,703 Net investment income (loss) 5,006 (1,989 ) Net realized gain (loss) on investments in real estate 105,682 3,198 Changes in unrealized gain on investments in real estate (45,923 ) 29,397 Unrealized gain on interest rate swap 1,319 1,228 Net gain on investments 61,078 33,823 Net increase in partners’ capital resulting from operations $ 66,084 $ 31,834 Six Months Ended June 30, 2021 June 30, 2020 Investment income Net earnings from investments in real estate $ 13,562 $ 7,020 Interest and other income 12 115 Total investment income 13,574 7,135 Expenses Management fees 3,300 4,515 Partnership expense 628 996 Interest expense 25 57 Total expenses 3,953 5,568 Net investment income 9,621 1,567 Net realized gain on investments in real estate 119,115 35,238 Changes in unrealized gain on investments in real estate 21,742 20,829 Unrealized gain (loss) on interest rate swap 2,929 (3,556 ) Net gain on investments 143,786 52,511 Net increase in partners’ capital resulting from operations $ 153,407 $ 54,078 |
Notes Receivable From Affiliate
Notes Receivable From Affiliates | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Related Party Transaction [Line Items] | |
Notes Receivable From Affiliate | 6. NOTES RECEIVABLE FROM AFFILIATES As of June 30, 2021 and December 31, 2020, the Company had the following short-term notes receivable from affiliates outstanding (in thousands): June 30, December 31, Bridge Office Fund II $ — $ 25,770 Bridge Debt Strategies Fund I 5,335 4,500 Bridge Seniors Housing Fund I — 5,000 Bridge Seniors Housing Fund II — 5,000 Bridge Seniors Housing Fund III — 525 Bridge Multifamily Fund V 4,000 — Bridge Logistics Net Leasing Fund I 1,000 — Total $ 10,335 $ 40,795 As of June 30, 2021, interest on these loans accrued at fixed rate of 4.025%. The Company had interest receivable on these notes as of June 30, 2021 and December 31, 2020 totaling $0.2 million and $0.3 million, respectively, which are included in receivables from affiliates in the accompanying combined balance sheets. |
Notes Receivable From Employees
Notes Receivable From Employees | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Related Party Transaction [Line Items] | |
Notes Receivable From Employees | 7. NOTES RECEIVABLE FROM EMPLOYEES During the six months ended June 30, 2021, the Company entered into long-term loans to allow employees the opportunity to investment in the Operating Company. As of June 30, 2021, the Company had multiple notes with employees with an aggregate outstanding principal amount of $ 1.7 million. These notes are long-term in nature and accrue interest at 4.025%. The Company had an immaterial interest receivable from these notes as of As of December 31, 2020, the Company had multiple notes with employees with an aggregate outstanding principal amount of $7.4 million. These notes were short-term in nature and accrued interest at 4.025%. During the first quarter of 2021 all of the notes from employees were repaid. The Company had interest receivable from balances on these notes as of December 31, 2020 totaling $2,000, which is included in receivables from affiliates in the accompanying condensed combined balance sheets. During the first quarter of 2021 all of the interest receivables from employees were repaid. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | 8. FAIR VALUE MEASUREMENTS Exchange traded funds: Mutual funds: Partnership interests: Other Investments: The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following schedule presents assets that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Measured at Total June 30, 2021 Assets: Exchange Traded Funds $ 736 $ — $ — $ — $ 736 Mutual Funds 4,397 — — — 4,397 Carried Interest — — — 246,620 246,620 Partnership Interests — — — 34,710 34,710 Other Investments — — 341 — 341 Total Assets $ 5,133 $ — $ 341 $ 281,330 $ 286,804 Liabilities: Fair value option: General partner notes payable $ — $ — $ — $ 15,435 $ 15,435 December 31, 2020 Level 1 Level 2 Level 3 Measured at Total Assets: Exchange Traded Funds $ 736 $ — $ — $ — $ 736 Mutual Funds 4,317 — — — 4,317 Carried Interest — — — 199,410 199,410 Partnership Interests — — — 15,672 15,672 Other Investments — — 345 — 345 Total Assets $ 5,053 $ — $ 345 $ 215,082 $ 220,480 Liabilities: Fair value option: General partner notes payable $ — $ — $ — $ 16,458 $ 16,458 Investments in funds and limited partnership interest in third party private funds are valued using NAV of the respective vehicle. The following schedule presents investments carried at fair value using net asset value (in thousands): Fair Value Unfunded June 30, 2021: Carried Interest $ 246,620 $ — Company-sponsored open-end 13,861 — Company-sponsored closed-end 15,768 58 Third party closed-end 5,081 3,629 Total $ 281,330 $ 3,687 December 31, 2020: Carried Interest $ 199,410 $ — Company-sponsored open-end 12,643 — Company-sponsored closed-end 332 58 Third party closed-end 2,697 4,802 Total $ 215,082 $ 4,860 The Company’s interests in its closed-end funds are not subject to redemption closed-end eight ten open-end sixty Fair Value Information of Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below. The carrying values of cash, accounts receivable, due from and to affiliates, interest payable and accounts payable approximate fair value due to their short-term nature and negligible credit risk. The following schedule presents the financial instruments (in thousands): Level 1 Level 2 Level 3 Total Carrying Value June 30, 2021: Line of credit $ — $ — $ — $ — $ — Private Notes — — 146,270 146,270 150,000 $ — $ — $ 146,270 $ 146,270 $ 150,000 December 31, 2020: Line of credit $ — $ — $ — $ — $ — Private Notes — — 149,225 149,225 150,000 $ — $ — $ 149,225 $ 149,225 $ 150,000 Fair values of the Letter of Credit and Private Notes were estimated by discounting expected future cash outlays at interest rates available to the Company for similar instruments. |
Tenant Improvements, Furniture
Tenant Improvements, Furniture and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Property, Plant and Equipment [Line Items] | |
Tenant Improvements, Furniture and Equipment | 9 TENANT IMPROVEMENTS, FURNITURE AND EQUIPMENT The following schedule presents the balances per asset class as of June 30, 2021 and December 31, 2020 (in thousands): June 30, December 31, Tenant improvements $ 4,217 $ 3,893 Office furniture 1,602 1,602 Office equipment 211 211 Computer equipment 1,135 1,138 Total tenant improvements, furniture and equipment 7,165 6,844 Accumulated depreciation (3,222 ) (2,686 ) Net tenant improvements, furniture and equipment $ 3,943 $ 4,158 Depreciation expense for the Company was $0.2 million for both the three months ended June 30, 2021 and 2020 and $0.5 million for both the six months ended June 30, 2021 and 2020. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets | 1 0 INTANGIBLE ASSETS The Company amortizes its intangible assets from its business combinations over 6 to 10 years. Amortization is based on the pattern in which the estimated economic benefits of the intangible asset will be consumed. The Company evaluates the recoverability of its intangible assets periodically if there is a triggering event. The amortization expense for these intangible assets was $0.4 million for both the three months ended June 30, 2021 and 2020 and $0.8 million for both the six months ended June 30, 2021 and 2020. Summarized below are the carrying values for the major classes of intangible assets as of June 30, 2021 and 2020 (in thousands): Weighted Gross Accumulated Net Carrying June 30, 2021: Customer Lists 10 yrs $ 6,835 $ (6,835 ) $ — Management Contracts 6 yrs 9,063 (4,909 ) 4,154 Total $ 4,154 December 31, 2020: Customer Lists 10 yrs 6,835 (6,781 ) $ 54 Management Contracts 6 yrs 9,063 (4,207 ) 4,856 Total $ 4,910 |
Loss and Loss Adjustment Liabil
Loss and Loss Adjustment Liability and Expenses | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Loss And Loss Adjustment Liability And Expenses [Line Items] | |
Loss and Loss Adjustment Liability and Expenses | 11. LOSS AND LOSS ADJUSTMENT LIABILITY AND EXPENSES BIGRM is a wholly owned subsidiary of Bridge and is licensed under the Utah Captive Insurance Companies Act. During the six months ended June 30, 2021 and 2020, BIGRM provided the following insurance policies: • Lease Security Deposit Fulfillment (limits $500 per occurrence/per property unit) • Lessor Legal Liability (limits $100,000 per occurrence/per property unit) • Workers’ Compensation Deductible Reimbursement (limits $3,739,680) • Property Deductible Reimbursement ($750,000 per occurrence/$5,000,000 policy annual aggregate) • General Liability Deductible Reimbursement ($2,000,000 in excess of $25,000 per occurrence; $4,000,000 per location aggregate; $10,000,000 policy aggregate) For BIGRM’s insured risks, claim expenses and the related loss reserve liabilities are based on the estimated cost necessary to settle all reported and unreported claims occurring prior to the balance sheet dates. Losses are expensed when insured events occur or the estimated settlement costs are updated based on the current facts and the reporting date. Additionally, claim expenses and loss reserves include provisions for claims that have occurred but have yet to be reported. Expenses and the reserve liability for both reported and unreported claims are based on the Company’s previous experience and the analysis of a licensed actuary. Management believes such amounts are adequate to cover the ultimate net cost of insured events incurred through the balance sheet date, June 30, 2021. The provisions are estimates and the actual amounts may ultimately be settled for a significantly greater or lesser amount. Any subsequent differences arising will be recorded in the period in which they are determined. As of June 30, 2021 and December 31, 2020, the Company had reserved $4.9 million and $4.4 million, respectively. |
Self-Insurance Reserves
Self-Insurance Reserves | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Deferred Policy Acquisition Cost [Line Items] | |
Self-Insurance Reserves | 1 2 SELF-INSURANCE RESERVES Medical Self-Insurance Reserves Property and Casualty Reserves part of its property management business, BPM arranges for property and casualty risk management for the properties and entities affiliated with the Company (the “Insurance Program”). BPM uses a broker to arrange for insurers to provide coverage deemed necessary by management and required by lenders or property owners. Under the terms of the risk management program, each property has a $ deductible for property and casualty claims for insured events. Insured property losses in excess of $ are self-insured by BPM or fully insured as described below. BPM’s Risk Management Program for property risks includes a Self-Insured Retention (“SIR”) component in order to more efficiently manage the risks. BPM’s SIR is comprised of a layer of losses that BPM is responsible for satisfying after the properties have met their $25,000 deductible for each claim. That layer covers losses between $25,000 and $100,000 and has no aggregate limit for that layer of risk. All losses above $100,000 are fully insured. BIGRM, the captive risk management company wholly owned by the Operating Company, provides a non-CAT 25,000 75,000 On June 20, 2020, BPM added a general liability self-insured retention aggregate limit of $10.0 million with a per occurrence limit of $2.0 million and per location limit of $4.0 million. Any insurance claims above these limits are fully insured by multiple insurance carriers. BPM insured this retention with the BIGRM captive. As of June 30, 2021 and December 31, 2020, the Company had reserved $0.7 million and $0.4 million, respectively. As of June 30, 2021 and December 31, 2020, the total self-insurance reserve liability was $3.5 million and $3.7 million, respectively. |
General Partner Notes Payable
General Partner Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
General Partner Notes Payable [Line Items] | |
