Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40622 | |
Entity Registrant Name | BRIDGE INVESTMENT GROUP HOLDINGS INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2769085 | |
Entity Address, Address Line One | 111 East Sego Lily Drive, Suite 400 | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84070 | |
City Area Code | (801) | |
Local Phone Number | 716-4500 | |
Title of 12(b) Security | Class A common stock, $0.01 par value per share | |
Trading Symbol | BRDG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001854401 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 29,130,835 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 85,691,621 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 102,777 | $ 78,417 |
Restricted cash | 7,401 | 5,455 |
Marketable securities, at fair value | 10,777 | 8,035 |
Receivables from affiliates | 34,186 | 35,379 |
Notes receivable from affiliates | 66,104 | 118,508 |
Other assets | 44,836 | 44,463 |
Other investments | 73,395 | 44,006 |
Accrued performance allocations | 575,527 | 439,548 |
Intangible assets, net | 5,862 | 3,441 |
Goodwill | 55,982 | 9,830 |
Deferred tax assets, net | 65,221 | 59,210 |
Total assets | 1,042,068 | 846,292 |
Liabilities and shareholdersʼ equity | ||
Accrued performance allocations compensation | 58,688 | 41,020 |
Accrued compensation and benefits | 28,655 | 15,107 |
Accounts payable and accrued expenses | 25,221 | 13,586 |
Due to affiliates | 51,302 | 46,134 |
General Partner notes payable, at fair value | 12,364 | 12,003 |
Insurance loss reserves | 8,540 | 8,086 |
Self-insurance reserves and unearned premiums | 3,515 | 3,504 |
Other liabilities | 24,430 | 8,973 |
Notes payable | 148,356 | 148,142 |
Total liabilities | 361,071 | 296,555 |
Commitments and contingencies (Note 17) | 0 | 0 |
Shareholdersʼ equity: | ||
Preferred stock, $0.01 par value, 20,000,000 authorized, 0 issued and outstanding as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Additional paid-in capital | 60,962 | 53,527 |
Retained earnings | 26,364 | 17,184 |
Accumulated other comprehensive loss | (25) | (21) |
Bridge Investment Group Holdings Inc. equity | 88,449 | 71,787 |
Total shareholdersʼ equity | 680,997 | 549,737 |
Total liabilities and shareholdersʼ equity | 1,042,068 | 846,292 |
Class A Common Stock | ||
Shareholdersʼ equity: | ||
Common stock, par value $0.01 per share | 291 | 230 |
Class B Common Stock | ||
Shareholdersʼ equity: | ||
Common stock, par value $0.01 per share | 857 | 867 |
Bridge Investment Group Holdings LLC | ||
Assets | ||
Notes receivable from affiliates | 66,104 | 118,508 |
Accrued performance allocations | 575,527 | 439,548 |
Goodwill | 56,000 | 9,800 |
Liabilities and shareholdersʼ equity | ||
Insurance loss reserves | 8,500 | 8,100 |
Shareholdersʼ equity: | ||
Non-controlling interests | 323,141 | 272,482 |
Bridge Investment Group Holdings Inc. | ||
Shareholdersʼ equity: | ||
Non-controlling interests | $ 269,407 | $ 205,468 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 29,077,806 | 25,159,799 |
Common stock, shares outstanding (in shares) | 29,077,806 | 25,159,799 |
Class B Common Stock | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 238,228,038 | 239,208,722 |
Common stock, shares issued (in shares) | 85,691,621 | 86,672,305 |
Common stock, shares outstanding (in shares) | 85,691,621 | 86,672,305 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Total revenues | $ 99,019 | $ 71,974 | $ 203,152 | $ 130,523 |
Investment income: | ||||
Incentive fees | 0 | 0 | 0 | 910 |
Performance allocations: | ||||
Realized | 33,581 | 35,629 | 42,518 | 41,185 |
Unrealized | 70,116 | 43,248 | 135,978 | 57,967 |
Earnings (losses) from investments in real estate | 1,251 | 980 | 1,291 | 976 |
Total investment income | 104,948 | 79,857 | 179,787 | 101,038 |
Expenses: | ||||
Employee compensation and benefits | 46,693 | 42,306 | 94,172 | 69,457 |
Incentive fee compensation | 0 | 0 | 0 | 82 |
Performance allocations compensation: | ||||
Realized | 2,165 | 3,747 | 2,725 | 4,241 |
Unrealized | 7,987 | 6,048 | 17,225 | 7,477 |
Loss and loss adjustment expenses | 1,439 | 2,132 | 3,191 | 2,917 |
Third-party operating expenses | 6,749 | 6,117 | 13,517 | 14,743 |
General and administrative expenses | 9,769 | 5,392 | 19,277 | 9,492 |
Depreciation and amortization | 887 | 727 | 1,520 | 1,480 |
Total expenses | 75,689 | 66,469 | 151,627 | 109,889 |
Other income (expense): | ||||
Realized and unrealized gains (losses), net | 3,489 | 300 | 3,916 | 6,097 |
Interest income | 1,353 | 557 | 2,562 | 1,165 |
Interest expense | (2,901) | (2,554) | (4,522) | (4,140) |
Total other income (expense) | 1,941 | (1,697) | 1,956 | 3,122 |
Income before provision for income taxes | 130,219 | 83,665 | 233,268 | 124,794 |
Income tax provision | (5,837) | (424) | (11,382) | (834) |
Net income | 124,382 | 83,241 | 221,886 | 123,960 |
Net income attributable to non-controlling interests | 49,748 | 5,815 | 86,461 | 9,764 |
Net income attributable to Bridge Investment Group Holdings LLC | 74,634 | $ 77,426 | 135,425 | $ 114,196 |
Net income attributable to Common Control Group prior to Transactions and IPO | $ 12,940 | $ 22,711 | ||
Earnings per share of Class A common stock - Basic and Diluted (Note 21) | ||||
Basic (in dollars per share) | $ 0.44 | $ 0.79 | ||
Diluted (in dollars per share) | $ 0.44 | $ 0.79 | ||
Weighted-average shares of Class A common stock outstanding - Basic and Diluted (Note 21) | ||||
Basic (in shares) | 24,029,107 | 23,581,393 | ||
Diluted (in shares) | 24,029,107 | 23,581,393 | ||
Fund management fees | ||||
Revenues: | ||||
Total revenues | $ 49,380 | $ 34,536 | $ 102,080 | $ 65,387 |
Property management and leasing fees | ||||
Revenues: | ||||
Total revenues | 19,616 | 14,335 | 37,895 | 31,081 |
Construction management fees | ||||
Revenues: | ||||
Total revenues | 2,426 | 2,065 | 4,312 | 3,891 |
Development fees | ||||
Revenues: | ||||
Total revenues | 793 | 1,163 | 2,052 | 1,549 |
Transaction fees | ||||
Revenues: | ||||
Total revenues | 17,643 | 16,242 | 39,641 | 21,568 |
Fund administration fees | ||||
Revenues: | ||||
Total revenues | 3,657 | 0 | 7,297 | 0 |
Insurance premiums | ||||
Revenues: | ||||
Total revenues | 2,845 | 2,022 | 5,261 | 3,916 |
Other asset management and property income | ||||
Revenues: | ||||
Total revenues | 2,659 | 1,611 | 4,614 | 3,131 |
Common Control Group | ||||
Other income (expense): | ||||
Net income attributable to Common Control Group prior to Transactions and IPO | 0 | 77,426 | 0 | 114,196 |
Bridge Investment Group Holdings Inc. | ||||
Other income (expense): | ||||
Net income attributable to non-controlling interests | 61,694 | 0 | 112,714 | 0 |
Net income attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO | $ 12,940 | $ 0 | $ 22,711 | $ 0 |
Condensed Consolidated and Co_2
Condensed Consolidated and Combined Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 124,382 | $ 83,241 | $ 221,886 | $ 123,960 |
Other comprehensive income - foreign currency translation adjustments, net of tax | (13) | 6 | (4) | 7 |
Comprehensive income | 124,369 | 83,247 | 221,882 | 123,967 |
Comprehensive income attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO | 12,927 | 0 | 22,707 | 0 |
Bridge Investment Group Holdings LLC | ||||
Less: comprehensive income attributable to non-controlling interests | 49,748 | 5,815 | 86,461 | 9,764 |
Comprehensive income | 74,621 | 77,432 | 135,421 | 114,203 |
Common Control Group | ||||
Less: comprehensive income attributable to non-controlling interests | 0 | 77,432 | 0 | 114,203 |
Bridge Investment Group Holdings Inc. | ||||
Less: comprehensive income attributable to non-controlling interests | $ 61,694 | $ 0 | $ 112,714 | $ 0 |
Condensed Consolidated and Co_3
Condensed Consolidated and Combined Statements of Changes in Shareholders'/Members' Equity (Unaudited) - USD ($) $ in Thousands | Total | Prior to Transactions and IPO | Common Control Group | [1] | Common Control Group Prior to Transactions and IPO | [1] | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Prior to Transactions and IPO | NCI in Operating Company or CCG | [2] | NCI in Operating Company or CCG Prior to Transactions and IPO | NCI in Bridge Investment Group Holdings Inc. | [3] | |
Beginning balance at Dec. 31, 2020 | $ 201,471 | $ 186,091 | $ 0 | $ 0 | $ 0 | $ 0 | $ 4 | $ 15,376 | $ 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 123,960 | $ 123,960 | $ 114,196 | $ 9,764 | [2] | |||||||||||||
Share-based compensation, net of forfeitures | 15,465 | 14,508 | 957 | [2] | ||||||||||||||
Capital contributions | 745 | 422 | 323 | |||||||||||||||
Distributions | (171,896) | (157,896) | (14,000) | [2] | ||||||||||||||
Foreign currency translation adjustment | 7 | 7 | $ 7 | |||||||||||||||
Repurchase of membership interests prior to Transactions and IPO | (111) | (68) | (43) | [2] | ||||||||||||||
Ending balance at Jun. 30, 2021 | 169,641 | 157,253 | 0 | 0 | 0 | 0 | 11 | 12,377 | 0 | |||||||||
Beginning balance at Mar. 31, 2021 | 215,364 | 202,167 | 0 | 0 | 0 | 0 | 5 | 13,192 | 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 83,241 | 83,241 | 77,426 | 5,815 | [2] | |||||||||||||
Share-based compensation, net of forfeitures | 14,624 | 13,767 | 857 | [2] | ||||||||||||||
Capital contributions | 323 | 0 | 323 | [2] | ||||||||||||||
Distributions | (143,917) | (136,107) | (7,810) | [2] | ||||||||||||||
Foreign currency translation adjustment | 6 | 6 | $ 6 | |||||||||||||||
Repurchase of membership interests prior to Transactions and IPO | $ 0 | $ 0 | $ 0 | [2] | ||||||||||||||
Ending balance at Jun. 30, 2021 | 169,641 | 157,253 | 0 | 0 | 0 | 0 | 11 | 12,377 | 0 | |||||||||
Beginning balance at Dec. 31, 2021 | 549,737 | 0 | 230 | 867 | 53,527 | 17,184 | (21) | 272,482 | 205,468 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 221,886 | 22,711 | 86,461 | 112,714 | ||||||||||||||
Conversion of 2019 profits interest awards | 8 | (8) | ||||||||||||||||
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement | 780 | 10 | (10) | 780 | ||||||||||||||
Issuance of Class A Units for acquisition | 14,930 | 14,930 | ||||||||||||||||
Fair value of non-controlling interest in acquired business | 20,053 | 20,053 | ||||||||||||||||
Share-based compensation, net of forfeitures | 13,818 | 43 | 3,689 | 14 | 10,072 | |||||||||||||
Capital contributions | 201 | 201 | ||||||||||||||||
Distributions | (126,873) | (56,070) | (70,803) | |||||||||||||||
Dividends | (13,531) | (13,531) | ||||||||||||||||
Foreign currency translation adjustment | (4) | (4) | ||||||||||||||||
Reallocation of equity | 2,974 | (2,974) | ||||||||||||||||
Ending balance at Jun. 30, 2022 | 680,997 | 0 | 291 | 857 | 60,962 | 26,364 | (25) | 323,141 | 269,407 | |||||||||
Beginning balance at Mar. 31, 2022 | 638,424 | 0 | 289 | 859 | 59,247 | 21,038 | (12) | 311,915 | 245,088 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 124,382 | 12,940 | 49,748 | 61,694 | ||||||||||||||
Exchange of Class A Units for Class A common stock and redemption of corresponding Class B common stock including the deferred tax effect and amounts payable under the Tax Receivable Agreement | 5 | 2 | (2) | 5 | ||||||||||||||
Share-based compensation, net of forfeitures | 6,553 | 0 | 2,119 | 6 | 4,428 | |||||||||||||
Capital contributions | 31 | 31 | ||||||||||||||||
Distributions | (80,771) | (38,559) | (42,212) | |||||||||||||||
Dividends | (7,614) | (7,614) | ||||||||||||||||
Foreign currency translation adjustment | (13) | (13) | ||||||||||||||||
Reallocation of equity | (409) | 409 | ||||||||||||||||
Ending balance at Jun. 30, 2022 | $ 680,997 | $ 0 | $ 291 | $ 857 | $ 60,962 | $ 26,364 | $ (25) | $ 323,141 | $ 269,407 | |||||||||
[1]Net investment in Common Control Group (“CCG”)[2]Non-controlling interests (“NCI”) in Bridge Investment Group Holdings LLC or Common Control Group[3]Non-controlling interests (“NCI”) in Bridge Investment Group Holdings Inc. |
Condensed Consolidated and Co_4
Condensed Consolidated and Combined Statements of Changes in Shareholders'/Members' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on common stock (in dollars per share) | $ 0.26 | $ 0.47 |
Condensed Consolidated and Co_5
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 221,886 | $ 123,960 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,520 | 1,480 |
Amortization of financing costs and debt discount and premium | 303 | 278 |
Share-based compensation | 13,818 | 15,465 |
Equity in income of investments | (4,837) | (5,725) |
Changes in unrealized gain (loss) on General Partner notes payable | 822 | (415) |
Amortization of lease liabilities | (208) | (135) |
Unrealized performance allocations | (135,978) | (57,967) |
Unrealized accrued performance allocations compensation | 17,225 | 7,477 |
Change in deferred income taxes | (63) | 0 |
Changes in operating assets and liabilities: | ||
Receivable from affiliates | 1,969 | 3,173 |
Prepaid and other assets | 708 | (384) |
Accounts payable and accrued expenses | 11,453 | 1,301 |
Accrued payroll and benefits | 13,548 | 8,392 |
Other liabilities | (694) | (134) |
Insurance loss and self-insurance reserves | 465 | 204 |
Accrued performance allocations compensation | 442 | 1,507 |
Net cash provided by operating activities | 142,379 | 98,477 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of investments | (35,384) | (2,717) |
Proceeds from sale of investments | 0 | 81 |
Distributions from investments | 855 | 0 |
Issuance of notes receivable | (242,905) | (146,040) |
Proceeds from collections on notes receivable | 318,255 | 182,192 |
Purchase of tenant improvements, furniture and equipment | (788) | (321) |
Deposits | (661) | 0 |
Cash paid for acquisition, net of cash acquired | 15,089 | 0 |
Net cash provided by investing activities | 25,605 | 33,195 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital contributions from non-controlling interests | 201 | 745 |
Distributions to non-controlling interests | (126,873) | (171,896) |
Repurchase of membership interests | 0 | (111) |
Repayments of General Partner notes payable | (460) | (607) |
Dividends paid on Class A common stock | (13,531) | 0 |
Proceeds from revolving line of credit | 50,000 | 64,800 |
Payments on revolving line of credit | (50,000) | (64,800) |
Payments of deferred financing costs | (1,015) | 0 |
Net cash used in financing activities | (141,678) | (171,869) |
Net increase in cash, cash equivalents, and restricted cash | 26,306 | (40,197) |
Cash, cash equivalents and restricted cash - beginning of period | 83,872 | 107,354 |
Cash, cash equivalents and restricted cash - end of period | 110,178 | 67,157 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 2,066 | 834 |
Cash paid for interest | 3,118 | 3,019 |
Non-cash investing and financing activities: | ||
Establishment of lease liabilities in exchange for lease right-of-use assets | 18,808 | 0 |
Origination of short-term loan receivable for prepaid acquisitions | 40,000 | 0 |
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement | 5,948 | 0 |
Issuance of Class A Units for acquisition | 14,930 | 0 |
Non-controlling interest assumed in business combination | 20,053 | 0 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 102,777 | 61,548 |
Restricted cash | 7,401 | 5,609 |
Cash, cash equivalents, and restricted cash | $ 110,178 | $ 67,157 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION Bridge Investment Group Holdings Inc. (the “Company”) is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes. Our business operation includes various specialized and synergistic investment platforms, including Multifamily, Workforce and Affordable Housing, Seniors Housing, Office, Development, Net Lease Income, Logistics, Debt Strategies, Agency MBS, Single-Family Rental, PropTech and Solar. We provide investors with a diverse range of real estate investment products managed by our dedicated, specialized and synergistic investment teams. Our broad range of products allow us to capture new market opportunities and serve investors with various investment objectives. The Company was incorporated as a Delaware corporation on March 18, 2021, for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to carry on the business of Bridge Investment Group Holdings LLC (formerly known as Bridge Investment Group LLC, or, the “Operating Company”), and its wholly owned subsidiaries. The Company is the sole managing member of the Operating Company, and its only material asset is its ownership interest in the Operating Company. As the sole managing member of the Operating Company, Bridge Investment Group Holdings Inc. indirectly operates and controls all of the Operating Company’s business and affairs. The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the following investment manager entities, which we refer to collectively as the Fund Managers: Bridge Multifamily Fund Manager LLC, Bridge Seniors Housing Fund Manager LLC (“BSHM”), Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC (“BOFM”), Bridge Development Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, Bridge Net Lease Fund Manager LLC, Bridge Logistics Properties Fund Manager LLC, Bridge Single-Family Rental Fund Manager LLC, and Bridge Renewable Energy Fund Manager LLC (together, the “Fund Managers”). 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 a pro rata portion of the management fees of the funds based on its ownership in the Fund Managers. Each time that we establish a new fund, our direct owners establish a new general partner for that fund. We refer to these general partners collectively as the “Bridge GPs.” The Operating Company and the Bridge GPs are under common control by the direct owners of the Operating Company and the Bridge GPs. Under the terms of the Bridge GP operating agreements, they are entitled to performance fees from the funds once certain threshold returns are achieved for the limited partners. Reorganization in Connection with IPO In connection with the IPO, the Company completed a series of organizational transactions (the “Transactions”). The Transactions included: • The Operating Company amended and restated its existing limited liability company agreement to, among other things, (1) convert the Operating Company to a limited liability company organized under the laws of the State of Delaware, (2) change the name of the Operating Company from “Bridge Investment Group LLC” to “Bridge Investment Group Holdings LLC,” (3) convert all existing ownership interests in the Operating Company into 97,463,981 Class A Units and a like amount of Class B Units and (4) appoint the Company as the sole managing member of the Operating Company upon its acquisition of LLC Interests; • The Company amended and restated its certificate of incorporation to, among other things, provide for (1) the recapitalization of the Company’s outstanding shares of existing common stock into one share of 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; • A series of transactions were effectuated such that, among other things, direct and indirect owners of interests in the Operating Company, various fund manager entities, and certain general partner entities contributed all or part of their respective interests to the Operating Company shares of Class B common stock and Class A Units, a portion of which were further contributed to the Company in exchange for shares of Class A common stock; and • 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 (the “Tax Receivable Agreement”). Initial Public Offering 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 $277.2 million in net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses. The net proceeds from the IPO were used to purchase 18,750,000 newly issued Class A common units (“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. The Operating Company used net proceeds from the public offering to pay approximately $139.9 million in cash to redeem certain of the Class A Units held directly or indirectly by certain of the owners of LLC Interests in the Operating Company, prior to the IPO (collectively, “Original Equity Owners”). See Note 16, “Shareholders’ Equity,” for additional details. In connection with the IPO, owners of the Contributed Bridge GPs contributed 24% to 40% of their interests in the respective Contributed Bridge GPs in exchange for LLC Interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Contributed Bridge GPs. These combined financial statements prior to the IPO include 100% of the operations of the Contributed Bridge GPs for the periods presented on the basis of common control. Subsequently, on August 12, 2021, the underwriters exercised their over-allotment option to purchase an additional 1,416,278 shares of our Class A common stock. The Company used 100% of the net proceeds of approximately $18.2 million, after taking into account the underwriting discounts and commissions and estimated offering expenses, to purchase 1,416,278 newly issued Class A Units directly from the Operating Company, at a price per Class A Unit equal to the IPO price per share of 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. Prior to the IPO, the Operating Company and the then-existing Bridge GPs were under common control by the Original Equity Owners. The Original Equity Owners had the ability to control the Operating Company and each applicable Bridge GP and manage and operate these entities through the Fund Managers, a common board of directors, common ownership, and shared resources and facilities. The Operating Company and the then-existing Bridge GPs represented the predecessor history for the consolidated operations. As a result, the financial statements for the periods prior to the IPO are the combined financial statements of the Operating Company and the then-existing Bridge GPs, as applicable, as the predecessor to the Company for accounting and reporting purposes. We carried forward unchanged the value of the related assets and liabilities recognized in the Contributed Bridge GPs’ financial statements prior to the IPO into our financial statements. We have assessed the Contributed Bridge GPs for consolidation subsequent to the Transactions and IPO and have concluded that the Contributed GPs represent variable interests for which the Operating Company is the primary beneficiary. As a result, the Operating Company consolidates the Contributed Bridge GPs following the Transactions. BDS I GP LLC was not contributed as part of the Transactions and as such, was derecognized upon the Company’s IPO. As part of the Transactions, the Operating Company acquired the non-controlling interest of its consolidated subsidiaries BSHM and BOFM, which was accounted for as an equity transaction with no gain or loss recognized in the combined statement of operations. The carrying amounts of the non-controlling interest in BSHM and BOFM were adjusted to zero. Following the Transactions and the IPO, the Company became a holding company whose principal asset is a controlling financial interest in the Operating Company through its ownership of the Operating Company’s Class A Units |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The Operating Company and the Contributed Bridge GPs were historically under common control. Prior to the IPO, the financial statements were the combined financial statements of the Operating Company and the then-existing Contributed Bridge GPs. Subsequent to the IPO, the financial statements are the consolidated financial statements of the Company and its subsidiaries. The accompanying unaudited condensed consolidated and combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated and combined financial statements are presented fairly and that estimates made in preparing the condensed consolidated and combined financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated and combined financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the Company’s audited consolidated and combined financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”). Reclassifications — Certain prior year amounts on the condensed consolidated balance sheet have been reclassified to conform with the presentation as of June 30, 2022. These prior year reclassifications included combining current and long-term asset classifications to present a non-classified balance sheet and to condense tenant improvements, furniture and equipment with other assets. These reclassifications did not affect net income or shareholders’ equity as of or for the periods ended June 30, 2022 and December 31, 2021, respectively. Principles of Consolidation — The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. Variable Interest Entities — A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company also considers interests held by its related parties, including de facto agents. The Company may perform a related party analysis to assess whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to the related party; the Company’s and the related party’s ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. Voting Interest Entities — Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. 