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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2023~~2024

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from________to________

Commission File Number: 001-40622

BRIDGE INVESTMENT GROUP HOLDINGS INC.

(Exact name of registrant as specified in its charter)


Delaware			82-2769085
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
111 East Sego Lily Drive, Suite 400 Salt Lake City, Utah			84070
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (801) 716-4500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value per share

BRDG

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes o No x

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of June 3028, ~~2023~~2024, the aggregate market value of the shares of common stock held by non-affiliates of the registrant was approximately $~~286~~241.61 million.

As of March 15, ~~2024~~2025, the registrant had 4144,~~019~~702,~~229~~523 shares of Class A common stock ($0.01 par value per share) outstanding and 8079,~~048~~142,~~075~~364 shares of Class B common stock ($0.01 par value per share) outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

~~Part III of this Form 10-K incorporates by reference information from the Registrant’s definitive proxy statement related to the 2024 annual meeting of stockholders~~None.

TABLE OF CONTENTS

	Cautionary Note Regarding Forward-Looking Statements	1
	Certain Definitions	1
	Risk Factor Summary	4
PART I
Item 1.	Business	56
Item 1A.	Risk Factors	2225
Item 1B.	Unresolved Staff Comments	4853
Item 1C.	Cybersecurity	4854
Item 2.	Properties	5055
Item 3.	Legal Proceedings	5055
Item 4.	Mine Safety Disclosures	5055
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	5156
Item 6.	Reserved	5358
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5459
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	9098
Item 8.	Financial Statements and Supplementary Data	9199
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	~~142~~149
Item 9A.	Controls and Procedures	~~142~~150
Item 9B.	Other Information	~~143~~151
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~143~~151
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	~~144~~152
Item 11.	Executive Compensation	~~144~~162
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~144~~168
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~144~~170
Item 14.	Principal Accountant Fees and Services	~~144~~174
PART IV
Item 15.	Exhibit and Financial Statement Schedules	~~145~~177
Item 16.	Form 10-K Summary	~~147~~179
Signatures		~~148~~180

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), about, among other things, our operations, taxes, earnings and financial performance, and dividends. All statements other than statements of historical facts contained in this report may be forward-looking statements. Statements regarding our ability to complete the proposed Mergers (as defined below), including statements regarding the benefits of the proposed Mergers and the anticipated timing and likelihood of completion of the proposed Mergers, and information regarding the businesses of Apollo and the Company, including Apollo’s and the Company’s objectives, plans and strategies for future operations, future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, fund performance and debt service obligations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “outlook,” “indicator,” “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward looking statements are not guarantees of future performance and are subject to known and unknown risks, assumptions and uncertainties that are difficult to predict and beyond our ability to control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results, performance or achievements may prove to be materially different from the results expressed or implied by the forward-looking statements. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.

These forward-looking statements speak only as of the date of this annual report and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including those described in Part I, Item 1A, “Risk Factors.” You should read this report and the documents that we reference in this report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

CERTAIN DEFINITIONS

As used in this annual report on Form 10-K, unless the context otherwise requires, references to:

•“we,” “us,” “our,” the “Company,” “Bridge,” “Bridge Investment Group” and similar references refer: (1) following the consummation of the Transactions, including our initial public offering (“IPO”), to Bridge Investment Group Holdings Inc., and, unless otherwise stated, all of its subsidiaries, including Bridge Investment Group Holdings LLC (the “Operating Company”) and, unless otherwise stated, all of the Operating Company’s subsidiaries, and (2) prior to the completion of the IPO, to the Operating Company and, unless otherwise stated, all of the Operating Company’s subsidiaries and the Contributed Bridge GPs.

•“assets under management” or “AUM” refers to the assets we manage. Our AUM represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and vehicles and those of Bridge affiliates), plus (c) the fair value of the assets of any real estate investment trusts (“REITs”) managed by our affiliates, including Bridge Investment Group Industrial Real Estate Income Trust (“BIGi”). Our AUM is not reduced by any outstanding indebtedness or other accrued but unpaid liabilities of the assets we manage. Our calculations of AUM and fee-earning AUM may differ from the calculations of other investment managers, and differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of AUM (but not fee-earning AUM) includes uncalled commitments to (and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the agreements governing the funds and vehicles we manage or advise.

•“BIGRM” refers to Bridge Investment Group Risk Management, Inc. BIGRM is incorporated in the State of Utah and is licensed under the Utah State Captive Insurance Companies Act.

•“Bridge GPs” refers to the following entities:

•Bridge Office Fund GP LLC (“BOF I GP”)

•Bridge Office Fund II GP LLC (“BOF II GP”)

•Bridge Office Fund III GP LLC (“BOF III GP”)

•Bridge Seniors Housing & Medical Properties Fund GP LLC (“BSH I GP”)

•Bridge Seniors Housing & Medical Properties Fund II GP LLC (“BSH II GP”)

•Bridge Seniors Housing Fund III GP LLC (“BSH III GP”)

•Bridge Opportunity Zone Fund GP LLC (“BOZ I GP”)

•Bridge Opportunity Zone Fund II GP LLC (“BOZ II GP”)

•Bridge Opportunity Zone Fund III GP LLC (“BOZ III GP”)

•Bridge Opportunity Zone Fund IV GP LLC (“BOZ IV GP”)

•Bridge Opportunity Zone Fund V GP LLC (“BOZ V GP”)

•Bridge Opportunity Zone Fund VI GP LLC (“BOZ VI GP”)

•Bridge Opportunity Zone Fund VII GP LLC (“BOZ VII GP”)

•Bridge MF&CO Fund III GP LLC (“BMF III GP”)

•Bridge Multifamily CV GP LLC (“BMF CV GP”)

•Bridge Multifamily Fund IV GP LLC (“BMF IV GP”)

•Bridge Multifamily Fund V GP LLC (“BMF V GP”)

•Bridge Workforce and Affordable Housing Fund GP LLC (“BWH I GP”)

•Bridge Workforce and Affordable Housing Fund II GP LLC (“BWH II GP”)

•Bridge ~~Debt~~Workforce ~~Strategies~~and Affordable Housing Fund III GP LLC (“~~BDS~~BWH IIII GP”)

•Bridge Debt Strategies Fund II GP LLC (“BDS II GP”)

•Bridge Debt Strategies Fund III GP LLC (“BDS III GP”)

•Bridge Debt Strategies Fund IV GP LLC (“BDS IV GP”)

•Bridge Debt Strategies Fund V GP LLC (“BDS V GP”)

•Bridge Agency MBS Fund GP LLC (“BAMBS GP”)

•Bridge Net Lease Income Fund GP LLC (“BNLI GP”)

•Bridge Logistics U.S. Venture I GP LLC (“BLV I GP”)

•Bridge Logistics Developer GP LLC (“BLD GP”)

•Bridge Logistics Value Fund II GP LLC (“BLV II GP”)

•Bridge Single-Family Rental Fund IV GP LLC (“BSFR IV GP”)

•Bridge Solar Energy Development Fund GP LLC (“BSED GP”)

•BLP Dawes Developer GP LLC (“BLPDD GP”)

•Newbury Equity Partners VI GP LLC (“NEP VI GP”)

•“Class A common stock” refers to the Class A common stock, $0.01 par value per share, of the Company.

•“Class A Units” refers to the Class A common units of the Operating Company.

•“Class B common stock” refers to the Class B common stock, $0.01 par value per share, of the Company.

•“Class B Units” refers to the Class B common units of the Operating Company.

•“Continuing Equity Owners” refers collectively to direct or indirect holders of Class A Units and Class B common stock who may exchange at each of their respective options (subject in certain circumstances to time-based vesting requirements and certain other restrictions), in whole or in part from time to time, their Class A Units (along with an equal number of shares of Class B common stock (and such shares shall be immediately cancelled)) for, at our election, cash or newly issued shares of Class A common stock.

•“Contributed Bridge GPs” refers to the following entities:

•BOF I GP

•BOF II GP

•BSH I GP

•BSH II GP

•BSH III GP

•BOZ I GP

•BOZ II GP

•BOZ III GP

•BOZ IV GP

•BMF III GP

•BMF IV GP

•BWH I GP

•BWH II GP

•BDS II GP

•BDS III GP

•BDS IV GP

•“fee-earning AUM” refers to the assets we manage from which we earn management fee or other revenue.

•“IPO” refers to the initial public offering of shares of the Company’s Class A common stock.

•“LLC Interests” refers to the Class A Units and the Class B Units.

•“Merger Agreement” refers to the Agreement and Plan of Merger, dated as of February 23, 2025, entered into by and among the Company, the Operating Company, Apollo Global Management, Inc. (“Apollo”), Aspen PubCo Merger Sub 1, Inc. (“Merger Sub Inc.”), Aspen Second Merger Sub, LLC (“Merger Sub LLC,” and, together with Merger Sub Inc, the “Merger Subs”), and, solely for purposes of Section 6.16 thereof, Adam O’Farrell as the representative of the Operating Company.

•“Operating Company,” “Bridge Investment Group LLC” and “Bridge Investment Group Holdings LLC” refer to Bridge Investment Group Holdings LLC, a Delaware limited liability company, which was converted to a limited liability company organized under the laws of the State of Delaware from a Utah limited liability company formerly named “Bridge Investment Group LLC” in connection with the IPO.

•“Original Equity Owners” refers to the owners of LLC Interests in the Operating Company, collectively, prior to the IPO.

•“Transactions” refers to the IPO and certain organizational transactions that were effected in connection with the IPO, and the application of the net proceeds therefrom. Refer to Note 1, “Organization,” to our consolidated ~~and combined~~ financial statements included in this annual report on Form 10-K for a description of the Transactions.

RISK FACTOR SUMMARY

The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth more fully in “Part I. Item IA. Risk Factors.”

•The Mergers (as defined below) may not be completed within the expected timeframe, or at all, and significant delay or the failure to complete the Mergers could adversely affect our business and the market price of our common stock.

•The announcement and pendency of our acquisition by Apollo could adversely affect our business, prospects, financial condition, and results of operations.

•The Merger Agreement contains provisions that could discourage a potential competing acquirer of our company or could result in any competing proposal being at a lower price than it might otherwise be.

•While the Merger Agreement is in effect, we are subject to restrictions on our business activities.

•The historical performance of our fund investments may not be indicative of the future results of our fund investments or our operations or any returns expected on an investment in our Class A common stock.

•Difficult economic, market and political conditions may adversely affect our businesses.

•The substantial growth of our business in recent years may be difficult to sustain, as it may place significant demands on our resources and employees and may increase our expenses in the future.

•Valuation methodologies for certain assets held by our funds and other vehicles can be subject to significant subjectivity, and the values of assets may not be the same when realized.

•~~Dependence~~Fund oninvestors ~~leverage~~may ~~subjects~~be usunwilling to ~~volatility,~~commit ~~high~~new ~~interest~~capital ~~rates~~to ~~and contractions in the debt financing markets, affecting the ability of~~ our funds ~~to deploy capital or achieve attractive rates of return on those investments~~.

•A significant portion of our revenues are subject to the risks inherent in the ownership and operation of real estate and the construction, development and financing of real estate, including, among other risks, environmental liabilities.

•Dependence on leverage by certain funds and investments subjects us to volatility, high interest rates and contractions in the debt financing markets could adversely affect the ability of our funds to deploy capital or achieve attractive rates of return on those investments.

•The success of our business depends on the identification and availability of suitable investment opportunities for our funds.

•Our ability to retain our senior leadership team and attract additional qualified investment professionals is critical to our success.

•We intend to expand our business and may enter into new investment asset classes, new lines of business and/or new markets and offer new investment products.

•The substantial growth of our business in recent years may be difficult to sustain, as it may place significant demands on our resources and employees and may increase our expenses in the future.

•Defaults by investors in our funds could adversely affect such funds’ operations and performance.

•Fund investors may be unwilling to commit new capital to our funds.

•The due diligence process that we undertake in connection with investments may not reveal all facts that may be relevant in connection with an investment.

•Cybersecurity risks and data security breaches could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses.

•The due diligence process that we undertake in connection with investments may not reveal all facts that may be relevant in connection with an investment.

•The investment management business is intensely competitive.

•Extensive government regulation, compliance failures and changes in law or regulation could adversely affect us and the operation of our funds.

•Because our principal asset is our interest in the Operating Company, we depend on distributions from the Operating Company to pay our taxes and expenses and to pay dividends to holders of our Class A common stock.

•Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.

•We are subject to increasing scrutiny with respect to climate change and the environmental, social and governance impact of our operations investments made by our funds.

PART I

Item 1. Business

Overview

We are a leading alternative investment manager, diversified across specialized asset classes, with approximately $4749.78 billion of AUM as of December 31, ~~2023~~2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on various specialized and synergistic investment platforms, including real estate, credit, renewable energy and secondaries strategies. Our broad range of products and vertically integrated structure allow us to capture new market opportunities and serve investors with various investment objectives. Our ability to scale our specialized and operationally driven investment approach across multiple attractive sectors within real estate equity and debt, in a way that creates sustainable and thriving communities, is the ethos of who we are and the growth engine of our success. We have enjoyed significant growth since our establishment as an institutional fund manager in 2009, driven by strong investment returns, and our successful efforts to organically develop and strategically acquire an array of investment platforms focused on sectors of the U.S. real estate market and other alternative investments that we believe are the most attractive. We have extensive multi-channel distribution capabilities and currently manage capital on behalf of global institutions and individual investors across our investment strategies.

As of December 31, ~~2023~~2024, we employed approximately 2,~~300~~250 people primarily located at our corporate offices in Utah, New York, California, Florida, Georgia, Virginia, North Carolina and ~~Virginia~~Connecticut and at our properties throughout the United States. Additionally, we have approximately 2,~~800~~700 professionals employed through a professional employment organization at sites managed by Bridge Senior Living, all of whom are property professionals expensed via our managed vehicles. Our employees and professionals are integral to our culture of integrity, professionalism and excellence. We believe hiring, training and retaining talented individuals, coupled with our rigorous investment process, has supported our excellent investment record over many years. This record, in turn, has enabled us to innovate into new strategies, drive growth and better serve our fund investors and shareholders.

We employ a specialized, vertically integrated model spanning investment platforms across real estate, credit, renewable energy and secondaries strategies. Our vertically integrated approach includes investment professionals as well as employees who perform active asset management, property management, leasing, and construction management functions. By directly operating the properties that we acquire or develop, we believe we are able to find opportunities to generate significant alpha at the asset level, creating a key competitive advantage to drive returns for our fund investors. This high-touch owner-operator approach, which we have refined over decades, provides a difficult to replicate, data-driven investment strategy. With respect to our equity investment strategies, we aim for high visibility into precisely how we will execute on and operate a given asset at the time of acquisition. In our credit strategies investment platform, we leverage that same execution-focused discipline to validate and underwrite credit investments, frequently collaborating with our local market teams in the investment phase.

We currently operate across 3534 states, and we focus our investment activity in the U.S. markets that we believe exhibit the strongest growth potential, as determined by rigorous data-driven analytics conducted by our dedicated research team. We have a leading presence in many attractive subsectors of U.S. real estate in both primary and secondary markets. Our investment teams consist of specialized, experienced professionals who bring deep sector knowledge across economic cycles. Investment team collaboration combined with our on-the-ground resources and local market teams provides us with extensive and unique deal flow across our target markets. Our intensive underwriting and investment processes benefit from this collaborative effort to support rigorous physical, financial and analytical due diligence.

We are focused on a differentiated and socially responsible approach to investing and operating our assets. Our onsite presence at our real estate properties allows us to create positive, constructive relationships with residents and tenants, and to differentiate Bridge real estate assets from other properties. As an operator, we seek to offer residents and tenants far more than just “four walls and a roof.” By making improvements that residents and tenants value, often with an emphasis on social and community programming, Bridge prides itself on community revitalization. Further, we seek to make improvements that limit our impact on the environment. For example, in 2022, we launched our Renewable Energy investment platform, which utilizes a technology-integrated approach to streamline the analysis and implementation of solar infrastructure for commercial properties. Community, sustainability and resource reduction are incorporated into our decisions. We are a signatory of the United Nations Principles for Responsible Investment (“UNPRI”), and are seeking to incorporate environmental, social and governance issues into our investment analysis and decision-making processes. We believe this will improve long-term, risk-adjusted returns for our fund investors and deliver to our tenants and residents what they need and want.

Our distribution efforts span both retail and institutional channels and are led by our senior management, investment professionals and a dedicated team of global investor service professionals. We established our retail distribution channel through our first wirehouse distribution relationship in 2012, and we believe our tenured presence with distribution partners, including wirehouse banks and Registered Investment Advisers (“RIAs”), affords us the opportunity to continue growing our AUM from both “qualified purchaser” and “accredited investor” retail investors. Our institutional fundraising and fund investor service efforts are high-touch, and we manage capital on behalf of many of the world’s leading global allocators of private market capital. Because of our multiple platforms and strategies, we are frequently in front of our fund investors to maintain and expand these relationships, and we communicate in a detailed and transparent way with our fund investors. The combination of strong investment returns and regular, intensive communications has created strong loyalty and repeat investments from leading institutional investors. Our focus on performance, detailed and transparent communication, and responsiveness are among the factors that differentiate our fund investor relations approach.

Our investment teams are supported by a centralized corporate infrastructure providing debt capital markets, risk management, client solutions and back-office support functions. The substantial investments we have made in our corporate infrastructure to service all Bridge investment teams enables us to scale our platform to accommodate significant future platform growth. The bulk of our corporate infrastructure is located in Salt Lake City, Utah, which offers a high-quality labor pool at a lower cost than many larger metropolitan areas.

We have a long history of disciplined and strategic corporate growth, and we have successfully expanded into multiple new investment verticals since our initial investment fund via organic growth initiatives, strategic personnel hiring, and corporate acquisitions, while remaining focused on driving value at the underlying investment level. We believe we have a sustained opportunity to continue to apply our investment principles into additional sectors, strategies and markets.

We have an experienced management team with proven performance history and long-term tenure and outlook. Our leaders have deep knowledge of the sectors and markets in which we invest, coupled with extensive investment and capital markets expertise. We have consistently practiced intensive, formal management training to optimize the performance of our professionals and employ rigorous performance reviews to support career development and advancement. We strive to be a best-in-class employer of choice and seek to provide competitive career opportunities and benefits to our employees. We have been able to attract and retain high-quality personnel, at both the entry level and the mid-and senior levels. We consistently reexamine and seek to optimize the Bridge culture of mutual shared success and teamwork and commit meaningful resources to knowledge sharing across verticals.

Recent Developments – Proposed Mergers

On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Corporate Merger (the “Corporate Merger Effective Time”), (i) each share of Class A common stock issued and outstanding immediately prior to the Corporate Merger Effective Time shall, by virtue of the Corporate Merger and without any action on the part of the holder thereof, (but excluding any shares owned directly by Apollo, Merger Sub Inc. or any of their subsidiaries immediately prior to the Corporate Merger Effective Time or that we hold in treasury) be cancelled and extinguished and automatically converted into and shall thereafter represent the right to receive a number of validly issued, fully paid and nonassessable shares of Apollo common stock equal to 0.07081 (the “Class A Exchange Ratio”) and cash in lieu of fractional shares, if any, in each case, in accordance with the procedures set forth in the Merger Agreement and without interest, (ii) each share of Class B common stock issued and outstanding immediately prior to the Corporate Merger Effective Time shall, by virtue of the Corporate Merger and without any action on the part of the holder thereof, (but excluding any shares owned directly by Apollo, Merger Sub Inc. or any of their subsidiaries immediately prior to the Corporate Merger Effective Time or that we hold in treasury) be cancelled and extinguished and automatically converted into and shall thereafter represent the right to receive a number of validly issued, fully paid and nonassessable shares of Apollo common stock equal to 0.00006 (subject to such adjustments as may be required to ensure that the value of consideration received for the Class B common stock at the Corporate Merger Effective Time in respect of one share of Class B common stock does not exceed $0.01), and cash in lieu of fractional shares, if any, in each case, in accordance with the procedures set forth in the Merger Agreement and without interest, and (iii) each issued and outstanding share of common stock, par value $0.01 per share, of Merger Sub Inc. issued and outstanding immediately prior to the Corporate Merger Effective Time shall be converted into and become one fully paid and non-assessable share of common stock, par value $0.01 per share, of Bridge, in our capacity as the corporation surviving the Corporate Merger (the “Surviving Corporation”).

On the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the LLC Merger (the “LLC Merger Effective Time”), (i) each Class A Unit issued and outstanding immediately prior to the LLC Merger Effective Time shall, by virtue of the LLC Merger and without any action on the part of the holder thereof, (but excluding any LLC Interests that are owned directly by Apollo, Merger Sub LLC or any of their subsidiaries, LLC Interests that are held in treasury of the Operating Company immediately prior to the LLC Merger Effective Time, Class A Units that we own directly and Class A Units that are exchanged into shares of Class A common stock as permitted by the Merger Agreement and the operating agreement of the Operating Company) be cancelled and extinguished and automatically converted into and shall thereafter represent the right to receive from Apollo that number of validly issued, fully paid and nonassessable shares of Apollo common stock equal to the Class A Exchange Ratio and cash in lieu of fractional shares, if any, in each case, in accordance with the procedures set forth in the Merger Agreement and without interest, (ii) each Class B Unit issued and outstanding immediately prior to the LLC Merger Effective Time shall, by virtue of the LLC Merger, and without any action on the part of the holder thereof, be cancelled and retired without any conversion thereof and shall cease to exist and no payment shall be made in respect thereof and (iii) each Class A Unit that we own directly shall be unaffected by the LLC Merger and shall remain outstanding as Class A Units of the Operating Company, in its capacity as the company surviving the LLC Merger (the “Surviving LLC”) held by us.

The consummation of the Mergers is subject to certain closing conditions customary for a transaction of this type, as set forth in the Merger Agreement, including, among other things, (i) approval by the affirmative vote of the holders representing at least a majority of the aggregate voting power of the outstanding shares of Class A common stock and Class B common stock entitled to vote in accordance with the General Corporation Law of the State of Delaware (the “DGCL”), voting together, (ii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), (iii) the accuracy of each party’s representations and warranties (subject to customary materiality qualifiers), (iv) each party’s compliance with its covenants and agreements contained in the Merger Agreement in all material respects, (v) the revenue run-rate for all of our clients (other than non-consenting clients) being at least 85% of the revenue run-rate for all of our clients as of December 31, 2024, (vi) certain pre-closing restructuring activities having been completed, (vii) the effectiveness of the registration statement to be filed by Apollo with the Securities and Exchange Commission (the “SEC”) pursuant to the Merger Agreement, (viii) the approval for listing on the New York Stock Exchange of the shares of the Apollo common stock to be issued as merger consideration in connection with the Mergers, subject to official notice of issuance, (ix) the Second Amended and Restated Tax Receivable Agreement dated as of February 23, 2025 among us, Apollo, the Operating Company and certain beneficiaries thereto (the “Second A&R TRA”) remaining in full force and effect, and (x) other customary conditions specified in the Merger Agreement. The Merger Agreement also contains certain customary termination rights in favor of us and Apollo. If the Merger Agreement is terminated under specified circumstances, we will be required to pay Apollo a termination fee of $45.0 million.

Certain members of our management and their affiliates, collectively owning approximately 51.4% of the outstanding voting power of our Class A common stock and Class B common stock, have entered into voting agreements in connection with the transaction and have agreed to vote in favor of the transaction in accordance with the terms therein.

For additional information related to the Merger Agreement, please refer to our Current Report on Form 8-K filed with the SEC on February 24, 2025 and Note 23, “Subsequent Events” to our consolidated financial statements included in this annual report on Form 10-K. For additional information regarding risks and uncertainties associated with the Mergers, see Part I, Item 1A – “Risk Factors” included in this annual report on Form 10-K. There is no guarantee that the Mergers will be consummated.

Market Opportunity

We believe our position as a leading alternative investment manager and expertise in investing across multiple sectors positions us to capitalize on favorable market trends.

We operate in the large and growing alternative investment management industry. According to PricewaterhouseCoopers’ report, Asset and Wealth Management Revolution ~~2023~~2024: ~~The~~Unleashing ~~New~~the ~~Context~~transformative power of disruptive technology (the “PwC ~~2023~~2024 Report”), total global AUM is expected to grow from approximately $~~115~~128.19 trillion in ~~2022~~2023 to approximately $~~147~~171.3 trillion in ~~2027 in all asset classes~~2028, implying a compounding annual growth rate (“CAGR”), of approximately 5.19%. Investments in alternative assets are projected to grow even more significantly, ~~from~~at ~~$52.2~~a ~~trillion~~CAGR of 6.7% to $6727.76 trillion over the same timeframe, ~~representing a CAGR of 5.3%,~~ according to PwC Global AWM & ESG Research Center, Refinitiv, Lipper, and Preqin. Within alternatives, real estate represents one of the largest asset classes in North America. According to the National Association of Real Estate Investment Trusts (“Nareit”), the total size of the commercial real estate market was estimated to be $20.7 trillion in 2021. We believe that there exists a meaningful opportunity to capture value as asset prices have reset, and are down by over twenty percent on average across core sectors in 2024 according to Green Street. We believe investors view allocations to private real estate investments as essential for obtaining diversified exposure to income and growth.

We believe yield-oriented strategies, such as certain real estate equity and credit investment strategies, have the potential to generate significant current income and attract investor capital because of their defensive characteristics that may provide returns with less volatility and lower loss ratios than can be achieved via investments in markets outside real estate. In addition to seeking attractive absolute and relative returns, we believe institutional investors have been increasing their allocations to the real estate asset class to attain stable income, low volatility and diversification relative to traditional public market investments.

Competitive Strengths

We believe the following competitive strengths will allow us to continue to capitalize on industry trends and position us for further growth:

Vertically Integrated Business Model Drives Competitive Advantages and Attractive Investment Returns. Our vertically integrated business model facilitates our comprehensive top-down investment strategy supported by our deep expertise and robust asset level underwriting. We seek to add value to assets and create asset level alpha through intensive asset and property management strategies such as capital investment, leasing, centralized procurement, operations and maintenance, and creative asset level financing/capitalization. Moreover, we have demonstrated that our knowledge and data aggregation from these intensive asset and property management activities can also be utilized in the context of capital allocation funds, such as our Opportunity Zone funds, to assist our hand-selected operating partners by providing access to selected information.

We believe that the hands-on experience of our vertically integrated teams, together with our top-down market analysis, leads to strong underwriting and returns for the investors in our funds. Our vertical integration also enables us to increase the efficiency of our assets by reducing fees paid to third parties for services such as property management and brokerage, thereby increasing cash flow to our funds.

Diversified and Synergistic Business Model. Our investment platforms are highly synergistic, working together to provide us a competitive advantage through differentiated underwriting capabilities, enhanced collaboration to increase deal flow via locally based teams across a broad set of markets. Our investment platforms are incentivized to develop and share best practices and are enhanced by our fully scaled corporate infrastructure, with full integration and in-house capabilities across debt capital markets, risk management, procurement and client solutions, which provide a competitive advantage and enhance the economic proposition for fund investors.

We believe this model benefits all our investment platforms. For example, our multifamily property managers conduct physical due diligence on assets relating to potential loan investments by our Debt Strategies platform, and we often underwrite office and SFR assets in markets where we have significant on-the-ground multifamily experience.

Bridge’s diverse array of investment platforms creates stability and minimizes risk for our franchise, limiting the key-person risk attributable to any one individual or team and generating income from a wide variety of investments. In addition, we have multiple drivers of AUM growth through our specialized investment platforms and investment vehicles including managed funds, separate accounts and co-investments.

National Reach with Local Expertise. We believe that our extensive nationwide footprint of locally based teams allows us to identify attractive opportunities on a bottom-up basis in our target markets, providing us enhanced deal flow and contributing to our ability to underwrite deals in specific sub-markets due to our locally sourced knowledge. In addition, our relationships with national brokerage houses across markets and sectors and our relationships with other large institutional property owners allow us to stay abreast of market trends and execute transactions. Our deep local sub-market presence and strong reputation for closing transactions allow us to maintain a robust pipeline of transactions and deal flow.

Proven Record of Fundraising Success with a Loyal Investor Base. We benefit from a diverse investor base with a large number of investors, many of whom have invested in several of our managed vehicles. ~~Approximately 47% of Bridge fund investors (including each wirehouse platform as a single investor) have invested in multiple strategies and approximately 76% are repeat investors.~~ Our experienced Client Solutions Group raises capital and maintains deep relationships with key institutional segments (e.g., sovereign wealth funds, pension funds and insurance companies) as a complement to our extensive wealth management relationships, which span most of the largest wirehouses in the United States. Our Client Solutions Group has a proven history of raising capital and driving growth across new products, platforms and investment teams, having raised an average of $3.51 billion of equity capital per year for the past five years.

High Proportion of Recurring Fees and “Sticky” Contractual Revenue Streams from Long-Duration Capital. We have worked diligently to grow our base of recurring revenue and raise long-duration capital. We have successfully executed this endeavor through a number of closed-end funds, in which investors withdraw capital only at the end of the fund term, which generally ranges from eight-to-ten year terms, which may be extended in certain circumstances. All but two of our current funds are closed-end funds, with average lifespans at inception of eight years or more, in which investors’ contributions are locked in throughout the life of the fund.

Our closed-end funds are generally structured to charge fees on committed capital during the initial capital raising and investment period (typically the first three years) and to charge fees on invested capital thereafter. As a result, our fees are inherently “sticky,” as they are initially based upon the commitments our investors have made to our funds and are therefore unlikely to vary meaningfully from year-to-year following a large capital raise.

In most of our real-estate equity funds we also generate property management fees, construction management and development fees, mortgage brokerage fees, due diligence fees, fund administration fees, and certain other ancillary revenue. These fee streams are contractual and are in some cases tied to the duration of the managed vehicles, providing additional stability and visibility to our revenues and earnings. Following a capital raise, we have a high degree of visibility into the growth of these contractual fee streams. We believe these fees are mutually beneficial to us and our fund investors because we provide these ancillary services at or below market rates and drive better execution by using our size, scale and expertise for our fund investors’ benefit.

Long-tenured Senior Management Team with High Alignment and Support of Deep and Talented Employee Pool. We are a people business and focus on consistently recruiting highly qualified people and empowering them to reach their full potential. We are led by over 30 active senior managing directors, many of whom have worked together for decades. Our current and former employees and affiliates have made, in the aggregate since the inception of Bridge Multifamily Fund I in 2009, capital commitments of over $650 million to our managed funds as of December 31, 2023, helping ensure an alignment of interests with our fund investors. In addition to the ownership interests held by our senior managing directors, certain employees are also eligible to receive share-based compensation to further align the interests of our employees with our shareholders and cultivate a strong sense of ownership and commitment to our Company.10

~~Our~~Long-tenured ~~nationwide~~Senior ~~team~~Management ~~possesses~~Team ~~extensive~~with ~~real~~High ~~estate,~~Alignment ~~investment,~~and ~~operational,~~Support ~~capital~~of ~~markets~~Deep and ~~transactional~~Talented ~~expertise~~Employee ~~that~~Pool. ~~cumulatively~~We ~~drives~~are ~~alpha~~a ~~generation~~people atbusiness ~~the~~and ~~asset~~focus ~~level.~~on Weconsistently ~~have~~recruiting ~~grown~~highly ~~from~~qualified anpeople ~~employee~~and ~~base~~empowering ofthem ~~under~~to ~~1,000~~reach intheir ~~2015~~full topotential. ~~approximately~~We ~~2,300~~are ~~current~~led ~~employees~~by ~~(including~~ approximately ~~1,500~~35 ~~employees~~active ~~who~~senior ~~operate~~managing ~~our~~directors, ~~properties~~many ~~but~~of ~~not~~whom ~~including~~have ~~employees~~worked oftogether afor ~~professional~~decades. ~~employer~~Our ~~organizations~~current atand ~~certain~~former ~~properties)~~employees and affiliates have ~~developed~~made, ain ~~strong~~the ~~internal~~aggregate ~~culture~~since ~~and~~the ~~external~~inception ~~brand~~of ~~reputation.~~Bridge ~~Our~~Multifamily ~~culture~~Fund ofI ~~excellence,~~in ~~accountability~~2009, ~~teamwork~~capital ~~and~~commitments ~~collaboration~~of ~~allows~~over ~~employees~~$650 million to ~~thrive~~our inmanaged ~~every~~funds ~~aspect~~as of ~~their~~December 31, ~~professional~~2024, ~~lives.~~helping Weensure ~~are~~an ~~committed~~alignment toof ~~promoting~~interests anwith ~~environment~~our ~~that~~fund ~~fosters~~investors. ~~each~~In ~~employee’s~~addition ~~professional~~to ~~growth~~the ~~and~~ownership ~~investing~~interests inheld ~~each~~by of our ~~employees~~senior ~~through~~managing ~~target~~directors, ~~professional~~certain ~~advancement~~employees ~~(including~~are ~~tuition~~also ~~reimbursement),~~eligible ~~mentorship~~to ~~and~~receive ~~leadership~~share-based ~~development.~~compensation Weto ~~believe~~further inalign ~~connecting~~ the ~~right~~interests ~~people~~of our employees with ~~the~~our ~~right~~shareholders ~~opportunities~~and tocultivate ~~help~~a ~~them~~strong ~~drive~~sense ~~their~~of ~~careers~~ownership atand ~~Bridge~~commitment to our Company.