General Partner Notes Payable | 1 3 GENERAL PARTNER NOTES PAYABLE The Bridge GPs traditionally have a General Partner commitment to the respective fund, which is usually satisfied by affiliates direct investment into the funds. For the General Partner commitments for BSH I GP, BMF III GP and BDS I GP, this commitment was satisfied by a notes payable (“General Partner Notes Payable”) between the General Partner and certain related parties or outside investors (“GP Lenders”) for reduced management fees. Under the terms of the General Partner Notes Payable, the GP Lender enters into a notes payable with the respective General Partner, which then subscribes to the respective fund for the same amount as the amount of the General Partner Note Payable. The General Partner Notes Payable mature based upon the terms of the limited partnership agreement of the respective fund. The carrying value of the General Partner Notes Payable represents the related GP Lender’s net asset value in the fund. The GP Lenders are entitled to all returned capital and profit distributions net of management fees and carried interest. We have elected the fair value option for the General Partner Notes Payable. The changes in value are recorded in realized and unrealized gains (losses). The following schedule summarizes the carrying value of the General Partner Notes Payable (in thousands): Commitment Fair Value as of Fair Value as of Bridge Seniors Housing Fund I $ 4,775 $ 5,269 $ 5,243 Bridge Multifamily Fund III 9,300 7,612 8,643 Bridge Debt Strategies Fund I 7,260 2,554 2,572 Total $ 21,335 $ 15,435 $ 16,458 The Company has no repayment obligation other than the return of capital and profit distributions, net of management fees and carried interest allocation of the respective fund. |
Line Of Credit
Line Of Credit | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Line of Credit Facility [Line Items] | |
Line Of Credit | 1 4 LINE OF CREDIT On July 22, 2020, the Company entered in a secured revolving line of credit to borrow up to $75.0 million (“Line of Credit”). The Company did not have an outstanding balance on the Line of Credit as of June 30, 2021 and December 31, 2020. Borrowings under this arrangement accrue interest at On July 31, 2019, the Company entered into an unsecured revolving line of credit to borrow up to $75.0 million. Borrowings under this arrangement accrued interest at a floating rate per annum equal to the Money Market Rate less a discount of 0.5%. The line of credit agreement expired on July 31, 2020. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Debt Instrument [Line Items] | |
Notes Payable | 1 5 NOTES PAYABLE On July 22, 2020, Bridge entered into a $150.0 million Note Purchase Agreement, pursuant to which it issued two tranches of notes (the “Private Notes”). As of June 30, 2021 and December 31, 2020 and $2.3 million, respectively and $147.7 million, respectively 5-year 7-year On March 29, 2019, BSHFM entered into a term loan of $3.3 million (“BSH Term Loan”). Borrowings under this arrangement accrued interest at a floating rate per annum equal to the Money Market Rate. At December 31, 2019, the interest rate was 4.75% and the Company was in full compliance with all debt covenants. On July 22, 2020, the BSH Term Loan was repaid in full. The following schedule presents scheduled principal payments of the Company’s debt as of June 30, 2021 (in thousands): 2021 $ — 2022 — 2023 — 2024 — 2025 75,000 Thereafter 75,000 Total $ 150,000 The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Company’s Private Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Line of Credit are included in other assets in the combined balance sheets. All debt issuance costs are amortized over the remaining term of the related obligation. The following schedule presents the activity of the Company’s debt issuance costs (in thousands): Private Line of Unamortized debt issuance costs as of December 31, 2020 $ 2,257 $ 170 Amortization of debt issuance costs (214 ) (47 ) Unamortized debt issuance costs as of June 30, 2021 $ 2,043 $ 123 |
Realized and Unrealized Gains (
Realized and Unrealized Gains (Losses) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Schedule Of Realized And Unrealized Gains Losses [Line Items] | |
Realized and Unrealized Gains (Losses) | 16. REALIZED AND UNREALIZED GAINS (LOSSES) Realized and unrealized gains (losses) in the combined statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period. The following schedule summarizes total net realized and unrealized gains (losses) for the three and six months ended June 30, 2021 and 2020, respectively (in thousands). For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2020 Net Realized Net Unrealized Total Net Realized Net Unrealized Total Investment in Company-sponsored funds $ (5 ) $ 411 $ 406 $ — $ — $ — Investment in third party partnerships (270 ) 1,279 1,009 — — — Other investments (17 ) 26 9 224 — 224 General Partner Notes Payable — (1,124 ) (1,124 ) — (72 ) (72 ) Total $ (292 ) $ 592 $ 300 $ 224 $ (72 ) $ 152 For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Net Realized Net Unrealized Total Net Realized Net Unrealized Total Investment in Company-sponsored funds $ (4 ) $ 4,452 $ 4,448 $ — $ $ — Investment in third party partnerships (312 ) 1,523 1,211 (36 ) 167 131 Other investments — 22 22 (152 ) (152 ) General Partner Notes Payable — 416 416 — 828 828 Total $ (316 ) $ 6,413 $ 6,097 $ (188 ) $ 995 $ 807 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Income Tax Disclosure [Line Items] | |
Income Taxes | 17. INCOME TAXES Other than BIGRM and Bridge PM, Inc., the Company and its subsidiaries are limited liability companies or limited partnerships and, as such, are not subject to income taxes; the individual owners of Bridge are required to report their distributive share of the Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns. The Company’s effective tax rate is dependent on many factors, including the estimated amount of income subject to tax. Consequently, the effective tax rate for the Company can vary from period to period. The Company’s effective tax rate was 1% and 2% for the second quarter of 2021 and 2020, respectively, and 1% and 0% for the first six months of 2021 and 2020, respectively. As of June 30, 2021, the Company had no unrecognized tax positions and does t expect any |
Net Investment in the Common Co
Net Investment in the Common Control Group | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Schedule of Investments [Line Items] | |
Net Investment in the Common Control Group | 18. NET INVESTMENT IN THE COMMON CONTROL GROUP Bridge Investment Group LLC The Operating Company has three classes of shares: (i) Class A; (ii) Class B-1; (iii) Class B-2. Class B-1 Class B-2 Class B-2 Net profits and any other items of income shall be allocated to the members’ capital accounts in a manner that is consistent with their respective ownership percentages. Distributions to members will generally be in a manner consistent with their respective ownership percentages at the time the profits were generated and are subject to approval of the Company’s board of managers. The Operating Company’s Members’ capital interests are transferable; however, transfers are subject to obtaining the prior written consent of the Company’s board of managers, with certain exceptions for transfers to affiliated parties. In the event of an approved transfer, the Company has a right of first refusal to purchase any interests to be transferred. Members’ liability is limited to the capital account balance. Distributions are reflected in the combined statements of changes in members’ equity when declared by the board of managers and consist of distributions to members and non-controlling holders. Bridge GPs Bridge GPs have three classes of shares: (i) Class A; (ii) Class C; and (iii) Class D. Class A represents the voting interest and Classes C and D represent allocations of carried interest to employees of the Operating Company, which are included in performance allocations compensation. Generally, if at the termination of a fund, the fund has not achieved investment returns that exceed the preferred return threshold or the funds have received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GPs will be obligated to repay an amount equal to the excess of amounts previously distributed to the general partner over the amounts to which the general partner was ultimately entitled (generally net of income tax liabilities associated with related allocations of taxable income). |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Commitments and Contingencies | 4. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company may be subject to various legal, regulatory and/or administrative proceedings. There are currently no such proceedings to which the Company is a party. In the normal course of business, the Company enters into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company, but which have not yet occurred. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Commitments and Contingencies | 19 COMMITMENTS AND CONTINGENCIES Long-Term Leases non-cancelable The schedule below provides the future minimum rental payments required as of the combined balance sheet date, June 30, 2021, in the aggregate and for each of the five succeeding fiscal years for leases greater than a year in length and without cancellation options. The Company’s leases noted above that mature within the year or are cancellable are not included in the schedule below. As of June 30, 2021, the future minimum lease payments for the remainder of 2021 and the next four years (excluding short-term leases) as well as the total of the minimum lease payments after the next five years for the non-cancellable For the Years Ended Remainder of 2021 $ 2,085 2022 3,825 2023 3,621 2024 3,345 2025 3,163 Thereafter 5,485 Total $ 21,524 Certain leases contain renewal options, rent escalations based on increases in certain costs incurred by the lessor or increases in the fair market value of the leased property, and terms to pay a proportionate share of the operating expenses. Rent expense is recorded on a straight-line basis over the lease term for leases with determinable rent escalation and lease incentives. These items resulted in long term deferred rent of $0.7 million as of both June 30, 2021 and December 31, 2020 and short-term deferred rent of $0.1 million as of both June 30, 2020 and December 31, 2020. Total rent expense for all of the Company’s office leases for both the three months ended June 30, 2021 and 2020 was $1.0 million (net of lease incentive amortization of $0.1 million). Total rent expense for all of the Company’s office leases for both the six months ended June 30, 2021 and 2020 was $2.0 million (net of lease incentive amortization of $0.2 million). The Company has other operating leases related to computers, copiers and other office equipment that were determined to be immaterial and are not included in the schedule above. Performance Income At June 30, 2021 and December 31, 2020, if the Company assumed all existing investments were worthless, the amount of performance income subject to potential repayment by the Bridge GPs, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $88.8 million, respectively, all of which is reimbursable to the Bridge GPs by certain professionals who are the recipients of such performance income. Management believes the possibility of all of the investments becoming worthless is remote. Regarding BDS I GP funds, as of both June 30, 2021 and 2020, if the funds were liquidated at their fair values, the contingent repayment obligation or liability of BDS I GP would be Guarantees and Other Commitments Legal Matters Letters of Credit |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities | 20. VARIABLE INTEREST ENTITIES A VIE is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. The Company sponsors private funds and other investment vehicles as general partner for the purpose of providing investment management services in exchange for management fees and performance-based fees. These private funds are established as limited partnerships or equivalent structures. Limited partners of the private funds do not have either substantive liquidation rights, or substantive kick-out at-market The Company does not consolidate its sponsored private funds where it has insignificant direct equity interests or capital commitments to these funds as general partner. As the Company’s direct equity interests in its sponsored private funds as general partner absorb insignificant variability, the Company is considered to be acting in the capacity of an agent of these funds and is therefore not the primary beneficiary of these funds. The Company accounts for its equity interests in unconsolidated sponsored private funds under the equity method. Additionally, the Company has investments in funds sponsored by third parties that we do not consolidate as we are not the primary beneficiary. The Company’s maximum exposure to loss is limited to the carrying value of its investment in the unconsolidated private funds, totaling $35.1 million and $16.0 million at June 30, 2021 and December 31, 2020, respectively, included in investments on the combined balance sheets. The Company combines certain VIEs for which it is the primary beneficiary. VIEs consist of certain operating entities not wholly owned by the Company and include Bridge Seniors Housing Fund Manager LLC, Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, and the Bridge GPs. The assets of the consolidated VIEs totaled $291.3 million and $244.3 million as of June 30, 2021 and December 31, 2020, respectively, while the liabilities of the combined VIEs totaled $63.5 million and $51.3 million as of same dates. The assets of the combined VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the combined VIEs’ liabilities. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions | 2 1 RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates, including fund management fees, property and leasing fees, construction management fees, development fees, transaction fees, insurance premiums, and real estate mortgage brokerage and administrative expense reimbursements. The related accounts receivable is included within Receivables from Affiliates within the combined balance sheets. The Company has investment management agreements with the funds that it manages. In accordance with these agreements, the funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the funds. The Company also has entered into agreements to be reimbursed for its expenses incurred for providing administrative services to certain related parties, including Bridge Founders Group, LLC. Employees and other related parties may be permitted to invest in Bridge funds alongside fund investors. Participation is limited to individuals who qualify under applicable securities laws. These funds generally do not require these individuals to pay management or performance fees. The Company considers its professionals and non-consolidated funds June 30, December 31, Fees receivable from non-consolidated funds $ 16,714 $ 15,350 Payments made on behalf of and amounts due from non-consolidated 5,595 10,131 Total receivables from affiliates $ 22,309 $ 25,481 |
Profits Interests
Profits Interests | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Disclosure of Profits Interests [Line Items] | |
Profits Interests | 2 2 PROFITS INTERESTS The Company has issued profits interests in Bridge and certain Fund Managers to certain members of management to participate in the growth of Bridge and the respective Fund Managers. A holding company was formed for each of the Fund Managers to hold these profits interests. The holding company’s ownership equates to 5% to 40% of the related Fund Managers above a certain valuation threshold. The Company issued two types of profits interests: (i) award shares and (ii) anti-dilutive shares. The fair value of these awards was determined using a Monte Carlo Valuation model. Each of the awards has an earnings threshold for distributions and equity appreciation. The grant date fair value of the profits interest is expensed over the vesting period. The awards shares are subject to graded vesting with 33.3% vesting on the third, fourth and fifth anniversaries of the grant date. The Company also issued anti-dilutive awards to active partners. As the anti-dilutive awards are fully vested, the Company records 100% of the fair value as amortization expense in the year the anti - 1 The following schedule summarizes our share-based compensation expense associated with our profits interests awards, which is recorded in employee compensation and benefits on the combined statement of operations and comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Antidilutive a $ 13,609 $ — $ 13,609 $ — Awards shares 1,015 388 1,856 775 Total $ 14,624 $ 388 $ 15,465 $ 775 If the recipient leaves after the awards vest, the Company has the option to repurchase the shares at fair value. If the recipient leaves prior to vesting, the awards are forfeited. During the six months ended June 30, 2021 and 2020, the Company did not reverse any share-based compensation related to forfeitures. At June 30, 2021, the aggregate unrecognized compensation cost for all unvested equity awards was $13.0 million, which is expected to be recognized over a weighted average period of 2.7 years. As of June 30, 2021, the unrecognized compensation cost will be recognized as follows (in thousands): For the Years Ended Remainder of 2021 $ 2,526 2022 3,783 2023 3,147 2024 2,232 2025 996 Thereafter 331 Total $ 13,015 |
Employee Benefit Plan
Employee Benefit Plan | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Employee Benefit Plan | 23. EMPLOYEE BENEFIT PLAN The Company participates in a defined contribution plan covering all eligible employees whereby employees may elect to contribute a percentage of their compensation to the plan. Employees that are age 21 or older, and have completed 60 days of service, are eligible to participate. During the three months ended June 30, 2021 and 2020 the Company made contributions of $0.8 and $0.6 million, respectively, to the plan as an employer match to the employee’s contributions. During the six months ended June 30, 2021 and 2020, the Company made contributions of $1.5 million and $1.1 million, respectively, to the plan as an employer match to the employee’s contributions. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Subsequent Events | 5. SUBSEQUENT EVENTS In connection with the IPO, the Company completed a series of organizational transactions (“Transactions”). The Transactions included: • The acquisition of the Blocker Company (the “Blocker Merger”), and issuance to the Blocker Shareholder of 266,809 shares of our Class A common stock as consideration in the Blocker Merger; • The contribution by minority investors that own a portion of the fund manager entities for our Seniors Housing and Office funds of their entire interest in these fund managers to (i) the Operating Company in exchange for 5,835,715 Class A Units, and (ii) the Company in exchange for 143,500 shares of Class A common stock, which the Company further contributed to the Operating Company in exchange for 143,500 Class A Units; • The contribution by certain of the current owners of the active general partners in our Seniors Housing, Office, Multifamily, Workforce and Affordable Housing, Opportunity Zone and Debt Strategies funds, which include the Continuing Equity Owners, of controlling interests in the Bridge GPs, with the exception of BDS I GP, to (i) the Operating Company, in exchange for 13,166,424 Class A Units, and (ii) the Company in exchange for 395,816 shares of Class A common stock (which includes 1,794 shares of Class A common stock issued to the Blocker Shareholder as consideration in the Blocker Merger), which the Company further contributed to the Operating Company in exchange for 395,816 Class A Units; • The amendment and restatement of the existing limited liability company agreement of the Operating Company 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 97,321,819 Class A Units and a like amount of Class B Units and (4) appoint the Company as the sole managing member of the Operating Company upon its acquisition of LLC Interests; • The amendment and restatement of the Company’s 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 Class A common stock, (2) the authorization of additional shares of Class A common stock, with each share of 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 Class B common stock, with each share of 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 Class B common stock may only be held by the Continuing Equity Owners and their respective permitted transferees; • The contribution by the Original Equity Owners of the Class B Units to the Company in exchange for 97,321,819 shares of Class B common stock (which is equal to the number of Class A Units held directly or indirectly by such Continuing Equity Owners immediately following the Transactions); • The contribution by the Former Equity Owners of their indirect ownership of Class A Units to the Company in exchange for 2,180,737 shares of Class A common stock (which includes 265,015 shares of Class A common stock issued to the Blocker Shareholder as consideration in the Blocker Merger) on a one-to-one • The exchange by the Former Profits Interest Program Participants of their awards for 4,781,623 Class A Units and 282,758 shares of Class A common stock with similar vesting requirements; • The issuance of 18,750,000 shares of Class A common stock to the purchasers in the IPO in exchange for net proceeds of approximately $274.3 million, after taking into account the underwriting discounts and commissions and estimated offering expenses payable by the Company; • The use of the net proceeds from the IPO to purchase 18,750,000 newly issued Class A Units directly from the Operating Company at a price per Class A Unit equal to the initial public offering price per share of 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 (or plans to use) the net proceeds from the sale of Class A Units to the Company (1) to pay $137.1 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners and (2) for general corporate purposes to support the growth of the business; • The Company entered into (1) a stockholders agreement with certain of the Continuing Equity Owners (including each of our executive officers), (2) a registration rights agreement with certain of the Continuing Equity Owners (including each of our executive officers) and (3) a tax receivable agreement with the Operating Company and the Continuing Equity Owners; and • Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 Class A common shares. The Company used 100% of the net proceeds of approximately $21.1 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 initial public offering price per share of 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. In connection with the IPO, the Company became the sole managing member of the Operating Company and will control the business and affairs of the Operating Company and its direct and indirect subsidiaries. In connection with the IPO, the Company entered into a Tax Receivable Agreement with the Operating Company and each of the Continuing Equity Owners that provides for the payment by the Company to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that the Company actually realizes (or in some circumstances is deemed to realize) as a result of (1) increases in the Company’s allocable share of the tax basis of the Operating Company’s assets resulting from (a) the Company’s purchase of Class A Units directly from the Operating Company and the partial redemption of Class A Units by the Operating Company in connection with the IPO, (b) future redemptions or exchanges (or deemed exchanges in certain circumstances) of Class A Units for Class A common stock or cash and (c) certain distributions (or deemed distributions) by the Operating Company; (2) the Company’s allocable share of the existing tax basis of the Operating Company’s assets at the time of any redemption or exchange of Class A Units (including in connection with the IPO), which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by the Company and (3) certain additional tax benefits arising from payments made under the Tax Receivable Agreement. On July 6, 2021, the Company adopted the 2021 Incentive Award Plan, which became effective on July 20, 2021, under which 6,600,000 shares of the Company’s Class A common stock will be initially reserved for issuance. In connection with the IPO, the Company granted 2,163,981 shares of Class A common stock pursuant to restricted stock and restricted stock unit awards. |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Subsequent Events | 2 4 SUBSEQUENT EVENTS Initial Public Offering On July 20, 2021, the Company completed its IPO of shares of its Class A common stock at a public offering price of $ $ million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. Bridge Investment Group Holdings Inc. used the net proceeds from the IPO to purchase 18,750,000 newly issued Class A Units from 21,752,812 The Operating Company used (or plans to use) the net proceeds from the sale of Class A Units to the Company (1) to pay $137.1 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the Original Equity Owners and (2) for general corporate purposes to support the growth of the business. On July 16, 2020, the Company reacquired 9,375,000 shares of the outstanding shares of Class B Common Stock in connection with its IPO. The Company subsequently cancelled and retired Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 Class A common shares. The Company used 100% of the net proceeds of approximately $21.1 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 initial public offering price per share of 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. Notes Receivable from Employees The Company entered into notes receivable from employees totaling $3.5 6 Distributions to Owners The following distributions were made subsequent to June 30, 2021: Entity (in thousands) Controlling Non- Total Bridge Investment Group LLC $ 11,390 $ — $ 11,390 Bridge Debt Strategies Fund Manager LLC 332 222 554 Bridge Senior Housing Fund Manager LLC 1,103 736 1,839 Bridge Office Fund Manager LLC 1,027 328 1,355 Total $ 13,852 $ 1,286 $ 15,138 All of the distributable earnings of the Operating Company prior to initial public offering will be distributed to unit holders as of the close of business on July 15, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |
Basis of Combination and Presentation | Basis of Combination and Presentation |
Principles of Consolidation | Principles of Consolidation |
Variable Interest Entities | Variable Interest Entities |
Voting Interest Entities | Voting Interest Entities At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company’s consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and non-controlling |
Non-controlling Interests | Non-controlling Non-controlling non-controlling Non-controlling non-controlling non-controlling non-controlling |
Use of Estimates | Use of Estimates The preparation of condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The outbreak of the novel coronavirus (“COVID-19”) |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Restricted Cash | Restricted Cash |
Marketable Securities | Marketable Securities available-for-sale |
Fair Value | Fair Value Financial assets and liabilities measured and reported at fair value are classified as follows: • Level 1 — Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level 2 inputs include prices in markets with few transactions, non-current • Level 3 — Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level 3 being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. (See Note 8 for further detail . |
Fair Value Option | Fair Value Option |
Investments | Investments non-controlling, Changes in fair value of equity method investments are recorded in realized and unrealized gains (losses). Equity Method Investments The Company accounts for investments under the equity method of accounting if it has the ability to exercise significant influence over the operating and financial policies of an entity but does not have a controlling financial interest. The equity method investment is initially recorded at cost and adjusted each period for capital contributions, distributions and the Company’s share of the entity’s net income or loss as well as other comprehensive income or loss. The Company’s share of net income or loss may differ from the stated ownership percentage interest in an entity if the governing documents prescribe a substantive non-proportionate For certain equity method investments, the Company records its proportionate share of income on a one to three-month lag. Distributions of operating profits from equity method investments are reported as operating activities, while distributions in excess of operating profits are reported as investing activities in the combined statements of cash flows under the cumulative earnings approach. Impairment Evaluation of impairment applies to equity method investments and equity investments under the measurement alternative. If indicators of impairment exist, the Company will estimate the fair value of its investment. In assessing fair value, the Company generally considers, among others, the estimated enterprise value of the investee or fair value of the investee’s underlying net assets, including net cash flows to be generated by the investee as applicable, and for equity method investees with publicly traded equity, the traded price of the equity securities in an active market. For investments under the measurement alternative, if the carrying value of the investment exceeds its fair value, an impairment is deemed to have occurred. For equity method investments, further consideration is made if a decrease in value of the investment is other-than-temporary to determine if impairment loss should be recognized. Assessment of other-than-temporary impairment (“OTTI”) involves management judgment, including, but not limited to, consideration of the investee’s financial condition, operating results, business prospects and creditworthiness, the Company’s ability and intent to hold the investment until recovery of its carrying value, or a significant and prolonged decline in traded price of the investee’s equity security. If management is unable to reasonably assert that an impairment is temporary or believes that the Company may not fully recover the carrying value of its investment, then the impairment is considered to be other-than-temporary. |
Receivables from Affiliates | Receivables from Affiliates The Company facilitates the payments of these fees, which are recorded as receivables-principally from affiliated parties on the combined balance sheets, until such amounts are repaid. The Company assesses the collectability of such receivables considering the offering period, historical and forecasted capital raising, and establishes an allowance for any balances considered not collectible. None of the receivables were considered not collectible at the respective balance sheet dates. |
Notes Receivable from Affiliates and Employees | Notes Receivable from Affiliates and Employees |
Prepaid and Other Current Assets | Prepaid and Other Current Assets |
Tenant Improvements, Furniture and Equipment | Tenant Improvements, Furniture and Equipment |
Intangible Assets | Intangible Assets |
Goodwill | Goodwill million related to the acquisition of Bridge Property Management, L.C. (“BPM”) and Bridge Acquisitions, Asset Management, and Dispositions LLC (“BAA&D”) in 2012, and Bridge Commercial Real Estate LLC (“BCRE”) and other Fairlead companies in 2016. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of December 31, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill. The Company performed annual goodwill impairment assessments as of December 31, 2020 and 2019 and determined that there Other Assets Accounts Payable and Accrued Expenses Other Current Liabilities Other Long-term Liabilities |
Business Combinations | Business Combinations Definition of a Business Asset Acquisitions Acquisitions of Businesses non-controlling non-controlling |
Revenue Recognition | Revenue Recognition Fund Management Fees Fund management fees are generally based on a defined percentage of total commitments, invested capital or NAV of the investment portfolios managed by the Fund Managers. Following the expiration or termination of the investment period, the basis on which management fees are earned for certain closed-end closed-end 18-24 catch-up Catch-up Property Management and Leasing Fees Property management fees are earned as the related services are provided under the terms of the respective property management agreements. Included in management fees are certain expense reimbursements where the Company is considered the principal under the agreements and is required to record the expense and related reimbursement revenue on a gross basis. The Company also earns revenue associated with the leasing of commercial assets. The revenue is recognized upon the execution of the lease agreement. Construction Management Fees Construction management fees are earned as the services are provided under the terms of the property management agreement with each property. Development Fees Development fees are earned as the services are provided under the terms of the development agreement with each asset. Transaction Fees The Company earns transaction fees associated with the due diligence related to the acquisition of assets and financing of assets. The fees are recognized upon the acquisition of the asset or origination of the mortgage or other debt, as applicable. Insurance Premiums BIGRM insures multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, lessor legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant liability premiums are earned monthly. Deposit eliminator premiums are earned in the month that they are written. Workers’ compensation and property deductible premiums are earned over the terms of the policy period. Other Asset Management and Property Income Other Asset Management and Property Income is comprised of, among other things interest on catch-up in-house Investment Income (inclusive of incentive fees performance allocation) Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Substantially all performance income is earned from funds and joint ventures managed by affiliates of the Company. Incentive Fees Incentive fees comprise fees earned from certain fund investor investment mandates for which the Company does not have a general partner interest in a fund. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period. Performance Allocation Carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s partnership agreement or other governing documents. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner based on a fund’s cumulative investment returns. Accordingly, the amount recognized as performance allocation revenue reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within accrued performance allocations compensation in the combined balance sheet. Carried interest is realized when an underlying investment is profitably disposed of, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or fund or joint venture governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally do not become realized until the end of a fund’s life. The Company accounts for carried interest, which represents a performance-based capital allocation from a fund General Partner to the Company, as earnings from financial assets within the scope of ASC 323, Investments—Equity Method and Joint Ventures |
Employee Compensation and Benefits | Employee Compensation and Benefits |
Performance Allocations Compensation | Performance Allocations Compensation Liability-classified carry awards to employees and other participants are accounted for as a component of compensation and benefits expense contemporaneously with our recognition of the related realized and unrealized performance allocation revenue. Upon a reversal of performance allocation revenue, the related compensation expense, if any, is also reversed. Liabilities recognized for carried interest amounts due to affiliates are not paid until the related performance allocation revenue is realized. The Company records incentive fee compensation when it is probable that a liability has been incurred and the amount is reasonably estimable. The incentive fee compensation accrual is based on a number of factors, including the cumulative activity for the period and the expected timing of the distribution of the net proceeds in accordance with the applicable governing agreement. |
Third-party Operating Expenses | Third-party Operating Expenses |
Realized and Unrealized Gains (Losses) | Realized and Unrealized Gains (Losses) The realized and unrealized change in gain (loss) associated with the financial instruments that we elect the fair value option is also included in realized and unrealized gains (losses). |
Interest Income | Interest Income catch-up |
Foreign Currency | Foreign Currency In addition, the consolidated results include certain foreign subsidiaries that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income. |
Income Tax Provision | Income Tax Provision Income Taxes The Company’s policy is to recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the condensed combined financial statements. At June 30, 2021 and December 31, 2020, the Company did not have a liability recorded for payment of interest and penalties associated with uncertain tax positions. Other than BIGRM and Bridge PM, Inc., Bridge and its subsidiaries are limited liability companies and, as such, are not subject to income taxes; the individual Members of Bridge are required to report their distributive share of the Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns. |