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 interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained. Non-controlling Interests — Non-controlling interests represent the share of consolidated entities owned by third parties. Bridge recognizes each non-controlling shareholder’s respective ownership at the estimated fair value of the net assets at the date of formation or acquisition. Non-controlling interests are subsequently adjusted for the non-controlling shareholder’s additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. Net income is allocated to non-controlling interests based on the weighted-average ownership interest during the period. The net income that is not attributable to Bridge is reflected in net income attributable to non-controlling interests in the consolidated statements of operations and comprehensive income and shareholders’ equity. Non-controlling interests include non-controlling interests attributable to Bridge Investment Group Holdings Inc. and non-controlling interests attributable to the Operating Company. Non-controlling interests attributable to the Operating Company represent third-party equity interests in the Operating Company subsidiaries related to general partner and fund manager equity interests as well as profits interest awards. Non-controlling interests attributable to Bridge Investment Group Holdings Inc. include equity interests in the Operating Company owned by third-party investors. Non-controlling interests in the Operating Company are adjusted to reflect their ownership percentage in the Operating Partnership at the end of the period, through a reallocation between controlling and non-controlling interest in the Operating Partnership, as applicable. Use of Estimates — The preparation of condensed consolidated and 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. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments, which directly affect accrued performance allocations and related compensation, the carrying amount of the Company's equity method investments, the measurement of deferred tax balances (including valuation allowances), and the accounting for goodwill, all of which involve a high degree of judgement and complexity and may have a significant impact on net income. Actual results could differ from those estimates and such differences could be material. The COVID-19 pandemic has caused uncertainty and disruption in the global economy and financial markets. As a result, management’s estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period. Cash and Cash Equivalents — The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. Cash balances may be invested in money market accounts that are not insured. The Company holds and invests its cash with high-credit quality institutions in amounts that regularly exceed the amount insured by the Federal Deposit Insurance Corporation for a single financial institution. However, the Company has not realized any losses in such cash investments or accounts and believes it is not exposed to any significant credit risk. Restricted Cash — Restricted cash primarily consists of a collateral trust account for the benefit of the insurance carriers associated with Bridge Investment Group Risk Management, Inc. (“BIGRM”). These funds are held as collateral for the insurance carriers in the event of a claim that would require a high deductible payment from BIGRM. Marketable Securities — The Company’s marketable securities are classified as trading securities and reported at fair value, with changes in fair value recognized through realized and unrealized gains (losses) in other income (expense). Fair value is based on quoted prices for identical assets in active markets. Realized gains and losses are determined on the basis for the actual cost of the securities sold. Dividends on equity securities are recognized as income when declared. Fair Value — GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring 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 prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Level 2 inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. • 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 7 “Fair Value Measurements” for further detail.) Fair Value Option — The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. (See Note 7 “Fair Value Measurements” for further detail). The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company elected the fair value option for the General Partner notes payable. The carrying value of the General Partner notes payable represents the related General Partner lenders’ net asset value (“NAV”), in the respective fund and the General Partner lenders are entitled to receive distributions and carried interest. The NAV changes over time so marking the General Partner notes payable to fair value reflect these changes. Receivables from Affiliates — Receivables consist principally of amounts due from the funds and other affiliates. These include receivables associated with fund or asset management fees, property management fees and other fees. Additionally, the Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the private funds managed by the Company and related properties operated by the Company, which include: (i) organization and offering costs associated with the formation and offering; (ii) direct and indirect operating costs associated with managing the operations of the properties; and (iii) costs incurred in performing investment due diligence. During the normal course of business, the Company makes short-term uncollateralized loans to the funds for asset acquisition and working capital. The Company also has notes receivable with employees to purchase an equity interest in the Company or its affiliates or managed funds. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. The Company facilitates the payments of these fees, which are recorded as receivables, principally from affiliated parties on the condensed consolidated 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 as of June 30, 2022 and December 31, 2021, respectively. Accrued Performance Allocations — Performance allocations that are received in advance that remain subject to clawback are recorded as accrued performance allocations in the consolidated balance sheets. 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 earnings allocation formula or a preferred return to certain investors. The Company’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Bridge calculates the accrued performance allocations that would be due to Bridge for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued performance allocations to reflect either (a) positive performance resulting in an increase in the accrued performance allocation to the general partner, or (b) negative performance that would cause the amount due to Bridge to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued performance allocation to the general partner. In each scenario, it is necessary to calculate the accrued performance allocation on cumulative results compared to the accrued performance allocation recorded to date and make the required positive or negative adjustments. Bridge ceases to record negative performance allocations once previously accrued performance allocations for such fund have been fully reversed. Bridge is not obligated to pay guaranteed returns or hurdles in this situation, and therefore, cannot have negative performance allocations over the life of a fund. The carrying amounts of equity method investments are reflected in accrued performance allocations on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively, which are based on asset valuations one quarter in arrears. Other Investments — A non-controlling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Changes in fair value of equity method investments are recorded as realized and unrealized gains (losses) in other income (expense) on the condensed consolidated and combined statements of operations. 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. 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 condensed consolidated and combined statements of cash flows under the cumulative earnings approach. Impairment of Investments 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. Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet for all leases and to disclose certain information about leasing arrangements. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public business entities, ASC 842 was effective for annual reporting periods beginning after December 15, 2018. On June 3, 2020, the FASB extended the adoption date for all other entities, including emerging growth companies (“EGCs”), as defined by the SEC, that have elected to defer adoption until the standard is effective for non-public business entities, to annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted. The Company qualifies as an EGC and elected to take advantage of the extended transition period afforded to EGCs as it applies to the adoption of new accounting standards. In July 2018, the FASB issued ASU 2018-11, Targeted Improvements to Topic 842, Leases (“ASU 2018-11”). This guidance allows entities to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption. In addition, this guidance provides lessors with a practical expedient to not separate non-lease components from the associated lease components when certain criteria is met. The Company adopted ASC 842 on January 1, 2022, using the practical expedient to not apply the new lease standard in the comparative periods presented in the financial statements allowed for in ASU 2018-11. The Company also applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Upon adoption of ASC 842, the Company recorded a right-of-use (“ROU”) asset and lease liability of approximately $13.7 million and $15.8 million, respectively, which represents the aggregate discounted amount of the Company’s minimum lease obligations as of the adoption date. Included in the ROU asset was approximately $2.1 million of deferred rent and lease incentives, which was reclassified from other liabilities upon adoption of ASC 842; however, these amounts were not reclassified as of December 31, 2021, and are therefore not comparative. The adoption of this standard did not have a material impact on the condensed consolidated statement of operations for the three and six months ended June 30, 2022, as all of the Company’s leases are still classified as operating leases, which under the new guidance will continue to be recognized as expense on a straight-line basis. The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company primarily enters into operating lease agreements, as the lessee, for office space and certain equipment. Operating leases are included in other assets and other liabilities in the condensed consolidated balance sheet. Certain leases include lease and non-lease components, which the Company accounts for separately. Lease ROU assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Leases may include options to extend or terminate the lease which are included in the ROU assets and lease liability when they are reasonably certain of exercise. Lease ROU assets are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate based on information available at the inception date in determining the present value of future minimum lease payments. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheet. See Note 17 for more information. Business Combinations — The determination of whether an acquisition qualifies as an asset acquisition or business combination is an area that requires management’s use of judgment in evaluating the criteria of the screen test. Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Acquisitions of Businesses — The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions. Goodwill — Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. As of June 30, 2022 and December 31, 2021, the Company had goodwill of $56.0 million and $9.8 million, respectively. In January 2022, the Company acquired a 60% interest in Gorelick Brothers Capital’s (“GBC”) asset and property management business. The acquisition of GBC was accounted for as a business combination and recorded pursuant to the acquisition method of accounting. A majority of the fair value of the purchase consideration was attributed to goodwill, which was due to synergies expected through the ability to provide a vertically integrated approach upon launching the Bridge Single-Family Rental (“Bridge SFR”) investment strategy. Refer to Note 8 for further details on the GBC transaction. As of December 31, 2021, the Company had goodwill of $9.8 million related to the acquisitions 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 affiliated companies in 2016. 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 an annual goodwill impairment assessment as of December 31, 2021, and determined that there was no impairment of goodwill. 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, 2022, there were no indicators of goodwill impairment. Revenue Recognition — Revenues consist of fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums and other asset management and property income. The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. 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 funds and managed accounts, generally changes from committed capital to invested capital with no change in the management fee rate. The fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Fund management fees are recognized as revenue in the period advisory services are rendered, subject to ou |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The Company earns base management fees for the day-to-day operations and administration of its managed private funds and other investment vehicles. Other revenue sources include construction and development fees, insurance premiums, fund administration fees, and other asset management and property income, which includes property management and leasing fees, and are described in more detail in Note 2. The following tables present revenues disaggregated by significant product offerings, which align with the Company’s performance obligations and the basis for calculating each amount for the three and six months ended June 30, 2022 and 2021, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, FUND MANAGEMENT FEES 2022 2021 2022 2021 Funds $ 47,617 $ 33,510 $ 98,826 $ 62,980 Joint ventures and separately managed accounts 1,763 1,026 3,254 2,407 Total fund management fees $ 49,380 $ 34,536 $ 102,080 $ 65,387 Three Months Ended June 30, Six Months Ended June 30, PROPERTY MANAGEMENT AND LEASING FEES 2022 2021 2022 2021 Seniors Housing $ 7,059 $ 6,597 $ 14,165 $ 13,153 Multifamily 5,964 4,322 11,277 8,416 Office 4,083 3,416 8,347 9,512 Single-Family Rental 2,510 — 4,106 — Total property management and leasing fees $ 19,616 $ 14,335 $ 37,895 $ 31,081 Three Months Ended June 30, Six Months Ended June 30, CONSTRUCTION MANAGEMENT FEES 2022 2021 2022 2021 Multifamily $ 1,900 $ 1,133 $ 3,282 $ 2,058 Office 468 829 902 1,578 Seniors Housing 58 103 128 255 Total construction management fees $ 2,426 $ 2,065 $ 4,312 $ 3,891 Three Months Ended June 30, Six Months Ended June 30, TRANSACTION FEES 2022 2021 2022 2021 Acquisition fees $ 15,075 $ 13,137 $ 31,672 $ 17,789 Brokerage fees 2,568 3,105 7,969 3,779 Total transaction fees $ 17,643 $ 16,242 $ 39,641 $ 21,568 For the three and six months ended June 30, 2022 and 2021, 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. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The Company invests a portion of the premiums received at BIGRM in exchange traded funds and mutual funds. As of June 30, 2022 and December 31, 2021, the Company’s investment securities are summarized as follows (in thousands): Cost Unrealized Unrealized Fair June 30, 2022: Exchange traded funds $ 1,610 $ — $ (28) $ 1,582 Mutual funds 9,567 — (372) 9,195 Total marketable securities $ 11,177 $ — $ (400) $ 10,777 December 31, 2021: Exchange traded funds $ 1,159 $ 16 $ (4) $ 1,171 Mutual funds 6,873 18 (27) 6,864 Total marketable securities $ 8,032 $ 34 $ (31) $ 8,035 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The Company has interests in 151 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 Investments June 30, 2022 December 31, 2021 Accrued performance allocations (1) $ 575,527 $ 439,548 Other investments: Partnership interests in Company-sponsored funds (2) 55,505 31,984 Investments in third-party partnerships (3) 11,380 7,701 Other (4) 6,510 4,321 Total other investments $ 73,395 $ 44,006 (1) Represents various investment accounts in carried interest in the Contributed Bridge GP 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) Partnership interests in Company-sponsored funds are valued using NAV of the respective vehicle. (3) Investments in limited partnership interest in third-party private property technology (“PropTech”) venture capital firms are valued using NAV of the respective vehicle. (4) Other investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes. The Company recognized income related to its accrued performance allocations and other investments of $107.2 million and $79.2 million for the three months ended June 30, 2022 and 2021 and $182.4 million and $106.2 million for the six months ended June 30, 2022 and 2021, respectively, of which $103.7 million and $78.9 million for three months ended, and $178.5 million and $99.2 million for six months ended, respectively, related to accrued performance allocations recognized under the equity method. Of the total accrued performance allocations balance as of June 30, 2022 and December 31, 2021, $58.7 million and $41.0 million, respectively, were payable to affiliates and are included in accrued performance allocations compensation in the condensed consolidated balance sheets as of the periods then ended. 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. |
Notes Receivables from Affiliat