Our nationwide team possesses extensive real estate, investment, operational, capital markets and transactional expertise that we believe cumulatively drives alpha generation at the asset level. We have grown from an employee base of under 1,000 in 2015 to approximately 2,250 current employees (including approximately 1,400 employees who operate our properties but not including employees of a professional employer organizations at certain properties) and have developed a strong internal culture and external brand reputation. Our culture of excellence, accountability, teamwork and collaboration allows employees to thrive in every aspect of their professional lives. We are committed to promoting an environment that fosters each employee’s professional growth and investing in each of our employees through target professional advancement (including tuition reimbursement), mentorship and leadership development. We believe in connecting the right people with the right opportunities to help them drive their careers at Bridge.

We believe our ability to maintain a consistent common culture and vision while having specialized teams around the country focused on specific real estate segments is a point of differentiation. We have developed practices which we believe are unique and contribute to our consistent performance. One such example is our annual Bridge Knowledge Share event, where we bring investment professionals from each investment platform together to collaborate and share best practices, as well as to develop relationships and contacts, which has led to organic collaboration among teams.

Growth Strategy

We have successfully grown via both organic and inorganic expansion throughout our history. As we continue to expand our business, we intend to create value for our shareholders by seeking to:

Continue to Strengthen and Expand Our Fund Investor Network. We believe our existing fund investors and distribution channels will continue to allocate assets to real estate, credit, renewable energy and secondaries strategies in the near-term, while seeking experienced, sector-specific asset managers to execute their investment strategy. Throughout our history, we have invested in and grown both our in-house and third-party distribution networks. Accordingly, we intend to grow our business by expanding our relationships with existing fund investors and by attracting new fund investors who value our established operating platform, targeted investment strategies, and performance history.

Expand Our Product Offerings Across the Risk-Return Spectrum. We believe our vertically integrated platform will allow us to add complementary investment products intended to meet differing risk profiles and current yield and return objectives, for existing and new fund investors. At the same time, we believe that our significant access to potential investment opportunities, integrated market research, and financing and operational capabilities will enable us to efficiently source and manage attractive investments that meet a broader range of investment objectives and strategies. We believe that expansion of both investment style and geography provides an opportunity for meaningful growth within our existing strategies. Within or adjacent to our current investment strategies, for example, we added on to our existing value-add Multifamily strategy by launching our Workforce and Affordable Housing vertical and launched our Renewable Energy and Secondaries verticals, each with a different risk-return profile for our fund investors.

Launch New Product Offerings and Strategies Across Adjacent Sectors and Pursue Expanded Investment Geography. A key element of our growth has been our ability to apply our deep expertise in real estate to grow complementary investment strategies in additional real estate and real estate-adjacent sectors that offer attractive fundamentals. We have expanded our product offerings to provide an increasing array of opportunities for investors and a balanced business model that we believe benefits all of our stakeholders. For example, in recent years, we have launched several new investment strategies. We launched our Agency Mortgage Backed Securities (“Agency MBS”) platform in 2020 and our Net Lease Income platform in 2021, which were our first open-end structures. In 2021, we launched our Logistics platform, in 2022, we launched our SFR and renewable energy platforms, and in 2023 we launched our secondaries platform. We are also launching new product offerings within these strategies to expand our distribution efforts. For example, in February 2024 we launched a perpetual REIT within our Net Lease Income strategy that is available to a broader base of accredited investors. We expect to continue to develop new strategies and products across property types and fund structures. We also anticipate opportunities to expand our investment geography within our existing investment strategies. We believe there are additional expansion opportunities adjacent to our existing strategies that we are uniquely suited to pursue.11

~~Expand~~Launch ~~Our~~New ~~Distribution~~Product ~~Capabilities~~Offerings ~~Domestically~~and Strategies Across Adjacent Sectors and ~~Internationally~~Pursue Expanded Investment Geography. ~~According~~A tokey ~~the~~element ~~PwC~~of ~~2023~~our ~~Report,~~growth ~~the~~has ~~combined~~been ~~investable~~our ~~assets~~ability ofto ~~high-net-worth~~apply ~~individuals~~our ~~are~~deep ~~expected~~expertise in real estate to ~~reach~~grow ~~approximately~~complementary ~~$139.6~~investment ~~trillion~~strategies byin ~~2027.~~additional ~~However,~~real ~~many~~estate ~~high~~and real estate-~~net-worth~~adjacent ~~individual~~sectors ~~investors~~that ~~continue~~offer toattractive fundamentals. We have ~~difficulty~~expanded ~~accessing~~our ~~private~~product ~~real~~offerings ~~estate~~to ~~and~~provide ~~secondaries~~an ~~investment~~increasing array of opportunities ~~because~~for ofinvestors and a ~~lack~~balanced business model that we believe benefits all of ~~available~~our ~~products~~stakeholders. ~~that~~For ~~satisfy~~example, ~~regulatory~~in recent years, we have launched several new investment strategies. We launched our Agency Mortgage Backed Securities (“Agency MBS”) platform in 2020 and ~~structural~~our ~~requirements~~Net ~~related~~Lease toIncome ~~liquidity~~platform in 2021, ~~transparency~~which ~~and~~were ~~administration~~our first open-end structures. ~~Our~~In ~~investment~~2021, we also launched our Logistics platform, isin ~~designed~~2022, we launched our SFR and renewable energy platforms, and in 2023 we launched our secondaries platform. We are also launching new product offerings within these strategies to expand ~~access~~our distribution efforts. For example, in 2024 we launched a perpetual REIT within our Net Lease Income strategy that is available to ~~the~~a ~~private~~broader ~~real~~base ~~estate~~of ~~and~~accredited ~~secondaries~~investors. ~~markets~~We ~~for~~expect ~~both~~to ~~institutional~~continue to develop new strategies and ~~individual~~products across property types and fund ~~investors~~structures. We also anticipate opportunities to expand our investment geography within our existing investment strategies. We believe there are additional expansion opportunities adjacent to our existing strategies that we are uniquely suited to pursue.

Expand Our Distribution Capabilities Domestically and Internationally. According to PwC’s Wealth Management Insights 2024 Report, affluent individuals are increasingly drawn to alternative assets, with their holdings expected to rise from approximately $4 trillion to approximately $12 trillion by 2030. However, many high-net-worth individual investors continue to have difficulty accessing private real estate and secondaries investment opportunities because of a lack of available products that satisfy regulatory and structural requirements related to liquidity, transparency and administration. Our investment platform is designed to expand access to the private real estate and secondaries markets for both institutional and individual fund investors.

We believe that geographically and economically diverse investors require a highly bespoke approach and demand high levels of transparency and reporting. We believe that we will be able to leverage our existing investment and operational capabilities while establishing a local presence in key geographies and expand our fund investor base globally.

Our Organizational Structure

Bridge was incorporated as a Delaware corporation on March 18, 2021, for the purpose of facilitating the Company’s IPO and other related transactions in order to carry on the business of the Operating Company, which was formerly known as Bridge Investment Group LLC, and its wholly owned subsidiaries. The Company is the sole managing member of the Operating Company, and its primary 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 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, Bridge Renewable Energy Fund Manager LLC and Newbury Partners-Bridge LLC (together, the “Fund Managers”). The Fund Managers provide investment advisory services to multiple investment funds and other vehicles, including joint ventures, separately managed accounts and privately offered limited partnerships, including any parallel investment vehicles and feeder funds (collectively, the “funds”). Certain Fund Managers also provide real estate services to applicable funds. The Operating Company is entitled to a pro rata portion of the management fees earned by the Fund Managers based on its ownership in the Fund Managers, which ranges from 60% to 100%.

Each time we establish a new fund, we establish a new general partner for that fund (each, a “General Partner” and collectively the “Bridge GPs”) controlled by the Operating Company and, in some cases, by senior management of the applicable vertical. Under the terms of the fund operating agreements, the General Partners are entitled to performance fees from the funds once certain threshold returns are achieved for the limited partners.

Our Investment Platforms

We operate our business in a single segment, alternative investment management, diversified across specialized and synergistic investment platforms, including real estate, credit, renewable energy and secondaries strategies. Our investment platforms are set forth below.

Real Estate

Multifamily. Our Multifamily investment platform focuses on assets in growth markets that we believe offer attractive risk-adjusted returns. Our senior executives have focused on multifamily investments for the past 30 years, including previous ventures. Our Multifamily platform generally targets markets with investments within metropolitan statistical areas, (“MSAs”), with household and employment growth rates that are projected to exceed national averages. We believe we have a differentiated approach to multifamily investing, which relies on the integration and coordination of our investment, asset management, debt capital markets and nationwide property management capabilities. Our “owner-operator” model allows us to manage assets internally, with in-house personnel functions such as property management, construction management and leasing. As of December 31, ~~2023~~2024, our Multifamily platform had approximately $8.87 billion of AUM.

Development. Our Development investment platform provides our fund investors an opportunity to capitalize on tax benefits associated with investments in qualified opportunity zones (“QOZs”), along with other attractive real estate development-oriented investment opportunities. QOZs were established by the Tax Cuts and Jobs Act of 2017 (the “TCJA”). The TCJA generally provides investors who make qualifying investments in “qualified opportunity funds” that invest either directly or indirectly in certain geographic locales designated as QOZs with certain significant tax benefits (deferral of and/or exemption from payment of tax on certain capital gains). Our development investment program is multifamily-focused, with over 8089% of the equity from our Opportunity Zone funds invested in multifamily development. We believe multifamily investments are well-suited for the 10-year hold required by the QOZ rules due to the persistent need for housing and the resulting consistent rental income of multifamily investments. We focus on investments located in Bridge’s existing target markets. Bridge was an early entrant into QOZ investing and remains one of the largest managers of QOZ-focused investment strategies. Bridge maintains connectivity and insight into regulatory developments as a member of the Opportunity Zone Coalition organized by the Economic Innovation Group. The Opportunity Zone funds within our Development platform have a longer tenor than our other closed-end funds due to the 10-year hold ~~required~~incentivized by the QOZ rules. As of December 31, ~~2023~~2024, our Development platform had approximately $68.51 billion of AUM.

Workforce and Affordable Housing. Our Workforce and Affordable Housing investment platform invests in, creates and preserves affordable rental housing communities for America’s workforce. Our Workforce and Affordable Housing senior executives bring decades of experience focusing on workforce housing investments. We target markets that are projected to have substantially higher household ~~formation~~format and employment growth than the national averages. In September 2022, we had the final closing of Workforce and Affordable Housing II for total capital commitments of $1.74 billion, which we believe represents the largest fund of its kind ever raised. In June 2024, we launched Workforce and Affordable Housing III. With approximately 11.2 million households spending over 50% of their annual income on housing and a meaningful decline in Class B/C multifamily units as a percentage of total stock since 2000, we believe there is a significant need for affordable housing in the United States. Bridge brings a differentiated and socially responsible approach to investing in workforce housing, focusing on preservation and creation of innovative social programs that drive tenant satisfaction. We leverage our in-house operating platforms to reposition assets with specialized community and life-enhancing services providing more than just “four walls and a roof” to thousands of families across the United States. Our Workforce and Affordable Housing Strategy has received numerous awards in recent years, including winning “Social Fund of the Year” from Environmental Finance Sustainable Investment Awards (both 2021 and 2022), and being named as “ESG Private Markets Strategy of the Year” by Pension Bridge, winner in the category of “Best ESG Investment Fund: Private Equity,” runner up in the category of “Best ESG Investment Fund: Real Estate/Property” by ESG Investing (2021), winning the “Real-World Impact of the Year” award from PRI (2022), ~~and~~ received the “Best ESG Fund: Impact Private Markets Award” from ESG Investing (2023), and winner of the “Best ESG Fund: Real Estate” from ESG Investing (2024). As of December 31, ~~2023~~2024, our Workforce and Affordable Housing platform had approximately $5.59 billion of AUM.

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Seniors Housing. Our Seniors Housing investment platform invests in seniors housing assets across the United States. Our Seniors Housing senior executives have decades of experience in the sector and have completed over $9 billion of seniors housing transactions, including previous ventures. We believe that seniors housing is an attractive segment in the United States real estate market, offering sizeable long-term growth potential, significant consolidation opportunities, and durable industry fundamentals. The sector’s growth prospects are driven by the long-term demographics of the aging population, the increased incidences of Alzheimer’s and dementia-related diseases, and the needs-driven demand for the product type. We believe that the dramatic spike in the 75-and-older population, which is just beginning will result in a significant supply/demand imbalance that, when coupled with the approaching functional obsolescence of a meaningful portion of existing inventory, provides the fundamentals for an attractive investment opportunity in a sector with a limited supply of quality institutional competitors. Our Seniors Housing platform is a vertically integrated owner-operator and manages properties through our seniors housing property management company, Bridge Senior Living, as well as through third-party operating partners. We believe that our vertical integration enhances our ability to maximize performance, allows for direct control of the sales and marketing functions, and creates greater opportunities to deliver attractive returns to our fund investors. As of December 31, ~~2023~~2024, our Seniors Housing platform had approximately $32.15 billion of AUM.

~~Office~~Logistics. Our ~~Office~~Logistics investment platform ~~holds~~focuses ~~value-add~~on ~~and~~the ~~core~~acquisition ~~plus~~and ~~commercial~~operation ~~office~~of ~~assets~~value-add inand ~~prime~~acquisition ~~secondary~~of ~~and~~properties ~~suburban~~with ~~sub~~higher-~~markets~~return ~~across~~potential ~~the~~to ~~United~~our ~~States.~~core ~~Our~~portfolio ~~senior executives have decades~~ of ~~commercial~~properties, ~~office~~or ~~real~~“Core-Plus” ~~estate~~acquisitions, ~~experience.~~of ~~Our~~logistics ~~investment~~assets ~~approach~~as ~~combines~~well aas ~~disciplined~~ground-up ~~asset~~development ~~selection~~opportunities ~~process~~predominantly ~~with~~in ~~a strong focus on leasing and operationally oriented~~infill, ~~value~~last-~~add~~mile ~~improvements~~driven ~~that~~markets ~~increase~~in ~~tenant~~attractive ~~satisfaction~~MSAs. WeOur ~~strive~~Logistics toplatform ~~offer~~is ~~attractive~~led ~~solutions~~by toa ~~tenants~~team ~~and~~of ~~use~~experienced ~~various~~industrial ~~strategies~~investment ~~that address evolving business needs~~professionals, including ~~traditional~~individuals ~~office~~who ~~terms,~~previously ~~flexible~~worked ~~enterprise~~together ~~solutions,~~overseeing ~~including~~industrial ~~coworking~~ and ~~virtual~~logistics ~~office~~investments ~~space. Our vertically integrated operating platform, local market presence~~ and ~~proximity~~development toprojects ~~our~~for ~~assets~~one ~~allow~~of usthe tolargest ~~address~~real ~~tenant~~estate ~~needs~~private onequity afund ~~comprehensive basis and to transform ordinary office properties into state-of-the-art, modern, appealing workspaces~~managers. As of December 31, ~~2023~~2024, our ~~Office~~Logistics platform had approximately $1.97 billion of AUM.

~~Single-Family Rental~~Office. Our ~~SFR~~Office investment platform, ~~which~~holds ~~was~~value-add ~~launched~~and ~~with~~Core-Plus ~~the~~commercial ~~acquisition~~office ofassets ~~the~~in ~~operations~~prime ofsecondary ~~Gorelick~~and ~~Brothers~~suburban ~~Capital~~sub-markets inacross ~~January~~the ~~2022,~~United ~~focuses~~States. onOur ~~the~~senior ~~acquisition~~executives ~~and~~have ~~operation~~decades of ~~assets~~commercial inoffice ~~the~~real ~~SFR~~estate ~~market~~experience. InOur ~~connection~~investment ~~with~~approach ~~the~~combines ~~launch~~a ofdisciplined ~~the~~asset ~~strategy,~~selection weprocess ~~acquired~~with a ~~portfolio~~strong offocus ~~over~~on ~~2,700~~leasing ~~SFR~~and ~~properties~~operationally ~~previously~~oriented, ~~managed~~value-add byimprovements ~~Gorelick~~that ~~Brothers~~increase ~~Capital,~~tenant ~~which~~satisfaction. ~~are~~We ~~supported~~strive byto aoffer ~~vertically~~attractive ~~integrated~~solutions ~~70+~~to ~~person~~tenants ~~SFR~~and ~~property~~use ~~management~~various ~~team~~strategies that ~~also~~address ~~joined~~evolving ~~Bridge~~business inneeds, ~~connection~~including ~~with~~traditional ~~the~~office ~~acquisition~~terms, ~~and~~flexible ~~launch~~enterprise ofsolutions, ~~this~~including ~~platform.~~coworking ~~With~~and ~~approximately~~virtual 14office space.4 ~~million~~Our ~~households~~vertically inintegrated ~~the~~operating ~~single-family~~platform, ~~rental~~local market inpresence ~~the United States,~~ and ~~given~~proximity ~~the~~to ~~population~~our ofassets ~~millennials~~allow ~~that~~us ~~continue~~ to ~~face~~address ~~significant~~tenant ~~barriers~~needs toon ~~home~~a ~~ownership,~~comprehensive ~~coupled~~basis ~~with~~and ~~housing~~to ~~supply~~transform ~~shortages,~~ordinary weoffice ~~believe~~properties ~~the~~into ~~SFR market presents significant opportunity today and in~~ state-of-the ~~future. Our “owner~~-~~operator” model allows us to manage assets internally~~art, ~~with in-house personnel performing functions such as property management~~modern, ~~construction~~appealing ~~management and leasing~~workspaces. As of December 31, ~~2023~~2024, our ~~SFR~~Office platform had approximately $1.14 billion of AUM.

~~Logistics~~Single-Family Rental. Our ~~Logistics~~SFR investment platform, which was launched with the acquisition of the operations of Gorelick Brothers Capital in January 2022, focuses on the acquisition and operation of ~~value-add~~assets ~~and~~in ~~Core-Plus~~the ~~acquisitions~~SFR ofmarket. ~~logistics~~In ~~assets~~connection aswith ~~well~~the aslaunch ~~ground-up~~of ~~development~~the ~~opportunities~~strategy, ~~predominantly~~we inacquired ~~infill~~a portfolio of over 2,700 ~~last-mile~~SFR ~~driven~~properties ~~markets~~previously inmanaged ~~attractive~~by ~~MSAs.~~Gorelick ~~Our~~Brothers ~~Logistics~~Capital, ~~platform~~which isare ~~led~~supported by a vertically integrated SFR property management team that also joined Bridge in connection with the acquisition and launch of ~~experienced~~this ~~industrial~~platform. ~~investment~~With ~~professionals,~~approximately ~~including~~14.4 ~~individuals~~million ~~who~~households ~~previously~~in ~~worked~~the ~~together~~single-family ~~overseeing~~rental ~~industrial~~market ~~and~~in ~~logistics~~the ~~investments~~United States, and ~~development~~given ~~projects~~the ~~for~~population ~~one~~ of millennials that continue to face significant barriers to home ownership, coupled with housing supply shortages, we believe the ~~largest~~SFR ~~real~~market ~~estate~~presents ~~private~~significant ~~equity~~opportunity ~~fund~~today ~~managers~~and in the future. Our “owner-operator” model allows us to manage assets internally, with in-house personnel performing functions such as property management, construction management and leasing. As of December 31, ~~2023~~2024, our ~~Logistics~~SFR platform had approximately $~~906~~1.04 ~~million~~billion of AUM.

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Credit

Debt Strategies. Our Debt Strategies investment platform invests in commercial real estate-backed fixed income opportunities with a primary focus on property types where Bridge has significant internal capabilities and experience including multifamily, industrial, office and seniors housing. Our investment strategy consists of three primary components: (1) investing in Freddie Mac K-Series B-pieces, where we are among the largest counterparties to Freddie Mac in the K-Series program; (2) direct lending through the origination of first-mortgage loans, where we are a leader in the sub-$50 million direct lending market for floating rate first-mortgage loans; and (3) mezzanine loans, preferred equity investments, commercial real estate collateralized loan obligations, in which we are a top issuer in the market, and other CMBS and real estate-backed fixed income investments. Freddie Mac K-Series B-pieces are subordinated tranche structured pass-through commercial mortgage-backed securities, which generally occupy a first-loss position for the underlying mortgage pool, which we believe offer an attractive risk-adjusted return in current and expected market conditions. Bridge’s locally based real estate teams and subsector expertise provide differentiated capabilities to assess the quality and risk of underlying collateral, including the ability to step in and manage assets as appropriate, and undertake differentiated due diligence of collateral in a manner that utilizes our knowledge of markets, market trends, assets, and the financial condition of owners/sponsors. These capabilities, coupled with the securitized finance, structuring, and capital markets expertise of our Debt Strategies team, provides this platform with a differentiated and enhanced approach to investing in the commercial real estate debt market while mitigating risk. As of December 31, ~~2023~~2024, our Debt Strategies platform had approximately $12.01 billion of AUM.

Agency MBS. Our Agency MBS investment platform invests in residential mortgage-backed securities (“Agency MBS”), guaranteed by U.S. Government Sponsored Enterprises (“GSEs”), in a proprietary structure designed to drive high cash returns with hedged interest rate and limited credit risk and to mitigate market dislocations and preserve principal. The GSEs’ guarantee of principal and interest mitigates underlying borrower credit risk in the Agency MBS market. Our investment process consists of a top-down analysis of market conditions and opportunities, a systematic asset selection and portfolio creation process, transaction negotiation and hedging execution, and ongoing risk review, portfolio management and reporting. Our investment strategy focuses on asset selection, leveraging our expertise in Agency MBS and our proprietary method of loan-level analysis in an effort to identify loans with relatively limited refinancing risk. We then utilize funding and interest rate hedging across the yield curve to mitigate the impact of changes in interest rates and to create stable cash flows. Our Agency MBS platform is led by a team with extensive experience managing Fannie Mae’s Agency MBS and Collateralized Mortgage Obligations prior to joining Bridge. As of December 31, ~~2023~~2024, our Agency MBS platform had approximately $2.68 billion of AUM.

Net Lease Income. Our Net Lease Income investment platform focuses on the acquisition and operation of Class A and Class B mission critical industrial, manufacturing, logistics and other critical business infrastructure properties ofranging between 75,000 and 600,000 square feet located in the top 75 MSAs across the United States, and on distribution corridors within growth markets. We focus on tenants in growing sectors and established durable industries including e-commerce, food, manufacturing and business-to-business. We believe that opportunities exist to identify and deploy capital quickly into mispriced assets to strategically build a diverse high yielding portfolio. We focus on multiple deal sourcing channels including traditional broker networks, programmatic build-to-suit relationships, private equity sponsors for sale leasebacks, local developer relationships in target markets and existing tenants. Our Net Lease Income platform is led by a team of experienced industrial investment professionals, including several individuals who previously worked together overseeing industrial net lease investments of a large publicly listed real estate investment trust. As of December 31, ~~2023~~2024, our Net Lease Income platform had approximately $~~725~~838.91 million of AUM.

Renewable Energy

Our Renewable Energy investment platform seeks to create value through the production of clean energy by building and operating renewable energy infrastructure on existing commercial properties, while at the same time providing owners and tenants a discount to market energy price. We anticipate this to be a growing sector due to strong demand for green energy fueled by price sensitivity, environmental awareness and regulatory pressure. The Bridge Renewable Energy principals have more than 60 years of collective experience and relationships across the real estate industry in multiple asset classes, as well as decades of experience in commercializing and financing energy technologies that have led to the development of over 600 megawatts of onsite power generation systems for major property owners. As of December 31, ~~2023~~2024, our Renewable Energy platform had approximately $2362.63 million of AUM.

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Secondaries

In March 2023, we launched our secondaries investment platform with the acquisition of Newbury Partners LLC (“Newbury”). Our investment strategy in this new platform focuses on acquiring limited partnership interests in established buyout, growth equity and venture capital funds. Founded in 2006, Newbury had raised over $6.2 billion of committed investor capital across five dedicated funds and invested in over 500 underlying interests on behalf of more than 250 limited partners worldwide prior to our acquisition. The transaction added significant assets to our platform, and is expected to enable us to expand into the rapidly growing private equity secondaries market, which continues to see accelerating demand. Newbury’s extensive direct sourcing network and middle market focus allowed it to benefit from specialized expertise and drive attractive risk-adjusted returns, which strategy aligns closely with our own approach to real estate investments. The addition of Newbury diversified our product offerings and expanded our institutional client base, with minimal overlap between Newbury’s fund investors and our existing limited partners. As of December 31, ~~2023~~2024, our secondaries platform had approximately $4.64 billion of AUM.

Our Investment and Asset Management Process

Our investment process has been refined over our extensive history and we believe the process enables Bridge to generate attractive returns for investors while reducing risk. Our investment approach employs collaboration across all of our platforms, enabling Bridge to leverage local market knowledge and provide a holistic underwriting of each investment. For example, investment teams within each platform have access to local contacts that expand the potential opportunity set of investments and provide enhanced market knowledge and improved underwriting. Local contacts from one investment platform often generate incremental investment opportunities for another investment platform, frequently off-market, that are not available to investment firms lacking the vertical integrated platform spanning a range of investment platforms.

Our vertically integrated investment process begins with detailed market research, where we combine top-down sub-market analysis with our bottom-up local market expertise, to provide a unique relative value perspective across our target markets. We use a comprehensive, data-driven approach to analyze macroeconomic trends and identify compelling investment opportunities. Extensive underwriting and transactional experience helps us secure off-market investment opportunities and produces insights that enhance the quality and rigor of our underwriting. We use proprietary tools across all of our platforms that support underwriting new investments and are designed to increase the value of existing investments, through active asset management capabilities. Our property management and underwriting are inherently data-oriented, using inputs collected at the property level to identify and drive operational efficiencies and growth. Analytical metrics vary by platform and investment team, but typically include detailed supply and demand forecasts and market pricing, all at the local level, as well as operational metrics that help us understand past, current and prospective issues that may impact the performance of our assets. ~~The~~We believe the hands-on experience of our operating platforms, together with our market analysis, has led to superior underwriting, alpha generation and leading investment returns. We believe that frequent involvement and input from the applicable investment committee along with an integrated review and analysis from our localized teams in each market provide a significant competitive advantage due to our vertically integrated structure.

Structure and Operation of Our Investment Vehicles

We primarily conduct the management of our funds and other vehicles through a partnership, REIT, or limited liability structure (or similar structures for non-U.S. vehicles) where the entity organized by us accepts subscriptions or commitments for investment from institutional investors and high-net-worth individuals that qualify as qualified purchasers or accredited investors as applicable for the investment vehicle. Such commitments to our funds are generally called from investors on an as-needed basis to fund investments or for other permitted purposes over a specified term. Perpetual REITs generally sell shares through monthly subscriptions, which are payable in full upon acceptance of an investor’s subscription into the REIT. We also advise a number of investors through joint ventures, separately managed accounts, or single investor funds. In some cases, those vehicles are non-discretionary, and we provide investment management services for vehicles controlled by the investors.

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Substantially all of the day-to-day operations of each investment vehicle are typically carried out by a Bridge investment adviser ~~subsidiary~~subsidiaries that isare registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), pursuant to an investment advisory, investment management or other similar agreement. Generally, the material terms of our investment advisory agreements relate to the scope of services to be rendered by the investment adviser to the applicable vehicle, the calculation of management fees to be borne by investors in our investment vehicles, the calculation of and the manner and extent to which other fees received by the investment adviser from funds serve to offset or reduce the management fees payable by investors in our investment vehicles and certain rights of termination with respect to our investment advisory agreements. In addition to having an investment adviser, each investment vehicle that is a partnership (or similar structure for non-U.S. vehicles) also has a general partner that generally makes all operational and investment decisions, including making, monitoring and disposing of investments. The limited partners of our discretionary funds and other vehicles generally take no part in the conduct or control of the business of these vehicles, have no right or authority to act for or bind the vehicles and have no influence over the voting or disposition of the securities or other assets held by the vehicles. The governing agreements of many of our investment vehicles provide that in the event certain “key persons” managing a vehicle do not meet specified time commitments with regard to managing that or other Bridge affiliated vehicles, then investors may have the right to accelerate or terminate the investment period for that vehicle or have other remedies as set forth in the applicable governing agreements of that vehicle.

Our Fund Investors

Our global fund investor base is balanced across individual investors, which includes high-net-worth fund investors, fund investors who invest through a wirehouse relationship or through an RIA family ~~offices~~office, and institutional investors, which includes public and private organizations who manage capital as fiduciaries on behalf of their investors or beneficiaries (e.g., public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, and funds of funds). We view this balance in our fund investor base as a meaningful differentiator, and one that has enabled us to consistently grow our increasing breadth of managed vehicles and strategies. Individual investors accounted for approximately 4643% of our committed capital as of December 31, ~~2023~~2024. On the institutional side, we have fund investors spanning ~~five~~six continents, comprising approximately 5458% of our committed capital as of December 31, ~~2023~~2024. We view these two distinct components of our fund investor base to be highly complementary and believe they provide us with significant opportunities for continued growth, stability, and diversification among our fund investor base. Our Client Solutions Group manages relationships with our distribution partners and our institutional fund investors in a high-touch capacity.

Individual Investors

We believe that real estate is an important investment allocation for individual/high-net-worth investors and as a result, early in our history we developed our capabilities in managing distribution and investor service customized to these investors. We have deep and broad individual investor relationships and capital raising capabilities which have been driven in part by our relationships with leading wirehouses and RIAs. Our managed vehicles are offered and distributed by several of the largest wirehouses in North America, which we believe is truly differentiated among private alternative asset managers, and which provides a growing fund investor base comprised of sticky and repeat clients. Over the past decade, we have developed our relationships with the leading wirehouses through our executive level involvement and a high-touch, high frequency approach to these relationships and through our collaborative involvement in investor education and coverage, which we believe makes us a preferred partner for the wirehouses. For example, our senior executives maintain frequent interaction with large financial advisor teams from our wirehouse distribution partners and RIAs and are highly collaborative and engaged in all aspects of investor education and investor management. Further, our diversified array of managed vehicles enables the wirehouses and RIAs to provide their clients with a range of potential investment alternatives enabling tailored exposure across real estate private investment strategies.

Our success with individual high-net-worth fund investors is evident through our serial development of focused vehicles. For example, in 2019 we launched Bridge Development, which was in part designed to target the unique tax benefits of investing in QOZs and for which Bridge was particularly well-positioned given our multi-decade leadership in community revitalization. These tax benefits are very advantageous for individual/high-net-worth investors and by virtue of our deep relationships and capabilities across the wirehouse and RIA channels, as of December 31, ~~2023~~2024, we have raised an aggregate of approximately $68.51 billion of equity capital across six distinct development-focused vehicles, establishing Bridge as a leader in this segment of the market.