Comprehensive Income | Comprehensive Income |
Segments | Segments |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Consolidation — 2018-17, Consolidations 2018-17 2018-17 2018-17 Fair Value No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements. No. 2018-13 |
Recent Accounting Pronouncements (Not Yet Adopted) | Recent Accounting Pronouncements (Not Yet Adopted) In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 right-of-use 2016-02 non-public right-of-use In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses available-for-sale non-public In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 |
Investments | The Company has interests in 142 partnership or joint venture entities. The limited liability companies and limited partnerships in which the Company is the general partner are generally engaged directly or indirectly in the acquisition, development, operation and ownership of real estate. The accounting principles of these entities are substantially the same as those of the Company. |
Profits Interests | The fair value of these awards was determined using a Monte Carlo Valuation model. |
Revenue (Tables)
Revenue (Tables) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Fund Management Fees [Member] | |
Disaggregation of Revenue [Line Items] | |
Summary of Disaggregation of Revenue | The Company earns base management fees for the day-to-day operations Three Months Ended Six Months Ended 2021 2020 2021 2020 Funds $ 33,510 $ 23,982 $ 62,980 $ 48,639 Joint Ventures and Separately Managed Accounts 1,026 1,741 2,407 2,803 Total Fund Management Fees $ 34,536 $ 25,723 $ 65,387 $ 51,442 |
Property Management And Leasing Fees [Member] | |
Disaggregation of Revenue [Line Items] | |
Summary of Disaggregation of Revenue | The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Seniors Housing $ 6,597 $ 6,867 $ 13,153 $ 14,151 Multifamily 4,322 3,659 8,416 7,388 Office 3,416 4,319 9,512 9,828 Total Property Management and Leasing Fees $ 14,335 $ 14,845 $ 31,081 $ 31,367 |
Construction Management Fees [Member] | |
Disaggregation of Revenue [Line Items] | |
Summary of Disaggregation of Revenue | The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Multifamily $ 1,133 $ 996 $ 2,058 $ 1,995 Office 829 1,007 1,578 1,501 Seniors Housing 103 212 255 281 Total Construction Management Fees $ 2,065 $ 2,215 $ 3,891 $ 3,777 |
Transaction Fees [Member] | |
Disaggregation of Revenue [Line Items] | |
Summary of Disaggregation of Revenue | The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Acquisition Fees $ 13,137 $ 6,647 $ 17,789 $ 12,084 Brokerage Fees 3,105 1,647 3,779 3,555 Total Transactional Fees $ 16,242 $ 8,294 $ 21,568 $ 15,639 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Marketable Securities [Line Items] | |
Summary of Company's Investment Securities | The Company invests a portion of the premiums received at BIGRM in exchange traded funds and mutual funds. As of June 30, 2021 and December 31, 2020, the Company’s investment securities are summarized as follows (in thousands): Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2021 Exchange Traded Funds $ 715 $ 21 $ — $ 736 Mutual Funds 4,353 60 (16 ) 4,397 Total $ 5,068 $ 81 $ (16 ) $ 5,133 June 30, 2020 Exchange Traded Funds $ 713 $ 23 $ — $ 736 Mutual Funds 4,301 16 — 4,317 Total $ 5,014 $ 39 $ — $ 5,053 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Investments [Line Items] | |
Summary of Company's Investment | The Company’s investments are summarized below (in thousands): Carrying Value at Investments June 30, December 31, Partnership interest in carried interest (1) $ 246,620 $ 199,410 Partnership interest in the funds (2) 29,629 12,975 Investments in third party partnership (3) 5,081 2,697 Other investments (4) 341 345 Total $ 281,671 $ 215,427 (1) Represents an investment in carried interest in the funds. There is a disproportionate allocation of returns to the Company as general partner or equivalent based on the extent to which cumulative performance of the fund exceeds minimum return hurdles. Investment is valued using NAV of the respective vehicle. (2) Investments in the funds and limited partnership interest are valued using NAV of the respective vehicle. (3) Investments in limited partnership interest in third party private proptech venture capital firms. Valued using NAV of the respective vehicle. (4) Investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes. |
Bridge Multifamily Fund III [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Schedule of Investments [Line Items] | |
Summary of Financial Statement Information of Bridge Multifamily Fund | Summarized financial information of our significant equity method investment in Bridge Multifamily Fund III, as of June 30, 2021, is as follows (in thousands): Three Months Ended June 30, 2021 June 30, 2020 Investment income Net earnings from investments in real estate $ 6,851 $ 686 Interest and other income 8 28 Total investment income 6,859 714 Expenses Management fees 1,563 2,222 Partnership expense 284 463 Interest expense 6 18 Total expenses 1,853 2,703 Net investment income (loss) 5,006 (1,989 ) Net realized gain (loss) on investments in real estate 105,682 3,198 Changes in unrealized gain on investments in real estate (45,923 ) 29,397 Unrealized gain on interest rate swap 1,319 1,228 Net gain on investments 61,078 33,823 Net increase in partners’ capital resulting from operations $ 66,084 $ 31,834 Six Months Ended June 30, 2021 June 30, 2020 Investment income Net earnings from investments in real estate $ 13,562 $ 7,020 Interest and other income 12 115 Total investment income 13,574 7,135 Expenses Management fees 3,300 4,515 Partnership expense 628 996 Interest expense 25 57 Total expenses 3,953 5,568 Net investment income 9,621 1,567 Net realized gain on investments in real estate 119,115 35,238 Changes in unrealized gain on investments in real estate 21,742 20,829 Unrealized gain (loss) on interest rate swap 2,929 (3,556 ) Net gain on investments 143,786 52,511 Net increase in partners’ capital resulting from operations $ 153,407 $ 54,078 |
Notes Receivable From Affilia_2
Notes Receivable From Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Related Party Transaction [Line Items] | |
Summary of Notes Receivable From Affiliate | As of June 30, 2021 and December 31, 2020, the Company had the following short-term notes receivable from affiliates outstanding (in thousands): June 30, December 31, Bridge Office Fund II $ — $ 25,770 Bridge Debt Strategies Fund I 5,335 4,500 Bridge Seniors Housing Fund I — 5,000 Bridge Seniors Housing Fund II — 5,000 Bridge Seniors Housing Fund III — 525 Bridge Multifamily Fund V 4,000 — Bridge Logistics Net Leasing Fund I 1,000 — Total $ 10,335 $ 40,795 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following schedule presents assets that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Measured at Total June 30, 2021 Assets: Exchange Traded Funds $ 736 $ — $ — $ — $ 736 Mutual Funds 4,397 — — — 4,397 Carried Interest — — — 246,620 246,620 Partnership Interests — — — 34,710 34,710 Other Investments — — 341 — 341 Total Assets $ 5,133 $ — $ 341 $ 281,330 $ 286,804 Liabilities: Fair value option: General partner notes payable $ — $ — $ — $ 15,435 $ 15,435 December 31, 2020 Level 1 Level 2 Level 3 Measured at Total Assets: Exchange Traded Funds $ 736 $ — $ — $ — $ 736 Mutual Funds 4,317 — — — 4,317 Carried Interest — — — 199,410 199,410 Partnership Interests — — — 15,672 15,672 Other Investments — — 345 — 345 Total Assets $ 5,053 $ — $ 345 $ 215,082 $ 220,480 Liabilities: Fair value option: General partner notes payable $ — $ — $ — $ 16,458 $ 16,458 |
Summary of Investments Valued Using NAV Per Share | The following schedule presents investments carried at fair value using net asset value (in thousands): Fair Value Unfunded June 30, 2021: Carried Interest $ 246,620 $ — Company-sponsored open-end 13,861 — Company-sponsored closed-end 15,768 58 Third party closed-end 5,081 3,629 Total $ 281,330 $ 3,687 December 31, 2020: Carried Interest $ 199,410 $ — Company-sponsored open-end 12,643 — Company-sponsored closed-end 332 58 Third party closed-end 2,697 4,802 Total $ 215,082 $ 4,860 |
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost | The following schedule presents the financial instruments (in thousands): Level 1 Level 2 Level 3 Total Carrying Value June 30, 2021: Line of credit $ — $ — $ — $ — $ — Private Notes — — 146,270 146,270 150,000 $ — $ — $ 146,270 $ 146,270 $ 150,000 December 31, 2020: Line of credit $ — $ — $ — $ — $ — Private Notes — — 149,225 149,225 150,000 $ — $ — $ 149,225 $ 149,225 $ 150,000 |
Tenant Improvements, Furnitur_2
Tenant Improvements, Furniture and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Balances Per Asset Class | The following schedule presents the balances per asset class as of June 30, 2021 and December 31, 2020 (in thousands): June 30, December 31, Tenant improvements $ 4,217 $ 3,893 Office furniture 1,602 1,602 Office equipment 211 211 Computer equipment 1,135 1,138 Total tenant improvements, furniture and equipment 7,165 6,844 Accumulated depreciation (3,222 ) (2,686 ) Net tenant improvements, furniture and equipment $ 3,943 $ 4,158 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Summary of Carrying Values For The Major Classes of Intangible Assets | Summarized below are the carrying values for the major classes of intangible assets as of June 30, 2021 and 2020 (in thousands): Weighted Gross Accumulated Net Carrying June 30, 2021: Customer Lists 10 yrs $ 6,835 $ (6,835 ) $ — Management Contracts 6 yrs 9,063 (4,909 ) 4,154 Total $ 4,154 December 31, 2020: Customer Lists 10 yrs 6,835 (6,781 ) $ 54 Management Contracts 6 yrs 9,063 (4,207 ) 4,856 Total $ 4,910 |
General Partner Notes Payable (
General Partner Notes Payable (Table) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
General Partner Notes Payable [Line Items] | |
Summary of Carry Value of the General Partner Notes Payable | The following schedule summarizes the carrying value of the General Partner Notes Payable (in thousands): Commitment Fair Value as of Fair Value as of Bridge Seniors Housing Fund I $ 4,775 $ 5,269 $ 5,243 Bridge Multifamily Fund III 9,300 7,612 8,643 Bridge Debt Strategies Fund I 7,260 2,554 2,572 Total $ 21,335 $ 15,435 $ 16,458 |
Notes Payable (Table)
Notes Payable (Table) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instrument [Line Items] | |
Summary of Scheduled Principal Payments of the Company's Debt | The following schedule presents scheduled principal payments of the Company’s debt as of June 30, 2021 (in thousands): 2021 $ — 2022 — 2023 — 2024 — 2025 75,000 Thereafter 75,000 Total $ 150,000 |
Summary of Debt Issuance Costs | The following schedule presents the activity of the Company’s debt issuance costs (in thousands): Private Line of Unamortized debt issuance costs as of December 31, 2020 $ 2,257 $ 170 Amortization of debt issuance costs (214 ) (47 ) Unamortized debt issuance costs as of June 30, 2021 $ 2,043 $ 123 |
Realized and Unrealized Gains_2
Realized and Unrealized Gains (Losses) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Schedule Of Realized And Unrealized Gains Losses [Line Items] | |
Summary of Net Realized and Unrealized Gains (Losses) | The following schedule summarizes total net realized and unrealized gains (losses) for the three and six months ended June 30, 2021 and 2020, respectively (in thousands). For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2020 Net Realized Net Unrealized Total Net Realized Net Unrealized Total Investment in Company-sponsored funds $ (5 ) $ 411 $ 406 $ — $ — $ — Investment in third party partnerships (270 ) 1,279 1,009 — — — Other investments (17 ) 26 9 224 — 224 General Partner Notes Payable — (1,124 ) (1,124 ) — (72 ) (72 ) Total $ (292 ) $ 592 $ 300 $ 224 $ (72 ) $ 152 For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Net Realized Net Unrealized Total Net Realized Net Unrealized Total Investment in Company-sponsored funds $ (4 ) $ 4,452 $ 4,448 $ — $ $ — Investment in third party partnerships (312 ) 1,523 1,211 (36 ) 167 131 Other investments — 22 22 (152 ) (152 ) General Partner Notes Payable — 416 416 — 828 828 Total $ (316 ) $ 6,413 $ 6,097 $ (188 ) $ 995 $ 807 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Subsidiary or Equity Method Investee [Line Items] | |