Notes Receivables from Affiliates | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Notes Receivables from Affiliates | NOTES RECEIVABLES FROM AFFILIATES As of June 30, 2022 and December 31, 2021, the Company had the following notes receivable from affiliates outstanding (in thousands): June 30, 2022 December 31, 2021 Bridge Logistics U.S. Venture I $ 19,793 $ 31,644 Bridge Office Fund II 18,000 3,000 Bridge Single-Family Rental Fund IV 15,000 — Bridge Debt Strategies Fund II 7,000 — Morrocroft Neighborhood Fund III, LP (1) 2,000 — Bridge Multifamily Fund V — 55,000 Bridge Seniors Housing Fund III — 24,500 Total short-term notes receivables from affiliates $ 61,793 $ 114,144 Notes receivables from employees 4,311 4,364 Total notes receivable from affiliates $ 66,104 $ 118,508 (1) Morrocroft Neighborhood Fund III, LP is a third-party single-family rental fund managed by Bridge Single-Family Rental Fund Manager LLC, which is a subsidiary of the Company. I nterest on the short-term notes receivables from affiliates accrues at a fixed rate of 4.025% per annum. As of June 30, 2022 and December 31, 2021, the Company had approximately $0.4 million and $0.3 million, respectively, of interest receivable outstanding, which is included in other assets in the accompanying condensed consolidated balance sheets for the periods then ended. During 2021, the Company executed multiple notes with employees, none of whom are officers or immediate family members of officers, to invest in the Company or the Operating Company. As of June 30, 2022, the aggregate outstanding principal amount outstanding was $4.3 million. These notes mature in 2027 and are interest-only for the first two years after origination at a rate of 4.025% per annum. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Exchange traded funds: Valued using the market price of the fund as of the consolidated balance sheet dates, June 30, 2022 and December 31, 2021. Exchange traded funds valued using quoted prices are classified within Level 1 of the fair value hierarchy. Mutual funds: Valued at the number of shares of the underlying fund multiplied by the closing NAV per share quoted by that fund as of the consolidated balance sheet dates, June 30, 2022 and December 31, 2021. The value of the specific funds the Company has invested in are validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1 in the fair value hierarchy. Accrued performance allocations and partnership interests: The Company generally values its investments in accrued performance allocations and partnership interests using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the NAV per share practical expedient. Other investments: Investments are accounted for using the measurement alternative to measure at cost adjusted for any impairment and observable price changes. Unrealized gains or losses on other investments are included in investment income (loss) on the consolidated and combined statements of operations. General Partner notes payable: Valued using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value. 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 table presents assets that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Measured at Total June 30, 2022 Assets: Exchange traded funds $ 1,582 $ — $ — $ — $ 1,582 Mutual funds 9,195 — — — 9,195 Accrued performance allocations — — — 575,527 575,527 Partnership interests — — — 66,885 66,885 Other investments — — 6,510 — 6,510 Total assets at fair value $ 10,777 $ — $ 6,510 $ 642,412 $ 659,699 Liabilities: General Partner notes payable $ — $ — $ — $ 12,364 $ 12,364 December 31, 2021 Assets: Exchange traded funds $ 1,171 $ — $ — $ — $ 1,171 Mutual funds 6,864 — — — 6,864 Accrued performance allocations — — — 439,548 439,548 Partnership interests — — — 39,685 39,685 Other investments — — 4,321 — 4,321 Total assets at fair value $ 8,035 $ — $ 4,321 $ 479,233 $ 491,589 Liabilities: General Partner notes payable $ — $ — $ — $ 12,003 $ 12,003 The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes (in thousands): Other Balance as of December 31, 2021 $ 4,321 Purchases 2,189 Balance as of June 30, 2022 $ 6,510 Accrued carried interest allocations, investments in funds, and investments in limited partnership interests in third-party private funds are valued using NAV of the respective vehicle. The following table presents investments carried at fair value using NAV (in thousands): Fair Value Unfunded June 30, 2022: Accrued performance allocations $ 575,527 $ — Partnership interests: Company-sponsored open-end fund 19,444 — Company-sponsored closed-end funds 36,061 3,291 Third-party closed-end funds 11,380 6,302 Total partnership interests $ 66,885 $ 9,593 December 31, 2021: Accrued performance allocations $ 439,548 $ — Partnership interests: Company-sponsored open-end fund 15,474 — Company-sponsored closed-end funds 16,510 20,885 Third-party closed-end funds 7,701 2,436 Total partnership interests $ 39,685 $ 23,321 The Company can redeem its investment in the Company-sponsored open-end fund with a 60-day notice. The Company’s interests in its closed-end funds are not subject to redemption, with distributions to be received through liquidation of underlying investments of the funds. The closed-end funds generally have eight Fair Value Information of Financial Instruments Reported at Cost 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 table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost (in thousands): Level 1 Level 2 Level 3 Total Carrying As of June 30, 2022: Notes payable (private notes) $ — $ — $ 135,004 $ 135,004 $ 150,000 As of December 31, 2021: Notes payable (private notes) $ — $ — $ 144,577 $ 144,577 $ 150,000 |
Business Combination and Goodwi
Business Combination and Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination and Goodwill | BUSINESS COMBINATION AND GOODWILLOn January 31, 2022, the Company acquired certain assets of Gorelick Brothers Capital (“GBC”), including a 60% interest in GBC’s asset and property management business (the “GBC Acquisition”). The 60% interest in GBC’s asset and property management business was acquired by the Operating Company for consideration of $30.0 million (total implied value of $50.0 million) with 50% paid in cash and 50% with 694,412 Class A Units of the Operating Company, which was based on a 15-day average of the Company’s closing stock price prior to the closing of the transaction. Upon consummation of the GBC Acquisition, (i) the GBC team and Bridge launched a single-family rental (“SFR”) strategy on the Bridge platform, (ii) Bridge and the former key principals of GBC formed and jointly own a new SFR investment manager within Bridge, and (iii) Bridge and the former GBC principals completed a $660.0 million recapitalization of a portfolio comprising more than 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States. The Operating Company now indirectly owns a 60% majority of the newly created Bridge SFR investment manager, and the former principals of GBC own the remaining 40%. A majority of the fair value of the purchase consideration was attributed to goodwill, with synergies expected to accrue from the vertically integrated Bridge SFR investment strategy. As part of the transaction, approximately $1.0 million of liabilities were assumed by the Operating Company as consideration for the purchase price. As of June 30, 2022, the remaining balance of the liabilities was $0.5 million. The number of Class A Units of the Operating Company that were transferred to GBC as a portion of the total consideration was based on an average closing price of the Company’s Class A common stock from January 13, 2022 through January 27, 2022. Class A Units of the Operating Company are exchangeable on a one-for-one basis with Class A common stock, subject to certain conditions. The following summarizes the total consideration for the GBC acquisition and the related purchase price allocation for the assets acquired, liabilities assumed and non-controlling interests (in thousands): Consideration Cash $ 15,089 Class A Units 14,930 Total consideration for equity interest acquired $ 30,019 Assets acquired, liabilities assumed and non-controlling interests Cash $ 56 Working capital 623 Trade name (1) 150 In place contracts (1) 3,195 Other liabilities (104) Fair value of net assets acquired $ 3,920 Non-controlling interest (1) (20,053) Goodwill (1) 46,152 Total assets acquired, liabilities assumed and non-controlling interests, net $ 30,019 (1) The fair value was determined using Level 3 assumptions. In connection with the GBC Acquisition, the Company expensed the closing costs during the period in which they were incurred, which is included in general and administrative expense on the consolidated statement of operations for the period then ended. Intangible assets acquired consist of fund and property management contracts and trade name. The fair value of management contracts was estimated based upon estimated net cash flows generated from those contracts, discounted at 8.5% with remaining lives estimated between 5 and 10 years for fund management contracts and 30-days for property management contracts. The trade name was valued using a relief-from-royalty method, based on estimated savings from an avoided royalty rate of 1% on expected revenue discounted at 8.5%, with an estimated useful life of 4 years. |
Insurance Loss Reserves and Los
Insurance Loss Reserves and Loss and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2022 | |
Loss And Loss Adjustment Liability And Expenses [Abstract] | |
Insurance Loss Reserves and Loss and Loss Adjustment Expenses | INSURANCE LOSS RESERVES AND LOSS AND LOSS ADJUSTMENT EXPENSES BIGRM is a wholly owned subsidiary of Bridge and is licensed under the Utah Captive Insurance Companies Act. BIGRM provides 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 (limit $250,000 per occurrence) • Property Deductible Reimbursement ($1,500,000 per occurrence/$3,000,000 policy annual aggregate) • General Liability Deductible Reimbursement ($5,000,000 in excess of $25,000 per occurrence; $10,000,000 policy annual aggregate) For BIGRM’s insured risks, claim expenses and the related insurance loss reserve liabilities are based on the estimated cost necessary to settle all reported and unreported claims occurring prior to the balance sheet dates. Additionally, claims are expensed when insured events occur or the estimated settlement costs are updated based on the current facts and the reporting date. Additionally, insurance claim expenses and insurance loss reserves include provisions for claims that have occurred but have yet to be reported. Insurance expenses and the insurance loss reserves 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 June 30, 2022. The insurance loss 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, 2022 and December 31, 2021, the Company had reserved $8.5 and $8.1 million, respectively. |
Self-Insurance Reserves
Self-Insurance Reserves | 6 Months Ended |
Jun. 30, 2022 | |
Insurance [Abstract] | |
Self-Insurance Reserves | SELF-INSURANCE RESERVES Medical Self-Insurance Reserves — The Company is primarily self-insured for employee health benefits. The Company records its self-insurance liability based on claims filed and an estimate of claims incurred but not yet reported. There is stop-loss coverage for amounts in excess of $125,000 per individual per year. If more claims are made than were estimated or if the costs of actual claims increase beyond what was anticipated, reserves recorded may not be sufficient and additional accruals may be required in future periods. As of June 30, 2022 and December 31, 2021, the Company had reserved $3.2 million and $2.5 million, respectively. Property and Casualty Reserves — As part of its property management business, the Company arranges for property and casualty risk management for the properties and entities affiliated with the Company (the “Insurance Program”). The Company 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 $25,000 deductible for property and casualty claims for insured events. Insured property losses in excess of $25,000 for multifamily properties and $50,000 of commercial office properties are self-insured or fully insured as described below. The Risk Management Program for property risks includes a Self-Insured Retention (“SIR”) component in order to more efficiently manage the risks. The Company’s SIR is comprised of a layer of losses that the Company 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 multifamily losses above $100,000 are fully insured. For commercial office and senior housing properties, all losses are fully insured after the $50,000 deductible has been met. For logisitcs and net lease properties, all losses are fully insured after the $100,000 dedecutible has been met and for single-family rental properties all losses are fully insured after the $250,000 deductible has met. BIGRM, the captive risk management company wholly owned by the Operating Company, provides a $5.0 million insurance policy to cover the following: 100% of the $3.0 million layer above the multifamily deductible and SIR. All losses above $3.0 million are fully insured by multiple outside insurance carriers. On June 20, 2022 the per-occurrence limit increased from $750,000 for any single loss with an aggregate limit of $2.0 million to a per-occurrence limit of $1.5 million for any single loss with an aggregate limit of $3.0 million. All losses above the SIR thresholds are fully insured with the exception of catastrophic loss deductibles in excess of the deductibles outlined above. Catastrophic losses, in zones deemed catastrophic (CAT Zones), such as earthquake, named storm and flood zones, have deductibles that equal up to 5% of the insurable value of the property affected for a particular loss. Any catastrophic losses in non-CAT Zones are insured with the same $25,000/$50,000 deductibles and SIR of $75,000 for multifamily properties as outlined above. On June 20, 2020, the Company 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, which was increased on June 20, 2022 to a per-occurrence of limit $5.0 million and per location limit of $10.0 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, 2022 and December 31, 2021, the Company had reserved $0.3 million and $1.0 million, respectively. |
General Partner Notes Payable
General Partner Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
General Partner Notes Payable [Abstract] | |
General Partner Notes Payable | 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 and BMF III GP this commitment was satisfied by 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 so that changes in value are recorded in investment income (loss). The following table summarizes the carrying value of the General Partner Notes Payable (in thousands): Fair Value Commitment June 30, 2022 December 31, 2021 Bridge Seniors Housing Fund I $ 4,775 $ 5,010 $ 5,309 Bridge Multifamily Fund III 9,300 7,354 6,694 Total $ 14,075 $ 12,364 $ 12,003 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. During the three and six months ended June 30, 2022, the Company incurred $1.2 million of interest expense related to distributions during the periods then ended. |
Line Of Credit
Line Of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Line of Credit Facility [Abstract] | |
Line Of Credit | LINE OF CREDIT On June 3, 2022, the Operating Company entered into a credit agreement with CIBC, Inc. and Zions Bancorporation, N.A. d/b/a Zions First Nation Bank as Joint Lead Arrangers (“the Credit Agreement”). The Credit Agreement allows for total revolving commitments of up to $125.0 million, which may increased up to $225.0 million, contingent on certain criteria being met (the “Credit Facility”). The Credit Facility matures on June 3, 2024, subject to potential extension under certain circumstances. Borrowings under the Credit Facility bear interest based on a pricing grid with a range of a 2.50% to 3.00% over the Term Secured Overnight Financing Rate (“SOFR”) as determined by the Company’s leverage ratio, or upon achievement of an investment grade rating, interest is then based on a range of 1.75% to 2.25% over Term SOFR. The Credit Facility is also subject to a quarterly unused commitment fee of up to 0.20%, which is based on the daily unused portion of the Credit Facility. Borrowings under the Credit Facility may be repaid at any time during the term of the Credit Agreements, but require paydown at least once annually. Under the terms of the Credit Agreement, certain of the Operating Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things, limit the Operating Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Operating Company to maintain (1) a debt to Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million and (3) minimum quarterly EBITDA of $15 million and minimum EBITDA for the trailing four fiscal quarters of $80 million. The carrying value of the Credit Facility approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements. On July 22, 2020, the Operating Company entered in a secured revolving line of credit to borrow up to $75.0 million (“Line of Credit”). Borrowings under this arrangement accrued interest at LIBOR plus 2.25%. The revolving Line of Credit contained various financial covenants applicable to the Operating Company. The covenants required the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.0x, (2) minimum liquidity of $2.5 million, (3) $20.0 million of affiliate deposits in a specific financial institution and (4) minimum quarterly EBITDA of $10.0 million. The Line of Credit was to mature on July 22, 2022, however the Company terminated the Line of Credit in June 2022 in connection with its entry into the Credit Agreement. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTES PAYABLE On July 22, 2020, the Operating Company entered into a $150.0 million Note Purchase Agreement, pursuant to which it issued two tranches of notes (the “2020 Private Placement Notes”). As of June 30, 2022 and December 31, 2021, unamortized deferred financing costs were $1.6 million and $1.9 million, respectively, and the net carrying value of the 2020 Private Placement Notes was $148.4 million and $148.1 million, respectively. The 2020 Private Placement Notes have two tranches: a 5-year 3.9% fixed rate tranche that matures on July 22, 2025 and a 7-year 4.15% fixed rate tranche that matures on July 22, 2027. The 2020 Private Placement Notes contain various financial covenants applicable to the Operating Company. The covenants, as amended in June 3, 2022, require the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million, and (3) minimum quarterly EBITDA of $15.0 million and a minimum EBITDA for the trailing four fiscal quarters of $80.0 million. The 2020 Private Placement Notes are collateralized by the assets of the Operating Company. On June 3, 2022, the Operating Company entered into a $150.0 million note purchase agreement pursuant to which the Operating Company issued two tranches of senior notes in private placement with a weighted-average interest rate of 5.05% as of the issuance date. The transaction consists of $75.0 million of 5.00% notes with a ten-year term maturing on July 12, 2032, and $75.0 million of 5.10% notes with a twelve-year term maturing on July 12, 2034 (the “2022 Private Placement Notes,” and together with the 2020 Private Placement Notes, the “Private Placement Notes”). The 2022 Private Placement Notes are collateralized by the assets of the Operating Company. The funding of the 2022 Private Placement Notes closed in July 2022. The 2022 Private Placement Notes contain covenants that, among other things, limit the Company’s ability to: incur indebtedness; create, incur or allow liens; merge with other companies; engage in new or different lines of business; and engage in transactions with affiliates. The 2022 Private Placement Notes also contain financial covenants requiring the Operating Company to maintain (1) a debt to EBITDA ratio of no more than 3.75x, (2) minimum liquidity of $15.0 million and (3) minimum quarterly EBITDA of $15.0 million and minimum EBITDA for the trailing four fiscal quarters of $80.0 million. As of June 30, 2022, the Company was in full compliance with all debt covenants. The following table presents scheduled principal payments of the Operating Company’s debt as of June 30, 2022 (in thousands): 2022 $ — 2023 — 2024 — 2025 75,000 2026 — 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 Operating Company’s Private Placement Notes are recorded as a reduction of the corresponding debt obligation. All debt issuance costs are amortized over the remaining term of the related obligation. The following table presents the activity of the Company’s debt issuance costs for the six months ended June 30, 2022 (in thousands): Unamortized debt issuance costs as of December 31, 2021 $ 1,858 Amortization of debt issuance costs (214) Unamortized debt issuance costs as of June 30, 2022 $ 1,644 Interest expense was $1.5 million and $3.0 million for both the three and six months ended June 30, 2022 and 2021, respectively. |
Other Income - Realized Gains (
Other Income - Realized Gains (Losses) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income - Realized Gains (Losses) | OTHER INCOME — REALIZED GAINS (LOSSES) Realized gains (losses) in the condensed consolidated and 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 the General Partner Note Payable 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 table summarizes realized gains (losses) on investments and other financial instruments for the three and six months ended June 30, 2022 and 2021, respectively (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Investment in Company-sponsored funds $ (256) $ 5,097 $ 4,841 $ (5) $ 411 $ 406 Investment in third-party partnerships (49) 7 (42) (270) 1,279 1,009 Other investments — — — (17) 26 9 General Partner Notes Payable 28 (1,021) (993) — (1,124) (1,124) Total realized gains (losses) $ (277) $ 4,083 $ 3,806 $ (292) $ 592 $ 300 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Net Realized Net Unrealized Total Net Realized Net Unrealized Total Investment in Company-sponsored funds $ (249) $ 3,857 $ 3,608 $ (4) $ 4,452 $ 4,448 Investment in third-party partnerships (61) 1,593 1,532 (312) 1,523 1,211 Other investments — — — — 22 22 General Partner Notes Payable (68) (754) (822) — 416 416 Total realized gains (losses) $ (378) $ 4,696 $ 4,318 $ (316) $ 6,413 $ 6,097 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company is taxed as a corporation for U.S. federal and state income tax purposes. In addition to U.S. federal and state income taxes, the Company is subject to local and foreign income taxes, with respect to the Company’s allocable share of any taxable income generated by the Operating Company that flows through to the Company. The Operating Company and its subsidiaries, other than BIGRM and BPM, are limited liability companies or limited partnerships and, as such, are not subject to income taxes. The individual owners of the Operating Company and its subsidiaries are required to report their distributive share of realized income, gains, losses, deductions, or credits on their individual income tax returns. In connection with the exchanges of Operating Company interests for Class A common stock by the Original Equity Owners in July and August 2021, the Company’s ownership in the Operating Company increased, which resulted in a deferred tax asset. Additionally, in connection with the exchange transactions the Company recorded an initial corresponding TRA liability of $44.4 million, representing 85% of the incremental net cash tax savings for the Company due to the exchanging Original Equity Owners. During the six months ended June 30, 2022, certain Original Equity Owners exchanged a portion of their Class A Units for Class A common stock, which also resulted in a redemption of the corresponding Class B common stock. The exchange increased the deferred income tax asset from $59.0 million, and the corresponding TRA liability from $46.1 million, as of December 31, 2021, to $64.9 million and $51.3 million as of June 30, 2022, respectively. The Company’s effective tax rate was approximately 2% and 1% for the quarters ended June 30, 2022 and 2021, respectively, and 4% and 1% for the six months ended June 30, 2022 and 2021, respectively. 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 can vary from period to period. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate primarily because (a) the Company was not subject to U.S. federal taxes prior to the Transactions and the IPO and (b) a portion of income is allocated to non-controlling interests, and the tax liability on such income is borne by the holders of such non-controlling interests. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. As of June 30, 2022, the Company had no unrecognized tax positions and does not expect any changes to uncertain tax positions within the next 12 months. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. Although the outcome of tax audits is always uncertain, based on information available to the Company as of the date hereof, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s condensed consolidated and combined financial statements. |