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Our individual/high-net-worth investors in our equity strategies generally pay us investment management fees of between 1.0% and 2.0% and incentive fees of between 15% and 20% above a preferred return hurdle. On our debt strategies, our individual/high-net-worth investors generally pay us investment management fees of between 0.8565% and 1.75% and incentive fees of 15% above a preferred return hurdle. We typically share a portion of the fees we earn on capital raised through wirehouse and RIA distribution channels.

Institutional Investors

Our institutional fund investor base includes some of the world’s largest public and private pension funds, sovereign wealth funds, and insurance companies, as well as banks, corporations, endowments, foundations, funds of funds and family offices. Our institutional fund investor relationships span North America, Europe, the Middle East and Asia and comprised approximately 5458% of our committed capital as of December 31, ~~2023~~2024. Because we manage a range of sector specialized investment vehicles, we maintain a high-touch, high frequency approach to fund investor relationships. Our range of specialized product offerings and high-touch approach to fund investor coverage facilitates significant cross-selling among our institutional investor base.

Our institutional investors in our equity strategies generally pay us investment management fees of between 1.0% and 2.0% and incentive fees of between 15% and 20% above a preferred return hurdle. On our debt strategies, our institutional investors generally pay us investment management fees of between 0.60% and 1.25% and incentive fees of 15% above a preferred return hurdle.

Capital Invested In and Alongside Our Investment Vehicles

To further align our interests with those of our fund investors, we have invested Bridge capital and that of our personnel and affiliates in the investment funds and other vehicles we sponsor and manage. Minimum general partner capital commitments to our investment vehicles are determined separately with respect to each vehicle. We determine whether to make general partner capital commitments to our funds and other vehicles in excess of the minimum required commitments based on, among other things, our anticipated liquidity, working capital and other capital needs. In many cases, we require our senior managing directors and other professionals and affiliates to personally fund a portion of the general partner capital commitments to our investment vehicles. In other cases, Bridge may make capital commitments ~~directly~~through our general partners. Our general partner capital commitments are generally funded with cash and not with carried interest or deferral of management fees. Bridge, Bridge personnel and certain relationships also have the opportunity to make investments in or alongside our funds and other vehicles we manage, in some instances without being subject to management fees, carried interest or incentive fees.

Human Capital Management

Employees

As of December 31, ~~2023~~2024, we had approximately 2,~~300~~250 employees, including approximately 280 investment professionals, approximately ~~530~~555 employees supporting our investment, investor service and corporate activities and approximately 1,~~500~~400 employees operating our properties, which are generally expensed via our managed investment vehicles, as property level operating expenses for the assets owned by our managed investment vehicles. Additionally, we have approximately 2,~~800~~700 professionals employed through a professional employment organization at sites managed by Bridge Senior Living, all of whom are expensed via our managed investment vehicles. None of our employees are represented by a labor union or are party to a collective bargaining agreement, and we have had no labor-related work stoppages. We believe that we have good relationships with our employees.

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Corporate Culture

Bridge is committed to fostering, cultivating and strengthening a culture of ~~diversity~~inclusion and ~~inclusion~~belonging. We believe that our human capital is our most valuable asset. The collective sum of the individual differences, life experiences, knowledge, inventiveness, innovation, self-expression, unique capabilities and talent that our employees invest in their work represents a significant part of not only our culture, but our reputation and commitment to excellence.

We uphold these principles through annual ~~mandatory diversity awareness~~ training and comprehensive employee handbooks designed to instruct and remind all Bridge employees that they have a responsibility to treat others with dignity, respect, and professionalism at all times, and are expected to exhibit conduct that reflects respectfulness and inclusion during work, at work functions on or off the work site, and at all other company-sponsored and participative events. We strongly encourage any employees who believe they have been subjected to any kind of discrimination or other incident that conflicts with our corporate culture to report such incidents to a supervisor or human resources representative. Any employee found to have exhibited any inappropriate conduct or behavior against others may be subject to disciplinary action, including termination.

Moreover, we are committed to building and maintaining a talented ~~and diverse~~ workforce that delivers strong performance and results to our stakeholders through a comprehensive and holistic approach to recruiting, developing and retaining our talent from all backgrounds, cultures and perspectives. We focus on enabling and supporting an environment of respect and trust that benefits all Bridge employees. In order to realize this collective commitment, we have set four overarching goals for our company culture, representing a structured approach to achieving and sustaining progress in promoting an inclusive work environment and providing opportunities for all employees to use their varied talents to support our mission and pursuit of excellence:

•Be an employer of choice in our industry by recruiting, attracting and hiring strong, ~~diverse~~ talent from a variety of backgrounds, including by partnering with key industry associations to reach a broader ~~and more diverse~~ talent pool and building on a reputation for reliability and social impact in the communities in which we operate;

•Foster an environment of excellence where all employees can thrive by promoting a positive work environment through consistent training, feedback and role modeling by leaders who set the tone and hold themselves and their employees accountable;

•Assess employee, manager and company performance toward taking on challenges and celebrating successes; and

•Create affinity networks to support, promote and retain ~~diverse~~ talent from a vareity of backgrounds, as well as build on best practices.

Talent Acquisition, Development and Retention

We believe the talent of our employees, coupled with our rigorous investment process, has supported our excellent investment record over many years. We are therefore focused on hiring, training, motivating and retaining talented individuals. Across all our businesses, we face intense competition for qualified personnel.

We seek to attract candidates from different backgrounds and skill sets and to hire the brightest minds in our industry. We believe our reputation, talent development opportunities, benefits and compensation make us an attractive employer. We encourage independent thinking and reward initiative while providing training and development opportunities to help our employees grow professionally. In addition, and as discussed more below, the establishment of our Diversity, Equity and Inclusion (“DE&I”) Committee, and related initiatives help promote an inclusive work environment in which all individuals are treated with respect and dignity. Employee education and training are also critical to maintaining a culture of compliance. We seek to retain and incentivize the performance of our employees through our compensation structure and also enter into non-competition and non-solicitation agreements with certain employees. Compensation comprises salaries, bonus (including discretionary awards), related benefits, and share-based compensation. Bonus is accrued over the employment period to which it relates. We offer comprehensive benefit programs to our employees, including major medical, dental and vision benefits, life insurance coverage, healthcare related spending accounts, including flexible spending accounts or health savings accounts as applicable, paid time off, 401(k) retirement plan with a Company match, along with numerous other offers aimed at supporting our employees both personally and professionally. We recognize and support the growth and development of our employees and offer opportunities to participate in internal as well as external learning programs.

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Compensation

To further align the interests of our employees with our shareholders and to cultivate a strong sense of ownership and commitment to our Company, certain employees also are eligible to receive Class A restricted stock, Class A restricted stock units, profits interests awards and/or performance allocations.

Equity Compensation

Equity-classified awards granted to employees that have a service condition only are measured at fair value at date of grant and remeasured at fair value only upon a modification of the award. The fair value for profits interests awards classified as equity is determined using a Monte Carlo valuation on the grant date or date of remeasurement. These awards are fair valued using a discounted cash flow approach. We recognize 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.

Performance Allocations Compensation

Performance fee-related compensation deemed to be liability awards represents the portion of performance allocation revenue and incentive fees that have been awarded to employees as a form of long-term incentive compensation. Performance fee-related compensation is generally tied to the investment performance of the funds. Up to 60% of performance allocation revenue is awarded to employees as part of our long-term incentive compensation plan, fostering alignment of interest with our fund investors and investors, and retaining key investment professionals. Carried interest-related compensation is accounted for as compensation expense in conjunction with the related performance allocation revenue and, until paid, is recorded as a component of accrued performance allocations compensation in the consolidated balance sheets. Amounts presented as realized indicate the amounts paid or payable to employees based on the receipt of performance allocation revenue from realized investment activity. Carried interest-related compensation expense may be subject to reversal to the extent that the related performance allocation revenue is reversed. Carried interest-related compensation paid to employees may be subject to clawback on an after-tax basis under certain scenarios. Incentive fee-related compensation is accrued as compensation expense when it is probable and estimable that payment will be made.

~~Diversity~~Inclusion ~~Commitment~~at Bridge

WeAt ~~embrace and encourage our employees’ differences in age~~Bridge, ~~color,~~we ~~disability,~~are ~~ethnicity,~~dedicated ~~family~~to orfostering ~~marital~~a ~~status,~~workplace ~~gender~~that ~~identity~~thrives oron ~~expression~~collaboration, ~~language~~innovation, ~~national origin, political affiliation, race, religion, sexual orientation, veteran status,~~ and ~~other~~mutual ~~characteristics~~respect. ~~that~~The ~~make~~BRIDGE ~~our~~Framework ~~employees~~embeds ~~valuable~~inclusion ~~as individuals. We consider diversity~~ and ~~its~~belonging ~~impact~~into ~~throughout~~the ~~our~~foundation ~~company,~~of ~~including, but not limited to,~~ our ~~practices~~workplace and ~~policies~~business ~~on recruitment and selection~~strategy, ~~compensation~~ensuring ~~and benefits, professional development, training and mentoring, promotions and personnel actions, transfers, social and recreational programs, and the ongoing development of~~ a ~~work~~culture ~~environment built on the premise~~ of ~~equality~~opportunity ~~that encourages~~ and ~~enforces:~~collaboration.

~~•respectful~~Our ~~communication~~strength lies in the collective expertise, perspectives, and ~~cooperation~~experiences ~~between~~of ~~all~~our ~~employees;~~team. By fostering a culture of belonging, we aim to unlock the full potential of our workforce, enabling innovation, collaboration, and excellence. Through the BRIDGE Framework, we align our values with action:

~~•teamwork~~B: Belonging ~~and~~to ~~employee~~a ~~participation,~~great ~~permitting~~place ~~the~~to ~~representation~~work – Building a culture of ~~all~~trust, ~~groups~~respect, and ~~employee~~connection ~~perspectives;~~for all employees.

~~•work/life~~R: Recruitment ~~balance~~and ~~through~~retention ~~flexible~~of ~~work~~talent ~~schedules~~– toCreating ~~accommodate~~equitable ~~employees’~~pathways ~~varying~~to ~~needs;~~attract and retain exceptional talent from a variety of backgrounds.

~~•employer~~I: Inclusive ~~and~~Environment ~~employee~~– ~~contributions~~Promoting tocollaboration, ~~the~~open ~~communities~~communication, wemutual ~~serve to promote a greater understanding and~~ respect, ~~for diversity~~ and arepresentation ~~culture~~in ofour ~~inclusion~~teams.

17D: Development of diverse skill sets – Empowering employees to achieve their full potential through learning and growth opportunities.

InG: Global ~~connection~~Understanding ~~with~~– ~~these~~Cultivating ~~goals~~awareness we implement DE&I-focused institutional frameworks into our overall corporate strategy. Key among these initiatives is ensuring that all employee voices are heard. To this end, we have established a DE&I Committee comprised of various managers and ~~senior~~respect ~~members of Bridge, as well as employee-led focus groups~~ for ~~diverse~~cultures ~~professionals.~~within Weour ~~have~~workplace ~~also established various employee resource groups to drive inclusion, educate~~ and ~~build awareness, and provide a platform to address and support~~ the ~~needs~~communities ofwe diverse individuals, including the Bridge Women’s Network, Black Inclusion Group, Bridge Allies for AAPI, BIG Pride, Unidos @Bridge, Bridge Advocates for Accessibility and Bridge of Honor Veterans Groupserve.

E: Equality in the workplace – Upholding fairness and transparency in all practices, processes, and decisions.

All employees share the responsibility of upholding these values. Employees complete annual training, equipping them with the tools to promote inclusion and mutual respect for everyone.

In connection with the BRIDGE Framework and our overall corporate strategy, we have established a committee comprised of various managers and senior members of Bridge. We have also established various BRIDGE Resource Groups (“BRGs”), which are employee resource groups created to drive inclusion, educate and build awareness, including the Bridge Women’s Network, Black Inclusion Group, Bridge Allies for AAPI, BIG Pride, Unidos @Bridge, Bridge Advocates for Accessibility and Bridge of Honor Veterans Group. In keeping with our dedication to inclusion, these BRGs are open to all employees regardless of how they personally identify.

Sustainability and Responsibility Commitment

WeBridge ~~are~~has ~~seeking~~been committed to ~~integrate~~the ~~and~~core ~~operationalize~~values and principles of ~~sustainability~~Sustainability and ~~responsibility~~Responsibility ~~across~~for ~~our~~decades ~~operations~~and tohas ~~improve~~long ~~decision-making~~operated ~~and~~its ~~risk~~business ~~management~~as such. ~~This~~We ~~includes~~take seriously our fiduciary duty alongside our Sustainability and Responsibility commitment, striving to ~~implement~~have ~~best~~positive ~~practices~~impact atin ~~all~~environmental ~~our~~stewardship, ~~corporate~~community ~~offices~~revitalization and atprogramming, ~~the~~workforce ~~properties~~inclusion, ~~owned~~corporate bygovernance, ~~certain~~and ofemployee, ~~our~~resident, ~~equity~~and ~~funds~~tenant engagement.

We ~~are~~believe aSustainability signatory to the UNPRI along with 7,000 corporate signatories across 135 countries, which in 2020 recognized Bridge for our real-world impact in addressing the “missing middle” within the Bridge Workforce and ~~Affordable~~Responsibility ~~Housing~~is ~~family~~an ofimperative ~~funds. Similarly, Bridge Workforce~~ and Affordable Housing won “ESG Private Equity Fund of the Year” in the 2021 ESG Awards and “Social Fund of the Year” from Environmental Finance Sustainable Investment Awards in both 2021 and 2022. We are committed to ~~incorporating~~integrating ~~sustainability~~ and ~~responsibility~~operationalizing ~~factors~~ESG ~~across~~to improve our ~~operational~~ decision -making ~~where applicable~~ and ~~internal~~risk policies and believe we are a market leader with our detailed reporting and actionable intelligence, including the Global Impact Investor Network’s Impact Reporting Investment Standards (“IRIS”) metrics we report across our Workforce and Affordable Housing investments and anticipate incorporating into our reporting for our Opportunity Zone investmentsmanagement. ~~IRIS~~We ~~metrics~~recognize ~~provide us an opportunity to provide data to our fund investors~~ that ~~are~~strong ~~designed~~corporate ~~to measure the impacts of the sustainability~~ and ~~responsibility~~individual ~~initiatives~~citizenship wego ~~implement~~hand atin ~~our~~hand, ~~properties within our Workforce~~ and ~~Affordable Housing strategy. In our reporting of IRIS metrics,~~ we ~~believe~~seek weto ~~provide~~be aan ~~level~~industry ofleader ~~actionable intelligence not often found~~ in ~~the~~ESG ~~private~~practices ~~equity~~and orprovide ~~real~~positive ~~estate~~impact ~~industries~~across ~~as to how~~ our ~~investment~~business ~~dollars drive economic~~ and ~~social~~in ~~mobility and revitalize communities within~~ our ~~Workforce and Affordable Housing strategy~~communities. We report granularly at the asset level on metrics across a multitude of pillars, many of which are aligned with the UN Sustainable Development Goals, including, but not limited to affordability, environmental sustainability, social and economic mobility, and diversity, equity and inclusion.

Environmental: We ~~have~~seek ~~undertaken~~to ~~multiple~~optimize ~~initiatives~~the ~~around~~environmental ~~diversity~~building ~~and~~performance ~~inclusion,~~of ~~energy~~our ~~conservation~~portfolios’ ~~and~~properties ~~community~~through ~~engagement~~careful ~~including,~~measurement asand ~~an example~~monitoring, ~~our~~technology ~~Bridge~~upgrades, ~~Community~~and ~~Enhancement~~efficiency ~~Initiative~~measures ~~(“BCEI”)~~that indrive ~~our~~cost ~~Workforce~~savings and ~~Affordable~~reduced ~~Housing~~carbon ~~platform~~footprints. Through ~~BCEI,~~our werobust ~~have~~data ~~committed to forgo approximately 15% of our~~ management ~~fee in the Bridge Workforce~~ and ~~Affordable~~reporting ~~Housing~~practices, ~~funds~~we tomonitor beenergy ~~redirected~~ and ~~used~~water tousage, ~~amplify~~waste ~~social~~generation, and ~~community~~carbon ~~programming~~emissions atacross ~~the assets of those funds. We also created the~~ Bridge ~~CARES:~~strategies ~~COVID-19~~where ~~Relief~~data ~~Fund,~~is ~~with one relief fund in 2020 and another in 2021, to provide financial support to thousands of qualifying residents of communities owned by our Workforce and Affordable Housing funds~~available. Additionally, weBridge ~~were~~became ~~among~~an ~~the~~early ~~first~~participant ~~businesses to participate~~ in Freddie Mac’s Green Advantage program in 2016, and ~~through~~throughout our ~~Bridge~~corporate ~~Green~~offices ~~Initiatives~~and ~~program~~investment strategies, we ~~are~~have ~~committed~~intentionally todeveloped ~~being~~systems ~~a leader in environmental stewardship~~ and ~~conservancy~~programs atthat ~~our~~aim ~~assets~~to ~~and~~reduce in our ~~communities.~~environmental ~~Our~~footprint, ~~other~~enhance ~~initiatives~~property ~~include~~resilience, ~~our~~and ~~Bridge~~foster tothe ~~Education~~health ~~program~~and ~~(providing~~well-being ~~scholarship~~of ~~grants~~our ~~for~~ residents, oftenants, ~~Bridge-managed~~and ~~multifamily communities)~~employees.

Social: We believe in providing positive experiences and environments for all those we serve. From our BRIDGE Framework that cultivates a workplace that supports all employees to our steadfast commitment to our employees’ success and well-being, Bridge seeks to foster a culture where everyone feels valued and empowered. We strive to provide our employees with robust benefits and mentorship programs to support their professional and personal development. At the corporate level, we seek to give back to the residents, tenants, and communities we serve through our Bridge Gives Community Engagement Strategy, Bridge Ambassadors program, and Bridge Community Enhancement Initiative (“BCEI”) as well as ongoing resident and tenant engagement projects and events.

Governance: Bridge is committed to the principles of responsible and sustainable investing. In our pursuit of industry leadership, we seek to follow policies, practices, and procedures that ensure we operate with transparency, accountability, and integrity. We recognize that strong corporate governance and individual citizenship are essential to achieving our goals as a firm, and we strive to deliver impactful outcomes to our partners, employees, and communities.

We became a Principles for Responsible Investment (“PRI”) in 2020 and remain an active signatory along with nearly 5,300 corporate signatories across over 80 countries. Since 2021, Bridge has been a GRESB member and participated with multiple vehicles in the annual GRESB assessment. Established in 2009, GRESB has become a leading ESG benchmark for real estate and infrastructure investments across the world, used by 150 institutional and financial investors to inform decision-making. On an annual basis, Bridge also publishes a firmwide Sustainability & Responsibility Report and a Bridge Workforce and Affordable Housing (“WFAH”) Impact Report. These reports demonstrate Bridge’s support of established standards and disclosure frameworks such as Global Reporting Initiative (“GRI”) Standards, Sustainable Accounting Standards Boards (“SASB”), United Nations Sustainable Development Goals (“SDGs”), Task Force on Climate-related Disclosures (“TCFD”), Global Impact Investing Network’s Impact Reporting Investing Standards (GIIN IRIS), and Multifamily Impact Council (“MIC”) Framework. For more information, please visit: www.bridgeig.com/sustainability-responsibility.

Over the history of our formal Sustainability & Responsibility program, we have received several recognitions by leading ESG and sustainability award programs. The Bridge WFAH family of funds has won “Best ESG Investment Fund” in either the Private Equity or Real Estate categories for each year between 2021 and 2024. Additionally, WFAH has won “Social Fund of the Year” from Environmental Finance Sustainable Investment Awards in both 2021 and 2022, “ESG Private Markets Strategy of the Year” by Pension Bridge Institutional Asset Management Awards in 2021, and “Real Work Impact Initiative of the Year” by the United Nation’s 2022 PRI Annual Awards. Bridge has been selected as one of the Impact Sponsor Award winners since 2022, a program that recognizes sponsors who simultaneously move the needle on affordable housing and create value through tenant advancement.

Competition

We compete in all aspects of our business with a large number of asset management firms, commercial banks, broker-dealers, insurance companies and other financial institutions. With respect to our funds, we primarily compete in the U.S. real estate equity and credit sectors with the alternative asset management businesses of a number of large international financial institutions and established local and regional competitors based in the United States, Europe and Asia, including managers offering funds-of-funds, secondary funds and direct/co-investment funds in the private markets.

In order to grow our business, we must maintain our existing fund investor base and attract additional investors for our funds. Historically, we have competed principally on the basis of the factors listed below:

•global access to investor capital through our size, scale, reputation and strong relationships with investors, including, among others, banks and financial institutions, pension funds, wealth management platforms and sovereign wealth funds;

•brand recognition and reputation within the investing community;

•performance of investment strategies;

•quality of service and duration of fund investor relationships;

•ability to customize product offerings to investor specifications;

•ability to provide a comprehensive range of investment products with attractive returns and customized risk profiles; and

•ability to consistently generate returns at or above targets for investors while maintaining competitive rates and fees.

The asset management business, including in the U.S. real estate space in which we operate, is intensely competitive, and in addition to the above factors, our ability to continue to compete effectively and grow our business will depend upon our ability to attract highly qualified investment professionals and retain existing employees. See “Risk Factors—Risks Related to Our Industry—The investment management business is intensely competitive” for further details.

Regulatory and Compliance

Our business is subject to extensive federal and state regulation in the United States. Under these laws and regulations, the ~~Securities and Exchange Commission (the “~~SEC”) and relevant state securities authorities have broad administrative powers, including the power to limit, restrict or prohibit an investment adviser from carrying on its business if it fails to comply with such laws and regulations. Possible sanctions that may be imposed include the suspension of individual employees, limitations on engaging in certain lines of business for specified periods of time, revocation of investment adviser and other registrations, censures and fines. We are also subject to regulatory oversight and requirements in several foreign jurisdictions in which we operate or where interests in our funds are offered.

SEC Regulation

Certain of our consolidated subsidiaries are registered as investment advisers with the SEC. RIAs are subject to the requirements of the Advisers Act, and the rules promulgated thereunder, as well as to examination by the SEC’s staff. The Advisers Act imposes substantive regulation on virtually every aspect of our business and our fund investor relationships. Applicable requirements may relate to, among other things, fiduciary duties to fund investors, engaging in transactions with fund investors, maintaining an effective compliance program, performance fees, solicitation arrangements, allocation of investments, conflicts of interest, marketing, recordkeeping, reporting and disclosure requirements. These requirements are evolving; for example, in 2023, the SEC enacted an additional slate of rules for private fund advisers that, among other things, impact the reporting obligations of our investment adviser subsidiaries and investment management business. The Advisers Act also regulates the assignment of advisory contracts by the investment adviser. The SEC is authorized to institute proceedings and impose sanctions for violations of the Advisers Act, ranging from fines and censures to termination of an investment adviser’s registration. Failure to comply with the requirements of the Advisers Act or the rules and regulations promulgated by the SEC could have a material adverse effect on our business.

Our funds, REITs, and other vehicles are not registered under the Securities Act and are offered by private placement to qualified investors pursuant to an exemption from registration. Our funds are not registered under the 1940 Act, because we primarily only offer interests in our funds to persons who we reasonably believe to be “qualified purchasers,” as defined under the 1940 Act, or rely on other exemptions from registration under the 1940 Act. Any perpetual REITs we manage are not expected to be registered under the 1940 Act.

ERISA-Related Regulation

Some of our funds and other vehicles include “benefit plan investors,” as defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Without a statutory or administrative exemption, we would be considered a “plan fiduciary” under ERISA with respect to such benefit plan investors by virtue of our role as investment manager of these funds. ERISA and the Code impose certain duties on persons that are plan fiduciaries under ERISA, prohibiting certain transactions involving benefit plans and “parties in interest” or “disqualified persons” to those plans, and providing for monetary penalties against plan fiduciaries for violations of these prohibitions. In order for our funds’ investments to not constitute “plan assets” under ERISA for the purposes of the fiduciary responsibility obligations thereunder, we rely on particular exemptions related to the manner in which we structure investments from benefit plan investors and in how we conduct certain investment management activities. Maintaining these exemptions may be highly complex and may in certain circumstances depend on compliance by third parties whom we do not control. Our failure to comply with these various requirements could subject us to regulatory action or third-party claims which could have a material adverse effect on our business.

Foreign Regulation

We provide investment advisory and other services and raise funds in a number of countries and jurisdictions outside the United States. In a number of these countries and jurisdictions, which include the United Kingdom (“UK”), European Union (“EU”), the European Economic Area (“EEA”), and certain of the individual member states of each of the EU and EEA, South Korea, the Cayman Islands and Canada, our operations, and in some cases our personnel, are subject to regulatory oversight and affirmative requirements. These requirements variously relate to registration, licenses, periodic inspections, the provision and filing of periodic reports, and obtaining certifications and other approvals. Across the EU, we are subject to the European Union Alternative Investment Fund Managers Directive (the “AIFMD”) requirements regarding, among other things, registration for marketing activities, the structure of remuneration for certain of our personnel and reporting obligations. Individual member states of the EU have imposed additional requirements that may include internal arrangements with respect to risk management, liquidity risks, asset valuations, and the establishment and security of depository and custodial requirements. In certain other jurisdictions, we are subject to various securities and other laws relating to fundraising and other matters. Failure to maintain compliance with applicable laws and regulations could result in regulatory intervention, adversely affect our business or ability to provide services to our fund investors and harm our reputation.

It is expected that additional laws and regulations will come into force in the UK, the EEA, the EU, and other countries in which we operate over the coming years. In addition, there may be changes to the AIFMD regime and also further regulation adopted which may impact those parts of our business operating within the EU.

There have also been significant legislative developments affecting the private equity industry in Europe and there continues to be discussion regarding enhancing governmental scrutiny and/or increasing regulation of the private equity industry.

With the expiration of the Brexit transition period on December 31, 2020, UK regulated entities lost the right to passport their services to EEA countries, and EEA entities lost the right to reciprocal passporting into the UK (subject to a transitional regime). Further, the UK’s departure from the EU and the potential resulting divergence between the UK and EU regulatory frameworks may result in additional complexity and costs in complying with regulations across both the UK and EU.

Available Information

Bridge Investment Group Holdings Inc. is a Delaware corporation. We file annual, quarterly and current reports and other information with the SEC. These filings are available to the public at the SEC’s website at www.sec.gov. We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

Website and Social Media Disclosures

Our principal internet address is www.bridgeig.com. We may use our investor relations website, Facebook page (www.facebook.com/BridgeIG), X (www.twitter.com/BridgeInvGrp), and LinkedIn (www.linkedin.com/company/bridge-investment-group-holdings/mycompany/) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls. In addition, you may automatically receive email alerts and other information about Bridge when you enroll your email address by visiting our website at https://ir.bridgeig.com and selecting “Sign Up Today.” The contents of our website, any alerts and social media channels are not incorporated herein by reference and are not a part of this report. Information relating to our corporate governance is also included on our investor relations website.

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Item 1A. Risk Factors

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this annual report on Form 10-K, including our consolidated ~~and combined~~ financial statements and the related notes, before deciding to invest in our Class A common stock. The occurrence of any of the events described below could harm our business, operating results and financial condition. In such an event, the market price of our Class A common stock could decline, and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business. See “Cautionary Note Regarding Forward—Looking Statements.”

Risks Related to the Proposed Mergers

The Mergers may not be completed within the expected timeframe, or at all, and significant delay or the failure to complete the Mergers could adversely affect our business and the market price of our common stock.

On February 23, 2025, we entered into the Merger Agreement, pursuant to which, and on the terms and subject to the conditions thereof, Merger Sub Inc. will be merged with and into us, and we will survive such merger as a wholly owned subsidiary of Apollo, and Merger Sub LLC will be merged with and into the Operating Company with the Operating Company surviving such merger as the surviving limited liability company and a wholly-owned subsidiary of Apollo. The consummation of the Mergers is subject to certain closing conditions customary for a transaction of this type, as set forth in the Merger Agreement, including, among other things, (i) approval by the affirmative vote of the holders representing at least a majority of the aggregate voting power of the outstanding shares of Class A common stock and Class B common stock entitled to vote in accordance with the DGCL, voting together, (ii) the expiration or termination of the applicable waiting period under the HSR Act, (iii) the accuracy of each party’s representations and warranties (subject to customary materiality qualifiers), (iv) each party’s compliance with its covenants and agreements contained in the Merger Agreement in all material respects, (v) the revenue run-rate for all of our clients (other than non-consenting clients) being at least 85% of the revenue run-rate for all of our clients as of December 31, 2024, (vi) certain pre-closing restructuring activities having been completed, (vii) the effectiveness of the registration statement to be filed by Apollo with the SEC pursuant to the Merger Agreement, (viii) the approval for listing on the New York Stock Exchange of the shares of the Apollo common stock to be issued as merger consideration in connection with the Mergers, subject to official notice of issuance, (ix) the Second A&R TRA remaining in full force and effect, and (x) other customary conditions specified in the Merger Agreement.

Many of the conditions to consummation of the Mergers are not within our control or the control of Apollo or the Merger Subs, and we cannot predict when or if these conditions will be satisfied. There can be no assurance that our business, our relationships or our financial condition will not be adversely affected, as compared to the condition prior to the announcement of the Mergers, if the Mergers are not consummated within the expected timeframe, or at all. Failure to complete the Mergers within the expected timeframe, or at all, could adversely affect our business and the market price of our common stock in a number of ways, including the following:

•if the Mergers are not completed within the expected timeframe, or at all, the share price of our common stock may change to the extent that the current market price of our stock reflects assumptions regarding the completion of the Mergers;

•we have incurred, and will continue to incur, significant costs, expenses and fees for professional services and other costs in connection with the Mergers, for which we may receive little or no benefit if the Mergers are not completed. Many of these fees and costs will be payable by us even if the Mergers are not completed and may relate to activities that we would not have undertaken other than to complete the Mergers;

•failure to complete the Mergers within the expected timeframe, or at all, may result in negative publicity and a negative impression of us in the investment community and may lead to subsequent offers to acquire our company at a lower price or otherwise on less favorable terms to us and our stockholders than contemplated by the Mergers;

•the impairment of our ability to attract and retain employees as well as fund investors;

•upon termination of the Merger Agreement by us or Apollo under specified circumstances, we would be required to pay a termination fee of approximately $45 million; and

•we could be subject to litigation related to any failure to complete the Mergers.

The announcement and pendency of our acquisition by Apollo could adversely affect our business, prospects, financial condition, and results of operations.

The announcement and pendency of the Mergers could cause disruptions in and create uncertainty surrounding our business, which could have an adverse effect on our business, prospects, financial condition, and results of operations, regardless of whether the Mergers are completed. These risks to our business include the following, all of which could be exacerbated by a delay in the completion of the Mergers:

•the diversion of significant management time and resources towards the completion of the Mergers;

•the impairment of our ability to attract and retain employees as well as fund investors;

•the inability to pursue alternative business opportunities or make appropriate changes to our business because of requirements in the Merger Agreement that we conduct our business in the ordinary course and not engage in certain kinds of transactions or business activities prior to the completion of the Mergers; and

•litigation relating to the Mergers and the costs and distractions related thereto.

The Merger Agreement contains provisions that could discourage a potential competing acquirer of our company or could result in any competing proposal being at a lower price than it might otherwise be.

We are subject to certain restrictions on our ability to solicit alternative acquisition proposals from third parties, to provide information to third parties and to enter into or continue discussions or negotiations with third parties regarding alternative acquisition proposals, subject to customary exceptions. In addition, we may be required to pay Apollo a termination fee of approximately $45 million in specified circumstances, including if the Merger Agreement is terminated in specified circumstances following our receipt of a Superior Proposal (as defined in the Merger Agreement). These provisions could discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of our company from considering or proposing such an acquisition, including, if the Merger Agreement is terminated prior to the consummation of the Mergers, after such termination of the Merger Agreement, even if it were prepared to pay a purchase price per share higher than the purchase price per share proposed to be paid in the Mergers, or might result in a potential competing acquirer proposing to pay a lower price than it might otherwise have proposed to pay because of the added expense of the termination fee that may become payable in specified circumstances under the Merger Agreement, including, in certain circumstances, after a valid termination of the Merger Agreement in accordance with the terms thereof.