Summary of Future Minimum Rental Payments | As of June 30, 2021, the future minimum lease payments for the remainder of 2021 and the next four years (excluding short-term leases) as well as the total of the minimum lease payments after the next five years for the non-cancellable For the Years Ended Remainder of 2021 $ 2,085 2022 3,825 2023 3,621 2024 3,345 2025 3,163 Thereafter 5,485 Total $ 21,524 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Related Party Transaction [Line Items] | |
Summary of Professionals and Non-Consolidated Funds to be Affiliates | The Company considers its professionals and non-consolidated funds June 30, December 31, Fees receivable from non-consolidated funds $ 16,714 $ 15,350 Payments made on behalf of and amounts due from non-consolidated 5,595 10,131 Total receivables from affiliates $ 22,309 $ 25,481 |
Profits Interests (Tables)
Profits Interests (Tables) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of Profits Interests [Line Items] | |
Summary of Share Based Compensation Expense | The following schedule summarizes our share-based compensation expense associated with our profits interests awards, which is recorded in employee compensation and benefits on the combined statement of operations and comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Antidilutive a $ 13,609 $ — $ 13,609 $ — Awards shares 1,015 388 1,856 775 Total $ 14,624 $ 388 $ 15,465 $ 775 |
Summary of Unrecognized Compensation Cost | As of June 30, 2021, the unrecognized compensation cost will be recognized as follows (in thousands): For the Years Ended Remainder of 2021 $ 2,526 2022 3,783 2023 3,147 2024 2,232 2025 996 Thereafter 331 Total $ 13,015 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Subsequent Event [Line Items] | |
summary of distributions to owners | Entity (in thousands) Controlling Non- Total Bridge Investment Group LLC $ 11,390 $ — $ 11,390 Bridge Debt Strategies Fund Manager LLC 332 222 554 Bridge Senior Housing Fund Manager LLC 1,103 736 1,839 Bridge Office Fund Manager LLC 1,027 328 1,355 Total $ 13,852 $ 1,286 $ 15,138 All of the distributable earnings of the Operating Company prior to initial public offering will be distributed to unit holders as of the close of business on July 15, 2021. |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | Jul. 20, 2021 | Jun. 30, 2021 |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Company issued values of common stock | $ 100 | |
Company issued shares of common stock | 100 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Common Class A [Member] | Subsequent Event [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Company issued shares of common stock | 18,750,000 | |
Net Proceeds From intial public offering | $ 274,300,000 | |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | IPO [Member] | Subsequent Event [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Company issued shares of common stock | 18,750,000 | |
Sale of stock per share | $ 16 | |
Net Proceeds From intial public offering | $ 274,300,000 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Percentage of ownership | 100.00% | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | IPO [Member] | Subsequent Event [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Company issued shares of common stock | 18,750,000 | |
Sale of stock per share | $ 16 | |
Net Proceeds From intial public offering | $ 274,300,000 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | IPO [Member] | Class A Units [Member] | Subsequent Event [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Company issued shares of common stock | 18,750,000 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | IPO [Member] | Common Class A [Member] | Subsequent Event [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Company issued shares of common stock | 18,750,000 | |
Sale of stock per share | $ 16 | |
Net Proceeds From intial public offering | $ 274,300,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2021 | |
Refundable deposit | $ 1,100,000 | |||
Goodwill | $ 9,830,000 | $ 9,830,000 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | |
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 6 years |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Jun. 30, 2021$ / sharesshares |
Class of Stock [Line Items] | |
Common Stock, Par or Stated Value Per Share | $ 0.01 |
Preferred Stock, Shares Authorized | shares | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 |
Common Class A [Member] | |
Class of Stock [Line Items] | |
Common Stock, Shares Authorized | shares | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 |
Common Class B [Member] | |
Class of Stock [Line Items] | |
Common Stock, Shares Authorized | shares | 250,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue, Fund Management Fees (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 71,974 | $ 55,142 | $ 130,523 | $ 108,850 |
Fund Management Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 34,536 | 25,723 | 65,387 | 51,442 |
Funds [Member] | Fund Management Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33,510 | 23,982 | 62,980 | 48,639 |
Joint Ventures and Separately Managed Accounts [Member] | Fund Management Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,026 | $ 1,741 | $ 2,407 | $ 2,803 |
Revenue - Summary of Disaggre_2
Revenue - Summary of Disaggregation of Revenue, Property Management and Leasing Fees (Detail) - Property Management And Leasing Fees [Member] - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 14,335 | $ 14,845 | $ 31,081 | $ 31,367 |
Seniors Housing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,597 | 6,867 | 13,153 | 14,151 |
Multifamily [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,322 | 3,659 | 8,416 | 7,388 |
Office Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,416 | $ 4,319 | $ 9,512 | $ 9,828 |
Revenue - Summary of Disaggre_3
Revenue - Summary of Disaggregation of Revenue, Construction Management Fees (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 71,974 | $ 55,142 | $ 130,523 | $ 108,850 |
Construction Management Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,065 | 2,215 | 3,891 | 3,777 |
Construction Management Fees [Member] | Multifamily [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,133 | 996 | 2,058 | 1,995 |
Construction Management Fees [Member] | Office Building [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 829 | 1,007 | 1,578 | 1,501 |
Construction Management Fees [Member] | Seniors Housing member [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 103 | $ 212 | $ 255 | $ 281 |
Revenue - Summary of Disaggre_4
Revenue - Summary of Disaggregation of Revenue, Transaction Fees (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 71,974 | $ 55,142 | $ 130,523 | $ 108,850 |
Transaction Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 16,242 | 8,294 | 21,568 | 15,639 |
Transaction Fees [Member] | Acquisition Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,137 | 6,647 | 17,789 | 12,084 |
Transaction Fees [Member] | Brokerage Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,105 | $ 1,647 | $ 3,779 | $ 3,555 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Deferred revenues | $ 3 | $ 3 | $ 2.9 | ||
Deferred Revenue, Revenue Recognized | $ 2 | $ 0.7 | |||
Revenue Benchmark [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Marketable Securities - Summary
Marketable Securities - Summary of Company's Investment Securities (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | ||
Cost | $ 5,068 | $ 5,014 |
Unrealized Gains | 81 | 39 |
Unrealized Losses | (16) | |
Fair Value | 5,133 | 5,053 |
Exchange Traded Funds [Member] | ||
Marketable Securities [Line Items] | ||
Cost | 715 | 713 |
Unrealized Gains | 21 | 23 |
Fair Value | 736 | 736 |
Mutual Fund [Member] | ||
Marketable Securities [Line Items] | ||
Cost | 4,353 | 4,301 |
Unrealized Gains | 60 | 16 |
Unrealized Losses | (16) | |
Fair Value | $ 4,397 | $ 4,317 |
Investments - Summary of Compan
Investments - Summary of Company's Investment (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Partnership interest in carried interest | $ 246,620 | $ 199,410 |
Partnership interest in the funds | 29,629 | 12,975 |
Investments in third party partnership | 5,081 | 2,697 |
Other investments | 341 | 345 |
Investments | $ 281,671 | $ 215,427 |
Investments - Summary of Financ
Investments - Summary of Financial Statement Information of Bridge Multifamily Fund (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investment income: | ||||
Total investment income | $ 79,857 | $ (16,289) | $ 101,038 | $ 6,227 |
Expenses: | ||||
Interest expense | 2,554 | 444 | 4,140 | 925 |
Total expenses | 66,469 | 30,853 | 109,889 | 72,719 |
Net realized gain (loss) on investments in real estate | (292) | 224 | (316) | (188) |
Changes in unrealized gain (loss) on investments in real estate | 592 | (72) | 6,413 | 995 |
Bridge Multifamily Fund III [Member] | ||||
Investment income: | ||||
Net earnings from investments in real estate | 6,851 | 686 | 13,562 | 7,020 |
Interest and other income | 8 | 28 | 12 | 115 |
Total investment income | 6,859 | 714 | 13,574 | 7,135 |
Expenses: | ||||
Management fees | 1,563 | 2,222 | 3,300 | 4,515 |
Partnership expense | 284 | 463 | 628 | 996 |
Interest expense | 6 | 18 | 25 | 57 |
Total expenses | 1,853 | 2,703 | 3,953 | 5,568 |
Net investment income (loss) | 5,006 | (1,989) | 9,621 | 1,567 |
Net realized gain (loss) on investments in real estate | 105,682 | 3,198 | 119,115 | 35,238 |
Changes in unrealized gain (loss) on investments in real estate | (45,923) | 29,397 | 21,742 | 20,829 |
Unrealized gain (loss) on interest rate swap | 1,319 | 1,228 | 2,929 | (3,556) |
Net gain (loss) on investments | 61,078 | 33,823 | 143,786 | 52,511 |
Net increase (decrease) in partners' capital resulting from operations | $ 66,084 | $ 31,834 | $ 153,407 | $ 54,078 |
Notes Receivable From Affilia_3
Notes Receivable From Affiliates - Summary of Notes Receivable From Affiliate (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | $ 10,335 | $ 40,795 |
Bridge Office Fund II [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | 0 | 25,770 |
Bridge Debt Strategies Fund I [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | 5,335 | 4,500 |
Bridge Seniors Housing Fund I [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | 0 | 5,000 |
Bridge Seniors Housing Fund II [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | 0 | 5,000 |
Bridge Seniors Housing Fund III [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | 0 | 525 |
Bridge Multifamily Fund V [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | 4,000 | 0 |
Bridge Logistics Net Leasing Fund I [Member] | ||
Related Party Transaction [Line Items] | ||
Notes receivable from affiliates | $ 1,000 | $ 0 |
Notes Receivable From Affilia_4
Notes Receivable From Affiliates - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - Notes Receivable [Member] - Affiliated Entity [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related party ,Interest rate | 4.025% | |
Interest receivable | $ 0.2 | $ 0.3 |
Notes Receivable From Employe_2
Notes Receivable From Employees - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - Notes Receivable [Member] - Employees [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Debt Instrument, Principal amount | $ 1,700,000 | $ 7,400,000 |
Related party ,Interest rate | 4.025% | 4.025% |
Interest receivable | $ 2,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Assets, Fair Value Disclosure | $ 286,804 | $ 220,480 |
General partner notes payable [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | 15,435 | 16,458 |
Exchange Traded Funds [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 736 | 736 |
Mutual Funds [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 4,397 | 4,317 |
Carried Interest [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 246,620 | 199,410 |
Partnership Interests [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 34,710 | 15,672 |
Other Investments [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 341 | 345 |
Level 1 [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 5,133 | 5,053 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 736 | 736 |
Level 1 [Member] | Mutual Funds [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 4,397 | 4,317 |
Level 3 [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 341 | 345 |