Shareholders Equity
Shareholders Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Initial Public Offering On closing of the IPO, owners of the Contributed Bridge GPs contributed their interests in the respective Contributed Bridge GPs in exchange for LLC Interests in the Operating Company. Prior to the IPO, the Operating Company did not have any direct interest in the Contributed Bridge GPs. Subsequent to the Transactions, the Operating Company consolidates the Contributed Bridge GPs. These condensed consolidated and combined financial statements include 100% of the results of operations and performance of the Contributed Bridge GPs for the periods presented, including prior to the IPO, on the basis of common control prior to the Transactions. The net income that is not attributable to the Operating Company is reflected in net income attributable to non-controlling interests in the subsidiaries in the condensed consolidated and combined statements of operations and comprehensive income. Prior to the Transactions, the Contributed Bridge GPs had 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. As part of the Transactions, all of the Class C shares of the Contributed Bridge GPs were exchanged for interests in the Operating Company. Generally, if at the termination of a fund (and at interim points in the life of a fund), the fund has not achieved investment returns that exceed the preferred return threshold or (in all cases) the applicable Bridge GP receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GP will be obligated to repay an amount equal to the excess of amounts previously distributed to the Bridge GP over the amounts to which the Bridge GP was ultimately entitled (generally net of income tax liabilities associated with related allocations of taxable income). All of the distributable earnings of the Operating Company prior to the IPO were payable to the Original Equity Owners. As of June 30, 2022 and December 31, 2021, there was $1.4 million that was declared that had not yet been distributed to Original Equity Owners. Changes in Shareholders’ Equity and Non-Controlling Interests Collapse of 2019 Profits Interest Awards On January 1, 2022, the Company’s 2019 profits interests awards were collapsed into 790,424 shares of Class A common stock and 13,255,888 Class A Units. The profits interests were collapsed based on their fair values and the relative value of the Company, based on Distributable Earnings attributable to the Operating Company, Distributable Earnings of the applicable subsidiary where such profits interests were held, and the market price of the Company’s Class A common stock as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for periods subsequent to January 1, 2022; however, there was a corresponding increase in the number of outstanding Class A Units and shares of Class A common stock. The collapse of the 2019 profits interests awards was partially accounted for as a modification and partially accounted for as cancellations. For the 2019 profits interest awards that were cancelled, the Company accelerated the recognition of the unamortized share-based compensation expense amounting to $0.6 million for the six months ended June 30, 2022. Issuance of Class A Units for Acquisition In January 2022, the Company acquired a 60% interest in GBC’s asset and property management business for consideration of $30 million, with 50% paid in cash and 50% with 694,412 Class A Units of the Operating Company valued at $14.9 million, which was based on an average of the Company’s closing stock price prior to the closing of the GBC Acquisition. Non-controlling Interest in Bridge Investment Group Holdings Inc. Certain current and former employees of the Company directly or indirectly own interests in the Operating Company, presented as non-controlling interests in the Operating Company. Non-controlling interests in the Operating Company have the right to require the Operating Company to redeem part or all of such member’s Class A Units for cash based on the market value of an market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company’s election as managing member of Operating Company, through issuance of shares of Class A common stock on a one-for-one basis. At the end of each period, non-controlling interests in Operating Company is adjusted to reflect their ownership percentage in Operating Company at the end of the period, through a reallocation between controlling and non-controlling interests in Operating Company. During the three and six months ended June 30, 2022, 146,654 and 980,684 Class A Units, respectively, were redeemed, with the issuance of Class A common stock on a one-for-one basis. Bridge Investment Group Holdings Inc. The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Class A common stock is traded on the New York Stock Exchange. The Company is authorized to issue 500,000,000 shares of Class A common stock with a par value of $0.01 per share, 239,208,722 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. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to ten votes. See Note 1 “Organization” for more information about the Company’s common stock. As of June 30, 2022, 29,077,806 shares of Class A common stock (including Restricted Stock) were outstanding, 85,691,621 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding. The following table presents a reconciliation of Bridge Investment Group Holdings Inc. common stock for the six months ended June 30, 2022: Bridge Investment Group Holdings Inc. Class A Class A Class B Balance as of December 31, 2021 22,742,137 2,417,662 86,672,305 Class A common stock issued - 2019 Profits Interests conversion 56,134 734,290 — Class A common stock issued - unitholder conversions 980,684 — (980,684) Class A restricted common stock issued — 2,211,485 — Class A restricted common stock forfeited — (64,586) — Class A restricted common stock vested 299,152 (299,152) — Balance as of June 30, 2022 24,078,107 4,999,699 85,691,621 Dividends are reflected when paid in the consolidated and combined statements of stockholders’ equity, while distributions are reflected when declared by the Company’s board of directors. Dividends are made to Class A common stockholders and distributions are made to members of the Operating Company and holders of non-controlling interests in subsidiaries. During the three and six months ended June 30, 2022, the Company declared and paid the following dividends on Class A common stock (dollars in thousands, except per share amounts): Dividend Record Date Dividend Payment Date Dividend per Share of Common Stock Dividend to Common Stockholders March 11, 2022 March 25, 2022 $ 0.21 $ 5,917 June 3, 2022 June 17, 2022 0.26 7,614 $ 0.47 $ 13,531 Bridge Investment Group Holdings LLC Prior to the IPO, the Operating Company had three classes of membership interests: (i) Class A; (ii) Class B-1; and (iii) Class B-2. Class A and Class B-1 represented the voting equity holders and Class B-2 represented profits interests awarded to employees of the Operating Company. Class B-1 and B-2 interests were issued as “profits interests,” pursuant to agreements entered into with certain employees during 2021, 2020 and 2019. At the time of issuance, the Class B-1 and B-2 interests had a capital account interest of zero percent. The holders of Class B-1 and B-2 interests were entitled to distributions in excess of the defined threshold per the respective award. The holders of Class B-2 interests did not have voting rights. As part of the Transactions, the Class B-1 and Class B-2 Units were exchanged for Class A Units in the Operating Company. As part of the Transactions and IPO, 97,463,981 new Class B Units were issued. Net profits and any other items of income are allocated to the members’ capital accounts in a manner that is consistent with their respective ownership percentages. Distributions to members are generally made 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 directors. During the three and six months ended June 30, 2022, $38.6 million and $56.1 million, respectively, was distributed to non-controlling interests in the Operating Company and $42.2 million and $70.8 million, respectively, was distributed to non-controlling interest in the Company. During the three and six months ended June 30, 2021, $136.1 million and $157.9 million, respectively, was distributed to the Operating Company’s members prior to the IPO and Transactions and $7.8 million and $14.0 million, respectively, was distributed to non-controlling interests. The Operating Company’s Members’ capital interests are transferable; however, transfers are subject to obtaining the prior written consent of the Company, with certain exceptions for transfers to affiliated parties. Members’ liability is limited to the capital account balance. Distributions are reflected in the condensed consolidated and combined statements of changes in shareholders equity when declared by the board of directors and consist of distributions to members and non-controlling interest holders. As of June 30, 2022, the Company is the sole managing member of the Operating Company, and owns 29,144,443 Class A Units and 97,463,981 Class B Units (voting only), respectively, of the Operating Company, which is 23% and 100% of the total outstanding Class A Units and Class B Units, respectively. The Company controls the business and affairs of the Operating Company and its direct and indirect subsidiaries. The following table presents a reconciliation of Bridge Investment Group Holdings LLC Interests for the six months ended June 30, 2022: Bridge Investment Group Holdings LLC Class A Class B Balance as of December 31, 2021 109,699,232 97,463,981 Issuance of Class A Units 14,760,227 — Balance as of June 30, 2022 124,459,459 97,463,981 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company leases office space generally under long-term non-cancelable operating lease agreements. The terms of each lease are unique and some permit early cancellation, while other leases have only a short period of time remaining on what was originally a longer dated lease agreement that is nearing the maturity. Certain leases contain renewal options, rent escalations, 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. The following is a summary of the Company’s leases as of June 30, 2022 (dollar amounts in thousands): Right-of-use assets, included in Other assets $ 16,116 Lease Liabilities, included in Other liabilities $ 18,318 Weighted-average remaining lease term (in years) 4.7 Weighted-average discount rate 4.19 % The components of lease expense included in general and administrative in the condensed consolidated and combined statements of operations for the three and six months ended June 30, 2022 are as follows (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease costs $ 1,056 $ 2,121 Variable lease costs 70 102 Total lease costs, included in general and administrative expenses $ 1,126 $ 2,223 Cash paid for amounts included in the measurement of operating lease liabilities $ 894 $ 2,061 Of the total leases costs for the three and six months ended June 30, 2022, $0.2 million and $0.4 million, respectively, was related to short-term leases with a term of less than one year. Total rent expense for all of the Company’s office leases for the three and six months ended June 30, 2021 was $1.0 million and $2.1 million, respectively, (net of lease incentive amortization of and $0.1 million and $0.2 million, respectively). As of June 30, 2022, the maturities of operating lease liabilities were as follows (in thousands): Remainder of 2022 $ 2,262 2023 5,009 2024 4,029 2025 3,120 2026 3,061 Thereafter 2,738 Total lease liabilities 20,219 Less: Imputed interest (1,901) Total operating lease liabilities $ 18,318 Allocated Performance Income — Allocated performance income is affected by changes in the fair values of the underlying investments in the funds that we advise. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the applicable Bridge GP receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Bridge GP will be obligated to repay carried interest that was received by the Bridge GP in excess of the amounts to which the Bridge GP is entitled. This contingent obligation is normally reduced by income taxes paid by the members of the Bridge GP (including the Company) related to its carried interest. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Bridge GP if the Bridge GP has recognized more performance income than was ultimately earned. The general partner clawback obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund. As of June 30, 2022 and December 31, 2021, 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 $153.0 million and $120.9 million, respectively, of which $126.4 million and $106.9 million, respectively, 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. If the funds were liquidated at their fair values as of June 30, 2022, there would be no contingent repayment obligation or liability. Legal Matters — In the normal course of business, the Company is party to certain claims or legal actions. Although the amount of the ultimate exposure cannot be determined at this time, the Company believes that the resolution of these matters will not have a material adverse effect on its financial position, liquidity or results of operations. Standby Letters of Credit — As of June 30, 2022, the Company has guaranteed a $6.0 million standby letter of credit related to the self-insurance program of the properties owned by the funds. Additionally, as of June 30, 2022, the Company has guaranteed a $362,000 standby letter of credit related to an operating lease. Indemnifications and Other Guarantees — In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to certain officers and directors when they act in good faith in the performance of their duties for the Company. 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 or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheet as of June 30, 2022. Based on past experience, management believes that the risk of loss related to these indemnities is remote. The Company may incur contingent liabilities for claims that may be made against it in the future. The Company enters into contracts that contain a variety of representations, warranties and covenants. For example, the Company, and certain of the Company’s funds have provided non-recourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, in connection with certain investment vehicles that the Company manages. The Company’s maximum exposure under these arrangements is currently unknown, and the Company’s liabilities for these matters would require a claim to be made against the Company in the future. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 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 rights without cause, or substantive participating rights that could be exercised by a simple majority of limited partners or by a single limited partner. Accordingly, the absence of such rights, which represent voting rights in a limited partnership, results in the private funds being considered VIEs. The nature of the Company’s involvement with its sponsored funds comprises fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company and contain terms and conditions that are customary to similar at-market fee arrangements. 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 $66.9 million and $39.7 million as of June 30, 2022 and December 31, 2021, respectively, included in other investments on the condensed consolidated balance sheets. The Operating Company consolidates certain VIEs for which it is the primary beneficiary. Pre-IPO VIEs consisted of certain operating entities not wholly owned by the Company and included Bridge Seniors Housing Fund Manager LLC, Bridge Debt Strategies Fund Manager LLC, Bridge Office Fund Manager LLC, Bridge Agency MBS Fund Manager LLC, Bridge Net Lease Fund Manager LLC, Bridge Logistics Properties Fund Manager LLC, and the Bridge GPs. As part of the Transactions and IPO, the Operating Company acquired the non-controlling interest of its consolidated subsidiaries BSHM and BOFM, which was accounted for as an equity transaction with no gain or loss recognized in combined net income for the period then ended. The carrying amounts of the non-controlling interest in BSHM and BOFM were adjusted to zero. The assets of the Operating Company’s consolidated VIEs totaled $976.1 million and $787.3 million as of June 30, 2022 and December 31, 2021 respectively, while the liabilities of the consolidated VIEs totaled $304.7 million and $249.7 million as of same dates. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities. Additionally, the Operating Company is a VIE that is consolidated by the Company. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates, including fund management fees, property management 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 condensed consolidated 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 corporate professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following (in thousands): June 30, 2022 December 31, 2021 Fees receivable from non-consolidated funds $ 21,273 $ 23,991 Payments made on behalf of and amounts due from non-consolidated entities 12,913 11,388 Total receivables from affiliates $ 34,186 $ 35,379 As of June 30, 2022 and December 31, 2021, the Company had accrued $51.3 million and $46.1 million due to affiliates in connection with the TRA (see Note 2, “Significant Accounting Policies,” for more details), which was included in due to affiliates for the period then ended. |
Share-based Compensation and Pr
Share-based Compensation and Profits Interests | 6 Months Ended |
Jun. 30, 2022 | |
SHARE-BASED COMPENSATION AND PROFITS INTERESTS [Abstract] | |