While the Merger Agreement is in effect, we are subject to restrictions on our business activities.

The Merger Agreement includes restrictions on the conduct of our business prior to the completion of the Mergers, generally requiring us to (and to cause the Operating Company and specified subsidiaries to) conduct our business in the ordinary course and use reasonable best efforts to preserve intact our business organizations, relationships and assets. In addition, we are subject to a variety of specified restrictions. Unless we obtain Apollo’s prior written consent (which consent may not be unreasonably withheld, conditioned or delayed), except as specifically required by the Merger Agreement or required by applicable law, we may not (and may not cause the Operating Company nor specified subsidiaries to), among other things and subject to certain exceptions, limitations and qualifications, incur additional indebtedness, issue or repurchase equity, pay certain dividends, acquire or dispose of certain assets or securities, enter into, modify or terminate material contracts or make certain capital expenditures. We may find that these and other contractual restrictions in the Merger Agreement delay or prevent us from responding, or limit our ability to respond, effectively to competitive pressures, industry developments and future business opportunities that may arise during such period, even if our management believes they may be advisable. If any of these effects were to occur, it could materially and adversely impact our operating results, financial position, cash flows or the price of our common stock.

If the Corporate Merger does not qualify as a “reorganization” under Section 368(a) of the Code, holders of our Class A common stock may be subject to additional U.S. federal income tax in connection with their receipt of Apollo common stock in the Corporate Merger.

The Corporate Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code for U.S. federal income tax purposes. However, neither we nor Apollo intends to request any ruling from the IRS regarding any matters relating to the integrated mergers, and, consequently, there can be no assurance that the IRS will not assert, or that a court would not sustain, a position to the contrary to any of the positions set forth in this proxy statement/prospectus. If the IRS were to challenge the “reorganization” status of the integrated mergers successfully or the form or structure of the integrated mergers was changed in a manner such that it did not qualify as a “reorganization,” the holders of our Class A common stock could be subject to additional U.S. federal income tax in connection with their receipt of Apollo common stock in the Corporate Merger.

Risks Related to Our Business

The historical performance of our fund investments may not be indicative of the future results of our fund investments or our operations or any returns expected on an investment in our Class A common stock.

Past performance of our funds and fund investments is not necessarily indicative of future results or of the performance of our Class A common stock. An investment in our Class A common stock is not an investment in any of our funds or other investments. In addition, the historical and potential future returns of funds or other investments that we manage are not directly linked to returns on our Class A common stock. Therefore, you should not conclude that continued positive performance of our funds or other investments will necessarily result in positive returns on an investment in our Class A common stock. However, poor performance of our funds or other investments could cause a decline in our revenue and could therefore have a negative effect on our performance and on returns on an investment in our Class A common stock.

The historical performance of our funds and other investments should not be considered indicative of the future performance of these funds or of any future funds we may raise, in part because:

•market conditions and investment opportunities during previous periods may have been significantly more favorable for generating positive performance than those we may experience in the future;

•our historical returns derive largely from the performance of our earlier funds, whereas future fund returns will depend increasingly on the performance of our newer funds or funds not yet formed;

•our newly established funds may generate lower returns during the period that they initially deploy their capital;

•in recent years, we have at times witnessed increased competition for investment opportunities resulting from the increased amount of capital invested in private markets alternatives and high liquidity in debt markets, and the increased competition for investments may reduce our returns in the future; and

•the performance of particular funds or other investments also will be affected by risks of the underlying assets or markets in which they invest.

Difficult economic, market and political conditions may adversely affect our businesses, including by reducing the value or hampering the performance of the investments made by our funds or reducing the ability of our funds to raise or deploy capital, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.

Our investments are materially affected by conditions in the global financial markets and economic and political conditions throughout the world, such as increases in interest rates, the availability and cost of credit, inflation rates, economic uncertainty, changes in laws or regulations (including laws relating to our taxation, taxation of our fund investors and the possibility of changes to regulations applicable to alternative asset managers), trade policies, commodity prices, tariffs, currency exchange rates and controls and national and international political circumstances (including wars and other forms of conflict, terrorist acts, and security operations) and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, other adverse weather and climate conditions and pandemics. These factors are outside of our control and may affect the level and volatility of securities prices and the liquidity and value of investments, and we may not be able to or may choose not to manage our exposure to these conditions.

22Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world’s major economies. For example, concerns over inflation, the rapid increase and maintenance of high interest rates and resulting impacts on availability of debt financings, and fluctuations in oil and gas prices resulting from global production and demand levels, together with hostilities in the Middle East region, including the conflict between Israel and Hamas, the conflict between Russia and Ukraine and tensions between China and Taiwan, have precipitated market volatility.

~~Global~~In ~~financial~~addition, ~~markets~~numerous ~~have~~structural ~~experienced~~dynamics ~~heightened~~and ~~volatility~~persistent inmarket ~~recent~~trends ~~periods,~~have ~~including~~exacerbated asvolatility agenerally. ~~result~~Concerns ofover ~~economic~~significant ~~and~~declines ~~political~~in ~~events~~the incommodities ormarkets, ~~affecting~~sluggish ~~the~~economic ~~world’s~~expansion ~~major~~in ~~economies~~non-U.S. ~~For example~~economies, including continued concerns ~~over~~regarding ~~increasing~~growth ~~inflation~~prospects in China and ~~deflation~~emerging markets, and growing debt loads for certain countries all highlight the ~~rapid~~fact ~~increase~~that ofeconomic ~~interest~~conditions ~~rates~~remain unpredictable and ~~resulting~~volatile. ~~impacts~~In onrecent ~~availability~~periods, oftrade ~~debt~~tensions ~~financings~~between the United States and China, and ~~fluctuations~~other ingeopolitical ~~oil~~tensions ~~and~~have ~~gas~~escalated. ~~prices~~Further ~~resulting~~escalation ~~from~~of ~~global~~such ~~production~~tensions and ~~demand~~the ~~levels,~~related ~~together~~imposition ~~with~~of ~~hostilities~~sanctions inor ~~the~~other ~~Middle~~trade ~~East~~barriers ~~region,~~may ~~including~~negatively impact the ~~conflict~~rate ~~between~~of ~~Israel~~global ~~and~~growth. ~~Hamas~~Moreover, ~~the~~there ~~conflict~~is ~~between~~a ~~Russia~~risk ~~and~~of ~~Ukraine,~~both ~~tensions~~sector-specific ~~between~~and ~~China~~broad-based corrections and/or ~~Taiwan~~downturns ~~and~~in the ~~withdrawal~~equity and credit markets. Any of the UKforegoing ~~from~~could have a significant impact on the ~~EU,~~markets ~~have~~in ~~precipitated~~which ~~market~~we ~~volatility~~operate and a material adverse impact on our business prospects and financial condition.

InThese ~~addition,~~and ~~numerous~~other ~~structural~~conditions ~~dynamics~~in the global financial markets and ~~persistent~~the ~~market~~global ~~trends~~economy ~~have~~may ~~exacerbated~~result ~~volatility~~in ~~generally.~~adverse ~~Concerns~~consequences ~~over~~for ~~significant~~us ~~declines~~and inmany ~~the~~of ~~commodities~~our ~~markets~~funds, ~~sluggish~~each ~~economic~~of ~~expansion~~which incould ~~non-U.S.~~adversely ~~economies~~affect the investments of such funds, ~~including~~restrict ~~continued~~such ~~concerns~~funds’ ~~over~~investment ~~growth~~activities, ~~prospects~~impede insuch ~~China~~funds’ ~~and~~ability ~~emerging~~to ~~markets,~~effectively achieve their investment objectives and ~~growing~~result ~~debt~~in ~~loads~~lower ~~for~~returns ~~certain~~than ~~countries~~we ~~all~~anticipated ~~highlight~~at the ~~fact~~time ~~that~~certain of our investments were made. More specifically, these economic conditions ~~remain~~could ~~unpredictable~~adversely ~~and~~affect ~~volatile.~~our Inoperating ~~recent~~results ~~periods,~~by ~~trade~~causing: ~~tensions~~decreases ~~between~~in the ~~United~~market ~~States~~value ~~and~~of ~~China~~securities, ~~and~~debt ~~other~~instruments ~~geopolitical~~or ~~tensions,~~investments ~~including~~held ~~those~~by ~~between~~some ~~Russia~~of ~~and~~our ~~Ukraine~~funds; ~~and~~decreased ~~Israel~~availability and ~~Hamas~~increased cost of financing caused by elevated interest rates, ~~have~~impacting ~~escalated.~~returns ~~Further~~and ~~escalation~~contributing ofto ~~such~~illiquidity ~~tensions~~in the market, which could adversely affect transaction volumes and the ~~related~~pace ~~imposition~~of realization of ~~sanctions~~our funds’ investments or otherwise restrict the ability of our funds to realize value from their investments, thereby adversely affecting our ability to generate performance fees or other ~~trade~~income; ~~barriers~~reduced ~~may~~absorption ~~negatively~~or ~~impact~~lease rates in the ~~rate~~market related to one or more of ~~global~~our ~~growth.~~asset ~~Moreover~~classes, ~~there~~including isoffice, thereby reducing returns from such investments or realizing losses related thereto; our assets under management to decrease, thereby lowering a ~~risk~~portion of ~~both~~our ~~sector-specific~~management ~~and~~fees ~~broad-~~payable by our funds to the extent they are based ~~corrections~~on market values; and~~/or~~ ~~downturns~~increases in ~~the~~costs ~~equity~~or ~~and~~reduced ~~credit~~availability ~~markets~~of financial instruments that finance our funds. ~~Any~~During periods of difficult market conditions or slowdowns, negative financial results may reduce the ~~foregoing~~net asset value of our funds and the investment returns for our funds, which could have a ~~significant~~material ~~impact~~adverse effect on our operating results and cash flow. As many of our funds have a finite term, they may be adversely affected by being forced to dispose of investments when there are reduced opportunities to exit and realize lower-than-expected returns on investments made prior to the deterioration of the credit markets. inOur funds may also be negatively impacted by our inability to find suitable investments for the funds to effectively deploy capital, which wecould ~~operate~~adversely affect our expected returns and aour ~~material~~ability ~~adverse~~to ~~impact~~raise onnew ~~our~~funds ~~business~~and thus adversely impact our prospects ~~and~~for ~~financial~~future ~~condition~~growth.

These and other conditions in the global financial markets and the global economy may result in adverse consequences for us and many of our funds, each of which could adversely affect the investments of such funds, restrict such funds’ investment activities, impede such funds’ ability to effectively achieve their investment objectives and result in lower returns than we anticipated at the time certain of our investments were made. More specifically, these economic conditions could adversely affect our operating results by causing: decreases in the market value of securities, debt instruments or investments held by some of our funds; decreased availability and increased cost of financing caused by elevated interest rates, impacting returns and contributing to illiquidity in the market, which could adversely affect transaction volumes and the pace of realization of our funds’ investments or otherwise restrict the ability of our funds to realize value from their investments, thereby adversely affecting our ability to generate performance fees or other income; reduced absorption or lease rates in the market related to one or more of our asset classes, including office, thereby reducing returns from such investments or realizing losses related thereto; our assets under management to decrease, thereby lowering a portion of our management fees payable by our funds to the extent they are based on market values; and increases in costs or reduced availability of financial instruments that finance our funds. During periods of difficult market conditions or slowdowns, negative financial results may reduce the net asset value of our funds and the investment returns for our funds, which could have a material adverse effect on our operating results and cash flow. As many of our funds have a finite term they may be adversely affected by being forced to dispose of investments when there are reduced opportunities to exit and realize lower-than-expected returns on investments made prior to the deterioration of the credit markets. Our funds may also be negatively impacted by our inability to find suitable investments for the funds to effectively deploy capital, which could adversely affect our ability to raise new funds and thus adversely impact our prospects for future growth.

Our profitability may also be adversely affected by our fixed costs and the possibility that we would be unable to scale back other costs within a time frame sufficient to match any decreases in revenue relating to changes in market and economic conditions. If our revenue declines without a commensurate reduction in our expenses, our net income will be reduced. Accordingly, difficult market conditions could materially and adversely affect our business, financial condition and results of operations.

Valuation methodologies for certain assets held by our funds and other vehicles can be subject to significant subjectivity, and the values of assets may not be the same when realized.

The investments of our funds are generally illiquid and thus have no readily ascertainable market prices. We value these investments based on our estimate, or an independent third-party’s estimate, of their fair value as of the date of determination, which often involves significant subjectivity. There is no single standard for determining fair value in good faith and in many cases fair value is best expressed as a range of fair values from which a single estimate may be derived. We estimate the fair value of our investments based on third-party models, or models developed by us, which include discounted cash flow analyses and other techniques and may be based, at least in part, on independently sourced market parameters. The material estimates and assumptions used in these models include the timing and expected amount of cash flows, the appropriateness of discount rates used, and, in some cases, the ability to execute, the timing of and the estimated proceeds from expected financings, some or all of which factors may be ascribed more or less weight in light of the particular circumstances. The actual results related to any particular investment often vary materially as a result of the inaccuracy of these estimates and assumptions.

We include the fair value of illiquid assets in the calculations of net asset values, returns of our funds and our assets under management. Furthermore, we recognize performance fees from affiliates based in part on these estimated fair values. Because these valuations are inherently uncertain, they may fluctuate greatly from period to period. Also, they may vary greatly from the prices that would be obtained if the assets were to be liquidated on the date of the valuation and often do vary greatly from the prices we eventually realize; as a result, there can be no assurance that such unrealized valuations will be fully or timely realized.

If we realize value on an investment that is significantly lower than the value at which it was reflected in prior valuations, we could suffer losses in the applicable fund. This could in turn lead to a decline in asset management fees for certain vehicles and a loss equal to the portion of the performance fees from affiliates reported in prior periods that was not realized upon disposition. These effects could become applicable to a large number of our investments if our estimates and assumptions used in estimating their fair values differ from future valuations due to market developments. If asset values turn out to be materially different than values reflected in fund net asset values, fund investors could lose confidence which could, in turn, result in difficulties in raising additional capital.

If the investments we make on behalf of our funds perform poorly, we may suffer a decline in our investment management revenue and earnings~~, and our ability to raise capital for future funds may be materially and adversely affected~~.

Our revenue is derived from fees earned for our management and operation of our funds and incentive fees or carried interest, among other sources. In the event that our funds or individual investments perform poorly, our revenues and earnings derived from incentive fees will decline and make it more difficult for us to raise capital for new funds or gain new fund investors in the future. We may be unable to collect unrealized or future management fees from fund investors on products or strategies that perform poorly. If such products do not return to profitability, we may be required to write off all accrued and unpaid management fees. For example, as the result of ongoing headwinds in the commercial ~~real~~office ~~estate~~ sector, which represented 43% of our AUM as of December 31, ~~2023~~2024, ~~as of such date~~ we are no longer collecting fund management fees or fund administration fees on Bridge Office Fund I LP (“BOF I”), which previously contributed $12.80 million to revenue on a quarterly basis,. ~~and~~During wethe ~~have~~third ~~written~~quarter ~~down~~of ~~$6.6~~2024, ~~million~~we ofbegan ~~accrued~~reserving ~~BOF~~for I,fund management fees and ~~certain~~fund ~~related~~administration ~~join~~fees ~~ventures,~~for ~~management~~Bridge ~~fees~~Office Fund II LP (“BOF II”). WeAs ~~also~~of December 31, 2024, we have a $15.0 million outstanding unsecured loan to a subsidiary of BOF I, ~~which~~as ~~was~~well ~~still~~as ~~determined~~a $15.8 million outstanding unsecured loan to beBOF ~~recoverable~~II, asboth of ~~December~~which ~~31,~~we ~~2023~~have determined to be recoverable, but which may be lost in whole or in part. Further, if economic or market conditions related to any asset class that we manage result in any of our funds filing for bankruptcy, we may lose all future management or incentive fees in connection with such fund. For certain products or strategies, failure to integrate and apply acceptable sustainability and responsibility investment principles, including carbon neutrality or climate change strategies, can be considered in determining, or result in, poor performance, and result in decreased capital commitments and increased redemptions, and failure to earn performance fees, carried interest and/or other fees. In addition, if carried interest that was previously distributed to us exceeds the amounts to which we are ultimately entitled, we may be required to repay that amount under a “clawback” obligation pursuant to the governing documents of our funds. These clawback obligations may require us to use cash or other reserves to satisfy such obligations instead of using the cash for another purpose. If we are unable to raise or are required to repay capital, our business, financial condition and results of operations would be materially and adversely affected.

Additionally, certain of our strategies are designed to permit fund investors to be eligible to obtain certain tax benefits through their investment in the funds within these strategies. For example, our Opportunity Zone funds are organized to be “qualified opportunity funds” as defined in Section 1400Z-2(d) of the Code. Although our Opportunity Zone funds do not guarantee eligibility for tax benefits available to investors in qualified opportunity funds, if these fund investors lose or otherwise become ineligible for some or all of the tax benefits available to investors in a qualified opportunity fund, or if such tax benefits are not extended by legislative action beyond their scheduled expiration in 2026, that could negatively impact our ability to attract new capital for our opportunity zone and other funds, which could have a negative impact on our management fees.

Our business depends in large part on our ability to raise capital from third-party investors. A failure to raise capital from third-party investors on attractive fee terms or at all, would impact our ability to collect management fees or deploy such capital into investments, which would materially reduce our revenue and cash flow and adversely affect our financial condition.

Our ability to raise capital from third-party investors depends on a number of factors, including certain factors that are outside our control. Certain factors, such as economic and market conditions (including the level of interest rates and stock market performance) and the asset allocation rules or investment policies to which such third-party investors are subject, could inhibit or restrict the ability of third-party investors to make investments in our investment funds or the asset classes in which our investment funds invest.

In addition, volatility in the valuations of investments, has in the past and may in the future affect our ability to raise capital from third-party investors. To the extent periods of volatility are coupled with a lack of realizations from investors’ existing portfolios, such investors may be left with disproportionately outsized remaining commitments to a number of investment funds, which significantly limits such investors’ ability to make new commitments to third-party managed investment funds such as those managed by us. Further, during periods of market volatility, investor subscription requests may be reduced.

Our ability to raise new funds could similarly be hampered if the general appeal of alternative investments or real estate as an asset class were to decline. An investment in a limited partner interest in an alternative investment fund is generally more illiquid and the returns on such investment may be more volatile than an investment in securities for which there is a more active and transparent market. In periods of positive markets and low volatility, for example, investors may favor passive investment strategies over our actively managed investment vehicles.

If economic conditions were to deteriorate or if we are unable to find new investors, we might raise less than our desired amount for a given fund. Further, as we seek to expand into other asset classes, we may be unable to raise a sufficient amount of capital to adequately support such businesses. A failure to successfully raise capital could materially reduce our revenue and cash flow and adversely affect our financial condition.

In connection with raising new funds or making further investments in existing funds, we negotiate terms for such funds and investments with existing and potential investors. The outcome of such negotiations could result in our agreement to terms that are materially less favorable to us than for prior funds we have managed or funds managed by our competitors, including with respect to management fees, incentive fees and/or carried interest, which could have an adverse impact on our revenues. Such terms could also restrict our ability to raise investment funds with investment objectives or strategies that compete with existing funds, add additional expenses and obligations for us in managing the fund or increase our potential liabilities, all of which could ultimately reduce our revenues. In addition, certain institutional investors, including sovereign wealth funds and public pension funds, have demonstrated an increased preference for alternatives to the traditional investment fund structure, such as managed accounts, smaller funds and co-investment vehicles. There can be no assurance that such alternatives will be as profitable for us as the traditional investment fund structure, or as to the impact such a trend could have on the cost of our operations or profitability if we were to implement these alternative investment structures.

We may not be able to maintain our desired fee structure as a result of industry pressure from private markets investors to reduce fees, which could have a material adverse effect on our profit margins and results of operations.

We may not be able to maintain our current funds’ fee structures as a result of industry pressure from private markets investors to reduce fees. In order to maintain our desired fee structure in a competitive environment, we must be able to continue to provide fund investors with investment returns and service that incentivize our fund investors to pay our desired fee rates. We cannot assure you that we will succeed in providing investment returns and service that will allow us to maintain our desired fee structure. Fee reductions on existing or future new business could have a material adverse effect on our profit margins and results of operations.

Fund investors may be unwilling to commit new capital to our funds or advisory accounts as a result of our decision to become a public company, which could materially and adversely affect our business, financial condition and results of operations.

As a publicly traded company, some of our fund investors may believe that we may strive to generate near-term profit for the public company rather than returns for our fund investors over time, or that we might grow our AUM for the purpose of generating additional management fees without regard to whether we believe there are sufficient investment opportunities to effectively deploy the additional capital. Some of our current and potential fund investors may determine not to invest in our funds based on the performance of our stock price. There can be no assurance that we will be successful in our efforts to address such concerns or to convince current or future fund investors that becoming a publicly traded company has not or will not negatively affect our longstanding priorities or the way we conduct our business. A decision by a significant number of our current fund investors or prospective future fund investors not to commit additional capital to our funds or to cease doing business with us altogether could inhibit our ability to achieve our investment objectives and may materially and adversely affect our business, financial condition and results of operations.

A significant portion of our revenues are subject to the risks inherent in the ownership and operation of real estate and the construction, development and financing of real estate, including, among other risks, environmental liabilities.

Real property investments are subject to varying degrees of risk. These risks include changes in general or local economic conditions, interest rates, availability of mortgage and operating funds, real estate taxes and other operating expenses, environmental changes, availability of insurance, and acts of God (which may result in uninsured losses).

Our funds are subject to risks arising from the ownership and operation of real estate and real estate-related businesses and assets. In addition to the general risks described above, these risks include the following: general and local economic conditions; reduced availability and increased cost of financing; changes in supply of and demand for competing properties in an area (as a result, for example, of overbuilding); changes in building, environmental and other laws (including regulations related to climate change); diminished financial resources of tenants; energy and supply shortages; uninsured or uninsurable risks; liability for “slip-and-fall” and other accidents on properties held by our funds; natural disasters; changes in government regulations (such as rent control and tax laws or laws imposing penalties on real estate fund operators for holding certain classes of real estate); changes in real property tax and transfer tax rates; changes in interest rates; the reduced availability of mortgage funds which may render the sale or refinancing of properties difficult or impracticable; negative developments in the economy that depress travel activity; environmental liabilities, including under environmental laws that impose, regardless of fault, joint and several liability for the cost of remediating contamination and compensation for damages; contingent liabilities on disposition of assets; unexpected cost overruns in connection with development projects; terrorist attacks, war (including current hostilities between Russia and Ukraine and Israel and Hamas) and other factors that are beyond our control; and dependence on operating partners. Even in cases where we are indemnified against liabilities, we cannot assure you as to the financial viability of the indemnifying party to satisfy such indemnities or our ability to achieve enforcement of such indemnities.

For example, our commercial real estate funds, our capital commitments therein, and management and incentive fees we receive therefrom are exposed to the general downturn in leasing and occupancy rates and available financing following the COVID-19 pandemic and resulting remote work initiatives and office employment levels in our core markets. Average occupancy in future periods may be lower, perhaps significantly, if potential changes in customer behavior, such as the continued social acceptance, desirability and perceived economic benefits of work-from-home arrangements, result in reduced future demand for office space over the long-term. Lower rental revenues that result from lower average occupancy or lower rental rates with respect to our same property portfolio may adversely affect the value of our capital commitments in and management and incentive fees collectible from our funds’ office portfolios. These impacts have been and are expected to continue to be compounded by the lack of available financing for commercial real estate assets to fund tenant improvements and ongoing operations to maintain rental and occupancy rates necessary to maintain ownership of our funds’ office portfolios and to facilitate the disposition of the assets in our office portfolios at attractive values. In addition, prolonged market uncertainty and sustained economic downturns increase the likelihood that we will have to recognize a depreciation in the fair value of our funds’ office properties and halt collection of fees in relation to some or all of our office properties, all of which would adversely impact our financial condition and results of operations.

In addition, we may incur contingent liabilities in relation to the real estate assets our funds own and operate that may be enforced against us in the future. For example, from time to time we and certain of our funds have entered into guaranties with financial institutions in relation to indebtedness incurred by our funds or their assets for the acquisition, development or operation of fund assets. These guaranties include non-recourse carve-out guaranties for fraud, willful misconduct and other customary wrongful acts, environmental indemnities, mechanics liens, completion guaranties and other customary performance guaranties. To the extent that such guaranties are enforced against us it could have a material adverse effect on our business, financial condition and results of operation.

If our funds or fund investors acquire direct or indirect interests in undeveloped land or underdeveloped real property, which may often be non-income producing, they will be subject to the risks normally associated with such assets and development activities, including risks relating to the availability and timely receipt of zoning and other regulatory or environmental approvals, the cost and timely completion of construction (including risks beyond the control of our fund, such as weather or labor conditions or material shortages) and the availability of both construction and permanent financing on favorable terms. Additionally, such investments may be managed by a third-party, which makes them dependent upon such third parties. Any of these factors may cause the value of real estate investments to decline, which may have a material adverse effect on our funds or our business, financial condition and results of operations.

Dependence on leverage by certain funds and investments subjects us to volatility, high interest rates and contractions in the debt financing markets could adversely affect the ability of our funds to deploy capital or achieve attractive rates of return on those investments.

A number of factors have had and may continue to have an adverse impact on credit markets in particular. After ~~eleven~~several rate increases to the federal funds rate during 2022 and 2023 and the corresponding deceleration of inflationary growth, the Federal Reserve paused increases in the fourth quarter of 2023. During 2024, inflation continued to decelerate and ismoderated ~~expected~~at approximately 2.5%, which led to ~~begin~~the Federal Reserve making its first rate ~~cuts~~cut in four years during its September 2024 meeting. ~~Increases~~It is expected that the Federal Reserve will make additional rate cuts in ~~and~~coming quarters. However, uncertainty surrounding interest rates have had and may continue to have a material effect on our business, including downward pressure on the market value of the assets that we manage and associated incentive fees we can accrue and realize therefrom, as well as the cost and availability of financing for acquisition and disposition transactions. An extended period of high interest rates would continue to present a challenge for the valuations of such assets, as well as for fundraising in our real estate strategies. The absence of available sources of sufficient debt financing for extended periods of time or an increase in either the general levels of interest rates or in the risk spread demanded by sources of indebtedness would make it more expensive to finance those investments, which has reduced and may continue to reduce transaction volumes in the real estate assets in which we operate. Reduced transaction volumes have restricted and may continue to restrict liquidity in the real estate market, which would require our funds to delay realization of gains and incentive fees or sell assets at a discount as facilities reach maturity.

Certain investments may also be financed through fund-level debt facilities, which may or may not be available for refinancing at the end of their respective terms. In the current environment, banks and other lenders may restrict or impose moratoria on lending into troubled asset classes, which would reduce our or our funds’ ability to return assets to performance and may result in the total loss of our and our investor equity and additional management or incentive fees relating to such assets or funds. In addition, the interest payments on the indebtedness used to finance our funds’ investments are generally deductible expenses for income tax purposes, subject to limitations under applicable tax law and policy. Any change in such tax law or policy to eliminate or limit these income tax deductions, as has been discussed from time to time in various jurisdictions, would reduce the after-tax rates of return on the affected investments.

Further, in 2023 the U.S. banking system ~~has recently~~ experienced, ~~and continues to experience, significant~~ volatility resulting ~~from,~~ in large part, from the closure of certain U.S. banks. Similar events at ~~other~~ U.S. or international banks in the future could increase our costs, negatively impact our or our funds’ ability to execute on pending transactions, including with respect to the ability to draw down amounts under credit facilities, and divert the Company’s time, attention and resources. ~~These~~Any ~~closures,~~such ~~and any additional~~ closures ~~that~~ could ~~occur within the banking system, have resulted and could continue to~~ result in significant financial distress in the markets, which could exacerbate the normal risks we face. Furthermore, ~~these~~such closures could lead to financial system and participant regulatory reform, and such increased regulatory oversight could impose additional administrative burdens on us or our funds. In the event of a bank failure, we may lose access to funds held at that bank. While the Federal Deposit Insurance Corporation (“FDIC”) insures deposits at FDIC-insured banks, there are limits to the amount of coverage provided. Any deposits or interest earned on deposits that exceed FDIC insurance limits may not be recovered. The foregoing could materially adversely impact our operations and our ability to realize our objectives in a timely manner. ~~It is currently unclear what the ultimate effect of the situation will be on the private equity industry and global markets as a whole.~~

We may need to raise additional capital in the future and such capital may not be available on acceptable terms, if at all.

As of December 31, ~~2023~~2024, our principal sources of liquidity consisted of cash and cash equivalents of $5790.76 million, fund management fees and property management and leasing fees, which are collected monthly or quarterly, transaction fee income, and borrowings under our Credit Facility (as defined herein). We believe that our current sources of liquidity, which include cash generated by our operating activities, and cash and funds available under our credit sources, ~~along with the proceeds from the IPO and Private Placement Notes,~~ will be sufficient to meet our projected operating and debt service requirements for at least the next 12 months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional capital. We may raise additional capital through the sale of equity securities or through debt financing arrangements, and depending on our capital requirements, such funds may not be available on favorable terms, if at all. The incurrence of additional debt financing would result in debt service obligations, and any future instruments governing such debt could provide for operating and financial covenants that could restrict our operations. In addition, rules and regulations of the SEC may restrict our ability to conduct certain types of financing activities or may affect the timing of and the amounts we can raise by undertaking such activities. See “Risks Related to Ownership of Our Class A Common Stock — Future sales, or the expectation of future sales, by us or our existing stockholders in the public market could cause the market price for our Class A common stock to decline.” If we cannot raise funds on acceptable terms, we may not be able to repay debt or other liabilities, execute our business plan, take advantage of future opportunities, or respond to competitive pressures or unanticipated liquidity requirements. Any of these events could adversely affect our ability to achieve our development and commercialization goals and have a significant adverse effect on our business, financial condition and results of operations.

Investors in our open-end funds may redeem their investments in these funds on short notice, which could lead to a decrease in our investment management revenue and earnings.

Investors in our open-end funds may redeem their investments following the expiration of a specified period of time, subject to the applicable fund’s specific redemption provisions. Redemptions from these open-end funds would decrease the management fee payable to us from these investors. In a declining market, these open-end funds may experience declines in value and the pace of redemptions and consequent reduction in management fees payable to us could accelerate. To the extent permissible under our fund’s governing documents, we may suspend redemptions during a redemption period, which could adversely impact our reputation.

The success of our business depends on the identification and availability of suitable investment opportunities for our funds.

Our success largely depends on the identification and availability of suitable investment opportunities for our funds. The availability of investment opportunities will be subject to market conditions and other factors outside of our control. The historical investment returns of our funds have benefited from investment opportunities and general market conditions that may not continue or reoccur, including favorable borrowing conditions in the debt markets, and we cannot assure you that our funds will be able to avail themselves of comparable opportunities and conditions. In addition, our funds are subject to investment guidelines regarding investment allocation and strategy in addition to further restrictions required by investors in connection with their investments. Our failure to comply with these guidelines, restrictions and other limitations could result in clients terminating investment management agreements with us or investors seeking to withdraw from our funds or such failure could expose us to claims for breach of contract and recovery of damages. Any of these events could cause our earnings to decline and materially and adversely affect our business, financial condition and results of operations.

We have obligations to investors in our funds and may have obligations to other third parties that may conflict with your interests.

