Bridge Invt Group Hldgs Inc Stock Price, News & Analysis

Bridge Investment Group Holdings Inc. (NYSE: BRDG) has announced the upcoming release of its first quarter 2023 financial results on May 8, 2023, post-market close. The company will hold a conference call on May 9, 2023, at 9:30 am ET to discuss the results. Interested parties can join via phone or webcast. As of December 31, 2022, Bridge managed approximately $48.5 billion in assets, following the acquisition of Newbury Partners, which was finalized on March 31, 2023.

Bridge Investment Group Holdings Inc. (BRDG) has finalized its $320.1 million cash acquisition of Newbury Partners LLC, a leading investment manager specializing in secondary transactions of private equity funds. Newbury, with over $6.2 billion raised since its inception in 2006, manages $4.3 billion in fee-earning assets under management as of December 31, 2022. This acquisition diversifies Bridge’s investment portfolio and is expected to enhance its earnings metrics immediately. The collaboration aims to leverage Newbury's expertise in the growing alternative investment sector, particularly in expanding into adjacent secondaries asset classes.

Bridge Investment Group Holdings reported fourth-quarter net income of $18.2 million and annual net income of $272.4 million for 2022. The earnings per share for Class A common stock were $(0.04) for the quarter and $0.92 for the year. Distributable earnings for the quarter were $35.6 million ($0.21 per share) and $187.9 million ($1.10 per share) for the year. The company declared a quarterly dividend of $0.17 per share. Additionally, Bridge announced a definitive agreement to acquire Newbury Partners LLC for $320.1 million, expanding into the private equity secondaries market.

Bridge Investment Group Holdings (NYSE: BRDG) has announced a definitive agreement to acquire Newbury Partners for $320.1 million. This acquisition aims to enhance Bridge's position in the rapidly growing private equity secondaries market, which has seen increased demand. With approximately $48.5 billion in assets under management post-transaction, Bridge expects significant near- and long-term growth opportunities. The acquisition is anticipated to be immediately accretive to core earnings metrics. The deal is expected to close in the first half of 2023, pending regulatory approvals.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) announced the close of its Multifamily Fund V, raising $2.26 billion in equity commitments, marking it as the largest dedicated multifamily fund ever raised.

This fund will focus on value-add Class B multifamily housing in high-growth markets. The strategy leverages conservative financing and an in-house management team of over 1,500 employees, aiming to enhance property value and generate resilient income streams for investors.

CEO Jonathan Slager expressed optimism regarding the multifamily market's favorable conditions, expecting strong demand to surpass supply.

Bridge Investment Group Holdings announced the promotion of Lourdes Fisher to Senior Managing Director and four colleagues to Managing Director as part of their leadership expansion. Robert Morse, Executive Chairman, praised Fisher's contributions to the Client Solutions Group. The newly promoted Managing Directors include Allison Ramirez, Scott Kirk, Cynthia Adams, and Patrick Brooks. Additionally, Garrett Behling has been promoted to Chief Accounting Officer, overseeing corporate accounting. Bridge manages approximately $43.8 billion in assets across various real estate sectors, emphasizing its commitment to leadership development and operational excellence.

Bridge Investment Group Holdings Inc. (NYSE: BRDG) announced the appointment of Adam Haughton as Chief Investment Officer of Bridge Renewable Energy, effective December 12, 2022. This partnership with Lumen Energy Inc. aims to produce clean energy by developing renewable energy infrastructure on commercial properties, addressing the growing demand for green energy. Haughton brings over 15 years of solar investment expertise and previously served as Chief Investment Officer at New Energy Solar Manager. His appointment is seen as a strategic move to enhance the company’s energy transition efforts and provide competitive energy pricing for owners and tenants.

Bridge Net Lease has acquired a Class-A manufacturing and distribution asset in Port St. Lucie, South Florida, totaling 411,852 square feet. The facility is fully leased to TAMCO, a City Electric Supply Company division, under a long-term net lease. Constructed in 2020, the asset features 40’ clear heights and includes land for potential expansion. This acquisition supports Bridge's strategy of acquiring mission-critical assets in prime growth markets with creditworthy tenants. This addition enhances Bridge's portfolio by increasing its weighted average lease term and cap rate, solidifying its presence in the Southeastern US market.