Level 3 [Member] | Other Investments [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 341 | 345 |
Measured at NAV [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 281,330 | 215,082 |
Measured at NAV [Member] | General partner notes payable [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | 15,435 | 16,458 |
Measured at NAV [Member] | Carried Interest [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 246,620 | 199,410 |
Measured at NAV [Member] | Partnership Interests [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | $ 34,710 | $ 15,672 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Valued Using NAV Per Share (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 5,133 | $ 5,053 |
Measured at NAV [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 281,330 | 215,082 |
Unfunded Commitments | 3,687 | 4,860 |
Measured at NAV [Member] | Carried Interest [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 246,620 | 199,410 |
Unfunded Commitments | 0 | 0 |
Measured at NAV [Member] | Company Sponsored Open-end Fund [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 13,861 | 12,643 |
Unfunded Commitments | 0 | 0 |
Measured at NAV [Member] | Company Sponsored Closed-end Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 15,768 | 332 |
Unfunded Commitments | 58 | 58 |
Measured at NAV [Member] | Third Party Closed-end Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 5,081 | 2,697 |
Unfunded Commitments | $ 3,629 | $ 4,802 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Company Sponsored Closed-end Funds [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquidation weighted average period | 10 years |
Incremental liquidating period | 2 years |
Company Sponsored Closed-end Funds [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquidation weighted average period | 8 years |
Incremental liquidating period | 1 year |
Company Sponsored Open-end Fund [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquidation weighted average period | 60 days |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Private Notes | $ 15,435 | $ 16,458 |
Fair Value [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Line of credit | 0 | |
Private Notes | 146,270 | 149,225 |
Total | 146,270 | 149,225 |
Carrying Value [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Line of credit | 0 | |
Private Notes | 150,000 | 150,000 |
Total | 150,000 | 150,000 |
Level 1 [Member] | Fair Value [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Line of credit | 0 | |
Private Notes | 0 | |
Total | 0 | |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Line of credit | 0 | |
Private Notes | 0 | |
Total | 0 | |
Level 3 [Member] | Fair Value [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Line of credit | 0 | |
Private Notes | 146,270 | 149,225 |
Total | $ 146,270 | $ 149,225 |
Tenant Improvements, Furnitur_3
Tenant Improvements, Furniture and Equipment - Schedule of Balances Per Asset Class (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total tenant improvements, furniture and equipment | $ 7,165 | $ 6,844 |
Accumulated depreciation | (3,222) | (2,686) |
Net tenant improvements, furniture and equipment | 3,943 | 4,158 |
Tenant Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total tenant improvements, furniture and equipment | 4,217 | 3,893 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total tenant improvements, furniture and equipment | 1,602 | 1,602 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total tenant improvements, furniture and equipment | 211 | 211 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total tenant improvements, furniture and equipment | $ 1,135 | $ 1,138 |
Tenant Improvements, Furnitur_4
Tenant Improvements, Furniture and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 0.2 | $ 0.2 | $ 0.5 | $ 0.5 |
Intangible Assets - Summary of
Intangible Assets - Summary of Carrying Values For The Major Classes of Intangible Assets (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (11,744) | $ (10,988) |
Net Carrying Amount | $ 4,154 | $ 4,910 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 10 years | 10 years |
Gross Carrying Amount | $ 6,835 | $ 6,835 |
Accumulated Amortization | (6,835) | (6,781) |
Net Carrying Amount | $ 0 | $ 54 |
Management Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Life | 6 years | 6 years |
Gross Carrying Amount | $ 9,063 | $ 9,063 |
Accumulated Amortization | (4,909) | (4,207) |
Net Carrying Amount | $ 4,154 | $ 4,856 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 0.4 | $ 0.4 | $ 0.8 | $ 0.8 |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 6 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 10 years |
Loss and Loss Adjustment Liab_2
Loss and Loss Adjustment Liability and Expenses - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Loss And Loss Adjustment Liability And Expenses [Line Items] | |||
Insurance loss reserves | $ 4,900,000 | $ 4,400,000 | |
Lease Security Deposit Fulfillment [Member] | |||
Loss And Loss Adjustment Liability And Expenses [Line Items] | |||
Loss contingency, estimate of possible loss | 500 | $ 500 | |
Lessor Legal Liability [Member] | |||
Loss And Loss Adjustment Liability And Expenses [Line Items] | |||
Loss contingency, estimate of possible loss | 100,000 | 100,000 | |
Workers' Compensation Insurance [Member] | |||
Loss And Loss Adjustment Liability And Expenses [Line Items] | |||
Loss contingency, estimate of possible loss | 3,739,680 | 3,739,680 | |
Property Insurance [Member] | |||
Loss And Loss Adjustment Liability And Expenses [Line Items] | |||
Loss contingency, estimate of possible loss | 5,000,000 | 5,000,000 | |
Loss contingency, estimate of possible loss , limits per unit | 750,000 | 750,000 | |
General Liability [Member] | |||
Loss And Loss Adjustment Liability And Expenses [Line Items] | |||
General liability deductible reimbursement, excess amount | 2,000,000 | 2,000,000 | |
General liability deductible reimbursement limits per unit | 25,000 | 25,000 | |
General liability deductible reimbursement per location | 4,000,000 | 4,000,000 | |
General liability deductible reimbursement, annual policy amount | $ 10,000,000 | $ 10,000,000 |
Self-Insurance Reserves - Addit
Self-Insurance Reserves - Additional Information (Detail) - USD ($) | Jun. 20, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Self insurance stop-loss coverage amount per individual per year | $ 125,000 | ||
Property and casualty claims for insured, per property | 25,000 | ||
Selling limit of losses on claim in insurance policy | 100,000 | ||
Self insurance policy coverage limit | 5,000,000 | ||
Self Insurance reserve, limits per unit | $ 750,000 | ||
Percentage of catastrophic losses in non-CAT Zones | 5.00% | ||
Catastrophic losses in non-CAT Zones | $ 25,000 | ||
Insurance loss reserves | 4,883,000 | $ 4,436,000 | |
Self-insurance reserves and unearned premiums | $ 3,500,000 | 3,700,000 | |
Self insurance liability retention per location threshold | $ 4,000,000 | ||
Property Insurance [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Self insurance policy coverage limit, percentage of claim | 100.00% | ||
Self insurance policy coverage limit, amount claimable | $ 2,000,000 | ||
Losses or Risk Exposure [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Self insurance policy coverage limit, percentage of claim | 15.00% | ||
Self insurance policy coverage limit, amount claimable | $ 3,000,000 | ||
General Liability [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Self Insurance reserve, Annual policy amount | 10,000,000 | ||
Self Insurance reserve, Excess amount | $ 2,000,000 | ||
Insurance loss reserves | 700,000 | 400,000 | |
Minimum [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Property and casualty claims for insured, per property | 25,000 | ||
Minimum [Member] | Losses or Risk Exposure [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Selling limit of losses on claim in insurance policy | 2,000,000 | ||
Maximum [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Property and casualty claims for insured, per property | 100,000 | ||
Maximum [Member] | Losses or Risk Exposure [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Selling limit of losses on claim in insurance policy | 450,000 | ||
Bride Property Management [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Property and casualty claims for insured, per property | 25,000 | ||
Self Insured Retention [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Catastrophic losses in non-CAT Zones | 75,000 | ||
Medical SelfInsurance Reserves [Member] | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Medical self-insurance reserves | $ 2,800,000 | $ 3,300,000 |
General Partner Notes Payable -
General Partner Notes Payable - Summary of Carry Value of the General Partner Notes Payable (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
General Partner Notes Payable [Line Items] | ||
General Partner Notes Payable fair value | $ 15,435 | $ 16,458 |
Commitment | 21,335 | |
Bridge Seniors Housing Fund I [Member] | ||
General Partner Notes Payable [Line Items] | ||
General Partner Notes Payable fair value | 5,269 | 5,243 |
Commitment | 4,775 | |
Bridge Multifamily Fund III [Member] | ||
General Partner Notes Payable [Line Items] | ||
General Partner Notes Payable fair value | 7,612 | 8,643 |
Commitment | 9,300 | |
Bridge Debt Strategies Fund I [Member] | ||
General Partner Notes Payable [Line Items] | ||
General Partner Notes Payable fair value | 2,554 | $ 2,572 |
Commitment | $ 7,260 |
Line Of Credit - Additional Inf
Line Of Credit - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | Jul. 22, 2020USD ($) | Jul. 31, 2019USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Secured Revolving Line Of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | |||
Line of credit | $ 0 | $ 0 | ||
Line of Credit Facility, Interest Rate Description | LIBOR plus 2.25% | |||
Basis Spread on Variable Rate | 2.25% | |||
Total Debt to Consolidated EBITDA ratio | 3 | |||
Minimum Liquidity | $ 2.5 | |||
Affiliate deposits | 20.0 | |||
Minimum Quaterly EBITDA | $ 10 | |||
Line of Credit maturity date | Jul. 22, 2022 | |||
Unsecured Revolving Line Of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | |||
Line of Credit maturity date | Jul. 31, 2020 | |||
Percentage of Discount on Money Market Rate | 0.50% |
Notes Payable - Additional Info
Notes Payable - Additional Informational (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | 6 Months Ended | ||||
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jul. 22, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 29, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Unamortized deferred financing costs | $ 2,100,000 | $ 2,300,000 | |||
Net carrying value | $ 147,900,000 | $ 147,700,000 | |||
Private Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Principal amount | $ 150,000,000 | ||||
Total Debt to Consolidated EBITDA ratio | 3 | ||||
Minimum Liquidity | $ 2,500,000 | ||||
Minimum Quaterly EBITDA | $ 10,000,000 | ||||
Debt Instrument, Covenant Description | The covenants require the Company to maintain a Consolidated Total Debt to Consolidated EBITDA ratio no more than 3.0, minimum liquidity of $2.5 million, and maintain a minimum quarterly EBITDA of $10.0 million. | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Principal amount | $ 3,300,000 | ||||
Interest rate | $ 4.75 | ||||
Private Notes Tranche One [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | $ 3.9 | ||||
Debt term | 5 years | ||||
Maturity date | Jul. 22, 2025 | ||||
Private Notes Tranche Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | $ 4.15 | ||||
Debt term | 7 years | ||||
Maturity date | Jul. 22, 2027 |
Notes Payable - Summary of Sche
Notes Payable - Summary of Scheduled Principal Payments of the Company's Debt (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 75,000 |
Thereafter | 75,000 |
Long-term Debt | $ 150,000 |
Notes Payable - Summary of Debt
Notes Payable - Summary of Debt Issuance Costs (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Private Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs as of December 31, 2020 | $ 2,043 | $ 2,257 |
Amortization of debt issuance costs | (214) | |
Unamortized debt issuance costs as of June 30, 2021 | 2,043 | 2,257 |
Line Of Credit And Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs as of December 31, 2020 | 123 | 170 |
Amortization of debt issuance costs | (47) | |