Our subsidiaries that serve as the general partners of or advisors to our funds have fiduciary and contractual obligations to the investors in those funds and accounts, and some of our subsidiaries may have contractual duties to other third parties. As a result, we may take actions with respect to the allocation of investments among our funds (including funds and accounts that have different fee structures), the purchase or sale of investments in our funds, the structuring of investment transactions for those funds, the advice we provide or other actions in order to comply with these fiduciary and contractual obligations, and such actions may conflict with your interests.

Our ability to retain our senior leadership team and attract additional qualified investment professionals is critical to our success.

Our success depends on our ability to retain our senior leadership team and to recruit additional qualified investment and other professionals. However, we may not be successful in our efforts to retain our senior leadership team, as the market for investment professionals is extremely competitive. The individuals that comprise our senior leadership team possess substantial experience and expertise and, in many cases, have significant relationships. Accordingly, the loss of any one of our senior leadership team could adversely affect certain relationships or limit our ability to successfully execute our investment strategies. If any of our senior professionals or other key personnel join competitors or form competing companies, it could result in the loss of significant investment opportunities, limit our ability to raise capital from certain existing investors or result in the loss of certain existing investors, which could have a material adverse effect on our business, financial condition and results of operations. There is no guarantee that the non-competition and non-solicitation agreements to which certain of our senior professionals and other key personnel are subject, together with our other arrangements with them, will prevent them from leaving, joining our competitors or otherwise competing with us. Such agreements also expire after a certain period of time, at which point such senior personnel would be free to compete against us and solicit our clients and employees. In addition, there is no assurance that such agreements will be enforceable in all cases, particularly as U.S. states and/or federal agencies enact legislation or adopt rules aimed at effectively prohibiting non-competition agreements.

Effective succession planning is also important to our long-term success. Failure to ensure effective transfer of knowledge and smooth transitions involving executives and other key employees could hinder our strategic planning, execution and future performance. Further, changes in our management team may be disruptive to our business, and any failure to successfully integrate key new hires or promoted employees could adversely affect our business, financial condition and results of operations.

We intend to expand our business and may enter into new investment asset classes, new lines of business and/or new markets and offer new investment products, which may result in additional risks and uncertainties in our business.

In connection with the continued growth of our business we face numerous risks and uncertainties. We have also pursued and may continue to, from time to time, pursue opportunities to grow our business via acquisitions, partnerships, investments or other strategic transactions. For example, in the first quarter of 2023, we acquired substantially all of the assets of Newbury. There can be no assurance that we will successfully identify, negotiate or complete any such transactions, or that any completed transactions will produce favorable financial results.

We have also increasingly undertaken business initiatives to increase the number and type of products offered to investors, especially individual (non-institutional) investors (including investors often described as high net worth individuals, family offices and mass affluent individuals), in the United States and other jurisdictions around the world. Accessing individual investors and selling products directed at such investors exposes us to new and greater levels of risk, including heightened litigation and regulatory enforcement risks. To the extent we distribute products through new channels we may not be able to effectively monitor or control the manner of their distribution, including by Company employees involved in the distribution of our investment products who do not follow our compliance and supervisory procedures, which could result in allegations of improper conduct, litigation or regulatory action against us by state and federal regulators in the United States and regulators in jurisdictions outside of the United States, including with respect to, among other things, claims that investment products distributed through such channels are distributed to customers for whom they are unsuitable, that they are distributed in an otherwise inappropriate manner with regard to investor classification, compliance with securities laws, conflicts of interest and the adequacy of disclosure to customers to whom our products are distributed through those channels, any of which may expose us to the risks of reputational damage and legal liability to the extent such third parties improperly sell our products to investors. In addition, our initiatives to expand our individual investor base, including outside of the United States, requires the investment of significant time, effort and resources, including the potential hiring of additional personnel, the implementation of new operational, compliance and other systems and processes and the development or implementation of new technology. There is no assurance that such efforts will be successful. Furthermore, we may expend significant time and resources to acquire, develop and launch new investment products, which often must be in the marketplace for a period of time and undergo a certain amount of asset portfolio construction in order to generate a track record sufficient to attract significant inflows and enable platform placement at key distributors and intermediaries, which may not be realized within the timeframe or in the form expected, or at all.

Entry into certain lines of business and strategic transactions may subject us to new laws and regulations with which we are not familiar, or from which we are currently exempt, and may lead to increased litigation and regulatory risk. In addition, certain aspects of our cost structure, such as costs for compensation, office space and communication and information technology services will be largely fixed, and we may not be able to timely adjust these costs to match fluctuations in revenue related to growing our business or entering into new lines of business or strategic transactions. If a new business, strategic transaction or investment product generates insufficient revenue or if we are unable to efficiently manage our expanded operations, our business, financial condition and results of operations could be materially and adversely affected.

The substantial growth of our business in recent years may be difficult to sustain, as it may place significant demands on our resources and employees and may increase our expenses in the future.

The substantial growth of our business has placed, and if it continues, will continue to place, significant demands on our infrastructure, our investment team and other employees, and will increase our expenses. In addition, we are required to develop continuously our infrastructure in response to the increasingly complex investment management industry and increasing sophistication of investors. Legal and regulatory developments also contribute to the level of our expenses. The future growth of our business will depend, among other things, on our ability to maintain the appropriate infrastructure and staffing levels to sufficiently address our growth and may require us to incur significant additional expenses and commit additional senior management and operational resources. We may face significant challenges in maintaining adequate financial and operational controls as well as implementing new or updated information and financial systems and procedures. Training, managing and appropriately sizing our work force and other components of our business on a timely and cost-effective basis may also pose challenges. In addition, our efforts to retain or attract qualified investment professionals may result in significant additional expenses. There can be no assurance that we will be able to manage our growing business effectively or that we will be able to continue to grow, and any failure to do so could adversely affect our ability to generate revenue and control our expenses.

Defaults by investors in our funds could adversely affect such funds’ operations and performance.

Our business is exposed to the risk that fund investors may not fulfill their investment commitments. If our fund investors default on their obligations to us, we may experience adverse consequences on the investment process and we could incur losses. We depend on fund investors fulfilling and honoring their commitments when we call capital from them for those funds to consummate investments and otherwise pay their obligations when due. Any fund investor that does not fund a capital call would be subject to several possible penalties, however, those penalties may not be adequate to make us and the applicable fund whole. A failure of fund investors to honor a significant amount of capital calls for any particular fund or funds could have a material adverse effect on the operation and performance of those funds.

Cybersecurity risks and data security breaches could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses.

Our operations are highly dependent on our information systems and technology, and (as noted above) we rely heavily on our financial, accounting, communications and other data processing systems. Our or our information technology (“IT”) vendors’ systems may fail to operate properly or become disabled as a result of tampering or a breach of our network security systems. In addition, our systems face ongoing cybersecurity threats and attacks. Breaches in security, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize our, our employees’ or our fund investors’ or counterparties’ confidential, proprietary and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our, our employees’, our fund investors’, our counterparties’ or third parties’ business and operations, which could result in significant financial losses, increased costs, liability to our fund investors and other counterparties, regulatory intervention and reputational damage.

Attacks on our systems could involve, and in some instances have in the past involved, attempts intended to obtain unauthorized access to our proprietary information, destroy data or disable, degrade or sabotage our systems, or divert or otherwise steal funds, including through the introduction of computer viruses, “phishing” attempts and other forms of social engineering.

Cyberattacks and other security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other security threats could also originate from the malicious or accidental acts of insiders, such as employees. There can be no assurance that measures we take to ensure the integrity of our systems will provide protection, especially because cyberattack techniques used change frequently or are not recognized until successful. If our systems are compromised, do not operate properly or are disabled, or we fail to provide the appropriate regulatory or other notifications in a timely manner, we could suffer financial loss, a disruption of our businesses, liability to our investment funds and fund investors, regulatory intervention or reputational damage. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means.

Cybersecurity has become a top priority for regulators. Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, as examples the General Data Protection Regulation (“GDPR”) in the EU, the California Consumer Privacy Act (“CCPA”) and other similar data privacy regulations. Some jurisdictions have also enacted laws requiring companies to notify individuals and government agencies of data security breaches involving certain types of personal data.

While we and our service providers have established enhanced data-security measures, business continuity plans and IT systems designed to prevent cyber-attacks from reoccurring in the future, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. Similar types of cyber security risks are also present for service providers and other third parties with which we do business. These service providers and other third parties may hold our information or fund investor information and not have the same level of protection as we maintain for their information or may nevertheless be subject to risk of breach even with enhanced data security measures, any of which could result in material adverse consequences for us.

Finally, we rely on third-party service providers for certain aspects of our business, including for certain information systems and technology and management of assets held in our funds. Any interruption or deterioration in the performance of these third parties or failures of their information systems and technology could impair the quality of the funds’ operations and could affect our reputation and hence adversely affect our business, financial condition and results of operations.

Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.

Technological developments in artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “AI Technologies”) and their current and potential future applications, including in the private investment and financial sectors, as well as the legal and regulatory frameworks within which they operate, are rapidly evolving. The full extent of current or future risks related thereto is difficult to predict. AI Technologies could significantly disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs, which could have a material adverse effect on our business, financial condition and results of operations. We intend to ~~seek to~~ avail ourselves of the potential benefits, insights and efficiencies that are available through the use of AI Technologies, which presents a number of potential risks that cannot be fully mitigated. Data in models that AI Technologies utilize are likely to contain a degree of inaccuracy and error, which could result in flawed algorithms. This could reduce the effectiveness of AI Technologies and adversely impact us and our operations to the extent we rely on the work product of such AI Technologies in such operations. There is also a risk that AI Technologies may be misused or misappropriated by our employees and/or third parties engaged by us. For example, a user may input confidential information, including material non-public information or personal identifiable information, into AI Technology applications, resulting in such information becoming part of a dataset that is accessible by third-party AI Technology applications and users, including our competitors. Such actions could subject us to legal and regulatory investigations and/or actions. Further, we may not be able to control how third-party AI Technologies that we choose to use are developed or maintained, or how data we input is used or disclosed, even where we have sought contractual protections with respect to these matters. The misuse or misappropriation of our data could have an adverse impact on our reputation and could subject us to legal and regulatory investigations and/or actions. Regulations related to AI Technologies may also impose on us certain obligations and costs related to monitoring and compliance.

A public health crisis or global outbreak of disease may affect our operations and financial performance and the investment returns of our funds, and may disrupt industries in which we and our funds operate and could potentially negatively impact us or our funds and our results of operations, financial condition and cash flows.

A public health crisis, including a pandemic similar in nature to the COVID-19 pandemic, could impact the geographic regions where our funds operate. The global, regional and local spread of a public health crisis could result in, and in the past has resulted in, significant global mitigation measures, including government-directed quarantines, social distancing and shelter-in-place mandates, travel restrictions, healthcare mandates, restrictions on large gatherings and restricted access to certain facilities. Business disruptions and market volatility resulting from a public health crisis could have a substantial negative impact on our results of operations, financial condition and cash flows. The adverse impact of a pandemic could include, and in the past has included without limitation, a slowdown in the pace of their fundraising activity, investment activity and capital deployment, which could also adversely affect the timing of raising capital for new or successor funds and could also impact the management fees we earn on funds that generate fees based on invested (and not committed) capital. While the increased volatility in the financial markets caused by a public health crisis may present attractive investment opportunities for certain investment strategies, we or our funds may not be able to complete those investments due to, among other factors, increased competition or operational challenges, such as our ability to raise capital within each strategy, obtain attractive financing, to overcome internal lender policies restricting lending to particular asset classes, to conduct due diligence and to consummate the acquisition and disposition of investments for our funds. Additionally, a public health crisis could adversely impact, and in the past has adversely impacted, our business and operations since an extended period of remote working by our employees could strain our technology resources and introduce operational risks, including heightened cybersecurity risk. While we have taken steps to secure our networks and systems, remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the public health crisis. Any such risks may materialize during the public health crisis or be triggered by intermediate causes resulting from such public health crises or government action related thereto.

We became a publicly traded company upon the completion of the IPO in July 2021. Some of our fund investors may believe that we may strive to generate near-term profit for the public company rather than returns for our fund investors over time, or that we might grow our AUM for the purpose of generating additional management fees without regard to whether we believe there are sufficient investment opportunities to effectively deploy the additional capital. Some of our current and potential fund investors may determine not to invest in our funds based on the performance of our stock price. There can be no assurance that we will be successful in our efforts to address such concerns or to convince current or future fund investors that becoming a publicly traded company has not or will not negatively affect our longstanding priorities or the way we conduct our business. A decision by a significant number of our current fund investors or prospective future fund investors not to commit additional capital to our funds or to cease doing business with us altogether could inhibit our ability to achieve our investment objectives and may materially and adversely affect our business, financial condition and results of operations.

Our funds may face risks relating to undiversified investments.

We cannot give assurance as to the degree of diversification that will be achieved in any of our funds. Difficult market conditions or slowdowns affecting a particular asset class, geographic region or other category of investment could have a significant adverse impact on a given fund if its investments are concentrated in that area, which would result in lower investment returns up to a total loss of fund equity in the investments. Accordingly, a lack of diversification on the part of a fund could adversely affect its investment performance and, as a result, our business, financial condition and results of operations.

Our risk management strategies and procedures may leave us exposed to unidentified or unanticipated risks.

Risk management applies to our investment management operations as well as to the investments we make for our funds. We have developed and continue to update strategies and procedures specific to our business for managing risks, which include market risk, liquidity risk, operational risk and reputational risk. Management of these risks can be very complex. These strategies and procedures may fail under some circumstances, particularly if we are confronted with risks that we have underestimated or not identified. In addition, some of our methods for managing the risks related to our funds’ investments are based upon our analysis of historical private markets behavior. Statistical techniques are applied to these observations in order to arrive at quantifications of some of our risk exposures. Historical analysis of private markets returns requires reliance on valuations performed by Fund Managers, which may not be reliable measures of current valuations. These statistical methods may not accurately quantify our risk exposure if circumstances arise that were not observed in our historical data. In particular, as we enter new lines of business, our historical data may be incomplete. Failure of our risk management techniques could materially and adversely affect our business, financial condition and results of operations, including our right to receive incentive fees.

The due diligence process that we undertake in connection with investments may not reveal all facts that may be relevant in connection with an investment.

Before making or recommending investments for our fund investors, we conduct due diligence that we deem reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting due diligence, we may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors and accountants may be involved in the due diligence process in varying degrees depending on the type of investment and the parties involved. Nevertheless, when conducting due diligence and making an assessment regarding an investment, we rely on the resources available to us, including information provided by the target of the investment and, in some circumstances, third-party investigations. The due diligence investigation that we will carry out with respect to any investment opportunity may not reveal or highlight all relevant facts that are necessary or helpful in evaluating such investment opportunity. Moreover, such an investigation will not necessarily result in the investment ultimately being successful. Poor investment performance could result in negative reputational effects, which could materially and adversely affect our business, financial condition and results of operations.

Operational risks may disrupt our business, result in losses or limit our growth.

We rely heavily on our financial, accounting, compliance, monitoring, reporting and other data processing systems. Any failure or interruption of these systems, including the loss of data, whether caused by fire, other natural disaster, power or telecommunications failure, computer viruses, act of terrorism or war or otherwise, could result in a disruption of our business, liability to our funds, regulatory intervention or reputational damage, and thus materially and adversely affect our business. Although we have back-up systems in place, including back-up data storage, our back-up procedures and capabilities in the event of a failure or interruption may not be adequate. In recent years, we have substantially upgraded and expanded the capabilities of our data processing systems and other operating technology, and we expect that we will need to continue to upgrade and expand these capabilities in the future to avoid disruption of, or constraints on, our operations. We may incur significant costs to further upgrade our data processing systems and other operating technology in the future. In addition, we are dependent on the effectiveness of our information security policies, procedures and capabilities to protect our computer and telecommunications systems and the data such systems contain or transmit. As described in the following risk factor, breaches in security may also disrupt our business, result in losses or limit our growth.

Changes in, or any failure to comply with, data privacy laws, regulations, and standards may adversely affect our business.

Data privacy and data security have become significant issues in the United States, Europe, and in many other jurisdictions. The regulatory framework for data privacy and security issues worldwide is rapidly evolving and is likely to remain uncertain and continue evolving for the foreseeable future. Federal, state, or foreign government bodies or agencies have in the past adopted, and may in the future adopt, additional laws and regulations affecting data privacy.

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Within the United States, there are a number of federal laws that impose limits on or requirements regarding the collection, distribution, use, security and storage of personal data of individuals, including the Federal Trade Commission (the “FTC”). Additionally, state legislatures have begun to adopt comprehensive privacy laws, including the CCPA and CPRA in California and similar comprehensive data privacy statutes in other states. Similar laws also have been proposed at the federal level. Internationally, many jurisdictions in which we operate have established or enhanced their own data security and privacy legal framework with which we and our customers must comply, including but not limited to, the EU’s GDPR. The effects of recently proposed or enacted legislation are potentially far-reaching and may require us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort to comply. We cannot be sure how these regulations will be interpreted, enforced or applied to our operations.

In many jurisdictions, enforcement actions and consequences for noncompliance are also rising. In addition to government regulation, privacy advocates and industry groups may propose new and different self-regulatory standards that either legally or contractually apply to the Company. The changing legal and regulatory landscape could in the future further limit our ability to use and share personal information and require changes to our operating model. Furthermore, any inability or perceived inability, even if unfounded, to comply with the relevant laws and regulations could result in regulatory investigations and penalties, negative publicity and reputational harm.

Employee misconduct could harm us by subjecting us to significant legal liability and reputational harm and impairing our ability to attract and retain fund investors.

We have a large employee headcount relative to many of our peers due to our vertically integrated business model. There is a risk that our employees, property managers at our assets or our service providers could engage in or be alleged to engage in misconduct, including financial fraud or other deceptive practices or failure to comply with anti-bribery, trade sanctions, anti-harassment, anti-discrimination or other legal and regulatory requirements, which could subject us to, among other things, civil and criminal penalties or material fines, profit disgorgement, injunctions on future conduct and securities litigation, and could also cause significant reputational and business harm to us. Even allegations of such misconduct, regardless of their merit, could harm our reputation and affect our ability to attract and retain clients, require us to compensate claimants or pay fines, divert the attention of management and require us to incur significant legal expenses in defending against such claims, litigation or regulatory investigations into these matters. Such misconduct may undermine our due diligence efforts with respect to investments and could negatively affect the valuations of such investments. Losses to our funds and us could also result from misconduct or other actions by service providers, such as administrators, consultants or other advisors, if such service providers improperly use or disclose confidential information, misappropriate funds, or violate legal or regulatory obligations.

Further, we are subject to a number of obligations and standards arising from our advisory and investment management businesses and our discretionary authority over the assets we manage. The violation of these obligations and standards by any of our employees would adversely affect our funds and us. Our business often requires that we deal with confidential matters. If our employees were to improperly use or disclose confidential information, we could be subject to legal or regulatory action and suffer serious harm to our reputation, financial position and current and future business relationships. It is not always possible to detect or deter employee misconduct, and the extensive precautions we take to detect and prevent this activity may not be effective in all cases. Such misconduct may harm our reputation, which may impact our ability to attract and retain investors in our funds.

Employee misconduct may include binding us to unauthorized transactions or present unacceptable risks. Losses could also result from actions by third-party service providers, including the misappropriation of assets. We may also be adversely affected if there is misconduct by management or employees of companies involved in real estate projects in which we invest, and we may be unable to control or mitigate such misconduct. Further, although we have adopted measures reasonably designed to prevent and detect employee misconduct and to select reliable third-party service providers, such measures may not be effective in all cases. If one of our employees were to engage in misconduct or were to be accused of such misconduct, our business and our reputation could be materially and adversely affected.

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We are subject to substantial risk of litigation and regulatory proceedings and may face significant liabilities and damage to our professional reputation as a result of litigation allegations and negative publicity.

From time to time we, our funds and our funds’ investments have been and may be subject to litigation. In recent years, the volume of claims and amount of damages claimed in litigation and regulatory proceedings against the financial services industry in general have been increasing, as have claims against owner operators of real estate assets. The investment decisions we make in our asset management business and the activities of our investment professionals (including in connection with investment and investment advisory activities) may subject us, our funds and our funds’ investments to the risk of third-party litigation or regulatory proceedings arising from investor dissatisfaction with the performance of those investment funds, alleged conflicts of interest, the suitability or manner of distribution of our products, including to retail investors and a variety of other claims.

In addition, to the extent investors in our investment funds suffer losses resulting from fraud, gross negligence, willful misconduct or other similar misconduct, investors may have remedies against us, our investment funds, our senior managing directors or our affiliates under the federal securities law and/or state law. While the general partners and investment advisers to our investment funds, including their directors, officers, other employees and affiliates, are generally indemnified to the fullest extent permitted by law with respect to their conduct in connection with the management of the business and affairs of our investment funds, such indemnity generally does not extend to actions determined to have involved fraud, gross negligence, willful misconduct or other similar misconduct.

Further, we operate in a highly regulated environment where we are subject to numerous securities, tax, corporate, real estate, antitrust and other regulations under U.S. and foreign law and our business practices could be subject to scrutiny under such regulations. Regulatory claims, including securities, antitrust, tax or other claims could have a significant impact on our business, financial condition and results of operations or cause significant reputational harm to us. If our business practices were found to be in violation of these laws, we could be subject to substantial penalties, including fines, injunctions, and forced divestitures. These outcomes could disrupt our operations and materially adversely affect our business. Even if we were to prevail in against such regulatory claims, the litigation could be costly and time-consuming and could divert the attention of our management and key personnel from our business operations. We continually monitor our compliance with all applicable laws and regulations, but there can be no assurance that we will effectively mitigate this risk.

Furthermore, we depend to a large extent on our business relationships and our reputation for integrity and high-caliber professional services to attract and retain investors and to pursue investment opportunities for our funds. As a result, allegations of improper conduct by private litigants, regulators, or employees, whether the ultimate outcome is favorable or unfavorable to us, as well as negative publicity and press speculation about us, our investment activities, our lines of business or distribution channels, our workplace environment, or the asset management industry in general, whether or not valid, may harm our reputation, which may be more damaging to our business than to other types of businesses. The pervasiveness of social media and the internet, the recent rise in activity by activist and other organized groups with respect to investments made by private funds, coupled with increased public focus on the externalities of business activities, could also lead to faster and wider dissemination of any adverse publicity or inaccurate information about us, making effective remediation more difficult and further magnifying the reputational risks associated with negative publicity.

We may face damage to our professional reputation and legal liability if our services are not regarded as satisfactory or for other reasons.

As an investment manager, we depend to a large extent on our relationships with our fund investors and our reputation for integrity and high-caliber professional services to attract and retain fund investors. As a result, if a fund investor is not satisfied with our services, such dissatisfaction may be more damaging to our business than to other types of businesses.

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In recent years, the volume of claims and amount of damages claimed in litigation and regulatory proceedings against financial advisors has been increasing. Our asset management and advisory activities may subject us to the risk of significant legal liabilities to our funds and third parties, including our fund investors or beneficiaries, under securities or other laws and regulations for materially false or misleading statements made in connection with securities and other transactions. In our investment management business, we make investment decisions on behalf of our fund investors that could result in substantial losses. Any such losses also may subject us to the risk of legal and regulatory liabilities or actions alleging negligent misconduct, breach of fiduciary duty or breach of contract. These risks often may be difficult to assess or quantify and their existence and magnitude often remain unknown for substantial periods of time. We may incur significant legal expenses in defending litigation. In addition, litigation or regulatory action against us may tarnish our reputation and harm our ability to attract and retain fund investors. Substantial legal or regulatory liability could materially and adversely affect our business, financial condition or results of operations or cause significant reputational harm to us, which could seriously harm our business.

Our failure to appropriately manage conflicts of interest could damage our reputation and adversely affect our business.

Actual, potential or perceived conflicts can give rise to fund investor dissatisfaction, litigation or regulatory enforcement actions. Appropriately managing conflicts of interest is complex and difficult and our reputation could be damaged if we fail, or appear to fail, to deal appropriately with one or more potential or actual conflicts of interest. As we expand the scope of our business, we increasingly confront potential conflicts of interest relating to our and our funds’ investment activities. These conflicts include but are not limited to:

•Certain of our funds may have overlapping investment objectives, including funds that have different fee structures, and potential conflicts may arise with respect to our decisions regarding how to allocate investment opportunities.

•Our affiliates may be service providers or counterparties to our funds or fund assets and receive fees or other compensation for services that are not shared with our fund investors. In such instances, we may be incentivized to cause our funds or fund assets to purchase such services from our affiliates rather than an unaffiliated service provider despite the fact that a third-party service provider could potentially provide higher quality services or better value.

Enforcement action or litigation asserting improper management of conflicts of interest, even if unproven, could harm our reputation and our business in a number of ways, including affecting our ability to raise additional funds causing existing fund investors to reduce investments or terminate business with us.

A change of control of our company could result in an assignment of our investment management agreements.

Under the Advisers Act, each of the investment management agreements for the funds and other accounts we manage must provide that it may not be assigned without the consent of the particular fund or other account. An assignment may occur under the Advisers Act if, among other things, we or the Operating Company undergoes a change of control, including in connection with the proposed Mergers. Pursuant to the Merger Agreement, both we and the Operating Company will undergo changes of control upon consummation of the Mergers. If a change of control transaction occurs, including with respect to the Mergers, we cannot be certain that our relevant SEC-registered investment adviser subsidiaries will be able to obtain the necessary consents from our funds and other accounts, which could cause us to lose the management fees and performance fees we earn from such funds and other accounts.

In certain circumstances, investors in our funds have the right to remove us as the general partner of the relevant fund and to terminate the investment period or terminate our investment management under certain circumstances, leading to a decrease in our revenues, which could be substantial.

The governing agreements of our funds provide that, subject to certain conditions, investors in those funds have the right to remove us as the general partner of the relevant fund or terminate the fund. Any such removal or dissolution could result in a cessation in management fees we would earn from such funds or a significant reduction in the expected amounts of carried interest or incentive fees from those funds.

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Risks Related to Our Industry

The investment management business is intensely competitive.

The investment management business is intensely competitive, with competition based on a variety of factors, including investment performance, the quality of service provided to fund investors, brand recognition and business reputation. Our investment management business competes with a variety of traditional and alternative asset managers, commercial banks, investment banks and other financial institutions. A number of factors serve to increase our competitive risks:

•some of our competitors have more relevant experience, greater financial and other resources and more personnel than we do;

•there are relatively few barriers to entry impeding new asset management firms, including a relatively low cost of entering these lines of business, and the successful efforts of new entrants into our various lines of business have resulted in increased competition;

•if, as we expect, allocation of assets to alternative investment strategies increases, there may be increased competition for alternative investments and access to fund general partners and managers; and

•other industry participants will from time to time seek to recruit our investment professionals and other employees away from us.

This competitive pressure could adversely affect our ability to make successful investments and restrict our ability to raise future funds, either of which would materially and adversely impact our business, financial condition and results of operations.

Extensive government regulation, compliance failures and changes in law or regulation could adversely affect us and the operation of our funds.

In response to volatility in the financial markets, financial institution failures and financial frauds, governmental authorities have called for or implemented regulatory reform, such as additional regulation of the managers and activities of investment funds, including compliance, risk management and anti-money laundering procedures; restrictions on specific types of investments and the provision and use of leverage; implementation of capital requirements; limitations on compensation paid to managers; and books and records, reporting and disclosure requirements. We cannot predict with certainty the impact of such reforms on us, our funds, or on investment markets generally. Any of these regulatory reform measures could have an adverse effect on our funds’ investment strategies or our business model. We may incur significant expense in complying with such reform measures, which may divert management’s attention and resources. Our advisory and investment management businesses are subject to regulation in the United States, including by the SEC, the Commodity Futures Trading Commission (the “CFTC”), the Internal Revenue Service (the “IRS”) and other regulatory agencies, pursuant to, among other laws, the Advisers Act, the Securities Act, the Exchange Act and the Internal Revenue Code of 1986, as amended (the “Code”). Regulators are also increasing scrutiny and considering regulation of the use of artificial intelligence technologies. We cannot predict with certainty what, if any, actions may be taken. Any change in regulatory oversight or any failure to comply with applicable laws or regulations could result in fines, suspensions of personnel or other sanctions, including revocation of our registration as an investment adviser, as well as reputational risk, which could cause us to lose existing fund investors or fail to gain new fund investors.

For example, in recent years, the SEC has proposed, and in some instances, adopted, a number of rules related to private funds and private fund advisors that impact our business and operations. Most significantly, in August 2023, the SEC adopted new rules and amendments to existing rules under the Advisers Act (collectively, the “Private Fund Adviser Rules”). The Private Fund Adviser Rules require registered investment advisers to distribute quarterly statements containing detailed information about, among other things, compensation, fees and expenses, investments, and performance; obtain an annual audit for private funds; and obtain a fairness or valuation opinion and make certain disclosures in connection with adviser-led secondary transactions. In addition, the rules restrict all investment advisers from engaging in certain practices unless they satisfy specified disclosure, and in some cases, consent requirements. The Private Fund Adviser Rules also prohibit providing preferential liquidity and information rights to investors unless certain conditions are met. Although there is a pending legal challenge to the Private Fund Adviser Rules, whether such legal challenge will succeed is uncertain. While the full extent of the Private Funds Adviser Rules’ impact cannot yet be determined, the general anticipation is that they will increase regulatory and compliance costs, place burdens on our resources, including the time and attention of our personnel, and heighten the risk of regulatory action. The Private Fund Adviser Rules are complemented by amended rules that require enhanced record retention and documentation. Furthermore, the SEC (in May 2023) and the SEC and CFTC jointly (in February 2024) adopted changes to Form PF, a confidential form relating to reporting by private fund advisers and intended to be used by the Financial Stability Oversight Counsel (“FSOC”) for systemic risk oversight purposes, that expand existing reporting obligations. Such increased obligations may increase our costs, including if we are required to spend more time, hire additional personnel, or acquire new technology to comply effectively.

Federal, state and foreign anti-corruption and sanctions laws create the potential for significant liabilities and penalties and reputational harm.

We are also subject to a number of laws and regulations governing payments and contributions to political persons or other third parties, including restrictions imposed by the Foreign Corrupt Practices Act (the “FCPA”), as well as trade sanctions and export control laws administered by the Office of Foreign Assets Control (“OFAC”), the United States Department of Commerce and the U.S. Department of State. The FCPA is intended to prohibit bribery of foreign governments and their officials and political parties, and requires public companies in the U.S. to keep books and records that accurately and fairly reflect those companies’ transactions. OFAC, the U.S. Department of Commerce and the U.S. Department of State administer and enforce various export control laws and regulations, including economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign states, organizations and individuals. These laws and regulations relate to a number of aspects of our business, including servicing existing fund investors and finding new fund investors.

Similar laws in non-U.S. jurisdictions, such as EU sanctions or the UK Bribery Act, as well as other applicable anti-bribery, anti-corruption, anti-money laundering, or sanction or other export control laws in the U.S. and abroad, may also impose stricter or more onerous requirements than the FCPA, OFAC, the United States Department of Commerce and the U.S. Department of State, and implementing them may disrupt our business or cause us to incur significantly more costs to comply with those laws. Different laws may also contain conflicting provisions, making compliance with all laws more difficult. If we fail to comply with these laws and regulations, we could be exposed to claims for damages, civil or criminal financial penalties, reputational harm, incarceration of our employees, restrictions on our operations and other liabilities, which could negatively affect our business, operating results and financial condition. In addition, we may be subject to successor liability for FCPA violations or other acts of bribery, or violations of applicable sanctions or other export control laws committed by companies in which we invest or which we acquire. While we have developed and implemented policies and procedures designed to ensure strict compliance by us and our personnel with the FCPA and other anti-corruption, sanctions and export control laws in jurisdictions in which we operate, such policies and procedures may not be effective in all instances to prevent violations. Any determination that we have violated the FCPA or other applicable anti-corruption, sanctions or export control laws could subject us to, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions on future conduct, securities litigation and a general loss of investor confidence, any one of which could adversely affect our business prospects, financial condition, results of operations or the market value of our Class A common stock.