Share-based compensation and profits interests | SHARE-BASED COMPENSATION AND PROFITS INTERESTS Restricted Stock and RSUs 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 were reserved for issuance. On January 1, 2022, the number of shares available under the 2021 Incentive Award Plan increased to 8,836,972. As of June 30, 2022, 4,490,564 shares remained available for future grants. Restricted Stock and RSUs are subject to graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversaries of the grant date. At vesting of the RSUs, the Company issues shares of Class A common stock. The fair value of the Restricted Stock and RSUs is based upon our stock price at grant date and is expensed over the vesting period. We classify both Restricted Stock and RSUs as equity instruments. Share-based compensation expense is included in employee compensation and benefits in the condensed consolidated and combined statement of operations, with the corresponding increase included in additional paid-in capital or non-controlling interests on the condensed consolidated balance sheet. If the recipient leaves prior to vesting of the Restricted Stock or RSUs, the awards are forfeited. During the three and six months ended June 30, 2022, the Company reversed approximately $55,000 and $0.1 million, respectively, of share-based compensation related to Restricted Stock and RSU forfeitures. Restricted Stock is Class A common stock with certain restrictions that relate to trading and carry the possibility of forfeiture. Holders of Restricted Stock have full voting rights and receive dividend equivalents during the vesting period. RSUs represent rights to one share of common stock for each unit. Holders of RSUs receive dividends during the vesting period but do not have voting rights. During the six months ended June 30, 2022, 50,137 RSUs were issued at a weighted-average fair value per share of $23.84. The following summarizes Restricted Stock activity for the six months ended June 30, 2022 (in thousands, except per share data): Restricted Weighted-Average Fair Value per Share Balance as of December 31, 2021 2,417,662 $ 15.82 Issued 2,945,775 24.49 Vested (299,152) 23.83 Forfeited (64,586) 15.79 Balance as of June 30, 2022 4,999,699 $ 20.45 The total value at grant date of Restricted Stock and RSUs granted during the six months ended June 30, 2022, was $72.1 million and $1.2 million, respectively. As of June 30, 2022, 4,999,699 shares of Restricted Stock and 66,637 RSUs were expected to vest with an aggregate intrinsic value of $72.7 million and $1.0 million, respectively. As of June 30, 2022, the aggregate unrecognized compensation cost for all unvested Restricted Stock and RSU awards was $73.2 million, which is expected to be recognized over a weighted-average period of 2.7 years. Profits Interests The Operating Company issued profits interests in the Operating Company and certain Fund Managers in 2019, 2020, and 2021 to certain members of management to participate in the growth of the Operating Company 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 from 5% to 40% of the related Fund Managers above a certain income and valuation threshold. The Operating 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 interests awards are expensed over the vesting period. The award shares are subject to graded vesting with approximately one-third of such grants vesting on the third, fourth and fifth anniversaries of the grant date. The Operating Company also issued anti-dilutive awards to active partners. Since the anti-dilutive awards were fully vested, the Company recorded 100% of the fair value as share-based compensation in the year the anti-dilutive shares were granted. 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. At June 30, 2022, the aggregate unrecognized compensation cost for all unvested profits interests awards was $7.8 million, which is expected to be recognized over a weighted-average period of 2.4 years. The following table summarizes our share-based compensation expense associated with our profits interests awards, Restricted Stock, and RSUs, which is recorded in employee compensation and benefits on the condensed consolidated and combined statement of operations and comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Antidulutive profits interest awards $ — $ 13,609 $ — $ 13,609 Profits interests award shares $ 841 $ 1,015 $ 2,457 $ 1,856 Restricted Stock and RSUs 5,712 — 11,361 — Total share-based compensation $ 6,553 $ 14,624 $ 13,818 $ 15,465 As of June 30, 2022, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands): As of June 30, 2022 Total Restricted Stock Profits interest Remainder of 2022 $ 13,334 $ 11,678 $ 1,656 2023 25,807 22,966 2,841 2024 23,334 21,277 2,057 2025 13,056 12,102 954 2026 5,441 5,127 314 Thereafter 82 82 — Total $ 81,054 $ 73,232 $ 7,822 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHAREBasic and diluted earnings per share of Class A common stock is presented only for the three and six months ended June 30, 2022. There were no shares of Class A common stock outstanding prior to the Transactions and the IPO, therefore, no earnings per share information has been presented for any period prior to the date of the IPO. The following table presents our EPS for the three and six months ended June 30, 2022, respectively (in thousands, except per share amounts): Numerator: Three Months Ended Six Months Ended Net income attributable to Bridge Investment Group Holdings Inc. $ 12,940 $ 22,711 Less: Income allocated to Restricted Stock and RSUs (915) (1,608) Distributions on Restricted Stock and RSUs (1,436) (2,432) Net income available to Class A common shareholders - basic and diluted $ 10,589 $ 18,671 Denominator: Weighted-average shares of Class A common stock outstanding - basic and diluted 24,029,107 23,581,393 Earnings per share of Class A common stock - basic and diluted $ 0.44 $ 0.79 Basic earnings per share is calculated by dividing earnings available to Class A common shareholders by the weighted-average number of Class A common shares outstanding for the period. Restricted Stock and RSUs that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested Restricted Stock have been excluded as applicable, from earnings available to Class A common stockholders used in basic and diluted earnings per share. Diluted earnings per share of Class A common stock is computed by dividing earnings available to Bridge Investment Group Holdings Inc., giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any. Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to the Company and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOther than as disclosed elsewhere in these notes to condensed, consolidated and combined financial statements, no subsequent events have occurred that would require recognition in the condensed, consolidated and combined financial statements or disclosure in the accompanying footnotes. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The Operating Company and the Contributed Bridge GPs were historically under common control. Prior to the IPO, the financial statements were the combined financial statements of the Operating Company and the then-existing Contributed Bridge GPs. Subsequent to the IPO, the financial statements are the consolidated financial statements of the Company and its subsidiaries. The accompanying unaudited condensed consolidated and combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated and combined financial statements are presented fairly and that estimates made in preparing the condensed consolidated and combined financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated and combined financial statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated and combined financial statements should be read in conjunction with the Company’s audited consolidated and combined financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”). |
Reclassifications | Reclassifications — Certain prior year amounts on the condensed consolidated balance sheet have been reclassified to conform with the presentation as of June 30, 2022. These prior year reclassifications included combining current and long-term asset classifications to present a non-classified balance sheet and to condense tenant improvements, furniture and equipment with other assets. These reclassifications did not affect net income or shareholders’ equity as of or for the periods ended June 30, 2022 and December 31, 2021, respectively. |
Principles of Consolidation | Principles of Consolidation — The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements. |
Variable Interest Entities | Variable Interest Entities |
Voting Interest Entities | Voting Interest Entities — Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities’ voting interests or through other arrangements. |
Non-controlling Interests | Non-controlling Interests — Non-controlling interests represent the share of consolidated entities owned by third parties. Bridge recognizes each non-controlling shareholder’s respective ownership at the estimated fair value of the net assets at the date of formation or acquisition. Non-controlling interests are subsequently adjusted for the non-controlling shareholder’s additional contributions, distributions and their share of the net earnings or losses of each respective consolidated entity. Net income is allocated to non-controlling interests based on the weighted-average ownership interest during the period. The net income that is not attributable to Bridge is reflected in net income attributable to non-controlling interests in the consolidated statements of operations and comprehensive income and shareholders’ equity. Non-controlling interests include non-controlling interests attributable to Bridge Investment Group Holdings Inc. and non-controlling interests attributable to the Operating Company. Non-controlling interests attributable to the Operating Company represent third-party equity interests in the Operating Company subsidiaries related to general partner and fund manager equity interests as well as profits interest awards. Non-controlling interests attributable to Bridge Investment Group Holdings Inc. include equity interests in the Operating Company owned by third-party investors. Non-controlling interests in the Operating Company are adjusted to reflect their ownership percentage in the Operating Partnership at the end of the period, through a reallocation between controlling and non-controlling interest in the Operating Partnership, as applicable. |
Use of Estimates | Use of Estimates — The preparation of condensed consolidated and 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. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments, which directly affect accrued performance allocations and related compensation, the carrying amount of the Company's equity method investments, the measurement of deferred tax balances (including valuation allowances), and the accounting for goodwill, all of which involve a high degree of judgement and complexity and may have a significant impact on net income. Actual results could differ from those estimates and such differences could be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents — The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are financial instruments that are exposed to concentrations of credit risk. Cash balances may be invested in money market accounts that are not insured. The Company holds and invests its cash with high-credit quality institutions in amounts that regularly exceed the amount insured by the Federal Deposit Insurance Corporation for a single financial institution. However, the Company has not realized any losses in such cash investments or accounts and believes it is not exposed to any significant credit risk. |
Restricted Cash | Restricted Cash — Restricted cash primarily consists of a collateral trust account for the benefit of the insurance carriers associated with Bridge Investment Group Risk Management, Inc. (“BIGRM”). These funds are held as collateral for the insurance carriers in the event of a claim that would require a high deductible payment from BIGRM. |
Marketable Securities | Marketable Securities — The Company’s marketable securities are classified as trading securities and reported at fair value, with changes in fair value recognized through realized and unrealized gains (losses) in other income (expense). Fair value is based on quoted prices for identical assets in active markets. Realized gains and losses are determined on the basis for the actual cost of the securities sold. Dividends on equity securities are recognized as income when declared. |
Fair Value | Fair Value — GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring 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 prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Level 2 inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. • 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. |
Fair Value Option | Fair Value Option — The fair value option provides an option to elect fair value as a measurement alternative for selected financial instruments. (See Note 7 “Fair Value Measurements” for further detail). The fair value option may be elected only upon the occurrence of certain specified events, including when the Company enters into an eligible firm commitment, at initial recognition of the financial instrument, as well as upon a business combination or consolidation of a subsidiary. The election is irrevocable unless a new election event occurs. The Company elected the fair value option for the General Partner notes payable. The carrying value of the General Partner notes payable represents the related General Partner lenders’ net asset value (“NAV”), in the respective fund and the General Partner lenders are entitled to receive distributions and carried interest. The NAV changes over time so marking the General Partner notes payable to fair value reflect these changes. |
Receivables from Affiliates | Receivables from Affiliates — Receivables consist principally of amounts due from the funds and other affiliates. These include receivables associated with fund or asset management fees, property management fees and other fees. Additionally, the Company is entitled to reimbursements and/or recovers certain costs paid on behalf of the private funds managed by the Company and related properties operated by the Company, which include: (i) organization and offering costs associated with the formation and offering; (ii) direct and indirect operating costs associated with managing the operations of the properties; and (iii) costs incurred in performing investment due diligence. During the normal course of business, the Company makes short-term uncollateralized loans to the funds for asset acquisition and working capital. The Company also has notes receivable with employees to purchase an equity interest in the Company or its affiliates or managed funds. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. The Company facilitates the payments of these fees, which are recorded as receivables, principally from affiliated parties on the condensed consolidated balance sheets, until such amounts are repaid. The Company assesses the |
Accrued Performance Allocations | Accrued Performance Allocations — Performance allocations that are received in advance that remain subject to clawback are recorded as accrued performance allocations in the consolidated balance sheets. 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 earnings allocation formula or a preferred return to certain investors. The Company’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Bridge calculates the accrued performance allocations that would be due to Bridge for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued performance allocations to reflect either (a) positive performance resulting in an increase in the accrued performance allocation to the general partner, or (b) negative performance that would cause the amount due to Bridge to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued performance allocation to the general partner. In each scenario, it is necessary to calculate the accrued performance allocation on cumulative results compared to the accrued performance allocation recorded to date and make the required positive or negative adjustments. Bridge ceases to record negative performance allocations once previously accrued performance allocations for such fund have been fully reversed. Bridge is not obligated to pay guaranteed returns or hurdles in this situation, and therefore, cannot have negative performance allocations over the life of a fund. The carrying amounts of equity method investments are reflected in accrued performance allocations on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively, which are based on asset valuations one quarter in arrears. |
Other Investments | Other Investments — A non-controlling, unconsolidated ownership interest in an entity may be accounted for using one of: (i) equity method where applicable; (ii) fair value option if elected; (iii) fair value through earnings if fair value is readily determinable, including election of net asset value (“NAV”) practical expedient where applicable; or (iv) for equity investments without readily determinable fair values, the measurement alternative to measure at cost adjusted for any impairment and observable price changes, as applicable. Changes in fair value of equity method investments are recorded as realized and unrealized gains (losses) in other income (expense) on the condensed consolidated and combined statements of operations. 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. 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 condensed consolidated and combined statements of cash flows under the cumulative earnings approach. Impairment of Investments 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. |
Leases | Leases — In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet for all leases and to disclose certain information about leasing arrangements. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public business entities, ASC 842 was effective for annual reporting periods beginning after December 15, 2018. On June 3, 2020, the FASB extended the adoption date for all other entities, including emerging growth companies (“EGCs”), as defined by the SEC, that have elected to defer adoption until the standard is effective for non-public business entities, to annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted. The Company qualifies as an EGC and elected to take advantage of the extended transition period afforded to EGCs as it applies to the adoption of new accounting standards. In July 2018, the FASB issued ASU 2018-11, Targeted Improvements to Topic 842, Leases (“ASU 2018-11”). This guidance allows entities to not apply the new lease standard in the comparative periods they present in their financial statements in the year of adoption. In addition, this guidance provides lessors with a practical expedient to not separate non-lease components from the associated lease components when certain criteria is met. The Company adopted ASC 842 on January 1, 2022, using the practical expedient to not apply the new lease standard in the comparative periods presented in the financial statements allowed for in ASU 2018-11. The Company also applied the package of practical expedients, which exempts the Company from having to reassess whether any expired or expiring contracts contain leases, revisit lease classification for any expired or expiring leases and reassess initial direct costs for any existing leases. The Company did not, however, elect the hindsight practical expedient to determine the lease terms for existing leases. Upon adoption of ASC 842, the Company recorded a right-of-use (“ROU”) asset and lease liability of approximately $13.7 million and $15.8 million, respectively, which represents the aggregate discounted amount of the Company’s minimum lease obligations as of the adoption date. Included in the ROU asset was approximately $2.1 million of deferred rent and lease incentives, which was reclassified from other liabilities upon adoption of ASC 842; however, these amounts were not reclassified as of December 31, 2021, and are therefore not comparative. The adoption of this standard did not have a material impact on the condensed consolidated statement of operations for the three and six months ended June 30, 2022, as all of the Company’s leases are still classified as operating leases, which under the new guidance will continue to be recognized as expense on a straight-line basis. The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company primarily enters into operating lease agreements, as the lessee, for office space and certain equipment. Operating leases are included in other assets and other liabilities in the condensed consolidated balance sheet. Certain leases include lease and non-lease components, which the Company accounts for separately. Lease ROU assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Leases may include options to extend or terminate the lease which are included in the ROU assets and lease liability when they are reasonably certain of exercise. Lease ROU assets are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate based on information available at the inception date in determining the present value of future minimum lease payments. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheet. See Note 17 for more information. |
Business Combinations | Business Combinations — The determination of whether an acquisition qualifies as an asset acquisition or business combination is an area that requires management’s use of judgment in evaluating the criteria of the screen test. Definition of a Business — The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience that performs a substantive process. Asset Acquisitions — For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. |
Goodwill | Goodwill — Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. As of June 30, 2022 and December 31, 2021, the Company had goodwill of $56.0 million and $9.8 million, respectively. In January 2022, the Company acquired a 60% interest in Gorelick Brothers Capital’s (“GBC”) asset and property management business. The acquisition of GBC was accounted for as a business combination and recorded pursuant to the acquisition method of accounting. A majority of the fair value of the purchase consideration was attributed to goodwill, which was due to synergies expected through the ability to provide a vertically integrated approach upon launching the Bridge Single-Family Rental (“Bridge SFR”) investment strategy. Refer to Note 8 for further details on the GBC transaction. As of December 31, 2021, the Company had goodwill of $9.8 million related to the acquisitions 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 affiliated companies in 2016. 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 an annual goodwill impairment assessment as of December 31, 2021, and determined that there was no impairment of goodwill. 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, 2022, there were no indicators of goodwill impairment. |
Revenue Recognition | Revenue Recognition — Revenues consist of fund management fees, property management and leasing fees, construction management fees, development fees, transaction fees, insurance premiums and other asset management and property income. The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. 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 funds and managed accounts, generally changes from committed capital to invested capital with no change in the management fee rate. The fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Fund management fees are recognized as revenue in the period advisory services are rendered, subject to our assessment of collectability. Fund management fees also include management fees for joint ventures and separately managed accounts. For Company sponsored closed-end funds, the capital raising period is generally 18 to 24 months. The Fund Managers charge catch-up management fees to investors who subscribe in later closings in amounts equal to the fees they would have paid if they had been in the initial closing (plus interest as if the investor had subscribed in the initial closing). Catch-up management fees are recognized in the period in which the limited partner subscribes to the fund. Fund management fees are presented net of placement agent fees, where Bridge is acting as an agent in the arrangement. 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. Fund Administration Fees — The Company earns fund administration fees as services are provided under the terms of the respective fund administration agreement. Fund administration fees include a fixed annual amount plus a percentage of invested or deployed capital. Fund administration fees also include investor services fees which are based on an annual fee per investor. 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. |