Unamortized debt issuance costs as of June 30, 2021 | $ 123 | $ 170 |
Realized and Unrealized Gains_3
Realized and Unrealized Gains (Losses) - Summary of Net Realized and Unrealized Gains (Losses) (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net realized gains (losses) | $ (292,000) | $ 224,000 | $ (316,000) | $ (188,000) |
Net unrealized gains (losses) | 592,000 | (72,000) | 6,413,000 | 995,000 |
Total | 300,000 | 152,000 | 6,097,000 | 807,000 |
Investment In CompanySponsored Funds [Member] | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net realized gains (losses) | (5,000) | (4,000) | ||
Net unrealized gains (losses) | 411,000 | 4,452,000 | ||
Total | 406,000 | 4,448,000 | ||
Investment In Third Party Partnerships [Member] | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net realized gains (losses) | (270,000) | (312,000) | (36,000) | |
Net unrealized gains (losses) | 1,279,000 | 1,523,000 | 167,000 | |
Total | 1,009,000 | 1,211,000 | 131,000 | |
Others Investments [Member] | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net realized gains (losses) | (17,000) | 224,000 | (152,000) | |
Net unrealized gains (losses) | 26,000 | 22,000 | ||
Total | 9,000 | 224,000 | 22,000 | (152,000) |
General Partner Notes Payable [Member] | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net unrealized gains (losses) | (1,124) | (72) | 416 | 828 |
Total | $ (1,124,000) | $ (72,000) | $ 416,000 | $ 828,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Line Items] | ||||
Effective tax rate | 1.00% | 2.00% | 1.00% | 0.00% |
Unrecognized tax positions | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Rental Payments (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Subsidiary or Equity Method Investee [Line Items] | |
Remainder of 2021 | $ 2,085 |
2022 | 3,825 |
2023 | 3,621 |
2024 | 3,345 |
2025 | 3,163 |
Thereafter | 5,485 |
Total | $ 21,524 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Long term deferred rent | $ 700,000 | $ 700,000 | $ 700,000 | |||
Short-term deferred rent | 100,000 | 100,000 | 100,000 | |||
Rent expense, office leases | 1,000,000 | $ 1,000,000 | 2,000,000 | $ 2,000,000 | ||
Lease incentive amortization | 100,000 | $ 100,000 | 200,000 | $ 200,000 | ||
Maturity of Investments | 88,800,000 | 62,700,000 | ||||
Contingent repayment obligation or liability | 2,300,000 | 2,300,000 | $ 2,300,000 | |||
Letter of Credit [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Financing facility | $ 36,000,000 | 36,000,000 | ||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 9,000,000 | |||||
Self-insurance program | $ 3,000,000 | |||||
Operating leases | $ 363,000 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Maximum amount of exposure to loss as a result of its involvement with the Variable Interest Entity | $ 35,100 | $ 16,000 |
Assets | 411,970 | 426,012 |
Liabilities | 242,329 | 224,541 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 291,300 | 244,300 |
Liabilities | $ 63,500 | $ 51,300 |
Related Party Transactions - Su
Related Party Transactions - Summary of Professionals and Non-Consolidated Funds to be Affiliates (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Fees receivable from non-consolidated funds | $ 16,714 | $ 15,350 |
Payments made on behalf of and amounts due from non-consolidated funds | 5,595 | 10,131 |
Total receivables from affiliates | $ 22,309 | $ 25,481 |
Profits Interests - Summary of
Profits Interests - Summary of Share Based Compensation Expense (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 14,624 | $ 388 | $ 15,465 | $ 775 |
Antidilutive awards [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 13,609 | 13,609 | ||
Awards shares [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 1,015 | $ 388 | $ 1,856 | $ 775 |
Profits Interests - Summary o_2
Profits Interests - Summary of Unrecognized Compensation Cost (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of Profits Interests [Line Items] | |
Remainder of 2021 | $ 2,526 |
2022 | 3,783 |
2023 | 3,147 |
2024 | 2,232 |
2025 | 996 |
Thereafter | 331 |
Total | $ 13,015 |
Profits Interests - Additional
Profits Interests - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate unrecognized compensation cost | $ 13 | $ 13 |
Weighted-average period over which compensation cost not yet recognized is expected to be recognized | 2 years 8 months 12 days | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of holding company ownership by fund managers | 5.00% | 5.00% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of holding company ownership by fund managers | 40.00% | 40.00% |
Antidilutive Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of amortization of falue value of awards | 100.00% | |
Fair value of awards granted during period | $ 13.6 | $ 13.6 |
Third year from grant date [Member] | Awards shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of vesting of award under share-based payment arrangement | 33.30% | |
Fourth year from grant date [Member] | Awards shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of vesting of award under share-based payment arrangement | 33.30% | |
Five year from grant date [Member] | Awards shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of vesting of award under share-based payment arrangement | 33.30% |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Year | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Year | Jun. 30, 2020USD ($) | |
Minimum age criteria for defined contribution plan | Year | 21 | 21 | ||
Minimum service of period criteria for defined contribution plan | 60 days | |||
Employer's discretionary contribution to the plan | $ | $ 0.8 | $ 0.6 | $ 1.5 | $ 1.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 12, 2021 | Aug. 06, 2021 | Jul. 20, 2021 | Jul. 06, 2021 | Jul. 16, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 100 | ||||||
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments for Repurchase of Equity | $ 111 | $ 6,500 | |||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | Operating Company [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 19.80% | ||||||
Common Class B [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Repurchased During Period, Shares | 9,375,000 | ||||||
Subsequent Event [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Percent of Tax Receivable Agreement | 85.00% | ||||||
Subsequent Event [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Capital Unit, Class A [Member] | BRDG Bridge Investment Group Holdings Llc [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payment to acquire common stock units | $ 21,100 | ||||||
Common units purchased during the year units | 1,416,278 | ||||||
Subsequent Event [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Blocker Merger [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, Acquisitions | 266,809 | ||||||
Subsequent Event [Member] | Employees [Member] | Notes Receivables [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Notes Receivable realted parties | $ 3,500 | ||||||
Subsequent Event [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Operating Company [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments for Repurchase of Equity | $ 137,100 | ||||||
Number of shares exchanged | 13,166,424 | ||||||
Conversion of Stock, Shares Issued | 97,321,819 | ||||||
Subsequent Event [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Operating Company [Member] | Minority Investors [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 5,835,715 | ||||||
Subsequent Event [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Former Profits Interest Program Participants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 4,781,623 | ||||||
Subsequent Event [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Other Company [Member] | Minority Investors [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 143,500 | ||||||
Subsequent Event [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares, Outstanding | 21,752,812 | ||||||
Subsequent Event [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | Operating Company [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments for Repurchase of Equity | $ 137,100 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 18,750,000 | ||||||
Net Proceeds From intial public offering | $ 274,300 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | 2021 Incentive Award Plan [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock initially reserved for issuance,shares | 6,600,000 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | 2021 Incentive Award Plan [Member] | Restricted stock and restricted stock unit awards [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares granted | 2,163,981 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Former Equity Owners [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 2,180,737 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Former Equity Owners [Member] | Blocker Merger [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 265,015 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Former Profits Interest Program Participants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 282,758 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Greenshoe [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 1,416,278 | ||||||
Percentage of the proceeds used to buy common stock units | 100.00% | ||||||
Proceeds from the issuance of common stock | $ 21,100 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Other Company [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 395,816 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Other Company [Member] | Blocker Merger [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 1,794 | ||||||
Subsequent Event [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | Greenshoe [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 1,416,278 | ||||||
Subsequent Event [Member] | Common Class B [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | Parent [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares exchanged | 97,321,819 | ||||||
Subsequent Event [Member] | Common Class B [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Repurchased and Retired During Period, Shares | 9,375,000 | ||||||
Subsequent Event [Member] | IPO [Member] | BRIDGE INVESTMENT GROUP HOLDINGS INC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 18,750,000 | ||||||
Sale of stock per share | $ 16 | ||||||
Net Proceeds From intial public offering | $ 274,300 | ||||||
Subsequent Event [Member] | IPO [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 18,750,000 | ||||||
Sale of stock per share | $ 16 | ||||||
Net Proceeds From intial public offering | $ 274,300 | ||||||
Subsequent Event [Member] | IPO [Member] | Class A Units [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 18,750,000 | ||||||
Subsequent Event [Member] | IPO [Member] | Common Class A [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares issued | 18,750,000 | ||||||
Sale of stock per share | $ 16 | ||||||
Net Proceeds From intial public offering | $ 274,300 |
Subsequent Events - Summary of
Subsequent Events - Summary of Distributions to Owners (Detail) - BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | $ 15,138 |
BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 11,390 |
Bridge Debt Strategies Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 554 |
Bridge Senior Housing Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 1,839 |
Bridge Office Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 1,355 |
Parent [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 13,852 |
Parent [Member] | BRIDGE INVESTMENT GROUP HOLDINGS LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 11,390 |
Parent [Member] | Bridge Debt Strategies Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 332 |
Parent [Member] | Bridge Senior Housing Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 1,103 |
Parent [Member] | Bridge Office Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 1,027 |
Noncontrolling Interest [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 1,286 |
Noncontrolling Interest [Member] | Bridge Debt Strategies Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 222 |
Noncontrolling Interest [Member] | Bridge Senior Housing Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | 736 |
Noncontrolling Interest [Member] | Bridge Office Fund Manager LLC [Member] | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Partners' Capital Account, Distributions | $ 328 |