Regulation of investment advisors outside the United States could adversely affect our ability to operate our business.

We provide investment advisory and other services and raise funds in a number of countries and jurisdictions outside the United States. In many of these countries and jurisdictions, which include the EU, the EEA, the individual member states of each of the EU and EEA, South Korea, the Cayman Islands and Canada, we and our operations, and in some cases our personnel, are subject to regulatory oversight and requirements. In general, these requirements relate to registration, licenses, periodic inspections, the provision and filing of periodic reports, and obtaining certifications and other approvals. Across the EU, we are subject to the AIFMD under which we are subject to regulatory requirements regarding, among other things, registration for marketing activities, the structure of remuneration for certain of our personnel and reporting obligations. Individual member states of the EU have imposed additional requirements that may include internal arrangements with respect to risk management, liquidity risks, asset valuations, and the establishment and security of depository and custodial requirements. Because some EEA countries have not yet incorporated the AIFMD into their agreement with the EU, we may undertake marketing activities and provide services in those EEA countries only in compliance with applicable local laws. Outside the EEA, the regulations to which we are subject primarily relate to registration and reporting obligations.

37It is expected that additional laws and regulations will come into force in the EEA, the EU, and other countries in which we operate over the coming years. These laws and regulations may affect our costs and manner of conducting business in one or more markets, the risks of doing business, the assets that we manage or advise, and our ability to raise capital from fund investors. Any failure by us to comply with either existing or new laws or regulations could have a material adverse effect on our business, financial condition and results of operations.

Across the EU, we are subject to the AIFMD under which we are subject to regulatory requirements regarding, among other things, registration for marketing activities, the structure of remuneration for certain of our personnel and reporting obligations. Individual member states of the EU have imposed additional requirements that may include internal arrangements with respect to risk management, liquidity risks, asset valuations, and the establishment and security of depository and custodial requirements. Because some EEA countries have not yet incorporated the AIFMD into their agreement with the EU, we may undertake marketing activities and provide services in those EEA countries only in compliance with applicable local laws. Outside the EEA, the regulations to which we are subject primarily relate to registration and reporting obligations.

It is expected that additional laws and regulations will come into force in the EEA, the EU, and other countries in which we operate over the coming years. These laws and regulations may affect our costs and manner of conducting business in one or more markets, the risks of doing business, the assets that we manage or advise, and our ability to raise capital from fund investors. In addition, the exit of the UK from the EU may have adverse economic, political and regulatory effects on the operation of our business. Any failure by us to comply with either existing or new laws or regulations could have a material adverse effect on our business, financial condition and results of operations.

Risks Related to Our Organizational Structure

Because our principal asset is our interest in the Operating Company, we depend on distributions from the Operating Company to pay our taxes and expenses, including payments under the Tax Receivable Agreement (“TRA”) and to pay dividends to holders of our Class A common stock. The Operating Company’s ability to make such distributions may be subject to various limitations and restrictions.

We are a holding company that has no material assets other than our ownership of Class A Units in the Operating Company. As such, we have no independent means of generating revenue or cash flow, and our ability to pay our taxes and operating expenses (including payments under the TRA) or declare and pay dividends in the future, if any, is dependent upon the financial results and cash flows of the Operating Company and its subsidiaries and distributions we receive from the Operating Company. There can be no assurance that the Operating Company and its subsidiaries will generate sufficient cash flow to distribute funds to us or that applicable state law and contractual restrictions, including negative covenants in our debt instruments, will permit such distributions. The Merger Agreement, subject to certain exceptions, places restrictions on our and the Operating Company’s ability to pay any dividends or other distributions, other than tax distributions required to be made pursuant to the operating agreement of the Operating Company and which are consistent with past practice, during the interim period between the execution of the Merger Agreement and the Effective Time (or the date on which the Merger Agreement is terminated).

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The Operating Company is treated as a partnership for U.S. federal income tax purposes and, as such, generally is not subject to any entity-level U.S. federal income tax. Instead, any taxable income of the Operating Company is allocated to holders of Class A Units, including us. Accordingly, we incur income taxes on our allocable share of any net taxable income of the Operating Company. Under the terms of the Operating Company Agreement, the Operating Company is obligated, subject to various limitations and restrictions, including with respect to our debt agreements, to make tax distributions to holders of Class A Units, including us. In addition to tax expenses, we also incur expenses related to our operations, including payments under the TRA, which we expect could be significant. We intend, as its managing member, to cause the Operating Company to make cash distributions to the holders of Class A Units in an amount sufficient to (1) fund all or part of their tax obligations in respect of taxable income allocated to them and (2) cover our operating expenses, including payments under the TRA. However, the Operating Company’s ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would either violate any contract or agreement to which the Operating Company is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering the Operating Company insolvent. If we do not have sufficient funds to pay tax or other liabilities, or to fund our operations (including, if applicable, as a result of an acceleration of our obligations under the TRA), we may have to borrow funds, which could materially and adversely affect our liquidity and financial condition, and subject us to various restrictions imposed by any lenders of such funds. To the extent we are unable to make timely payments under the TRA for any reason, such payments generally will be deferred and will accrue interest until paid; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the TRA resulting in the acceleration of payments due under the TRA. In addition, if the Operating Company does not have sufficient funds to make distributions, our ability to declare and pay cash dividends will also be restricted or impaired. Under the Operating Company Agreement, we intend to cause the Operating Company, from time to time, to make distributions in cash to its equityholders (including us) in amounts sufficient to cover the taxes imposed on their allocable share of taxable income of the Operating Company. As a result of (1) potential differences in the amount of net taxable income allocable to us and to the Operating Company’s other equityholders, (2) the lower tax rate applicable to corporations as opposed to individuals, and (3) certain tax benefits that we anticipate from (a) future purchases or redemptions of Class A Units from the Continuing Equity Owners, (b) payments under the TRA and (c) any acquisition of interests in the Operating Company from other equityholders in connection with the consummation of the Transactions, these tax distributions may be in amounts that exceed our tax liabilities. Our board of directors determines the appropriate uses for any excess cash so accumulated, which may include, among other uses, the payment of obligations under the TRA and the payment of other expenses. We have no obligation to distribute such cash (or other available cash) to our stockholders. No adjustments to the exchange ratio for Class A Units and corresponding shares of Class A common stock will be made as a result of any cash distribution by us or any retention of cash by us. To the extent we do not distribute such excess cash as dividends on our Class A common stock we may take other actions with respect to such excess cash, for example, holding such excess cash, or lending it (or a portion thereof) to the Operating Company, which may result in shares of our Class A common stock increasing in value relative to the value of Class A Units. The holders of Class A Units may benefit from any value attributable to such cash balances if they acquire shares of Class A common stock in exchange for their Class A Units, notwithstanding that such holders may have participated previously as holders of Class A Units in distributions that resulted in such excess cash balances.

The TRA with the Continuing Equity Owners requires us to make cash payments to them in respect of certain tax benefits to which we may become entitled, and we expect that such payments will be substantial.

We entered into a TRA with the Operating Company and each of the Continuing Equity Owners. Under the TRA, we are required to make cash payments to the Continuing Equity Owners equal to 85% of the tax benefits, if any, that we actually realize, or in certain circumstances are deemed to realize, as a result of (1) the increases in our allocable share of the tax basis of the Operating Company’s assets resulting from any future redemptions or exchanges of Class A Units from the Continuing Equity Owners, and certain distributions (or deemed distributions) by the Operating Company; (2) our 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, which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by us; and (3) certain other tax benefits arising from payments under the TRA. We expect that the amount of the cash payments we will be required to make under the TRA will be substantial.

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Any payments made by us to the Continuing Equity Owners under the TRA will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make timely payments under the TRA for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us. Payments under the TRA are not conditioned upon one or more of the Continuing Equity Owners maintaining a continued ownership interest in the Operating Company. Furthermore, our future obligation to make payments under the TRA could make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that are the subject of the TRA. The actual existing tax basis the actual increase in tax basis, and the actual utilization of any resulting tax benefits, as well as the amount and timing of any payments under the TRA, will vary depending upon a number of factors including the timing of redemptions by the Continuing Equity Owners; the price of shares of our Class A common stock at the time of the exchange; the extent to which such exchanges are taxable; the amount of gain recognized by such Continuing Equity Owners; the amount and timing of the taxable income allocated to us or otherwise generated by us in the future; the portion of our payments under the TRA constituting imputed interest; and the federal and state tax rates then applicable.

The Continuing Equity Owners are entitled to certain benefits to which holders of our Class A common stock are not entitled or are not entitled to the same extent.

Our organizational structure, including the TRA, confers certain benefits upon the Continuing Equity Owners that does not benefit the holders of our Class A common stock to the same extent that it benefits the Continuing Equity Owners. We entered into the TRA with the Operating Company and the Continuing Equity Owners, which provides for the payment by us to the Continuing Equity Owners of 85% of the amount of tax benefits, if any, that we actually realize, or in some circumstances are deemed to realize, as a result of (1) the increases in our allocable share of the tax basis of the Operating Company’s assets resulting from any future redemptions or exchanges of Class A Units from the Continuing Equity Owners and certain distributions (or deemed distributions) by the Operating Company; (2) our 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, which tax basis is allocated to the Class A Units being redeemed or exchanged and acquired by us, and (3) certain other tax benefits arising from payments under the TRA. Although we will retain 15% of the amount of such tax benefits, this and other aspects of our organizational structure may adversely impact the future trading market for the Class A common stock.

In certain cases, payments under the TRA may be accelerated or significantly exceed any actual benefits we realize in respect of the tax attributes subject to the TRA, and we will not be reimbursed for any payments made under the TRA in the event that any tax benefits are disallowed.

The TRA provides that if (1) we materially breach our material obligations under the TRA, (2) certain mergers, asset sales, or other changes of control were to occur, or (3) we terminate the TRA early, then our obligations, or our successor’s obligations, under the TRA would be based on certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the TRA. As a result, we would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the TRA, based on certain assumptions, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. WeHowever, ~~could~~if ~~also be required to make cash payments to~~ the ~~Continuing~~Mergers ~~Equity Owners that~~ are ~~greater~~consummated, ~~than~~ the ~~specified~~Second ~~percentage~~A&R ofTRA ~~any~~will ~~actual~~become ~~benefits~~effective, wewhich ~~ultimately~~provides, ~~realize~~among inother ~~respect~~things, ~~of the tax benefits~~ that ~~are subject to the TRA. In these situations~~, ~~our obligations under~~ the ~~TRA~~Continuing ~~could~~Equity ~~have~~Owners awill ~~substantial~~forego ~~negative impact on our liquidity and could have~~ the ~~effect~~acceleration of ~~delaying, deferring or preventing~~ certain ~~mergers,~~payments ~~asset sales, or other changes of control. There can be no assurance~~ that wewould ~~will~~otherwise behave ~~able~~been topayable ~~fund or finance our obligations~~ under the TRA. ~~We may need~~ to ~~incur debt to finance payments under~~ the ~~TRA~~Continuing toEquity ~~the~~Owners ~~extent~~by ~~our cash resources are insufficient to meet our obligations under~~ the ~~TRA~~Company as a result of ~~timing~~the ~~discrepancies or otherwise~~Mergers.

40We could also be required to make cash payments to the Continuing Equity Owners that are greater than the specified percentage of any actual benefits we ultimately realize in respect of the tax benefits that are subject to the TRA. In these situations, our obligations under the TRA could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, or other changes of control. There can be no assurance that we will be able to fund or finance our obligations under the TRA. We may need to incur debt to finance payments under the TRA to the extent our cash resources are insufficient to meet our obligations under the TRA as a result of timing discrepancies or otherwise.

Additionally, the IRS or another tax authority, may challenge all or part of the tax basis increases or other tax benefits we claim, as well as other related tax positions we take, and a court could sustain such challenge, related to such payments under the TRA. We will not be reimbursed for any cash payments previously made under the TRA to the extent that any tax benefits initially claimed by us and for which payment has been made to a Continuing Equity Owner are ultimately disallowed. Instead, any excess cash payments made by us to a Continuing Equity Owner will be netted against any future cash payments we might otherwise be required to make to such Continuing Equity Owner. However, we might not determine that we have made an excess cash payment for several years following the initial time of such payment and we are not permitted to reduce any future cash payments under the TRA until any challenge of our tax positions is finally settled or determined. Moreover, the excess cash payments we made previously under the TRA could be greater than the amount of future cash payments against which we would otherwise be permitted to net such excess. The applicable U.S. federal income tax rules for determining applicable tax benefits we may claim are complex and fact-specific in nature, and there can be no assurance that the IRS or a court will not disagree with our tax reporting positions. As a result, payments could be made under the TRA significantly in excess of any actual cash tax savings that we realize in respect of the tax attributes with respect to any Continuing Equity Owner that are the subject of the TRA.

Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.

We are subject to taxes by U.S. federal, state, local and foreign tax authorities. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including: allocation of expenses to and among different jurisdictions; changes in the valuation of our deferred tax assets and liabilities; expected timing and amount of the release of any tax valuation allowances; tax effects of share-based compensation; costs related to intercompany restructurings; changes in tax laws, tax treaties, regulations or interpretations thereof; or lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates. In addition, we may be subject to audits of our income, sales and other taxes by U.S. federal, state, and local and foreign taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), including as a result of our ownership of the Operating Company, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.

Under Sections 3(a)(1)(A) and (C) of the 1940 Act, a company generally will be deemed to be an “investment company” for purposes of the 1940 Act if (1) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, or (2) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We do not believe that we are an “investment company,” as such term is defined in either of those sections of the 1940 Act. We and the Operating Company intend to conduct our operations so that we will not be deemed an investment company. Because we will control and operate the Operating Company, we believe that our interest in the Operating Company is not an “investment security” as that term is used in the 1940 Act. However, if we were to cease participation in the management of the Operating Company, or if the Operating Company itself becomes an investment company, our interest in the Operating Company could be deemed an “investment security” for purposes of the 1940 Act. If it were established that we were an unregistered investment company, we could be subject to monetary penalties and injunctive relief in an action brought by the SEC, we could be unable to enforce contracts with third parties and third parties could seek to obtain rescission of transactions undertaken during the period it was established that we were an unregistered investment company. If we were required to register as an investment company, restrictions imposed by the 1940 Act, including limitations on our capital structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.

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Risks Related to Ownership of Our Class A Common Stock

The Continuing Equity Owners have significant influence over us, including control over decisions that require the approval of stockholders.

The Continuing Equity Owners control, in the aggregate, over 95% of the voting power represented by all our outstanding classes of stock. As a result, the Continuing Equity Owners exercise significant influence over all matters requiring stockholder approval, including the election and removal of directors and the size of our board of directors, any amendment of our amended and restated certificate of incorporation or bylaws and any approval of significant corporate transactions (including a sale of all or substantially all of our assets), and have significant control over our business, affairs and policies, including the appointment of our management. The directors that Continuing Equity Owners elect have the authority to vote to authorize the Company to incur additional debt, issue or repurchase stock, declare dividends and make other decisions that could be detrimental to stockholders.

The members of our board of directors are, and likely will continue to be, appointed by and/or affiliated with the Continuing Equity Owners who have the ability to appoint the majority of directors. The Continuing Equity Owners can take actions that have the effect of delaying or preventing a change of control of us or discouraging others from making tender offers for our shares, which could prevent stockholders from receiving a premium for their shares. These actions may be taken even if other stockholders oppose them. The concentration of voting power with the Continuing Equity Owners may have an adverse effect on the price of our Class A common stock. The Continuing Equity Owners may have interests that are different from yours and may vote in a way with which you disagree and that may be adverse to your interests.

WeOur ~~cannot predict with certainty the effect our~~ dual class structure may ~~have~~increase onvolatility in the market price of our Class A common stock.

WeOur ~~cannot predict with certainty whether our~~ dual class structure ~~will~~may result in a lower or more volatile market price of our Class A common stock, in adverse publicity, or other adverse consequences. For example, certain index providers have announced restrictions on including companies with multiple-class share structures in certain of their indices. Under policies announced by major indices in recent years, the dual class structure of our stock would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to track those indices would not invest in our Class A common stock. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly traded companies excluded from such indices, but it is possible they may depress valuations, compared to similar companies that are included. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A common stock less attractive to other investors. As a result, the market price of our Class A common stock could be adversely affected.

We are a “controlled company” within the meaning of the ~~New York Stock Exchange (“~~NYSE”) rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements. You may not have the same protections afforded to stockholders of companies that are subject to such corporate governance requirements.

The parties to the Stockholders Agreement have more than 50% of the voting power for the election of directors, and, as a result, we are considered a “controlled company” within the meaning of the or NYSE rules. As such, we qualify for, and rely on, exemptions from certain corporate governance requirements, including the requirements to have a majority of independent directors on our board of directors, an entirely independent nominating and corporate governance committee, an entirely independent compensation committee or to perform annual performance evaluations of the nominating and corporate governance and compensation committees.

The corporate governance requirements and, specifically, the independence standards are intended to ensure directors who are considered independent are free of any conflicting interest that could influence their actions as directors. We utilize certain exemptions afforded to a “controlled company.” As a result, we are not subject to certain corporate governance requirements, including that a majority of our board of directors consists of “independent directors,” as defined under the NYSE rules. Therefore, we do not have a majority of independent directors on our board of directors or a nominating and corporate governance committee or compensation committee (or perform annual performance evaluations of nominating and corporate governance and compensation committees, if any) and may not unless and until such time as we are required to do so.

Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE rules. Our status as a controlled company could make our Class A common stock less attractive to some investors or otherwise harm our stock price.

The JOBS Act will allow us to postpone the date by which we must comply with certain laws and regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the SEC. We cannot be certain if this reduced disclosure will make our Class A common stock less attractive to investors.

The Jumpstart Our Business Startups Act (“JOBS Act”), is intended to reduce the regulatory burden on “emerging growth companies.” As defined in the JOBS Act, awe ~~public~~are ~~company~~an ~~whose~~“emerging ~~initial~~growth ~~public~~company” ~~offering~~and ofcould ~~common~~remain ~~equity~~an ~~securities~~“emerging ~~occurs~~growth ~~after~~company” ~~December~~until 8,as ~~2011,~~late ~~and~~as ~~whose~~the ~~annual~~fifth ~~gross~~anniversary ~~revenues~~of ~~are~~the ~~less~~completion ~~than~~of $1the IPO.~~235~~ ~~billion~~For ~~will,~~so inlong ~~general,~~as ~~qualify~~we asare an “emerging growth company,” ~~until~~we ~~the~~will, ~~earliest~~among ofother things:

•the last day of its fiscal year following the fifth anniversary of the date of its initial public offering of common equity securities;

•the last day of its fiscal year in which it has annual gross revenue of $1.235 billion or more;

•the date on which it has, during the previous three-year period, issued more than $1.0 billion in nonconvertible debt; and

•the date on which it is deemed to be a “large accelerated filer, ” which will occur at such time as the company (1) has an aggregate worldwide market value of voting and non-voting common equity securities held by non-affiliates of $700 million or more as of the last business day of its most recently completed second fiscal quarter, (2) has been required to file annual and quarterly reports under the Exchange Act for a period of at least 12 months, and (3) has filed at least one annual report pursuant to the Exchange Act.

Under this definition, we are an “emerging growth company” and could remain an “emerging growth company” until as late as the fifth anniversary of the completion of the IPO. For so long as we are an “emerging growth company,” we will, among other things:

•only be required to have three years of audited financial statements and two years of related management’s discussion and analysis of financial condition and results of operations disclosure;

•not be required to engage an auditor to report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

•not be required to comply with the requirement of the PCAOB, regarding the communication of critical audit matters in the auditor’s report on the financial statements;

•not be required to submit certain executive compensation matters to stockholder advisory votes, such as “say-on-pay,” “say-on-frequency” and “say-on-golden parachutes”; and

•not be required to comply with certain disclosure requirements related to executive compensation, such as the requirement to present a comparison of our Chief Executive Officer’s compensation to our median employee compensation.

In addition, Section 107 of the JOBS Act provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to use this extended transition period and, as a result, our consolidated ~~and combined~~ financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to other public companies.

We cannot predict whether investors will find our Class A common stock less attractive as a result of our decision to take advantage of some or all of the reduced disclosure requirements above. If some investors find our Class common stock less attractive as a result, there may be a less active trading market for our Class A common stock and our stock price may be more volatile.

We may pay dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited by our holding company structure and applicable provisions of Delaware law.48

~~Our~~We ~~intention~~may ~~is to~~ pay todividends ~~holders of Class A common stock a quarterly dividend representing substantially all of Bridge Investment Group Holdings Inc.’s share of Distributable Earnings, subject~~ to ~~adjustment by amounts determined by~~ our ~~board of directors to be necessary or appropriate to provide for the conduct of our business~~stockholders, tobut ~~make appropriate investments in~~ our ~~business~~ability ~~and funds,~~ to ~~comply~~do ~~with~~so ~~applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments and clawback obligations. All of the foregoing~~ is subject to the ~~qualification~~terms ~~that the declaration and payment~~ of ~~any dividends are at~~ the ~~sole~~Merger ~~discretion~~Agreement ~~of our board of directors~~ and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate dividends entirely. Any decision to declare and pay dividends in the ~~future is made at the~~ discretion of our board of directors ~~and will depend on~~, ~~among other things, general~~ and economic conditions, our results of operations and financial condition, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, and such other factors that our board of directors may ~~deem relevant. In addition, our ability to pay dividends is, and may~~ be, limited by ~~covenants of existing and any future outstanding indebtedness we or~~ our ~~subsidiaries~~holding ~~incur,~~company ~~including~~structure ~~under~~and ~~our~~applicable ~~credit~~provisions ~~facilities. Therefore, any return on investment in our Class A common stock is solely dependent upon the appreciation~~ of ~~the~~Delaware ~~price of our Class A common stock on the open market, which may not occur~~law.

In the past we have made efforts to pay holders of Class A common stock a quarterly dividend representing substantially all of Bridge Investment Group Holdings Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments and clawback obligations. All of the foregoing is subject to the qualification that (1) the Merger Agreement, subject to certain exceptions, places restrictions on our ability to pay any dividends or other distribution, other than tax distributions required to be made by the Operating Company pursuant to the operating agreement of the Operating Company and which are consistent with past practice (reduced by our estimated obligations (including estimated U.S. federal, state and local income taxes and obligations under the TRA)), during the interim period between the execution of the Merger Agreement and the Effective Time (or the date on which the Merger Agreement is earlier terminated) and (2) the declaration and payment of any dividends are at the sole discretion of our board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate dividends entirely. Any decision to declare and pay dividends in the future is made at the discretion of our board of directors (and, during the interim period between the execution of the Merger Agreement and the Effective Time (or the date on which the Merger Agreement is earlier terminated), other than tax distributions required to be made by the Operating Company pursuant to the operating agreement of the Operating Company and which are consistent with past practice (reduced by our estimated obligations (including estimated U.S. federal, state and local income taxes and obligations under the TRA)), will require the consent of Apollo) and will depend on, among other things, general and economic conditions, our results of operations and financial condition, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, and such other factors that our board of directors may deem relevant. In addition, our ability to pay dividends is, and may be, limited by covenants of existing and any future outstanding indebtedness we or our subsidiaries incur, including under our credit facilities. Therefore, any return on investment in our Class A common stock is dependent upon the appreciation of the price of our Class A common stock on the open market, which may not occur.

In addition, as a holding company, we will be dependent upon the ability of the Operating Company to generate earnings and cash flows and distribute them to us so that we may pay our obligations and expenses (including our taxes and payments under the TRA) and pay dividends to our stockholders. Our ability to declare and pay dividends to our stockholders is also subject to Delaware law (which may limit the amount of funds available for dividends). If, as a consequence of these various limitations and restrictions, we are unable to generate sufficient distributions from our business, we may not be able to make, or may be required to reduce or eliminate, the payment of dividends on our Class A common stock.

Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the sole and exclusive forum for certain stockholder litigation matters and the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.

Our amended and restated certificate of incorporation provides (A) (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee or stockholder of the Company to the Company or the Company’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the ~~Delaware General Corporation Law (the “~~DGCL”), our amended and restated certificate of incorporation or our amended and restated bylaws (as either may be amended or restated) or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action asserting a claim governed by the internal affairs doctrine of the law of the State of Delaware shall, to the fullest extent permitted by law, be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, the federal district court of the State of Delaware; and (B) the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Notwithstanding the foregoing, the exclusive forum provision shall not apply to claims seeking to enforce any liability or duty created by the Exchange Act as the Exchange Act provides that federal courts are the sole forum for claims under the Exchange Act. The choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers, and other employees, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. Alternatively, if a court were to find the choice of forum provision contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, results of operations, and financial condition. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our amended and restated certificate of incorporation.

Our amended and restated certificate of incorporation provides that the doctrine of “corporate opportunity” will not apply with respect to any director or stockholder who is not employed by us or our subsidiaries.

The doctrine of corporate opportunity generally provides that a corporate fiduciary may not develop an opportunity using corporate resources, acquire an interest adverse to that of the corporation or acquire property that is reasonably incident to the present or prospective business of the corporation or in which the corporation has a present or expectancy interest, unless that opportunity is first presented to the corporation and the corporation chooses not to pursue that opportunity. The doctrine of corporate opportunity is intended to preclude officers or directors or other fiduciaries from personally benefiting from opportunities that belong to the corporation. Our amended and restated certificate of incorporation provides that the doctrine of corporate opportunity will not apply with respect to any director or stockholder who is not employed by us or our subsidiaries. Any director or stockholder who is not employed by us or our subsidiaries will, therefore, have no duty to communicate or present corporate opportunities to us, and will have the right to either hold any corporate opportunity for their (and their affiliates’) own account and benefit or to recommend, assign or otherwise transfer such corporate opportunity to persons other than us, including to any director or stockholder who is not employed by us or our subsidiaries. As a result, certain of our stockholders, directors and their respective affiliates are not prohibited from operating or investing in competing businesses. We, therefore, may find ourselves in competition with certain of our stockholders, directors or their respective affiliates, and we may not have knowledge of, or be able to pursue, transactions that could potentially be beneficial to us. Accordingly, we may lose a corporate opportunity or suffer competitive harm, which could negatively impact our business, operating results and financial condition.

Future sales, or the expectation of future sales, by us or our existing stockholders in the public market could cause the market price for our Class A common stock to decline.

The sale of shares of our Class A common stock in the public market, or the expectation that such sales may occur, could harm the market price of our Class A common stock. These sales, or the possibility of future sales, also might make it more difficult for us to sell equity securities at a time and at a price that we deem appropriate.

As of December 31, 2023, we have outstanding a total of 37,829,889 shares of Class A common stock. Of the outstanding shares, 3,988,519 shares of Class A common stock are held by our “affiliates,” as that term is defined in Rule 144 under the Securities Act, or subject to the lockup agreements described below. Any shares of Class A common stock held by our affiliates are eligible for resale pursuant to Rule 144 under the Securities Act, subject to the volume, manner of sale, holding period and other limitations of Rule 144 and any applicable lockup agreements. 50

In addition, Robert Morse, Jonathan Slager, Adam O’Farrell and Dean Allara have agreed that, without the prior written consent of a majority of our board of directors and subject to previously existing pledges, they will not: (1) sell, transfer, assign, gift, bequest or dispose by any other means, whether for value or no value and whether voluntary or involuntary or (2) grant a security interest, lien, charge, claim, community or other marital property interest, pledge, alienate, mortgage, option, hypothecate, encumber or make a similar collateral assignment by any other means, whether for value or no value and whether voluntary or involuntary, or grant any other restriction on use, voting (excluding any voting rights or proxies granted pursuant to the Stockholders Agreement), transfer, receipt of income or exercise of any other attribute of ownership on any of the LLC Interests, shares of our Class A common stock and shares of our Class B common stock (or beneficial interest therein), issued and outstanding upon the completion of the IPO (after giving effect to any shares sold by such employee in the IPO) beneficially owned by such employee, or the existing interests. The restrictions applicable to each of Messrs. Morse, Slager, O’Farrell and Allara no longer applied with respect to two-thirds of each of their respective vested existing interests as of July 16, 2023 and will expire with respect to the remaining one-third of each of their respective vested existing interests on July 16, 2024 (or the date that the employment of the same terminates with the Company, if earlier).

Upon the expiration of the applicable lock-up periods, the market price of our shares of Class A common stock could drop significantly if the holders of these shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our shares of Class A common stock or other securities.

In addition, any Class A common stock that we issue under the 2021 Incentive Award Plan or other equity incentive plans that we may adopt in the future would dilute the percentage ownership held by the investors who purchase our Class A common stock. The number of shares available for future grant under the 2021 Incentive Plan also provides for an “evergreen” increase on an annual basis unless our board of directors determines otherwise. If our board of directors does not elect to reduce the annual increases in the number of shares available for future grant under the 2021 Incentive Plan, our stockholders may experience additional dilution, which could cause the market price of our securities to fall.

We may also issue securities in connection with investments, acquisitions or capital raising activities. In particular, the number of shares of our Class A common stock issued in connection with an investment or acquisition, or to raise additional equity capital, could constitute a material portion of our then-outstanding shares of our Class A common stock. Any such issuance of additional securities in the future may result in additional dilution to you, or may adversely impact the price of our Class A common stock. Furthermore, if we issue additional equity or debt securities to raise additional funds, the new equity or debt securities may have rights, preferences and privileges senior to our Class A common stock.

General Risk Factors

We incur significant costs as a result of operating as a public company.

As a publicly traded company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the NYSE and other applicable securities laws and regulations. The expenses we incur as a public company for reporting and corporate governance purposes have been increasing and may continue to increase. These rules and regulations have and will continue to increase our legal and financial compliance costs and make some activities more difficult, time-consuming and costly. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our Class A common stock, fines, sanctions and other regulatory action and potentially civil litigation. These factors may, therefore, strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.

As a public reporting company, we are subject to the NYSE rules and the rules and regulations established from time to time by the SEC regarding our internal control over financial reporting. If we fail to maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results or report them in a timely manner.

The NYSE rules and the rules and regulations established from time to time by the SEC require, among other things, that we establish and periodically evaluate our procedures with respect to our internal control over financial reporting. Reporting obligations as a public company place a considerable strain on our financial and management systems, processes and controls, as well as on our personnel.

In addition, we are required to document and test our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act so that our management can certify as to the effectiveness of our internal control over financial reporting by the time our second annual report is filed with the SEC and thereafter, which requires us to document and make significant changes to our internal control over financial reporting. Likewise, our independent registered public accounting firm will be required to provide an attestation report on the effectiveness of our internal control over financial reporting at such time as we cease to be an “emerging growth company,” as defined in the JOBS Act, and we become an accelerated or large accelerated filer. As described above, we could potentially qualify as an “emerging growth company” until as late as the fifth anniversary of the IPO.

We have and expect to continue to incur costs related to implementing an internal audit and compliance function to further improve our internal control environment. If we identify future deficiencies in our internal control over financial reporting or if we are otherwise unable to comply with the demands placed upon us as a public company, including the requirements of Section 404 of the Sarbanes-Oxley Act, in a timely manner, we may be unable to accurately report our financial results, or report them within the timeframes required by the SEC. We also could become subject to sanctions or investigations by the SEC or other regulatory authorities. In addition, if we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, when required, investors may lose confidence in the accuracy and completeness of our financial reports, we may face restricted access to the capital markets and our stock price may be adversely affected.

4651

If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, or if there is any fluctuation in our credit rating, our stock price and trading volume could decline.

The trading market for our Class A common stock relies in part on the research and reports that industry or financial analysts publish about us or our business. We do not control these analysts. If one or more of the analysts who do cover us stops covering us or fails to publish reports on us regularly, we could lose visibility in the market, which, in turn, could cause our stock price or trading volume to decline. Furthermore, if one or more of the analysts who do cover us downgrades our stock or our industry, or the stock of any of our competitors, or publishes inaccurate or unfavorable research about our business, the price of our stock could decline.

Additionally, any fluctuation in the credit rating of us or our subsidiaries may impact our ability to access debt markets in the future or increase our cost of future debt, which could have a material adverse effect on our operations and financial condition, which in return may adversely affect the trading price of shares of our Class A common stock.