Investment Income | Investment Income — Investment 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 Allocations — The Company accounts for accrued performance obligations, 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. The underlying investments in the funds upon which the allocation is based reflect valuations on a three-month lag. The Company recognizes performance allocation as a separate revenue line item in the consolidated and combined statements of operations with uncollected carried interest as of the reporting date reported within investments in the consolidated balance sheet. 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 condensed consolidated balance sheet. |
Employee Compensation and Benefits | Employee Compensation and Benefits — Employee compensation and benefits comprises salaries, bonus (including discretionary awards), related benefits, share-based compensation, and cost of processing payroll. Bonuses are accrued over the employment period to which they relate. Equity-classified awards granted to employees that have a service condition are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The fair value of profits interest awards is determined using a Monte Carlo valuation at date of grant or date of remeasurement. The fair value of Restricted Stock Units (“RSUs”) and Restricted Stock Awards is determined using the Company's closing stock price on the grant date. The Company recognizes compensation expense over the requisite service period of the awards, with the amount of compensation expense recognized at the end of a reporting period at least equal to the fair value of the portion of the award that has vested through that date. Compensation expense is adjusted for actual forfeitures upon occurrence. Please refer to Note 20, “Share-Based Compensation and Profits Interests,” for additional information. |
Incentive Fees and Performance Allocations Compensation | Incentive Fees and Performance Allocations Compensation — 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. A portion of the performance allocations earned is awarded to employees. The Company evaluates performance allocations to determine if they are compensatory awards or equity-classified awards based on the underlying terms of the award agreements on the grant date. |
Third-party Operating Expenses | Third-party Operating Expenses — Third-party operating expenses represent transactions, largely operation and leasing of assets, with third-party operators of real estate owned by the funds where the Company was determined to be the principal rather than the agent in the transaction. |
Realized and Unrealized Gains (Losses) | Realized and Unrealized Gain (Losses) — Realized gain (loss) occurs when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as realized gains (losses) in the condensed consolidated and combined statements of operations. Finally, 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). |
Income Taxes | Income Taxes — Prior to the IPO, other than our subsidiaries BIGRM and BPM, the Operating Company and its subsidiaries were limited liability companies or limited partnerships and, as such, were not subject to income taxes and the individual owners of Bridge were required to report their distributive share of the Operating Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns. In preparation for the IPO, the Company was incorporated as a corporation for U.S. federal income tax purposes and from the IPO therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Operating Company. The Operating Company is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Operating Company flows through to its members, including the Company, and is generally not subject to U.S. federal or state income tax at the level of the Operating Company. The Operating Company’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to local or non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, with the related tax provision reflected in the consolidated and combined statements of operations. As a result, the Operating Company does not generally record U.S. federal and state income taxes on its income or that of its subsidiaries, except for certain local and foreign income taxes discussed above. Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of units in the Operating Company. Deferred income tax assets is primarily comprised of the TRA between the Operating Company and each of the Continuing Equity Owners and deferred income taxes related to the operations of BIGRM. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes . This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more likely than not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more likely than not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated and combined financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as general, administrative and other expenses in the condensed consolidated and combined statements of operations. See Note 15 “Income Taxes” for more information. Other than BIGRM and Bridge PM, Inc., the Operating Company and its subsidiaries are limited liability companies and partnerships, as such, are not subject to income taxes; the individual members of the Operating Company are required to report their distributive share of the Operating Company’s realized income, gains, losses, deductions, or credits on their individual income tax returns. Tax Receivable Agreement — In connection with the IPO, the Company entered into a TRA 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 TRA. The Company will retain the benefit of the remaining 15% of these net cash tax savings under the TRA. |
Segments | Segments — The Company operates as one business, a fully integrated real estate investment manager. The Company’s chief operating decision maker, which is the executive chairman, utilizes a consolidated approach to assess financial performance and allocate resources. As such, the Company operates as one business segment. |
Earnings Per Share | Earnings Per Share — Basic earnings per share is calculated by dividing net income available to Class A common stockholders by the weighted-average number of Class A common shares outstanding for the period. Diluted earnings per share of Class A common stock is computed by dividing net income available to Class A common stockholders after giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding during the period adjusted to give effect to potentially dilutive securities, if any. Potentially dilutive securities include unvested Restricted Stock Awards, RSUs, and Class A Units exchangeable on a one-for-one basis with shares of Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A common stock using the more dilutive result of the treasury stock method or the two-class method. Unvested share-based payment awards, including Restricted Stock and RSUs, that contain non-forfeitable rights to dividends (whether paid or unpaid) are participating securities. Outstanding Class A Units are also considered participating securities. As a result of being participating securities, Restricted Stock Awards, RSUs and Class A Units are considered in the computation of earnings per share of Class A common stock pursuant to the two-class method. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following tables present revenues disaggregated by significant product offerings, which align with the Company’s performance obligations and the basis for calculating each amount for the three and six months ended June 30, 2022 and 2021, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, FUND MANAGEMENT FEES 2022 2021 2022 2021 Funds $ 47,617 $ 33,510 $ 98,826 $ 62,980 Joint ventures and separately managed accounts 1,763 1,026 3,254 2,407 Total fund management fees $ 49,380 $ 34,536 $ 102,080 $ 65,387 Three Months Ended June 30, Six Months Ended June 30, PROPERTY MANAGEMENT AND LEASING FEES 2022 2021 2022 2021 Seniors Housing $ 7,059 $ 6,597 $ 14,165 $ 13,153 Multifamily 5,964 4,322 11,277 8,416 Office 4,083 3,416 8,347 9,512 Single-Family Rental 2,510 — 4,106 — Total property management and leasing fees $ 19,616 $ 14,335 $ 37,895 $ 31,081 Three Months Ended June 30, Six Months Ended June 30, CONSTRUCTION MANAGEMENT FEES 2022 2021 2022 2021 Multifamily $ 1,900 $ 1,133 $ 3,282 $ 2,058 Office 468 829 902 1,578 Seniors Housing 58 103 128 255 Total construction management fees $ 2,426 $ 2,065 $ 4,312 $ 3,891 Three Months Ended June 30, Six Months Ended June 30, TRANSACTION FEES 2022 2021 2022 2021 Acquisition fees $ 15,075 $ 13,137 $ 31,672 $ 17,789 Brokerage fees 2,568 3,105 7,969 3,779 Total transaction fees $ 17,643 $ 16,242 $ 39,641 $ 21,568 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
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, 2022 and December 31, 2021, the Company’s investment securities are summarized as follows (in thousands): Cost Unrealized Unrealized Fair June 30, 2022: Exchange traded funds $ 1,610 $ — $ (28) $ 1,582 Mutual funds 9,567 — (372) 9,195 Total marketable securities $ 11,177 $ — $ (400) $ 10,777 December 31, 2021: Exchange traded funds $ 1,159 $ 16 $ (4) $ 1,171 Mutual funds 6,873 18 (27) 6,864 Total marketable securities $ 8,032 $ 34 $ (31) $ 8,035 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Company's Investment | The Company’s investments are summarized below (in thousands): Carrying Value Investments June 30, 2022 December 31, 2021 Accrued performance allocations (1) $ 575,527 $ 439,548 Other investments: Partnership interests in Company-sponsored funds (2) 55,505 31,984 Investments in third-party partnerships (3) 11,380 7,701 Other (4) 6,510 4,321 Total other investments $ 73,395 $ 44,006 (1) Represents various investment accounts in carried interest in the Contributed Bridge GP 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) Partnership interests in Company-sponsored funds are valued using NAV of the respective vehicle. (3) Investments in limited partnership interest in third-party private property technology (“PropTech”) venture capital firms are valued using NAV of the respective vehicle. |
Notes Receivables from Affili_2
Notes Receivables from Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Notes Receivable from Affiliates | As of June 30, 2022 and December 31, 2021, the Company had the following notes receivable from affiliates outstanding (in thousands): June 30, 2022 December 31, 2021 Bridge Logistics U.S. Venture I $ 19,793 $ 31,644 Bridge Office Fund II 18,000 3,000 Bridge Single-Family Rental Fund IV 15,000 — Bridge Debt Strategies Fund II 7,000 — Morrocroft Neighborhood Fund III, LP (1) 2,000 — Bridge Multifamily Fund V — 55,000 Bridge Seniors Housing Fund III — 24,500 Total short-term notes receivables from affiliates $ 61,793 $ 114,144 Notes receivables from employees 4,311 4,364 Total notes receivable from affiliates $ 66,104 $ 118,508 (1) Morrocroft Neighborhood Fund III, LP is a third-party single-family rental fund managed by Bridge Single-Family Rental Fund Manager LLC, which is a subsidiary of the Company. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands): Level 1 Level 2 Level 3 Measured at Total June 30, 2022 Assets: Exchange traded funds $ 1,582 $ — $ — $ — $ 1,582 Mutual funds 9,195 — — — 9,195 Accrued performance allocations — — — 575,527 575,527 Partnership interests — — — 66,885 66,885 Other investments — — 6,510 — 6,510 Total assets at fair value $ 10,777 $ — $ 6,510 $ 642,412 $ 659,699 Liabilities: General Partner notes payable $ — $ — $ — $ 12,364 $ 12,364 December 31, 2021 Assets: Exchange traded funds $ 1,171 $ — $ — $ — $ 1,171 Mutual funds 6,864 — — — 6,864 Accrued performance allocations — — — 439,548 439,548 Partnership interests — — — 39,685 39,685 Other investments — — 4,321 — 4,321 Total assets at fair value $ 8,035 $ — $ 4,321 $ 479,233 $ 491,589 Liabilities: General Partner notes payable $ — $ — $ — $ 12,003 $ 12,003 |
Summary of Changes in Fair Value of Company's Level 3 Assets | The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes (in thousands): Other Balance as of December 31, 2021 $ 4,321 Purchases 2,189 Balance as of June 30, 2022 $ 6,510 |
Summary of Investments Valued Using NAV Per Share | The following table presents investments carried at fair value using NAV (in thousands): Fair Value Unfunded June 30, 2022: Accrued performance allocations $ 575,527 $ — Partnership interests: Company-sponsored open-end fund 19,444 — Company-sponsored closed-end funds 36,061 3,291 Third-party closed-end funds 11,380 6,302 Total partnership interests $ 66,885 $ 9,593 December 31, 2021: Accrued performance allocations $ 439,548 $ — Partnership interests: Company-sponsored open-end fund 15,474 — Company-sponsored closed-end funds 16,510 20,885 Third-party closed-end funds 7,701 2,436 Total partnership interests $ 39,685 $ 23,321 |
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost | The following table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost (in thousands): Level 1 Level 2 Level 3 Total Carrying As of June 30, 2022: Notes payable (private notes) $ — $ — $ 135,004 $ 135,004 $ 150,000 As of December 31, 2021: Notes payable (private notes) $ — $ — $ 144,577 $ 144,577 $ 150,000 |
Business Combination and Good_2
Business Combination and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | The following summarizes the total consideration for the GBC acquisition and the related purchase price allocation for the assets acquired, liabilities assumed and non-controlling interests (in thousands): Consideration Cash $ 15,089 Class A Units 14,930 Total consideration for equity interest acquired $ 30,019 Assets acquired, liabilities assumed and non-controlling interests Cash $ 56 Working capital 623 Trade name (1) 150 In place contracts (1) 3,195 Other liabilities (104) Fair value of net assets acquired $ 3,920 Non-controlling interest (1) (20,053) Goodwill (1) 46,152 Total assets acquired, liabilities assumed and non-controlling interests, net $ 30,019 (1) The fair value was determined using Level 3 assumptions. |
General Partner Notes Payable (
General Partner Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
General Partner Notes Payable [Abstract] | |
Summary of Carrying Value of General Partner Notes Payable | The following table summarizes the carrying value of the General Partner Notes Payable (in thousands): Fair Value Commitment June 30, 2022 December 31, 2021 Bridge Seniors Housing Fund I $ 4,775 $ 5,010 $ 5,309 Bridge Multifamily Fund III 9,300 7,354 6,694 Total $ 14,075 $ 12,364 $ 12,003 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Scheduled Principal Payments of the Company's Debt | The following table presents scheduled principal payments of the Operating Company’s debt as of June 30, 2022 (in thousands): 2022 $ — 2023 — 2024 — 2025 75,000 2026 — Thereafter 75,000 Total $ 150,000 |
Summary of Debt Issuance Costs | The following table presents the activity of the Company’s debt issuance costs for the six months ended June 30, 2022 (in thousands): Unamortized debt issuance costs as of December 31, 2021 $ 1,858 Amortization of debt issuance costs (214) Unamortized debt issuance costs as of June 30, 2022 $ 1,644 |
Other Income - Realized Gains_2
Other Income - Realized Gains (Losses) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Summary of Realized Gains (Losses) on Investments and Other Financial instruments | The following table summarizes realized gains (losses) on investments and other financial instruments for the three and six months ended June 30, 2022 and 2021, respectively (in thousands): Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Net Realized Gains (Losses) Net Unrealized Gains (Losses) Total Investment in Company-sponsored funds $ (256) $ 5,097 $ 4,841 $ (5) $ 411 $ 406 Investment in third-party partnerships (49) 7 (42) (270) 1,279 1,009 Other investments — — — (17) 26 9 General Partner Notes Payable 28 (1,021) (993) — (1,124) (1,124) Total realized gains (losses) $ (277) $ 4,083 $ 3,806 $ (292) $ 592 $ 300 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Net Realized Net Unrealized Total Net Realized Net Unrealized Total Investment in Company-sponsored funds $ (249) $ 3,857 $ 3,608 $ (4) $ 4,452 $ 4,448 Investment in third-party partnerships (61) 1,593 1,532 (312) 1,523 1,211 Other investments — — — — 22 22 General Partner Notes Payable (68) (754) (822) — 416 416 Total realized gains (losses) $ (378) $ 4,696 $ 4,318 $ (316) $ 6,413 $ 6,097 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Reconciliation | The following table presents a reconciliation of Bridge Investment Group Holdings Inc. common stock for the six months ended June 30, 2022: Bridge Investment Group Holdings Inc. Class A Class A Class B Balance as of December 31, 2021 22,742,137 2,417,662 86,672,305 Class A common stock issued - 2019 Profits Interests conversion 56,134 734,290 — Class A common stock issued - unitholder conversions 980,684 — (980,684) Class A restricted common stock issued — 2,211,485 — Class A restricted common stock forfeited — (64,586) — Class A restricted common stock vested 299,152 (299,152) — Balance as of June 30, 2022 24,078,107 4,999,699 85,691,621 The following table presents a reconciliation of Bridge Investment Group Holdings LLC Interests for the six months ended June 30, 2022: Bridge Investment Group Holdings LLC Class A Class B Balance as of December 31, 2021 109,699,232 97,463,981 Issuance of Class A Units 14,760,227 — Balance as of June 30, 2022 124,459,459 97,463,981 |
Dividends Declared | During the three and six months ended June 30, 2022, the Company declared and paid the following dividends on Class A common stock (dollars in thousands, except per share amounts): Dividend Record Date Dividend Payment Date Dividend per Share of Common Stock Dividend to Common Stockholders March 11, 2022 March 25, 2022 $ 0.21 $ 5,917 June 3, 2022 June 17, 2022 0.26 7,614 $ 0.47 $ 13,531 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Lease Cost | The following is a summary of the Company’s leases as of June 30, 2022 (dollar amounts in thousands): Right-of-use assets, included in Other assets $ 16,116 Lease Liabilities, included in Other liabilities $ 18,318 Weighted-average remaining lease term (in years) 4.7 Weighted-average discount rate 4.19 % The components of lease expense included in general and administrative in the condensed consolidated and combined statements of operations for the three and six months ended June 30, 2022 are as follows (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease costs $ 1,056 $ 2,121 Variable lease costs 70 102 Total lease costs, included in general and administrative expenses $ 1,126 $ 2,223 Cash paid for amounts included in the measurement of operating lease liabilities $ 894 $ 2,061 |
Summary of Maturities of Operating Lease Liabilities | As of June 30, 2022, the maturities of operating lease liabilities were as follows (in thousands): Remainder of 2022 $ 2,262 2023 5,009 2024 4,029 2025 3,120 2026 3,061 Thereafter 2,738 Total lease liabilities 20,219 Less: Imputed interest (1,901) Total operating lease liabilities $ 18,318 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Professionals and Non-Consolidated Funds to be Affiliates | The Company considers its corporate professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following (in thousands): June 30, 2022 December 31, 2021 Fees receivable from non-consolidated funds $ 21,273 $ 23,991 Payments made on behalf of and amounts due from non-consolidated entities 12,913 11,388 Total receivables from affiliates $ 34,186 $ 35,379 |
Share-based Compensation and _2
Share-based Compensation and Profits Interests (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
SHARE-BASED COMPENSATION AND PROFITS INTERESTS [Abstract] | |
Summary of Restricted Stock activities | The following summarizes Restricted Stock activity for the six months ended June 30, 2022 (in thousands, except per share data): Restricted Weighted-Average Fair Value per Share Balance as of December 31, 2021 2,417,662 $ 15.82 Issued 2,945,775 24.49 Vested (299,152) 23.83 Forfeited (64,586) 15.79 Balance as of June 30, 2022 4,999,699 $ 20.45 |
Summary of Share Based Compensation Expense | The following table summarizes our share-based compensation expense associated with our profits interests awards, Restricted Stock, and RSUs, which is recorded in employee compensation and benefits on the condensed consolidated and combined statement of operations and comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Antidulutive profits interest awards $ — $ 13,609 $ — $ 13,609 Profits interests award shares $ 841 $ 1,015 $ 2,457 $ 1,856 Restricted Stock and RSUs 5,712 — 11,361 — Total share-based compensation $ 6,553 $ 14,624 $ 13,818 $ 15,465 |
Summary of Unrecognized Compensation Cost | As of June 30, 2022, unrecognized share-based compensation on Restricted Stock, RSUs and profits interests awards is expected to be recognized as follows (in thousands): As of June 30, 2022 Total Restricted Stock Profits interest Remainder of 2022 $ 13,334 $ 11,678 $ 1,656 2023 25,807 22,966 2,841 2024 23,334 21,277 2,057 2025 13,056 12,102 954 2026 5,441 5,127 314 Thereafter 82 82 — Total $ 81,054 $ 73,232 $ 7,822 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share of Class A Common Stock | The following table presents our EPS for the three and six months ended June 30, 2022, respectively (in thousands, except per share amounts): Numerator: Three Months Ended Six Months Ended Net income attributable to Bridge Investment Group Holdings Inc. $ 12,940 $ 22,711 Less: Income allocated to Restricted Stock and RSUs (915) (1,608) Distributions on Restricted Stock and RSUs (1,436) (2,432) Net income available to Class A common shareholders - basic and diluted $ 10,589 $ 18,671 Denominator: Weighted-average shares of Class A common stock outstanding - basic and diluted 24,029,107 23,581,393 Earnings per share of Class A common stock - basic and diluted $ 0.44 $ 0.79 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | ||
Aug. 12, 2021 | Jul. 20, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