Certain provisions of Delaware law and antitakeover provisions in our organizational documents could delay or prevent a change of control.

Certain provisions of Delaware law and our amended and restated certificate of incorporation and amended and restated bylaws may have an antitakeover effect and may delay, defer, or prevent a merger, acquisition, tender offer, takeover attempt or other change of control transaction that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders. These provisions provide for, among other things:

•a classified board of directors with staggered three-year terms;

•the ability of our board of directors to issue one or more series of preferred stock;

•advance notice for nominations of directors by stockholders and for stockholders to include matters to be considered at our annual meetings;

•certain limitations on convening special stockholder meetings;

•no cumulative voting in the election of directors;

•any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders;

•our amended and restated bylaws may be altered only by the affirmative vote of a majority of the whole board of directors or the holders of at least a majority of the voting power represented by our then-outstanding voting stock, voting together as a single class;

•subject to the rights of the holders of any preferred stock and the terms of the Stockholders Agreement, the number of directors will be determined exclusively by a majority of the whole board of directors; and

•the removal of directors only for cause and only upon the affirmative vote of the holders of at least 66 2/3% of the voting power represented by our then-outstanding common stock (other than directors appointed pursuant to the Stockholders Agreement, who may be removed with or without cause in accordance with the terms of the Stockholders Agreement).

In addition, we have opted out of Section 203 of the ~~General Corporation Law of the State of Delaware, which we refer to as the~~ DGCL, but our amended and restated certificate of incorporation provides that engaging in any of a broad range of business combinations with any “interested” stockholder (any stockholder with 15% or more of our voting stock) for a period of three years following the time at which the stockholder became an “interested” stockholder is prohibited, provided, however, that, under our amended and restated certificate of incorporation, the Operating Company, Robert Morse and any of their respective affiliates will not be deemed to be interested stockholders regardless of the percentage of our outstanding voting stock owned by them, and accordingly will not be subject to such restrictions.

4752

Climate change may adversely impact the properties owned by our funds and may lead to additional compliance obligations and costs as well as additional taxes and fees.

We face physical climate change risks, such as increasing temperatures, rising sea levels, changing weather patterns and more frequent or intense droughts, floods and storms, and transition climate change risks, such as new or changing land use policies, carbon emissions regulations, water conservation regulations, technology standards and market trends. We cannot predict the extent, rate, or impact of climate change or the measures that may be implemented to address climate change. We may also become subject to new or changing laws or regulations related to climate change. The governments in locations where we operate have enacted or proposed climate change laws and regulations. These laws and regulations could result in substantial increased costs, including compliance costs, retrofit and construction costs, litigation costs, monitoring and reporting costs and other costs for the properties owned by our funds. The potential impacts of climate change on our operations are uncertain and will vary across the geographies in which we operate. Such impacts may result in increased costs and liabilities, stranded assets and volatile demand at certain of our properties. Climate change may also have indirect effects on our business by, among other things, impacting the cost and availability of insurance, disrupting supply chains, and driving population migration to or away from certain properties. Although we strive to manage climate change risks and opportunities, there can be no assurance that climate change will not have an adverse effect on the value of the properties owned by our funds and our financial performance. Furthermore, our reputation could be negatively affected if we violate climate change laws or regulations or our stated sustainability and responsibility investment principles. We cannot predict how future laws and regulations, or future interpretations of current laws and regulations, related to climate change will affect our funds, our business, results of operations and financial condition.

We are subject to increasing scrutiny with respect to climate change and the environmental, social and governance impact of our operations investments made by our funds, which may constrain investment opportunities for our funds, ~~and~~ adversely affect our ability to raise capital, or result in other adverse impacts.

In recent years, there has been increased scrutiny by various stakeholders and policymakers regarding companies’ management of climate change, human capital, and other “ESG” matters. For example, some investors have placed increasing emphasis on the negative impacts of investments made by the private equity and other funds to which they commit capital, including with respect to sustainability and responsibility matters. Investors may demonstrate increased activism with respect to existing investments, including by urging asset managers to take certain actions that could adversely impact the value of an investment, or refrain from taking certain actions that could improve the value of an investment. In some cases, investors have conditioned future capital commitments on the taking or refraining from taking of such actions. Increased focus and activism related to sustainability and responsibility and similar matters may constrain our ability to call committed capital and our capital deployment opportunities and the demands of certain investors may further limit the types of investments that are available to our funds.While we engage in various initiatives to manage ESG matters and respond to stakeholder expectations, these efforts can be costly and may not have the desired effect. For example, many such initiatives rely on methodologies, data, or standards that continue to evolve; our approach to such matters also evolves, and we cannot guarantee that our approach will align with the expectations or preferences of any particular stakeholder engagement. In addition, sustainability and responsibility matters have been the subject of increased focus by certain governmental authorities and regulators, including in the United States and in the EU, which may require that we provide additional disclosure to investors in our funds with respect to sustainability and responsibility matters or, in some cases, take or refrain from taking certain actions regarding ESG matters. ~~Conversely~~These regulations are not uniform, which may increase the cost and complexity of compliance and any associated risks. For example, so-called “anti-ESG” policies and legislation have also been enacted or proposed in several U.S. states. If investors subject to such legislation viewed our funds, policies or practices as being in contradiction to such policies, legislation or legal opinions, such investors may not invest in our funds, our ability to maintain the size of our funds could be impaired. Navigating various stakeholder expectations and regulatory requirements entails costs, and if we fail to successfully navigate such expectations it ~~could~~may ~~negatively~~also ~~affect~~result in regulatory or other stakeholder engagement, loss of potential investors, reputational damage, changes in the desirability or price of our ~~common~~ stock, or other adverse impacts to our business, financial condition or results of operations.

Item 1B. Unresolved Staff Comments

Not applicable.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan. We design and assess our program based on the National Institute of Standards (“NIST”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use NIST as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across our enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes:

•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise information technology environment;

•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;

•cybersecurity awareness training of our employees, incident response personnel, and senior management;

•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

•a third-party risk management process for service providers, suppliers, and vendors.

We have not identified risks from cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.

Cybersecurity Governance

Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program. Management regularly reports on our cybersecurity risks to the Audit Committee. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as incidents with lesser impact potential.

The Audit Committee reports to the full board of directors regarding its activities, including those related to cybersecurity. The full board of directors also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Technology Officer, internal security staff or external experts as part of the board of directors’ continuing education on topics that impact public companies.

Our management team, including our Chief Operating Officer, Chief Financial Officer, Chief Compliance Officer, Chief Technology Officer and Head of Risk Management, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Chief Technology Officer, Scott Cardenas, is responsible for all aspects of technology across the Company and has extensive experience in cybersecurity and technology, including 15 years of experience managing technology organizations. Before joining the Company in 2018, Mr. Cardenas was chief technology officer for Kiewit Corporation and chief technology officer for the City and County of Denver before being promoted to chief information officer. Mr. Cardenas received a B.S. in Computer Information Systems and Management from Metropolitan State University of Denver and a M.B.A. from the University of Denver. As Chief Technology Officer, Mr. Cardenas is a member of the Company’s Risk Management Committee, a cross-functional committee that governs and oversees our cybersecurity risk management program, among other responsibilities and includes the Chief Operating Officer, Chief Financial Officer, General Counsel, Chief Compliance Officer, Chief Technology Officer, and Head of Risk Management and Director of Internal Audit.

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology environment.

Item 2. Properties

We are headquartered in Salt Lake City, Utah. Our other principal operations are located in New York, New York; San Mateo and Newport Beach, California; Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; ~~and~~ Arlington, Virginia; and Stamford, Connecticut. We lease each of these offices. We consider these facilities to be suitable and adequate for the management and operations of our business and believe that we should be able to renew our leases or secure similar property without an adverse impact on our operations.

Item 3. Legal Proceedings

We may from time to time be involved in litigation and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. We are not currently subject to any pending legal proceeding (including judicial, regulatory, administrative or arbitration) that we expect to have a material impact on our business, consolidated financial statements or results of operations.

Item 4. Mine Safety Disclosures

Not applicable.

5055

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Common Stock

Overview

Our Class A common stock is traded on the NYSE under the symbol “BRDG.” There is no established public trading market for our Class B common stock. The last reported sale price of our Class A common stock on the NYSE on March 15, ~~2024~~2025 was $79.4686 per share. As of March 15, ~~2024~~2025, there were 6555 holders of record of our Class A common stock and 7169 holders of our Class B common stock. The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.

Dividend Policy

During the year ended December 31, ~~2023~~2024, ~~the~~we ~~Company~~ declared and paid quarterly dividends of $0.6642 per share of Class A common stock totaling $2117.90 million. In February 2024, the Company declared a quarterly dividend of $0.07 per share on its Class A common stock payable on March 22, 2024, to common stockholders of record as of the close of business on March 8, 2024.

WeIn ~~expect~~February to2025, ~~continue~~we ~~our~~declared ~~policy~~a quarterly dividend of ~~paying~~$0.11 ~~regular~~per ~~cash~~share ~~dividends~~of Class A common stock payable on aMarch ~~quarterly~~28, ~~basis~~2025, ~~although~~to ~~there~~common isstockholders noof ~~assurance~~record as toof the ~~existence~~close orof ~~amount~~business ofon ~~future~~March 14, 2025. Following such dividend, the Merger Agreement places restrictions on our and the Operating Company’s ability to pay any dividends ~~because~~or ~~they~~other ~~may~~distributions, other than tax distributions required to be ~~influenced~~made by ~~future~~the ~~earnings,~~Operating ~~including~~Company ~~earnings~~pursuant to the operating agreement of ~~equity~~the ~~method~~Operating ~~investees,~~Company ~~capital~~and ~~requirements~~which are consistent with past practice, ~~financial~~during ~~conditions~~the interim period between the execution of the Merger Agreement and the Effective Time (or the date on which the Merger Agreement is terminated), and ~~regulatory~~future ~~approvals~~dividends cannot be guaranteed.

~~Our~~We ~~intention~~have ishistorically topaid ~~pay~~regular tocash ~~holders~~dividends ofon ~~Class A common stock~~ a quarterly ~~dividend~~basis, ~~representing~~however, ~~substantially~~there ~~all~~is ofno ~~Bridge~~assurance ~~Investment~~as ~~Group Holdings Inc.’s share of Distributable Earnings attributable~~ to the ~~Operating~~existence ~~Company,~~or ~~subject~~amount toof ~~adjustment~~future bydividends ~~amounts~~because ~~determined by our board~~ of ~~directors~~the torestrictions beset ~~necessary~~forth orin ~~appropriate to provide for~~ the ~~conduct~~Merger ~~of our business~~Agreement, toas ~~make~~well ~~appropriate~~as ~~investments~~the ininfluence ~~our~~of ~~business~~future ~~and funds~~earnings, toincluding ~~comply~~earnings ~~with applicable law, any~~ of ~~our~~equity ~~debt~~method ~~instruments or other agreements~~investees, orcapital ~~to provide for future cash~~ requirements, ~~such~~financial asconditions, ~~tax-related payments~~ and ~~clawback~~regulatory ~~obligations~~approvals.

In the past we have made efforts to pay to holders of Class A common stock a quarterly dividend representing substantially all of Bridge Investment Group Holdings Inc.’s share of Distributable Earnings attributable to the Operating Company, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments and clawback obligations.

For the Company’s definition of Distributable Earnings, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Non-GAAP Financial Measures.”

All of the foregoing is subject to the terms of the Merger Agreement and qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

Holders of our Class B common stock are not entitled to participate in any dividends declared by our board of directors. Furthermore, because we are a holding company, our ability to pay cash dividends on our Class A common stock depends on our receipt of cash distributions from the Operating Company and, through the Operating Company, cash distributions and dividends from our other direct and indirect subsidiaries. Our ability to pay dividends may be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us or our subsidiaries. See “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Liquidity and Capital Resources.” Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors, subject to compliance with contractual restrictions and covenants in the agreements governing our current and future indebtedness. Any such determination will also depend upon our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our current and future indebtedness, industry trends, the provisions of Delaware law affecting the payment of dividends to stockholders and any other factors our board of directors may consider relevant.

51We are a holding company, and our principal asset is the Class A Units we own in our Operating Company. If we decide to pay a dividend in the future, we would need to cause the Operating Company to make distributions to us in an amount sufficient to cover such dividend. If the Operating Company makes such distributions to us, the other holders of Class A Units will be entitled to receive pro rata distributions. See “Risk Factors—Risks Related to Our Organizational Structure—Because our principal asset is our interest in the Operating Company, we depend on distributions from the Operating Company to pay our taxes and expenses, including payments under the TRA and to pay dividends to holders of our Class A common stock. The Operating Company’s ability to make such distributions may be subject to various limitations and restrictions.”

We are a holding company, and our principal asset is the Class A Units we own in our Operating Company. If we decide to pay a dividend in the future, we would need to cause the Operating Company to make distributions to us in an amount sufficient to cover such dividend. If the Operating Company makes such distributions to us, the other holders of Class A Units will be entitled to receive pro rata distributions. See “Risk Factors—Risks Related to Our Organizational Structure—Because our principal asset is our interest in the Operating Company, we depend on distributions from the Operating Company to pay our taxes and expenses, including payments under the Tax Receivable Agreement (“TRA”) and to pay dividends to holders of our Class A common stock. The Operating Company’s ability to make such distributions may be subject to various limitations and restrictions.”

Stock Performance Graph

The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act. The following performance shown in the graph below is not intended to forecast or be indicative of future stock price performance.

The following graph compares the total cumulative stockholder return of our Class A common stock from July 16, 2021, the first day of trading of our Class A common stock on the NYSE, through December 31, ~~2023~~2024, relative to the performance of the S&P 500 Index and the Dow Jones U.S. Asset Managers Index. The following graph assumes an initial investment of $100 at the close of trading on July 16, 2021 and that all dividends paid by Bridge Investment Group Holdings Inc. and companies included in these indices have been reinvested:

	July 16, 2021		December 31, 2021		December 31, 2022		December 31, 2023
Bridge Investment Group Holdings Inc.	$	100	$	161	$	83	$	72
Dow Jones U.S. Asset Managers Index	$	100	$	111	$	84	$	100
S&P 500 Index	$	100	$	111	$	91	$	110


	July 16, 2021		December 31, 2021		December 31, 2022		December 31, 2023		December 31, 2024
Bridge Investment Group Holdings Inc.	$	100	$	161	$	83	$	72	$	65
Dow Jones U.S. Asset Managers Index	$	100	$	111	$	84	$	100	$	135
S&P 500 Index	$	100	$	111	$	91	$	110	$	143

Unregistered Sales of Equity Securities

There were no unregistered equity securities sold from January 1, ~~2023~~2024 to December 31, ~~2023~~2024, other than as previously disclosed in our quarterly reports on Form 10-Q and current reports on Form 8-K.

Securities Authorized for Issuance Under Equity Compensation Plans

The information contained in Item 12 of the Form 10-K is incorporated by reference herein.

Item 6. Reserved

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This section presents management’s perspective on our financial condition and results of operations. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this annual report on Form 10-K, including the consolidated ~~and combined~~ financial statements and related notes, and should be read in conjunction with the accompanying tables. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations. Factors that could cause such differences are discussed in the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.” We assume no obligation to update any of these forward-looking statements. In addition, amounts and percentages in the tables below may reflect rounding adjustments and consequently totals may not appear to sum.

Overview

Business Segment

We operate as one business, a fully integrated alternative 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.

Recent Events

On February 1323, ~~2023~~2025, ~~affiliates~~we ofentered into the ~~Company~~Merger ~~entered~~Agreement, ~~into~~pursuant ato ~~definitive~~which, ~~agreement~~and toon ~~purchase~~the ~~substantially~~terms ~~all~~and ofsubject to the ~~assets~~conditions ofthereof, ~~Newbury~~Merger ~~Partners~~Sub ~~LLC~~Inc. ~~(“Newbury”),~~will abe ~~Delaware~~merged ~~limited~~with ~~liability~~and ~~company~~into us, ~~pursuant~~and towe ~~the~~will ~~terms~~survive ofsuch anmerger ~~Asset~~as ~~Purchase~~a ~~Agreement~~wholly owned subsidiary of Apollo (the “~~Asset~~Corporate ~~Purchase Agreement~~Merger”), byand Merger Sub LLC will be merged with and ~~among~~into the Operating Company, ~~Newbury~~with ~~Partners-Bridge~~the ~~LLC,~~Operating aCompany ~~Delaware~~surviving such merger as the surviving limited liability company ~~(an~~and ~~indirect~~a wholly -owned subsidiary of ~~the~~Apollo ~~Operating Company,~~ (the “~~Buyer~~LLC Merger”), ~~Newbury, Richard Lichter~~ and ~~RLP Navigator LLC~~, atogether ~~Delaware~~with ~~limited~~the ~~liability~~Corporate ~~company (collectively~~Merger, the “~~Newbury Holders~~Mergers”). ~~Bridge~~Under ~~acquired~~the ~~substantially~~terms ~~all~~ of ~~Newbury’s~~the ~~assets~~Merger ~~and~~Agreement, ~~assumed~~Apollo, ~~certain~~through ofthe ~~Newbury’s~~Merger ~~liabilities~~Subs, ~~for~~will ~~total~~acquire ~~consideration~~all of ~~$320.1 million~~our ~~paid~~outstanding instock ~~cash,~~(other ~~subject~~than tocancelled ~~certain~~stock) ~~purchase~~and ~~price~~all ~~adjustments~~of asthe ~~set~~Operating ~~forth~~Company’s outstanding units (other than cancelled units) in ~~the~~an ~~Asset~~all-stock ~~Purchase~~transaction ~~Agreement~~with (the ~~“Newbury~~total ~~Acquisition”).~~equity ~~The~~value of the transaction ~~closed~~estimated onto ~~March~~be ~~31,~~approximately ~~2023~~$1.5 ~~See~~billion. ~~Note~~The 8,Mergers ~~“Business~~are ~~Combination~~expected ~~and~~to ~~Goodwill,”~~close toin ~~our~~the ~~consolidated~~third ~~and~~quarter ~~combined~~of ~~financial~~2025, ~~statements~~subject ~~included~~to inthe ~~this~~satisfaction ~~annual~~or ~~report~~waiver onof ~~Form~~all ~~10-K~~of ~~for~~the ~~more~~conditions ~~information~~to the Mergers.

OnFor ~~July~~additional ~~31,~~information ~~2023,~~related ~~Bridge Multifamily Fund III agreed~~ to ~~sell~~the aMerger ~~portfolio~~Agreement, ofplease ~~real~~refer ~~estate assets~~ to ~~Bridge~~our ~~Multifamily~~Current CVReport LPon ~~(the~~Form ~~“Continuation~~8-K ~~Fund”)~~filed inwith athe ~~transaction~~SEC ~~valued~~on atFebruary ~~$550 million~~24, ~~including~~2025 ~~equity~~and ~~raised~~Note by23, ~~the~~“Subsequent ~~Continuation~~Events” ~~Fund~~ to ~~support~~our ~~further~~consolidated ~~investment~~financial statements included in ~~the~~this ~~portfolio~~annual ofreport ~~real~~on ~~estate~~Form ~~assets~~10-K. ~~The~~For ~~Continuation~~additional ~~Fund~~information ~~provided~~regarding ~~additional~~risks ~~time~~ and ~~capital~~uncertainties toassociated ~~further~~with ~~invest in~~ the ~~portfolio~~Mergers, ofsee ~~real~~Part ~~estate assets~~I, ~~while~~Item ~~also~~1A ~~offering~~– ~~liquidity~~“Risk toFactors” ~~the~~included ~~limited~~in ~~partners~~this ofannual ~~Bridge~~report ~~Multifamily~~on ~~Fund~~Form ~~III,~~10-K. ~~who~~There ~~were~~is ~~provided~~no aguarantee ~~choice~~that tothe ~~receive~~Mergers ~~liquidity~~will orbe ~~continue their investment in the Continuation Fund~~consummated.

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Trends Affecting Our Business

Our business is affected by a variety of factors, including conditions in the financial markets and economic and political conditions. Changes in global economic conditions and regulatory or other governmental policies or actions can materially affect the values of our holdings and the ability to source attractive investments and completely deploy the capital that we have raised. However, we believe our disciplined investment philosophy across our diversified investment strategies has historically contributed to the stability of our performance throughout market cycles.

In addition to these macroeconomic trends and market factors, our future performance is heavily dependent on our ability to attract new capital, generate strong, stable returns, source investments with attractive risk-adjusted returns and provide attractive investment products to a growing investor base. We believe our future performance will be influenced by the following factors:

•The extent to which fund investors favor private markets investments. Our ability to attract new capital is partially dependent on fund investors’ views of alternative investments relative to traditional asset classes. We believe our fundraising efforts will continue to be subject to certain fundamental asset management trends, including (1) the increasing importance and market share of alternative investment strategies to fund investors of all types as fund investors focus on lower correlated and absolute levels of return, (2) the increasing demand for private markets from private wealth fund investors, (3) shifting asset allocation policies of institutional fund investors, (4) de-leveraging of the global banking system, bank consolidation and increased regulatory requirements and (5) increasing barriers to entry and growth.

•Our ability to generate strong, stable returns and retain investor capital throughout the market cycle. Our ability to raise and retain capital is significantly dependent on our track record and the investment returns we are able to generate for our fund investors. The capital we raise drives growth in our AUM, management fees and performance fees. Although our AUM and fees generated have grown significantly since our inception and particularly in recent years, a significant deterioration in the returns we generate for our fund investors, adverse market conditions or an outflow of capital in the alternative asset management industry in general, or in the real estate space in which we specialize, could negatively affect our future growth rate. Ongoing economic headwinds continue to put downward pressure on occupancy rates, valuations, transaction volumes and the availability of financing in the commercial real estate sector, which represented 43% of our AUM as of December 31, ~~2023~~2024. AsWe ~~a result, as of December 31, 2023, we~~ are no longer collecting fund management fees or fund administration fees on Bridge Office Fund I LP (“BOF I”), which previously contributed $12.80 million to revenue on a quarterly basis. During the year ended December 31, ~~2023~~2024, we ~~wrote~~recognized ~~down~~a credit loss of $61.65 million ofrelated ~~accrued~~to BOF I, and certain joint venture management fees, which was attributed to fund management fees recognized during the first quarter of 2024, as well as $0.6 million credit loss for fund administration fees beginning in the third quarter of 2024. During the third quarter of 2024, we also began reserving fund management fees and fund administration fees for Bridge Office Fund II LP (“BOF II”) totaling $1.4 million. We also have a $15.0 million outstanding unsecured loan to a subsidiary of BOF I, as well as a $15.8 million outstanding unsecured loan to BOF II, both of which ~~was~~we ~~still~~have determined to be recoverable as of December 31, ~~2023~~2024. In addition, market dislocations, contractions or volatility could adversely affect our returns in the future, which could in turn affect our fundraising abilities. Our ability to retain and attract fund investors also depends on our ability to build and maintain strong relationships with both existing and new fund investors, many of whom place significant emphasis on an asset manager’s track record of strong fund performance and distributions. While we believe that our reputation for generating attractive risk-adjusted returns is favorable to our ability to continue to attract investors, we may face greater challenges in raising capital for new investment strategies as we continue to expand our market presence and asset classes.

•Our ability to source investments with attractive risk-adjusted returns. Our ability to continue to grow our revenue is dependent on our continued ability to source and finance attractive investments and efficiently deploy the capital that we have raised. Capital deployed may vary significantly from period to period with the fluctuating availability of attractive opportunities, which are dependent on a number of factors, including debt financing, the general macroeconomic environment, market positioning, valuation, size, the liquidity of such investment opportunities, and the long-term nature of our investment strategies. Each of these factors impact our ability to efficiently and effectively invest our pool of fund capital and maintain revenue growth over time. Increases in prevailing interest rates could affect not only our returns on debt and mortgage-backed securities, but also our ability to deploy capital for Bridge-sponsored funds due to the increased cost of, and ability to secure, borrowings. Moreover, with respect to our Debt Strategies and Agency MBS Funds, macro-economic trends or adverse credit and interest rate environments affecting the quality or quantity of new issuance debt and mortgage-backed securities or a substantial increase in defaults could adversely affect our ability to source investments with attractive risk-adjusted returns. 60

55•Our ability to source investments with attractive risk-adjusted returns. Our ability to continue to grow our revenue is dependent on our continued ability to source and finance attractive investments and efficiently deploy the capital that we have raised. Capital deployed may vary significantly from period to period with the fluctuating availability of attractive opportunities, which are dependent on a number of factors, including debt financing, the general macroeconomic environment, market positioning, valuation, size, the liquidity of such investment opportunities, and the long-term nature of our investment strategies. Each of these factors impacts our ability to efficiently and effectively invest our pool of fund capital and maintain revenue growth over time. Increases in prevailing interest rates could affect not only our returns on debt and mortgage-backed securities, but also our ability to deploy capital for Bridge-sponsored funds due to the increased cost of, and ability to secure, borrowings. Moreover, with respect to our Debt Strategies and Agency MBS Funds, macro-economic trends or adverse credit and interest rate environments affecting the quality or quantity of new issuance debt and mortgage-backed securities or a substantial increase in defaults could adversely affect our ability to source investments with attractive risk-adjusted returns.

•The attractiveness of our product offerings to a broad and evolving investor base. Investors in our industry may have changing investment priorities and preferences over time, including with respect to risk appetite, portfolio allocation, desired returns and other considerations. We continue to expand and diversify our product offerings to increase investment options for our fund investors, while balancing this expansion with our goal of continuing to deliver the consistent, attractive returns that have cultivated our reputation. We believe that achieving that balance is crucial to both our fund investors’ success and satisfaction, as well as our ability to maintain our competitive position and grow our revenue.

•Our ability to maintain our data advantage relative to competitors. Our proprietary data and technology platforms, analytical tools and deep industry knowledge allow us to provide our fund investors with customized investment solutions, including specialized asset management services, tailored reporting packages, customized performance benchmarks as well as experienced and responsive compliance, administration, and tax capabilities. Our ability to maintain our data advantage is dependent on a number of factors, including our continued access to a broad set of private market information and our ability to grow our relationships with sophisticated partners and wealth management platforms.

See “Item 1A. Risk Factors” included in this ~~Annual~~annual ~~Report~~report on Form 10-K for a discussion of the risks applicable to our business.

Business Environment

Global markets have shifted dramatically inover ~~2022~~the ~~and~~last ~~2023~~several years, experiencing significant volatility driven by increasing concerns over persistent inflation, ~~rising~~high interest rates, slowing economic growth and geopolitical uncertainty. ~~Inflation~~In in 2022, inflation reached multi-decade highs in many major economies around the world, prompting central banks to pursue monetary policy tightening actions that created, and are likely to continue to create, headwinds to economic growth. However, in the latter part of 2023 the U.S. economy began to show signs of growth, with a strong labor market and deceleration of ~~inflationary growth~~inflation. In response to these trends, the Federal Reserve paused interest rate increases in the fourth quarter of 2023. During 2024, inflation continued to decelerate and moderated at approximately 2.5%, which led to the Federal Reserve making its first rate cut in four years during its September 2024 meeting. It is expected tothat ~~begin~~the Federal Reserve will make additional rate cuts in ~~2024~~2025.

ItOur ~~is possible that our~~ future results may be adversely affected by ~~resulting~~challenges ~~slowdowns~~ in fundraising activity, the pace of capital deployment and ~~the expansion of~~ our ~~tenant base and our~~ ability to collect rental income when due. See “Risk Factors—Risks Related to Our Business—Difficult economic, market and political conditions may adversely affect our businesses, including by reducing the value or hampering the performance of the investments made by our funds or reducing the ability of our funds to raise or deploy capital, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition” in “Part I. Item 1A. Risk Factors” of this annual report on Form 10-K.

Key Financial Measures

We manage our business using financial measures and key operating metrics that we believe reflect the productivity of our core investment activities. We prepare our consolidated ~~and combined~~ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Additional information regarding our significant accounting policies can be found in Note 2, “Significant Accounting Policies,” to our consolidated ~~and combined~~ financial statements included in this annual report on Form 10-K. Our key financial and operating measures are discussed below.

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Revenues

Fund Management Fees. Our fund management fees are generally based on a defined percentage of total commitments, invested capital, or net asset value (“NAV”) of the investment portfolios that we manage. Generally, with respect to fund management fees charged on committed capital, fund management fees are earned at the management fee rate on committed capital and, beginning at the expiration of the investment period, on invested capital. The majority of our fee-earning AUM pays fees on committed capital during the respective funds’ investment periods, which generally produces more management fee revenue than fees paid on invested capital. The fees are generally based on a quarterly measurement period and paid in advance. We typically share a portion of the fees we earn on capital raised through wirehouse and distribution channels. Fund management fees are recognized as revenue in the period in which advisory services are rendered, subject to our assessment of collectability. As of December 31, ~~2023~~2024, our weighted-average management fee varies by fund and is based upon the size of the commitment; however, the low average for a single fund is 0.50% and the high average for a single fund is 1.99% of committed or invested capital for our closed-end funds. Fund management fees also includes management fees for joint ventures and separately managed assets. Management fees for those types of assets are usually less than 1% and typically charged on invested capital or invested equity. For our sponsored closed-end funds, our capital raising period is traditionally 18 to 24 months. After the initial closing of a closed-end fund, we charge catch-up management fees to investors who subscribe in subsequent closings in amounts equal to the fees they would have paid if they had subscribed in the initial closing plus interest. Catch-up management fees are recognized in the period in which the investor subscribes to the fund. Fund management fees are presented net of placement agent fees, where we are acting as an agent in the arrangement.

Property Management and Leasing Fees. We have vertically integrated platforms where we manage a significant percentage of the real estate properties owned by our funds. As of December 31, ~~2023~~2024, we managed approximately 100% of the multifamily ~~properties~~, ~~100%~~single-family ofrental, ~~the~~ workforce and affordable housing and net lease properties, 8069% of the office properties, and 5056% of the seniors housing properties owned by our funds. We also provide property management services for a limited number of third-party owned assets. These fees are based upon cash collections at the managed properties and traditionally range from 2.5% to 3.0% for multifamily ~~and~~properties, 2% to 5% for workforce and affordable housing properties, 9.5% for single-family rental properties, 2% to 3% for office properties and 4% to 5% for seniors housing properties. Additionally, we receive leasing fees upon the execution of a leasing agreement for our office assets. We determined that certain third-party asset management costs, for which we are deemed to be the primary obligor, are recorded as gross revenue with a corresponding expense. The gross presentation has no impact on our net income to the extent the expense incurred, and corresponding cost reimbursement income are recognized. The offset is recorded in third-party operating expenses on the consolidated ~~and combined~~ statements of operations.

Construction Management Fees and Development Fees. The majority of our equity funds have a value-add component, where we seek to make improvements or reposition the properties, or have a development strategy. Similar to property management fees, we perform the construction management and development management for certain managed properties and receive fees for these services. These fees are earned as the work is completed. The rates charged are based upon market rates and are updated on an annual basis. For small projects, we occasionally charge an immaterial flat fee. For significant projects, the range is generally 0.5% to 45.0% of construction costs.

Transaction Fees. We earn transaction fees associated with the due diligence related to the acquisition of assets and origination of debt financing for assets. The fee is recognized upon the acquisition of the asset or origination of the mortgage or other debt. The fee range for acquisition fees is generally 0.5% to 1.02% of the gross acquisition cost of the investment or, in the case of development projects, the total development budget, and the fee range for debt origination is generally 0.3% to 1.0.9%.

Fund Administration Fees. The Company earns fees for providing fund administration services to its funds. 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. Fees are earned as services are provided, and are recognized on a straight-line basis.

Insurance Premiums. BIGRM is our subsidiary that provides certain insurance products for multifamily and commercial properties owned by the funds. BIGRM insures direct risks including lease security deposit fulfillment, tenant legal liability, workers compensation deductible, property deductible and general liability deductible reimbursements. Tenant legal 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.