IPO | Customer One | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Percentage of ownership | 24% | |||
IPO | Customer Two | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Percentage of ownership | 40% | |||
Bridge Investment Group Holdings Inc. | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Percentage of ownership | 100% | |||
Bridge Investment Group Holdings Inc. | Class A Units | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Common units purchased during the year units (in shares) | 1,416,278 | |||
Bridge Investment Group Holdings Inc. | Class A Common Stock | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Number of shares issued (in shares) | 56,134 | |||
Bridge Investment Group Holdings Inc. | Class A Common Stock | Greenshoe | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Number of shares issued (in shares) | 1,416,278 | |||
Percentage of the proceeds used to buy common stock units | 100% | |||
Proceeds from the issuance of common stock | $ 18.2 | |||
Bridge Investment Group Holdings Inc. | Class B Units | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Ownership of non-voting shares percentage | 100% | |||
Bridge Investment Group Holdings Inc. | IPO | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Sale of stock per share (in dollars per share) | $ 16 | |||
Net proceeds from initial public offering | $ 277.2 | |||
Bridge Investment Group Holdings Inc. | IPO | Class A Units | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Number of shares issued (in shares) | 18,750,000,000 | 97,463,981 | ||
Bridge Investment Group Holdings Inc. | IPO | Class A Common Stock | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Number of shares issued (in shares) | 18,750,000,000 | |||
Bridge Investment Group Holdings LLC | Operating Company | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Variable interest entity, ownership percentage | 23% | |||
Bridge Investment Group Holdings LLC | Class A Units | Operating Company | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Payments for repurchase of equity | $ 139.9 | |||
Bridge Investment Group Holdings LLC | Class A Common Stock | ||||
Subsidiary or Equity Method Investee [Line Items] | ||||
Number of shares issued (in shares) | 14,760,227 |
Summary of Significant Accounti
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Jan. 31, 2022 | Jan. 01, 2022 | Aug. 12, 2021 | |
Receivable | $ 0 | $ 0 | |||
Right-of-use assets | 16,116 | $ 13,700 | |||
Operating leases | 18,318 | $ 15,800 | |||
Deferred rent | 2,100 | 0 | |||
Goodwill | 55,982 | 9,830 | |||
Bridge Investment Group Holdings LLC | |||||
Goodwill | 56,000 | $ 9,800 | |||
Percent of Tax Receivable Agreement | 85% | ||||
Remaining percent of tax receivable agreement | 15% | ||||
GBC | |||||
Goodwill | $ 46,152 | ||||
Voting interest rate | 60% |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 99,019 | $ 71,974 | $ 203,152 | $ 130,523 |
Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 49,380 | 34,536 | 102,080 | 65,387 |
Property management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 19,616 | 14,335 | 37,895 | 31,081 |
Construction management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,426 | 2,065 | 4,312 | 3,891 |
Transaction fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 17,643 | 16,242 | 39,641 | 21,568 |
Funds | Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 47,617 | 33,510 | 98,826 | 62,980 |
Joint ventures and separately managed accounts | Fund management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,763 | 1,026 | 3,254 | 2,407 |
Seniors Housing | Property management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,059 | 6,597 | 14,165 | 13,153 |
Multifamily | Property management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,964 | 4,322 | 11,277 | 8,416 |
Multifamily | Construction management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,900 | 1,133 | 3,282 | 2,058 |
Office | Property management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,083 | 3,416 | 8,347 | 9,512 |
Office | Construction management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 468 | 829 | 902 | 1,578 |
Single-Family Rental | Property management and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,510 | 0 | 4,106 | 0 |
Seniors Housing | Construction management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 58 | 103 | 128 | 255 |
Acquisition fees | Transaction fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15,075 | 13,137 | 31,672 | 17,789 |
Brokerage fees | Transaction fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,568 | $ 3,105 | $ 7,969 | $ 3,779 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Deferred revenue recognized | $ 1.2 | $ 3.2 | |
Bridge Investment Group Holdings LLC | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 5.1 | $ 5.1 | $ 3.2 |
Marketable Securities - Summary
Marketable Securities - Summary of Company's Investment Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | ||
Cost | $ 11,177 | $ 8,032 |
Unrealized Gains | 0 | 34 |
Unrealized Losses | (400) | (31) |
Fair Value | 10,777 | 8,035 |
Exchange traded funds | ||
Marketable Securities [Line Items] | ||
Cost | 1,610 | 1,159 |
Unrealized Gains | 0 | 16 |
Unrealized Losses | (28) | (4) |
Fair Value | 1,582 | 1,171 |
Mutual funds | ||
Marketable Securities [Line Items] | ||
Cost | 9,567 | 6,873 |
Unrealized Gains | 0 | 18 |
Unrealized Losses | (372) | (27) |
Fair Value | $ 9,195 | $ 6,864 |
Investments - Summary of Compan
Investments - Summary of Company's Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Accrued performance allocations | $ 575,527 | $ 439,548 |
Total other investments | 73,395 | 44,006 |
Bridge Investment Group Holdings LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Accrued performance allocations | 575,527 | 439,548 |
Bridge Investment Group Holdings LLC | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Total other investments | 6,510 | 4,321 |
Bridge Investment Group Holdings LLC | Partnership interests in Company-sponsored funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Total other investments | 55,505 | 31,984 |
Bridge Investment Group Holdings LLC | Investments in third-party partnerships | ||
Schedule of Equity Method Investments [Line Items] | ||
Total other investments | $ 11,380 | $ 7,701 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) entity | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Partnership and joint venture entities | entity | 151 | ||||
Investment income | $ 107,200 | $ 79,200 | $ 182,400 | $ 106,200 | |
Accrued performance recognized under equity method | 103,700 | $ 78,900 | 178,500 | $ 99,200 | |
Accrued performance allocations compensation | $ 58,688 | $ 58,688 | $ 41,020 |
Notes Receivables from Affili_3
Notes Receivables from Affiliates - Summary of Notes Receivable from Affiliates (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | $ 66,104 | $ 118,508 |
Bridge Investment Group Holdings LLC | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 66,104 | 118,508 |
Bridge Investment Group Holdings LLC | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 61,793 | 114,144 |
Bridge Investment Group Holdings LLC | Bridge Logistics U.S. Venture I | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 19,793 | 31,644 |
Bridge Investment Group Holdings LLC | Bridge Office Fund II | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 18,000 | 3,000 |
Bridge Investment Group Holdings LLC | Bridge Single-Family Rental Fund IV | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 15,000 | 0 |
Bridge Investment Group Holdings LLC | Bridge Debt Strategies Fund II | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 7,000 | 0 |
Bridge Investment Group Holdings LLC | Morrocroft Neighborhood Fund III | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 2,000 | 0 |
Bridge Investment Group Holdings LLC | Bridge Multifamily Fund V | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 0 | 55,000 |
Bridge Investment Group Holdings LLC | Bridge Seniors Housing Fund III | Short-term notes receivables | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | 0 | 24,500 |
Bridge Investment Group Holdings LLC | Employees | Notes Receivable | ||
Related Party Transaction [Line Items] | ||
Total notes receivable from affiliates | $ 4,311 | $ 4,364 |
Notes Receivables from Affili_4
Notes Receivables from Affiliates - Additional Information (Detail) - Bridge Investment Group Holdings LLC - Notes Receivable - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Fixed rate | 4.025% | |
Interest receivable | $ 0.4 | $ 0.3 |
Employees | ||
Related Party Transaction [Line Items] | ||
Principle amount outstanding | $ 4.3 |
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 - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Total assets at fair value | $ 659,699 | $ 491,589 |
Other | ||
Assets | ||
Total assets at fair value | 6,510 | 4,321 |
General Partner notes payable | ||
Liabilities | ||
Total liabilities at fair value | 12,364 | 12,003 |
Exchange traded funds | ||
Assets | ||
Total assets at fair value | 1,582 | 1,171 |
Mutual funds | ||
Assets | ||
Total assets at fair value | 9,195 | 6,864 |
Accrued performance allocations | ||
Assets | ||
Total assets at fair value | 575,527 | 439,548 |
Partnership interests | ||
Assets | ||
Total assets at fair value | 66,885 | 39,685 |
Level 1 | ||
Assets | ||
Total assets at fair value | 10,777 | 8,035 |
Level 1 | Other | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 1 | General Partner notes payable | ||
Liabilities | ||
Total liabilities at fair value | 0 | 0 |
Level 1 | Exchange traded funds | ||
Assets | ||
Total assets at fair value | 1,582 | 1,171 |
Level 1 | Mutual funds | ||
Assets | ||
Total assets at fair value | 9,195 | 6,864 |
Level 1 | Accrued performance allocations | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 1 | Partnership interests | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 2 | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 2 | Other | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 2 | General Partner notes payable | ||
Liabilities | ||
Total liabilities at fair value | 0 | 0 |
Level 2 | Exchange traded funds | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 2 | Mutual funds | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 2 | Accrued performance allocations | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 2 | Partnership interests | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 3 | ||
Assets | ||
Total assets at fair value | 6,510 | 4,321 |
Level 3 | Other | ||
Assets | ||
Total assets at fair value | 6,510 | 4,321 |
Level 3 | General Partner notes payable | ||
Liabilities | ||
Total liabilities at fair value | 0 | 0 |
Level 3 | Exchange traded funds | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 3 | Mutual funds | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 3 | Accrued performance allocations | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Level 3 | Partnership interests | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Measured at NAV | ||
Assets | ||
Total assets at fair value | 642,412 | 479,233 |
Measured at NAV | Other | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Measured at NAV | General Partner notes payable | ||
Liabilities | ||
Total liabilities at fair value | 12,364 | 12,003 |
Measured at NAV | Exchange traded funds | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Measured at NAV | Mutual funds | ||
Assets | ||
Total assets at fair value | 0 | 0 |
Measured at NAV | Accrued performance allocations | ||
Assets | ||
Total assets at fair value | 575,527 | 439,548 |
Measured at NAV | Partnership interests | ||
Assets | ||
Total assets at fair value | $ 66,885 | $ 39,685 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Rollforward of Level 3 Assets at Cost Adjusted for any Impairment and Observable Price Changes (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 4,321 |
Purchases | 2,189 |
Ending balance | $ 6,510 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Investments Valued Using NAV Per Share (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 10,777 | $ 8,035 |
Bridge Investment Group Holdings LLC | Measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 66,885 | 39,685 |
Unfunded Commitments | 9,593 | 23,321 |
Bridge Investment Group Holdings LLC | Measured at NAV | Accrued performance allocations | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 575,527 | 439,548 |
Unfunded Commitments | 0 | 0 |
Bridge Investment Group Holdings LLC | Measured at NAV | Company-sponsored open-end fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 19,444 | 15,474 |
Unfunded Commitments | 0 | 0 |
Bridge Investment Group Holdings LLC | Measured at NAV | Company-sponsored closed-end funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 36,061 | 16,510 |
Unfunded Commitments | 3,291 | 20,885 |
Bridge Investment Group Holdings LLC | Measured at NAV | Third-party closed-end funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 11,380 | 7,701 |
Unfunded Commitments | $ 6,302 | $ 2,436 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Bridge Investment Group Holdings LLC - Company-sponsored closed-end funds | 6 Months Ended |
Jun. 30, 2022 | |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquidation weighted average period | 10 years |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liquidation weighted average period | 8 years |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable (private notes), Fair Value | $ 12,364 | $ 12,003 |
Bridge Investment Group Holdings LLC | Fair Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable (private notes), Fair Value | 135,004 | 144,577 |
Bridge Investment Group Holdings LLC | Carrying Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable (private notes), Carrying Value | 150,000 | 150,000 |
Bridge Investment Group Holdings LLC | Level 1 | Fair Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable (private notes), Fair Value | 0 | 0 |
Bridge Investment Group Holdings LLC | Level 2 | Fair Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable (private notes), Fair Value | 0 | 0 |
Bridge Investment Group Holdings LLC | Level 3 | Fair Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Notes payable (private notes), Fair Value | $ 135,004 | $ 144,577 |
Business Combination and Good_3
Business Combination and Goodwill - Additional Information (Detail) shares in Thousands, $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 USD ($) home market | Jan. 31, 2022 USD ($) shares | Jun. 30, 2022 home market | |
Business Combination Segment Allocation [Line Items] | |||
Acquired assets and liabilities | $ 50 | ||
Recapitalization, Number Of Homes | home | 2,700 | 2,700 | |
Recapitalization, Number Of Markets | market | 14 | 14 | |
GBC | |||
Business Combination Segment Allocation [Line Items] | |||
Percentage of holding company ownership by fund managers | 40% | 40% | |
GBC | |||
Business Combination Segment Allocation [Line Items] | |||
Voting interest rate | 60% | ||
Consideration transferred | $ 30 | ||
Acquisition paid in cash | 50% | ||
Acquisition paid in shares | 50% | ||
Consideration transferred, shares (in shares) | shares | 694,412 | ||
Average period of stock determination | 15 days | ||
Recapitalization costs | $ 660 | ||
Liabilities assumed | $ 0.5 | $ 1 | |
Property management contracts | |||
Business Combination Segment Allocation [Line Items] | |||
Discounted rate | 8.50% | ||
Useful life | 30 days | ||
Trade name | |||
Business Combination Segment Allocation [Line Items] | |||
Useful life | 4 years | ||
Royalty rate | 1% | ||
Discount rate for projected future royalty fees | 8.50% | ||
Fund Management Contracts | Maximum | |||
Business Combination Segment Allocation [Line Items] | |||
Useful life | 10 years | ||
Fund Management Contracts | Minimum | |||
Business Combination Segment Allocation [Line Items] | |||
Useful life | 5 years | ||
Bridge SFR | |||
Business Combination Segment Allocation [Line Items] | |||
Voting interest rate | 60% | 60% |
Business Combination and Good_4
Business Combination and Goodwill - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Payments to Acquire Businesses and Interest in Affiliates [Abstract] | |||
Class A Units | $ 14,930 | $ 0 | |
Assets acquired, liabilities assumed and non-controlling interests | |||
Goodwill | 55,982 | $ 9,830 | |
GBC | |||
Payments to Acquire Businesses and Interest in Affiliates [Abstract] | |||
Cash | 15,089 | ||
Class A Units | 14,930 | ||
Total consideration for equity interest acquired | 30,019 | ||
Assets acquired, liabilities assumed and non-controlling interests | |||
Cash | 56 | ||
Working capital | 623 | ||
Trade name | 150 | ||
In place contracts | 3,195 | ||
Other liabilities | (104) | ||
Fair value of net assets acquired | 3,920 | ||
Non-controlling interest | (20,053) | ||
Goodwill | 46,152 | ||
Acquired assets and liabilities | $ 30,019 |
Insurance Loss Reserves and L_2
Insurance Loss Reserves and Loss and Loss Adjustment Expenses - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
Insurance loss reserves | $ 8,540,000 | $ 8,086,000 |
Bridge Investment Group Holdings LLC | ||
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
Insurance loss reserves | 8,500,000 | $ 8,100,000 |
Lease Security Deposit Fulfillment | Bridge Investment Group Holdings LLC | ||
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
Loss contingency, estimate of possible loss | 500 | |
Lessor Legal Liability | Bridge Investment Group Holdings LLC | ||
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
Loss contingency, estimate of possible loss | 100,000 | |
Workers' Compensation Insurance | Bridge Investment Group Holdings LLC | ||
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
Loss contingency, estimate of possible loss | 250,000 | |
Property Insurance | Bridge Investment Group Holdings LLC | ||
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
Loss contingency, estimate of possible loss | 3,000,000 | |
Loss contingency, estimate of possible loss , limits per unit | 1,500,000 | |
General Liability | Bridge Investment Group Holdings LLC | ||
Loss And Loss Adjustment Liability And Expenses [Line Items] | ||
General liability deductible reimbursement, excess amount | 5,000,000 | |
General liability deductible reimbursement limits per unit | 25,000 | |
General liability deductible reimbursement, annual policy amount | $ 10,000,000 |
Self-Insurance Reserves - Addit
Self-Insurance Reserves - Additional Information (Detail) - USD ($) | Jun. 30, 2022 | Jun. 20, 2020 | Jun. 20, 2022 | Dec. 31, 2021 |
Deferred Policy Acquisition Cost [Line Items] | ||||
Self insurance policy coverage limit | $ 3,000,000 | |||
Bridge Investment Group Holdings LLC | ||||
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 | |||
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% | |||
Self insurance liability retention per location threshold | $ 10,000,000 | $ 4,000,000 | $ 3,000,000 | |
Self-insurance reserves and unearned premiums | 3,500,000 | $ 3,500,000 | ||
Bridge Investment Group Holdings LLC | Multifamily Properties | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Selling limit of losses on claim in insurance policy | 100,000 | |||
Bridge Investment Group Holdings LLC | Commercial Office Properties | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Selling limit of losses on claim in insurance policy | 50,000 | |||
Bridge Investment Group Holdings LLC | Logistics And Net Lease Properties | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Selling limit of losses on claim in insurance policy | 100,000 | |||
Bridge Investment Group Holdings LLC | Single-Family Rental | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Selling limit of losses on claim in insurance policy | $ 250,000 | |||
Property Insurance | Bridge Investment Group Holdings LLC | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Self insurance policy coverage limit, percentage of claim | 100% | |||
Self insurance policy coverage limit, amount claimable | $ 3,000,000 | |||
Self Insurance reserve, Annual policy amount | 2,000,000 | |||
Self Insurance reserve, Excess amount | 1,500,000 | |||
General Liability | Bridge Investment Group Holdings LLC | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Self Insurance reserve, Annual policy amount | 10,000,000 | |||
Self Insurance reserve, Excess amount | 5,000,000 | $ 2,000,000 | ||
Insurance loss reserves | 300,000 | 1,000,000 | ||
Minimum | Bridge Investment Group Holdings LLC | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Property and casualty claims for insured, per property | 25,000 | |||
Catastrophic losses in non-CAT Zones | 25,000 | |||
Maximum | Bridge Investment Group Holdings LLC | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Property and casualty claims for insured, per property | 100,000 | |||
Catastrophic losses in non-CAT Zones | 50,000 | |||
Bride Property Management | Bridge Investment Group Holdings LLC | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Property and casualty claims for insured, per property | 25,000 | |||
Bride Property Management | Bridge Investment Group Holdings LLC | Multifamily Properties | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Property and casualty claims for insured, per property | 25,000 | |||
Bride Property Management | Bridge Investment Group Holdings LLC | Commercial Office Properties | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Property and casualty claims for insured, per property | 50,000 | |||
Self Insured Retention | Bridge Investment Group Holdings LLC | Multifamily Properties | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Catastrophic losses in non-CAT Zones | 75,000 | |||
Medical Self Insurance Reserves | ||||
Deferred Policy Acquisition Cost [Line Items] | ||||
Medical self-insurance reserves | $ 3,200,000 | $ 2,500,000 |
General Partner Notes Payable -
General Partner Notes Payable - Summary of Carrying Value of General Partner Notes Payable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
General Partner Notes Payable [Line Items] | |||
Commitment | $ 14,075 | ||
General Partner notes payable, at fair value | $ 12,364 | 12,364 | $ 12,003 |
Interest expense related to distributions | 1,200 | 1,200 | |
Bridge Seniors Housing Fund I | |||
General Partner Notes Payable [Line Items] | |||
Commitment | 4,775 | ||
General Partner notes payable, at fair value | 5,010 | 5,010 | 5,309 |
Bridge Multifamily Fund III | |||
General Partner Notes Payable [Line Items] | |||
Commitment | 9,300 | ||
General Partner notes payable, at fair value | $ 7,354 | $ 7,354 | $ 6,694 |
Line Of Credit - Additional Inf
Line Of Credit - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 03, 2022 USD ($) | Jul. 22, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Interest expense | $ 2,901 | $ 2,554 | $ 4,522 | $ 4,140 | ||
Line of Credit | The Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum leverage ratio | 3.75 | |||||
Minimum quarterly EBITDA | $ 15,000 | |||||
Minimum total EBITDA | $ 80,000 | |||||
Interest expense | $ 61 | 21 | $ 61 | 21 | ||
Line of Credit | The Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis rate | 2.50% | |||||
Line of Credit | The Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis rate | 1.75% | |||||
Line of Credit | The Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis rate | 3% | |||||
Line of Credit | The Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis rate | 2.25% | |||||
Revolving Credit Facility | Line of Credit | The Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 125,000 | |||||
Additional possible increase to credit | $ 225,000 | |||||
Unused commitment fee | 0.20% | |||||
Weighted average interest rate | 2.84% | 2.84% | ||||
Unused commitments fees | $ 16 | $ 0 | $ 16 | $ 0 | ||
Bridge Investment Group Holdings LLC | Secured Revolving Line Of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 75,000 | |||||
Basis rate | 2.25% | |||||
Minimum liquidity | $ 2,500 | |||||
Total debt to consolidated EBITDA ratio | 3 | |||||
Affiliate deposits | $ 20,000 | |||||
Minimum quarterly EBITDA | $ 10,000 | |||||
Bridge Investment Group Holdings LLC | Secured Revolving Line Of Credit | Line of Credit | The Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Minimum liquidity | $ 15,000 |
Notes Payable - Additional Info
Notes Payable - Additional Informational (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jul. 22, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 03, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 150,000 | $ 150,000 | |||||
Interest expense, debt | $ 1,500 | $ 3,000 | $ 1,500 | $ 3,000 | |||
Private Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principle amount outstanding | $ 150,000 | $ 150,000 | |||||
Total debt to consolidated EBITDA ratio | 3.75 | 3.75 | |||||
Minimum liquidity | $ 15,000 | $ 15,000 | |||||
Weighted average interest rate | 5.05% | ||||||
Minimum quarterly EBITDA | $ 15,000 | ||||||
Minimum total EBITDA | $ 80,000 | ||||||
Private Notes Tranche One | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 5 years | 5 years | 10 years | ||||
Interest rate | 3.90% | 3.90% | |||||
Interest rate on notes | 5% | ||||||
Private Notes Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 7 years | 7 years | 12 years | ||||
Interest rate | 4.15% | 4.15% | |||||
Interest rate on notes | 5.10% | ||||||
Line of Credit | The Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum leverage ratio | 3.75 | ||||||
Minimum quarterly EBITDA | $ 15,000 | ||||||
Minimum total EBITDA | 80,000 | ||||||
Bridge Investment Group Holdings LLC | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized deferred financing costs | $ 1,600 | $ 1,600 | $ 1,900 | ||||
Long-term debt | $ 148,400 | $ 148,400 | $ 148,100 | ||||
Bridge Investment Group Holdings LLC | Secured Revolving Line Of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Total debt to consolidated EBITDA ratio | 3 | ||||||
Minimum liquidity | $ 2,500 | ||||||
Minimum quarterly EBITDA | $ 10,000 | ||||||
Bridge Investment Group Holdings LLC | Private Notes Tranche One | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 75,000 | ||||||
Bridge Investment Group Holdings LLC | Private Notes Tranche Two | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 75,000 | ||||||
Bridge Investment Group Holdings LLC | Line of Credit | The Credit Agreement | Secured Revolving Line Of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Minimum liquidity | $ 15,000 |
Notes Payable - Summary of Sche
Notes Payable - Summary of Scheduled Principal Payments of the Company's Debt (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 75,000 |
2026 | 0 |
Thereafter | 75,000 |
Total | $ 150,000 |
Notes Payable - Summary of Debt
Notes Payable - Summary of Debt Issuance Costs (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Unamortized Debt Issuance Expense [Roll Forward] | ||
Unamortized debt issuance costs as of December 31, 2021 | $ 1,644 | $ 1,858 |
Amortization of debt issuance costs | (214) | |
Unamortized debt issuance costs as of June 30, 2022 | $ 1,644 | $ 1,858 |
Other Income - Realized Gains_3
Other Income - Realized Gains (Losses) - Summary of Realized Gains (Losses) on Investments and Other Financial instruments (Detail) - Bridge Investment Group Holdings LLC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net Realized Gains (Losses) | $ (277) | $ (292) | $ (378) | $ (316) |
Net Unrealized Gains (Losses) | 4,083 | 592 | 4,696 | 6,413 |
Total | 3,806 | 300 | 4,318 | 6,097 |
Investment in Company-sponsored funds | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net Realized Gains (Losses) | (256) | (5) | (249) | (4) |
Net Unrealized Gains (Losses) | 5,097 | 411 | 3,857 | 4,452 |
Total | 4,841 | 406 | 3,608 | 4,448 |
Investment in third-party partnerships | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net Realized Gains (Losses) | (49) | (270) | (61) | (312) |
Net Unrealized Gains (Losses) | 7 | 1,279 | 1,593 | 1,523 |
Total | (42) | 1,009 | 1,532 | 1,211 |
Other investments | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net Realized Gains (Losses) | 0 | (17) | 0 | 0 |
Net Unrealized Gains (Losses) | 0 | 26 | 0 | 22 |
Total | 0 | 9 | 0 | 22 |
General Partner Notes Payable | ||||
Schedule Of Realized And Unrealized Gains Losses [Line Items] | ||||
Net Realized Gains (Losses) | 28 | 0 | (68) | 0 |
Net Unrealized Gains (Losses) | (1,021) | (1,124) | (754) | 416 |
Total | $ (993) | $ (1,124) | $ (822) | $ 416 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||||
TRA liability | $ 51,300,000 | $ 46,100,000 | |||
Bridge Investment Group Holdings LLC | |||||
Income Tax Disclosure [Line Items] | |||||
TRA liability | $ 44,400,000 | ||||
Incremental tax saving percentage | 85% | ||||
Increase in deferred tax assets | $ 64,900,000 | $ 59,000,000 | |||
Effective tax rate | 2% | 1% | 4% | 1% | |
Unrecognized tax positions | $ 0 | $ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 20, 2021 shares | Jan. 31, 2022 USD ($) shares | Jun. 30, 2022 USD ($) votePerShare $ / shares shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) votePerShare $ / shares shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) $ / shares shares | Jan. 01, 2022 shares | |
Class of Stock [Line Items] | ||||||||
Business acquired | $ | $ 15,089 | $ 0 | ||||||
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | |||||
Preferred stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |||||
GBC | ||||||||
Class of Stock [Line Items] | ||||||||
Business acquired | $ | $ 30,000 | |||||||
Common stock, shares issued (in shares) | 694,412 | |||||||
IPO | ||||||||
Class of Stock [Line Items] | ||||||||
Undistributed earnings | $ | $ 1,400 | $ 1,400 | ||||||
Prior Initial Public Offering | ||||||||
Class of Stock [Line Items] | ||||||||
Cash Distributed to Non Controlling Interests | $ | $ 42,200 | $ 7,800 | 70,800 | 14,000 | ||||
Distributions | $ | $ 38,600 | $ 136,100 | 56,100 | $ 157,900 | ||||
Capital Unit, Class A | ||||||||
Class of Stock [Line Items] | ||||||||
Profits interests awards (in shares) | 13,255,888 | |||||||
Bridge Investment Group Holdings Inc. | ||||||||
Class of Stock [Line Items] | ||||||||
Unamortized share based compensation expense | $ | $ 600 | |||||||
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 | ||||||
Preferred stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||
Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Profits interests awards (in shares) | 790,424 | |||||||
Common stock, shares issued (in shares) | 29,077,806 | 29,077,806 | 25,159,799 | |||||
Common stock, value | $ | $ 291 | $ 291 | $ 230 | |||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares outstanding (in shares) | 29,077,806 | 29,077,806 | 25,159,799 | |||||
Class A Common Stock | GBC | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, value | $ | $ 14,900 | |||||||
Class A Common Stock | Bridge Investment Group Holdings Inc. | ||||||||
Class of Stock [Line Items] | ||||||||
Stock redeemed (in shares) | 146,654 | 980,684 | ||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||||||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Common stock, shares outstanding (in shares) | 29,077,806 | 29,077,806 | ||||||
Number of shares issued (in shares) | 56,134 | |||||||
Number of votes per share | votePerShare | 1 | 1 | ||||||
Class A Common Stock | Bridge Investment Group Holdings Inc. | IPO | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued (in shares) | 18,750,000,000 | |||||||
Class A Common Stock | Bridge Investment Group Holdings LLC | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued (in shares) | 14,760,227 | |||||||
Common stock shares owned by managing partners | 29,144,443 | 29,144,443 | ||||||
Common stock percentage owned by managing Partners | 23% | 23% | ||||||
Class B Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares issued (in shares) | 85,691,621 | 85,691,621 | 86,672,305 | |||||
Common stock, value | $ | $ 857 | $ 857 | $ 867 | |||||
Common stock, shares authorized (in shares) | 238,228,038 | 238,228,038 | 239,208,722 | |||||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares outstanding (in shares) | 85,691,621 | 85,691,621 | 86,672,305 | |||||
Class B Common Stock | Bridge Investment Group Holdings Inc. | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 239,208,722 | 239,208,722 | ||||||
Common stock, par or stated value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Common stock, shares outstanding (in shares) | 85,691,621 | 85,691,621 | ||||||
Number of shares issued (in shares) | 0 | |||||||
Number of votes per share | votePerShare | 10 | 10 | ||||||
Class B Common Stock | Bridge Investment Group Holdings LLC | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock shares owned by managing partners | 97,463,981 | 97,463,981 | ||||||
Common stock percentage owned by managing Partners | 100% | 100% | ||||||
Class B Common Stock | Bridge Investment Group Holdings LLC | IPO | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued (in shares) | 97,463,981 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Reconciliation (Detail) | 6 Months Ended |
Jun. 30, 2022 shares | |
Bridge Investment Group Holdings Inc. | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Class A restricted common stock vested (in shares) | (299,152) |
Class A Common Stock | Bridge Investment Group Holdings Inc. | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 22,742,137 |
Class A common stock issued (in shares) | 56,134 |
Class A common stock issued - unitholder conversions (in shares) | 980,684 |
Class A restricted common stock issued (in shares) | 0 |
Class A restricted common stock forfeited (in shares) | 0 |
Ending balance (in shares) | 24,078,107 |
Class A Common Stock | Bridge Investment Group Holdings LLC | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 109,699,232 |
Class A common stock issued (in shares) | 14,760,227 |
Ending balance (in shares) | 124,459,459 |
Class A Restricted Common Stock | Bridge Investment Group Holdings Inc. | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 2,417,662 |
Class A common stock issued (in shares) | 734,290 |
Class A common stock issued - unitholder conversions (in shares) | 0 |
Class A restricted common stock issued (in shares) | 2,211,485 |
Class A restricted common stock forfeited (in shares) | (64,586) |
Class A restricted common stock vested (in shares) | (299,152) |
Ending balance (in shares) | 4,999,699 |
Class B Common Stock | Bridge Investment Group Holdings Inc. | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 86,672,305 |
Class A common stock issued (in shares) | 0 |
Class A common stock issued - unitholder conversions (in shares) | (980,684) |
Ending balance (in shares) | 85,691,621 |
Class B Common Stock | Bridge Investment Group Holdings LLC | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 97,463,981 |
Ending balance (in shares) | 97,463,981 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 17, 2022 | Mar. 25, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Class of Stock [Line Items] | ||||
Dividends on common stock (in dollars per share) | $ 0.26 | $ 0.47 | ||
Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Dividends on common stock (in dollars per share) | $ 0.26 | $ 0.21 | $ 0.47 | |
Payments of Dividends | $ 7,614 | $ 5,917 | $ 13,531 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Right-of-use assets, included in Other assets | $ 16,116 | $ 16,116 | $ 13,700 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Lease Liabilities, included in Other liabilities | $ 18,318 | $ 18,318 | $ 15,800 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
Weighted-average remaining lease term (in years) | 4 years 8 months 12 days | 4 years 8 months 12 days | |
Weighted-average discount rate | 4.19% | 4.19% | |
Operating lease costs | $ 1,056 | $ 2,121 | |
Variable lease costs | 70 | 102 | |
Total lease costs, included in general and administrative expenses | 1,126 | 2,223 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 894 | $ 2,061 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Subsidiary or Equity Method Investee [Line Items] | |||||
Short-term lease, cost | $ 200,000 | $ 400,000 | |||
Bridge Investment Group Holdings LLC | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Short-term lease, cost | 153,000,000 | $ 120,900,000 | |||
Total rent expense | $ 1,000,000 | $ 2,100,000 | |||
Lease incentive amortization | $ 100,000 | $ 200,000 | |||
Contingent repayment obligation or liability | 126,400,000 | 126,400,000 | $ 106,900,000 | ||
Letter of Credit | Bridge Investment Group Holdings LLC | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Standby letter of credit | 6,000,000 | ||||
Operating leases | $ 362,000,000 | $ 362,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Future Minimum Rental Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2022 | $ 2,262 | |
2023 | 5,009 | |
2024 | 4,029 | |
2025 | 3,120 | |
2026 | 3,061 | |
Thereafter | 2,738 | |
Total lease liabilities | 20,219 | |
Less: Imputed interest | (1,901) | |
Total operating lease liabilities | $ 18,318 | $ 15,800 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Assets | $ 1,042,068 | $ 846,292 |
Liabilities | 361,071 | 296,555 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 976,100 | 787,300 |
Liabilities | 304,700 | 249,700 |
Bridge Investment Group Holdings LLC | ||
Variable Interest Entity [Line Items] | ||
Maximum amount of exposure to loss as a result of its involvement with the Variable Interest Entity | $ 66,900 | $ 39,700 |
Related Party Transactions - Su
Related Party Transactions - Summary of Professionals and Non-Consolidated Funds to be Affiliates (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Fees receivable from non-consolidated funds | $ 21,273 | $ 23,991 |
Payments made on behalf of and amounts due from non-consolidated entities | 12,913 | 11,388 |
Total receivables from affiliates | $ 34,186 | $ 35,379 |
Related Party Transactions (Add
Related Party Transactions (Additional Information) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Accrued amount due to affiliates | $ 51.3 | $ 46.1 |
Share-based Compensation and _3
Share-based Compensation and Profits Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 06, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Aggregate unrecognized compensation cost | $ 81,054 | $ 81,054 | |||
Restricted Stock | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total value at grant date of Restricted Stock and RSUs granted | $ 72,100 | ||||
Shares of Restricted Stock (in shares) | 4,999,699 | 4,999,699 | |||
Aggregate unrecognized compensation cost | $ 73,200 | $ 73,200 | |||
Restricted Stock and RSUs | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Number of shares increased (in shares) | 8,836,972 | ||||
Number of shares available for future grants (in shares) | 4,490,564 | 4,490,564 | |||
Total value at grant date of Restricted Stock and RSUs granted | $ 1,200 | ||||
RSUs expected to vest (in shares) | 66,637 | 66,637 | |||
Aggregate intrinsic vest value | $ 1,000 | ||||
Weighted-average period over which compensation cost not yet recognized is expected to be recognized | 2 years 8 months 12 days | ||||
Restricted Stock and RSUs | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
RSUs issued at weighted-average fair value (in shares) | 50,137 | ||||
RSUs issued weighted average fair value per share (in dollars per share) | $ 23.84 | ||||
Aggregate unrecognized compensation cost | $ 73,232 | $ 73,232 | |||
Profits interests award shares | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Aggregate unrecognized compensation cost | 7,822 | $ 7,822 | |||
Weighted-average period over which compensation cost not yet recognized is expected to be recognized | 2 years 4 months 24 days | ||||
Class A Common Stock | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Aggregate intrinsic value expected to vest | 72,700 | $ 72,700 | |||
Bridge Investment Group Holdings LLC | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total share-based compensation | 6,553 | $ 14,624 | 13,818 | $ 15,465 | |
Bridge Investment Group Holdings LLC | Restricted Stock and RSUs | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Stock-based compensation reversed | 55 | 100 | |||
Total share-based compensation | 5,712 | 0 | $ 11,361 | 0 | |
Bridge Investment Group Holdings LLC | Antidilutive awards | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Percentage of amortization of falue value of awards | 100% | ||||
Bridge Investment Group Holdings LLC | Profits interests award shares | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Total share-based compensation | $ 841 | $ 1,015 | $ 2,457 | $ 1,856 | |
Bridge Investment Group Holdings LLC | Fund Managers | Minimum | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Percentage of holding company ownership by fund managers | 5% | 5% | |||
Bridge Investment Group Holdings LLC | Fund Managers | Maximum | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Percentage of holding company ownership by fund managers | 40% | 40% | |||
2021 Incentive Award Plan | Bridge Investment Group Holdings LLC | Class A Common Stock | Restricted Stock and RSUs | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Common stock initially reserved for issuance (in shares) | 6,600,000 |
Share-based compensation and _4
Share-based compensation and profits interests - Summary of Restricted Stock activities (Detail) - Class A Restricted Common Stock | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Restricted Stock | |
Beginning Balance (in shares) | shares | 2,417,662 |
Issued (in shares) | shares | 2,945,775 |
Vested (in shares) | shares | (299,152) |
Forfeited (in shares) | shares | (64,586) |
Ending Balance (in shares) | shares | 4,999,699 |
Weighted-Average Fair Value per Share | |
Beginning Balance (in dollars per share) | $ / shares | $ 15.82 |
Issued (in dollars per share) | $ / shares | 24.49 |
Vested (in dollars per share) | $ / shares | 23.83 |
Forfeited (in dollars per share) | $ / shares | 15.79 |
Ending Balance (in dollars per share) | $ / shares | $ 20.45 |
Share-based Compensation and _5
Share-based Compensation and Profits Interests - Summary of Share Based Compensation Expense (Detail) - Bridge Investment Group Holdings LLC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | $ 6,553 | $ 14,624 | $ 13,818 | $ 15,465 |
Antidulutive profits interest awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | 0 | 13,609 | 0 | 13,609 |
Profits interests award shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | 841 | 1,015 | 2,457 | 1,856 |
Restricted Stock and RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation | $ 5,712 | $ 0 | $ 11,361 | $ 0 |
Share-based Compensation and _6
Share-based Compensation and Profits Interests - Summary of Unrecognized Compensation Cost (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Disclosure of Profits Interests [Line Items] | |
Remainder of 2022 | $ 13,334 |
2023 | 25,807 |
2024 | 23,334 |
2025 | 13,056 |
2026 | 5,441 |
Thereafter | 82 |
Total | 81,054 |
Restricted Stock and RSUs | |
Disclosure of Profits Interests [Line Items] | |
Remainder of 2022 | 11,678 |
2023 | 22,966 |
2024 | 21,277 |
2025 | 12,102 |
2026 | 5,127 |
Thereafter | 82 |
Total | 73,232 |
Profits interests award shares | |
Disclosure of Profits Interests [Line Items] | |
Remainder of 2022 | 1,656 |
2023 | 2,841 |
2024 | 2,057 |
2025 | 954 |
2026 | 314 |
Thereafter | 0 |
Total | $ 7,822 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share of Class A Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Net income attributable to Bridge Investment Group Holdings Inc. | $ 12,940 | $ 22,711 | ||
Income allocated to Restricted Stock and RSUs | (915) | (1,608) | ||
Distributions on Restricted Stock and RSUs | (1,436) | (2,432) | ||
Net income available to Class A common shareholders - basic and diluted | $ 10,589 | $ 18,671 | ||
Denominator: | ||||
Weighted-average shares of Class A common stock outstanding - basic (in shares) | 24,029,107 | 23,581,393 | ||
Weighted-average shares of Class A common stock outstanding - diluted (in shares) | 24,029,107 | 23,581,393 | ||
Earnings per share of Class A common stock - basic (in dollars per share) | $ 0.44 | $ 0.79 | ||
Earnings per share of Class A common stock - diluted (in dollars per share) | $ 0.44 | $ 0.79 |