5762

Other Asset Management and Property Income. Other asset management and property income includes, among other things, interest on catch-up management fees, fees related to in-house legal and tax professional services, which are generally billed on an hourly rate to various Bridge funds and properties, and other miscellaneous fees.

Performance Fees. We earn two types of performance fee revenues: incentive fees and performance allocations, as described below. Incentive fees comprise fees earned from certain fund investor investment mandates for which we do not have a general partner interest in a fund. Performance allocations include the allocation of performance-based fees, commonly referred to as carried interest, from limited partners in the funds to us. As of December 31, ~~2023~~2024, we had approximately $1718.43 billion of carry-eligible fee-earning AUM across approximately 5357 funds and other vehicles, of which 1922 were in accrued carried interest positions.

Incentive fees are generally calculated as a percentage of the profits earned with respect to certain accounts for which we are the investment manager, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in our contracts with investors in our funds. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. We recognize 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 (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax basis portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and are included in accrued performance allocations compensation in the consolidated balance sheets.

Performance allocations include the allocation of performance-based fees to us from limited partners in the funds in which we hold an equity interest. We are entitled to a performance allocation (typically 15% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to the achievement of minimum return levels (typically 6% to 8%), in accordance with the terms set forth in the respective fund’s governing documents. WePerformance-based ~~account~~fees ~~for~~earned by our ~~investment~~general ~~balances~~partners infrom ~~the~~open-end funds, ~~including performance allocations, under the equity method of accounting because we~~ are ~~presumed~~generally to have significant influence as the general partner or managing member. Accordingly, performance allocations are not deemed to be within the scope of Accounting Standards Codification (“ASC”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers. We recognize income attributable to performance allocations from a fund based on the ~~amount~~investment ~~that~~returns, ~~would~~subject ~~be due~~ to uspreferred ~~pursuant~~returns to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as performance allocation income reflects our share of the gains and/or ~~losses of the associated fund’s underlying investments measured at their then~~high-~~fair values~~watermarks, ~~relative~~for to the ~~fair~~applicable ~~values~~measurement asperiod of the open-end ~~of the prior period~~fund. ~~We record the amount of carried interest allocated to us as of each period end as accrued performance allocations in the consolidated balance sheets.~~ Performance-based ~~allocations~~fees are ~~realized~~measured ~~when an underlying investment is profitably disposed of~~ and ~~the~~eligible ~~fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Performance allocations are subject~~ to ~~reversal~~be ~~to the extent that the amount~~ received ~~to date exceeds the amount due to us based~~ on ~~cumulative results. As such,~~ a ~~liability~~recurring isbasis ~~accrued~~and ~~for~~are ~~the~~not ~~potential~~dependent ~~clawback~~on ~~obligations~~realization ifevents ~~amounts~~from ~~previously distributed to us would require repayment to a fund if such fund were to be liquidated based on~~ the ~~current fair value of their~~ underlying investments ~~as of the reporting date~~. ~~Actual repayment obligations generally do not become realized until the end of a fund’s life.~~

We account for our investment balances in the funds, including performance allocations, under the equity method of accounting because we are presumed to have significant influence as the general partner or managing member. Accordingly, performance allocations are not deemed to be within the scope of Accounting Standards Codification (“ASC”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers. We recognize income attributable to performance allocations from a fund based on the amount that would be due to us pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as performance allocation income 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, or in the case of our managed perpetual REITs, the current period NAV. We record the amount of carried interest allocated to us as of each period end as accrued performance allocations in the consolidated balance sheets. Performance allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Performance allocations are subject to reversal to the extent that the amount received to date exceeds the amount due to us based on cumulative results. As such, a liability is accrued for the potential clawback obligations if amounts previously distributed to us would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life.

Earnings (Losses) from Investments in Real Estate. The Company’s share of the investee’s income and expenses for the Company’s equity method investments (exclusive of carried interest) is included in investment income as earnings (losses) from investments in real estate.

Expenses

Employee Compensation and Benefits. Compensation includes salaries, bonuses (including discretionary awards), related benefits, share-based compensation, compensatory awards, and the cost of processing payroll. Bonuses are accrued over the employment period to which they relate.

58Share-Based Compensation. To further align the interests of our employees with our shareholders and to cultivate a strong sense of ownership and commitment to our Company, certain employees are eligible to receive Class A restricted common stock (“Restricted Stock”), Restricted Stock Units (“RSUs”), and profits interests awards. Equity-classified awards granted to employees that have a service condition only 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 the Restricted Stock and RSUs awards are based upon our stock price on the grant date. The fair value for profits interests awards classified as equity is determined using a Monte Carlo valuation on the grant date or date of modification. We recognize compensation expense on a straight-line basis 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. Refer to Note 20, “Share-Based Compensation and Profits Interests,” to our consolidated financial statements included in this annual report on Form 10-K for additional information about equity awards.

Share-Based Compensation. To further align the interests of our employees with our shareholders and to cultivate a strong sense of ownership and commitment to our Company, certain employees are eligible to receive Class A restricted common stock (“Restricted Stock”), Restricted Stock Units (“RSUs”), and profits interests awards. Equity-classified awards granted to employees that have a service condition only 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 the Restricted Stock and RSUs awards are based upon our stock price on the grant date. The fair value for profits interests awards classified as equity is determined using a Monte Carlo valuation on the grant date or date of modification. We recognize compensation expense on a straight-line basis 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. Refer to Note 21, “Share-Based Compensation and Profits Interests,” to our consolidated and combined financial statements included in this annual report on Form 10-K for additional information about equity awards.

Performance Allocations Compensation. Performance fee-related compensation deemed to be compensatory awards represents the portion of performance allocation revenue and incentive fees that have been awarded to employees as a form of long-term incentive compensation. Performance fee-related compensation is generally tied to the investment performance of the funds. Up to 60% of performance allocation revenue is awarded to employees as part of our long-term incentive compensation plan, fostering alignment of interest with our fund investors and investors, and retaining key investment professionals. Performance allocations related compensation is accounted for as compensation expense in conjunction with the related performance allocation revenue and, until paid, is recorded as a component of accrued performance allocations compensation in the consolidated balance sheets. Amounts presented as realized indicate the amounts paid or payable to employees based on the receipt of performance allocation revenue from realized investment activity. Performance allocations related compensation expense may be subject to reversal to the extent that the related performance allocation revenue is reversed. Performance allocations related compensation paid to employees may be subject to clawback on an after-tax basis under certain scenarios. Incentive fee-related compensation is accrued as compensation expense when it is probable and estimable that payment will be made.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses includes the estimated liability (based upon actuarial reports) of both losses which have been reported to us, but have not been processed and paid, and losses relating to insured events which have occurred but have not been reported to us.

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 we were determined to be the principal rather than the agent in the transaction.

General and Administrative Expenses. General and administrative expenses include costs primarily related to professional services, occupancy, travel, communication and information services, transaction costs, and other general operating items.

Depreciation and Amortization. Deprecation or amortization of tenant improvements, furniture and equipment and intangible assets is expensed on a straight-line basis over the useful life of the asset.

Other Income (Expense)

Realized and Unrealized Gains (Losses). Realized and unrealized gains (losses) occur when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized gains (losses) result from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized gains (losses) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) in the consolidated ~~and combined~~ statements of operations. Finally, realized and unrealized gain (loss) associated with the financial instruments that we elect the fair value option is also included in net realized and unrealized gains (losses).

Interest Income. Interest (other than interest on catch-up management fees), dividends and other investment income are included in interest income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established.

Other Income (Expense). Other income (expense) relates to non-operating and non-investment related expenses, which at times can include changes in our TRA liability.

Interest Expense. Interest expense includes interest related to our privately offered notes, or the Private Placement Notes, which have a weighted-average fixed coupon rate of 5.03%. The Credit Facility ~~(as defined herein)~~ incurs interest based on a pricing grid, as determined by the Company’s leverage ratio, over Term Secured Overnight Financing Rate (“Term SOFR”) and an unused commitment fee of up to 0.25%, which is based on the daily unused portion of the Credit Facility. As of December 31, ~~2023~~2024, the interest rate on our Credit Facility was approximately 76.5148%.

Income Tax Expense. Income tax expense consists of taxes paid or payable by us and our operating subsidiaries. We are taxed as a corporation for U.S. federal and state income tax purposes and, as a result, are subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of any taxable income generated by the Operating Company that will flow through to its members. The Operating Company has historically been treated as a partnership for U.S. federal and state income tax purposes. As such, income generated by the Operating Company flows through to its members and is generally not subject to U.S. federal or state income tax at the Operating Company level. Our non-U.S. subsidiaries operate as corporate entities in non-U.S. jurisdictions. Accordingly, in some cases, these entities are subject to local or non-U.S. income taxes. In addition, 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.

Net Income (Loss) Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC. Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings LLC represent the economic interests held by management and third parties in the consolidated subsidiaries of the Operating Company, fund manager entities, and employees in those entities. These non-controlling interests are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Net Income (Loss) Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net income (loss) attributable to non-controlling interests in Bridge Investment Group Holdings Inc. represents the economic interests in the Operating Company held by the third-party owners of Class A Units of the Operating Company. Non-controlling interests in Bridge Investment Group Holdings Inc. are allocated a share of income or loss in the Operating Company in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

For additional discussion of components of our consolidated ~~and combined~~ financial statements, refer to Note 2, “Significant Accounting Policies,” to our consolidated ~~and combined~~ financial statements included in this annual report on Form 10-K.

Operating Metrics

We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business.

Assets Under Management

AUM refers to the assets we manage. Our AUM represents the sum of (a) the fair value of the assets of the funds and vehicles we manage, plus (b) the contractual amount of any uncalled capital commitments to those funds and vehicles (including our commitments to the funds and vehicles and those of Bridge affiliates), plus (c) the fair value of the assets of any REITs managed by our affiliates, including Bridge Investment Group Industrial Real Estate Income Trust (“BIGi”). Our AUM is not reduced by any outstanding indebtedness or other accrued but unpaid liabilities of the assets we manage. We view AUM as a metric to measure our investment and fundraising performance as it reflects assets generally at fair value plus available uncalled capital. Our calculations of AUM and fee-earning AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers, and differs from the manner in which our affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF. In addition, our calculation of AUM (but not fee-earning AUM) includes uncalled commitments to (and the fair value of the assets in) the funds and vehicles we manage from Bridge and Bridge affiliates, regardless of whether such commitments or investments are subject to fees. Our definition of AUM is not based on any definition contained in the agreements governing the funds and vehicles we manage or advise.

60The following table presents a rollforward of our AUM for the years ended December 31, 2024, 2023, and 2022 (dollar amounts in millions):

The following table presents a rollforward of our AUM for the years ended December 31, 2023, 2022, and 2021 (dollar amounts in millions):


	Year Ended December 31,
		2024			2023			2022
AUM as of beginning of period		$	47,702		$	43,292		$	36,315
New capital / commitments raised(1)		1,817			6,815			4,337
Distributions / return of capital(2)		(1,716)			(1,427)			(1,615)
Change in fair value and acquisitions(3)		2,042			(978)			4,255
AUM as of end of period		$	49,845		$	47,702		$	43,292
Increase		2,143			4,411			6,977
Increase %		4		%	10		%	19		%

	Year Ended December 31,
		2023			2022			2021
AUM as of beginning of period		$	43,292		$	36,315		$	25,214
New capital / commitments raised(1)		6,815			4,337			5,161
Distributions / return of capital(2)		(1,427)			(1,615)			(1,196)
Change in fair value and acquisitions(3)		(978)			4,255			7,136
AUM as of end of period		$	47,702		$	43,292		$	36,315
Increase		4,411			6,977			11,101
Increase %		10		%	19		%	44		%

(1)New capital / commitments raised generally represents limited partner capital raised by our funds and other vehicles, including any reinvestments in our open-ended vehicles. New capital / commitments raised for the year ended December 31, 2023 includes $5.1 billion of AUM attributed to the Newbury Acquisition.

(2)Distributions / return of capital generally represents the proceeds realized from the disposition of assets, current income, or capital returned to investors.

(3)Change in fair value and acquisitions generally represents realized and unrealized activity on investments held by our funds and other vehicles (including changes in fair value and changes in leverage) as well as the net impact of fees, expenses, and non-investment income.

Fee-Earning AUM

Fee-earning AUM reflects the assets from which we earn management fee revenue. The assets we manage that are included in our fee-earning AUM typically pay management fees based on capital commitments, invested capital or, in certain cases, NAV, depending on the fee terms.

Management fees are only marginally affected by market appreciation or depreciation because substantially all of the funds pay management fees based on commitments or invested capital.

Our calculation of fee-earning AUM may differ from the calculations of other investment managers and, as a result, may not be comparable to similar measures presented by other investments managers. The following table presents a rollforward of our total fee-earning AUM for the years ended December 31, 2023, 2022, and 2021 (dollar amounts in millions): 66

	Year Ended December 31,
		2023			2022			2021
Fee-earning AUM as of beginning of period		$	17,334		$	13,363		$	10,214
Increases (capital raised/deployment)(1)		6,063			4,693			4,545
Changes in fair market value		(409)			39			(26)
Decreases (liquidations/other)(2)		(1,284)			(761)			(1,370)
Fee-earning AUM as of end of period		$	21,704		$	17,334		$	13,363
Increase		$	4,370		$	3,971		$	3,149
Increase %		25		%	30		%	31		%


	Year Ended December 31,
		2024			2023			2022
Fee-earning AUM as of beginning of period		$	21,704		$	17,334		$	13,363
Increases (capital raised/deployment)(1)		2,017			6,063			4,693
Changes in fair market value		46			(409)			39
Decreases (liquidations/other)(2)		(1,461)			(1,284)			(761)
Fee-earning AUM as of end of period		$	22,306		$	21,704		$	17,334
Increase		$	602		$	4,370		$	3,971
Increase %		3		%	25		%	30		%

(1)Increases generally represent limited partner capital raised or deployed by our funds and other vehicles that is fee-earning when raised or deployed, respectively, including any reinvestments in our open-ended vehicles. Increases for the year ended December 31, 2023 includes $4.3 billion of fee-earning AUM attributed to the Newbury Acquisition.

(2)Decreases generally represent liquidations of investments held by our funds or other vehicles or other changes in fee basis, including the change from committed capital to invested capital after the expiration or termination of the investment period.

61Capital raising activities and deployment in our logistics, credit and workforce and affordable housing funds led fee-earning AUM to increase by approximately $2.0 billion from December 31, 2023 to December 31, 2024. However, these increases were partially offset by $1.5 billion of reductions in fee-earning AUM largely attributed to the conversion of Newbury Fund III’s management fee basis from committed capital to NAV, the timing of liquidations for Bridge Debt Strategies II, III and IV, as well asset realizations during 2024.

~~Capital~~The ~~raising~~following ~~activities,~~table ~~deployment,~~summarizes ~~and~~ the ~~Newbury~~balances ~~Acquisition~~of ~~led~~ fee-earning AUM ~~to increase~~ by ~~approximately~~fund ~~$6.1 billion~~as ~~from~~of December 31, ~~2022 to December 31~~2024, 2023~~. However~~, these increases were partially offset by $1.3 billion of reductions in fee-earning AUM largely attributed to the conversion of certain funds’ management fee basis from committed to invested capital, including Bridge Workforce Fund II, and ~~asset~~2022 ~~realizations during 2023, coupled with $0.4 billion of depreciation~~ (in ~~fair market value, which was largely attributed to BOF I.~~millions):

~~The following table summarizes the balances of fee-earning AUM by fund as of December 31, 2023, 2022, and 2021 (in millions):~~67


	As of December 31,
	2024		2023		2022
Fee-Earning AUM by Fund
Bridge Debt Strategies Fund IV	$	2,750	$	2,774	$	2,381
Bridge Multifamily Fund V	2,239		2,233		2,143
Newbury Equity Partners Fund V	1,951		1,951		—
Bridge Opportunity Zone Fund IV	1,476		1,476		1,476
Bridge Workforce Fund II	1,428		1,178		1,719
Newbury Equity Partners Fund IV	1,408		1,408		—
Bridge Multifamily Fund IV	1,315		1,384		1,347
Bridge Opportunity Zone Fund III	997		1,019		1,019
Bridge Debt Strategies Fund III	840		839		1,028
Bridge Seniors Housing Fund II	782		782		793
Bridge Seniors Housing Fund I	411		615		615
Bridge Opportunity Zone Fund V	550		550		504
Bridge Logistics U.S. Venture II	544		40		—
Bridge Debt Strategies Fund V	523		70		—
Bridge Workforce Fund I	496		545		556
Bridge Opportunity Zone Fund I	482		482		482
Newbury Equity Partners Fund III	381		889		—
Bridge Opportunity Zone Fund II	351		408		408
Bridge Debt Strategies IV JV Partners	339		520		142
Bridge Logistics U.S. Venture I	297		301		256
Bridge Net Lease Industrial Income Fund	293		289		179
Bridge Agency MBS Fund	266		271		245
Tamina Homes, Inc(1)	255		—		—
Bridge Debt Strategies Fund II	240		266		280
Bridge Opportunity Zone Fund VI	235		152		—
Bridge Single-Family Rental Fund IV	233		233		229
Newbury Equity Partners Fund VI	226		110		—
Bridge Workforce Fund III	212		—		—
Bridge Multifamily Continuation Fund	190		190		—
Bridge Office Fund II	162		163		161
Bridge Office III JV Partners	92		92		93
Bridge Debt Strategies III JV Partners	82		130		223
Bridge Seniors Housing Fund III	57		68		66
Bridge Office I JV Partners	51		71		132
Bridge Industrial Real Estate Income Trust	48		—		—
Bridge Single-Family Rental Fund III	32		32		32
Bridge Solar Energy Development Fund I	20		16		—
Bridge Debt Strategies II JV Partners	18		126		145
Bridge Office II JV Partners	15		21		6
Bridge Debt Strategies V JV Partners	8		10		—
Bridge Workforce II JV Partners	7		—		—
Bridge Solar I JV Partners	4		—		—
Bridge Office Fund I	—		—		478
Bridge Multifamily Fund III	—		—		188
Bridge Multifamily III JV Partners	—		—		4
Bridge Debt Strategies I JV Partners	—		—		4
Total Fee-Earning AUM	$	22,306	$	21,704	$	17,334

Average remaining fund life of closed-end funds, in years	6.3		6.8		7.7

	As of December 31,
	2023		2022		2021
Fee-Earning AUM by Fund
Bridge Debt Strategies Fund IV	$	2,774	$	2,381	$	1,133
Bridge Multifamily Fund V	2,233		2,143		976
Newbury Equity Partners Fund V	1,951		—		—
Bridge Opportunity Zone Fund IV	1,476		1,476		1,490
Newbury Equity Partners Fund IV	1,408		—		—
Bridge Multifamily Fund IV	1,384		1,347		1,284
Bridge Workforce Fund II	1,178		1,719		915
Bridge Opportunity Zone Fund III	1,019		1,019		1,019
Newbury Equity Partners Fund III	889		—		—
Bridge Debt Strategies Fund III	839		1,028		1,286
Bridge Seniors Housing Fund II	782		793		805
Bridge Seniors Housing Fund I	615		615		626
Bridge Opportunity Zone Fund V	550		504		—
Bridge Workforce Fund I	545		556		556
Bridge Debt Strategies IV JV Partners	520		142		129
Bridge Opportunity Zone Fund I	482		482		482
Bridge Opportunity Zone Fund II	408		408		408
Bridge Logistics U.S. Venture I	301		256		110
Bridge Net Lease Industrial Income Fund	289		179		29
Bridge Agency MBS Fund	271		245		123
Bridge Debt Strategies Fund II	266		280		354
Bridge Single-Family Rental Fund IV	233		229		—
Bridge Multifamily Continuation Fund	190		—		—
Bridge Office Fund II	163		161		176
Bridge Opportunity Zone Fund VI	152		—		—
Bridge Debt Strategies III JV Partners	130		223		308
Bridge Debt Strategies II JV Partners	126		145		195
Newbury Equity Partners Fund VI	110		—		—
Bridge Office III JV Partners	92		93		—
Bridge Office I JV Partners	71		132		130
Bridge Debt Strategies Fund V	70		—		—
Bridge Seniors Housing Fund III	68		66		33
Bridge Logistics U.S. Venture II	40		—		—
Morrocroft Neighborhood Fund III(1)	32		32		—
Bridge Office II JV Partners	21		6		6
Bridge Solar Energy Development Fund I	16		—		—
Bridge Debt Strategies V JV Partners	10		—		—
Bridge Office Fund I	—		478		499
Bridge Multifamily Fund III	—		188		269
Bridge Multifamily III JV Partners	—		4		4
Bridge Debt Strategies I JV Partners	—		4		18
Total Fee-Earning AUM	$	21,704	$	17,334	$	13,363
Average remaining fund life of closed-end funds, in years	6.8		7.7		8.0

(1) Tamina Homes, Inc. is a single-family rental fund managed by Bridge Single-Family Rental Fund Manager LLC, which is a subsidiary of the Company.

6368

(1) Morrocroft Neighborhood Fund III, LP is a single-family rental fund managed by Bridge Single-Family Rental Fund Manager LLC, which is a subsidiary of the Company.

Undeployed Capital

As of December 31, ~~2023~~2024, we had $3.45 billion of undeployed capital available to be deployed for future investment or reinvestment. Of this amount, approximately $2.1.7 billion is currently fee-earning based on commitments and approximately $1.38 billion will be fee-earning if and when it is deployed.

Our Performance

We have a demonstrated record of producing attractive returns for our fund investors across our platforms. Our historical investment returns for our closed-end funds by platform are shown in the chart below (dollar amounts in millions):

	Investment Performance Summary as of December 31, 2023
	Investment Performance Summary as of December 31, 2024
Closed-End Funds(1)(Investment Period Beginning, Ending Date)	Cumulative Fund Committed Capital(2)		Unreturned Drawn Capital plus Accrued Pref(3)		Cumulative Investment Invested Capital(4)		Realized Investment Value(5)		Unrealized Investment Value(6)		Unrealized Investment MOIC(7)	Total Investment Fair Value(8)		Total Investment MOIC(9)	Investor Levered Net IRR(10)		Investor Unlevered Net IRR(11)
(in millions)
Equity Strategies Funds
Multifamily
Bridge Multifamily I(Mar 2009, Mar 2012)	$	124	$	—	$	150	$	280	$	—	N/A	$	280	1.87x	15.1	%	15.1	%
Bridge Multifamily I(Mar 2009, Mar 2013)	$	124	$	—	$	150	$	280	$	—	N/A	$	280	1.87x	15.1	%	15.1	%
Bridge Multifamily II(Apr 2012, Mar 2015)	596		—		605		1,264		—		N/A	1,264		2.09x	23.0	%	22.5	%
Bridge Multifamily II(Apr 2012, Apr 2015)	596		—		605		1,264		—		N/A	1,264		2.09x	23.0	%	22.5	%
Bridge Multifamily III(Jan 2015, Jan 2018)	912		—		904		2,~~003~~004		—		N/A	2,~~003~~004		2.22x	18.4	%	17.9	%
Bridge Multifamily IV(Jun 2018, Jun 2021)	1,590		1,~~634~~690		1,~~511~~539		~~459~~658		2,~~290~~145		1.~~80x~~78x	2,~~750~~803		1.82x	1511.19	%	1411.7	%
Bridge Multifamily V(Jul 2021, to present)	2,257		1,~~321~~725		1,~~132~~391		3865		~~803~~1,030		0.~~74x~~79x	~~841~~1,095		0.~~74x~~79x	(2617.61)	%	(2415.07)	%
Bridge MF Continuation Vehicle (Jul 2023, Jul 2023)	201		208		183		—		240		1.32x	241		1.32x	22.9	%	22.9	%
Bridge MF Continuation Vehicle (N/A)	201		224		188		4		247		1.33x	251		1.34x	18.2	%	18.2	%
Total Multifamily Funds	$	5,680	$	3,~~163~~640	$	4,~~485~~777	$	4,~~046~~276	$	3,~~333~~421	1.~~34x~~29x	$	7,~~379~~697	1.~~65x~~61x	1513.76	%	1513.3	%
Workforce & Affordable Housing
Bridge Workforce Housing I(Aug 2017, Aug 2020)	$	619	$	~~664~~520	$	~~594~~601	$	~~198~~403	$	~~952~~726	1.~~89x~~81x	$	1,~~150~~129	1.~~93x~~88x	1410.28	%	1410.29	%
Bridge Workforce Housing II(Aug 2020, to present)	1,741		1,364		1,206		117		1,079		0.99x	1,196		0.99x	(6.2)	%	(5.4)	%
Bridge Workforce Housing II(Aug 2020, Aug 2024)	1,741		1,703		1,467		176		1,396		1.07x	1,572		1.07x	(0.6)	%	(0.4)	%
Total Workforce & Affordable Housing Funds	$	2,360	$	2,~~028~~223	$	12,~~800~~068	$	~~315~~579	$	2,~~031~~122	1.~~28x~~27x	$	2,~~346~~701	1.~~30x~~31x	65.65	%	65.65	%
Secondaries
Newbury Equity Partners I(Sep 2006, Dec 2007)	$	702	$	—	$	631	$	1,035	$	18	1.61x	$	1,053	1.67x	8.2	%	8.1	%
Newbury Equity Partners I(Sep 2006, Mar 2013)	$	702	$	—	$	631	$	1,043	$	12	1.63x	$	1,055	1.67x	8.2	%	8.1	%
Newbury Equity Partners II(Oct 2009, Oct 2010)	1,024		—		859		1,511		96		1.75x	1,607		1.87x	14.9	%	14.8	%
Newbury Equity Partners II(Oct 2009, Oct 2015)	1,024		—		860		1,530		83		1.75x	1,613		1.87x	14.8	%	14.8	%
Newbury Equity Partners III(Jul 2013, Mar 2014)	1,102		4		984		1,335		495		1.84x	1,830		1.86x	15.2	%	13.5	%
Newbury Equity Partners III(Jul 2013, Mar 2019)	1,102		—		988		1,416		371		1.78x	1,787		1.81x	14.0	%	12.3	%
Newbury Equity Partners IV(May 2017, May 2018)	1,447		791		1,262		791		1,527		1.87x	2,318		1.84x	17.0	%	14.4	%
Newbury Equity Partners IV(May 2017, Feb 2023)	1,447		690		1,292		963		1,417		1.88x	2,381		1.84x	14.5	%	12.4	%
Newbury Equity Partners V(Nov 2019, Nov 2021)	2,000		1,425		1,633		189		1,972		1.32x	2,160		1.32x	15.0	%	12.3	%
Newbury Equity Partners V(Nov 2019, to present)	2,000		1,538		1,695		356		1,967		1.36x	2,323		1.37x	10.6	%	8.9	%
Total Secondaries Funds	$	6,275	$	2,~~220~~228	$	5,~~370~~466	$	45,~~861~~309	$	43,~~109~~850	1.63x	$	89,~~969~~159	1.~~67x~~68x	1312.01	%	1211.23	%
Single-Family
Single-Family Rental
Morrocroft Neighborhood Fund I(Jan 2013, Jan 2015)	$	51	$	—	$	47	$	165	$	—	N/A	$	165	3.53x	15.7	%	15.7	%
Bridge SFR Predecessor Fund I(Jan 2013, Jan 2015)	$	51	$	—	$	47	$	165	$	—	N/A	$	165	3.53x	15.7	%	15.7	%
Morrocroft Neighborhood Fund II(Jan 2015, Jan 2017)	90		—		81		233		—		N/A	233		2.88x	16.5	%	16.5	%
Bridge SFR Predecessor Fund II(Jan 2015, Jan 2017)	90		—		81		233		—		N/A	233		2.88x	16.5	%	16.5	%
Morrocroft Neighborhood Fund III(Aug 2019, Aug 2022)	34		43		31		—		61		1.97x	61		1.97x	17.2	%	17.2	%
Bridge SFR Predecessor Fund III(Aug 2019, Aug 2022)	34		45		31		19		45		2.09x	65		2.09x	13.8	%	13.8	%
Bridge Single-Family Rental IV (Jan 2022, to present)	150		~~166~~179		149		19		~~211~~198		1.~~42x~~38x	~~212~~207		1.~~42x~~39x	199.39	%	179.13	%
Total Single-Family Funds	$	324	$	208	$	308	$	399	$	272	2.18x	$	671	2.18x	16.4	%	16.3	%
Total Single-Family Rental Funds	$	324	$	224	$	308	$	426	$	243	1.50x	$	670	2.18x	15.3	%	15.2	%

6469

	Investment Performance Summary as of December 31, 2023
	Investment Performance Summary as of December 31, 2024
Closed-End Funds(1)(Investment Period Beginning, Ending Date)	Cumulative Fund Committed Capital(2)		Unreturned Drawn Capital plus Accrued Pref(3)		Cumulative Investment Invested Capital(4)		Realized Investment Value(5)		Unrealized Investment Value(6)		Unrealized Investment MOIC(7)	Total Investment Fair Value(8)		Total Investment MOIC(9)	Investor Levered Net IRR(10)		Investor Unlevered Net IRR(11)
(in millions)
Opportunity Zone
Opportunity Zone I (Apr 2019, Dec 2019)	$	509	$	~~656~~703	$	~~522~~551	$	4664	$	~~477~~448	10.~~00x~~93x	$	~~524~~512	10.~~00x~~93x	(23.17)	%	(23.05)	%
Total Opportunity Zone Fund	$	509	$	656	$	522	$	46	$	477	1.00x	$	524	1.00x	(2.1)	%	(2.0)	%
Opportunity Zone II (Nov 2019, Jun 2020)	441		600		452		26		358		0.98x	384		0.85x	(5.1)	%	(5.0)	%
Total Opportunity Zone Fund	$	950	$	1,302	$	1,003	$	90	$	806	0.95x	$	897	0.89x	(4.3)	%	(4.2)	%
Office
Bridge Office I(Jul 2017, Jul 2020)	$	573	$	~~725~~785	$	~~634~~643	$	~~198~~218	$	7629	0.~~43x~~42x	$	~~274~~247	0.~~43x~~38x	~~(36.3)~~***	%	~~(35.7)~~***	%
Bridge Office II(Dec 2019, Dec 2022)	208		~~226~~244		~~245~~251		8284		~~198~~126		10.~~14x~~84x	~~280~~210		10.~~14x~~84x	2(15.03)	%	2(12.48)	%
Total Office Funds	$	781	$	~~951~~1,029	$	~~879~~894	$	~~280~~302	$	~~274~~155	0.~~67x~~62x	$	~~554~~457	0.~~63x~~51x	~~(22.0)~~***	%	~~(20.5)~~***	%
Seniors Housing
Bridge Seniors I(Jan 2014, Jan 2018)	$	578	$	~~879~~950	$	~~742~~766	$	~~463~~530	$	~~307~~204	0.~~93x~~69x	$	~~770~~734	10.~~04x~~96x	(24.30)	%	(23.18)	%
Bridge Seniors II(Mar 2017, Mar 2020)	820		~~899~~964		~~759~~813		~~288~~344		~~594~~560		1.~~20x~~13x	~~882~~904		1.~~16x~~11x	(0.67)	%	(0.76)	%
Bridge Seniors III (Nov '2020, to present)	48		39		28		2		36		1.40x	38		1.40x	5.6	%	5.5	%
Bridge Seniors III (Nov 2020, Nov 2024)	48		46		33		5		44		1.49x	49		1.49x	6.4	%	6.3	%
Total Seniors Housing Funds	$	1,446	$	1,~~817~~960	$	1,~~529~~612	$	~~753~~879	$	~~937~~808	10.~~09x~~98x	$	1,~~690~~687	1.~~11x~~05x	(02.82)	%	(02.70)	%
Logistics Value
Bridge Logistics Value I(Nov 2021, to present)	$	336	$	351	$	313	$	—	$	319	1.02x	$	319	1.02x	(2.2)	%	(0.2)	%
Bridge Logistics Value I(Nov 2021, Dec 2024)	$	336	$	380	$	309	$	—	$	304	0.98x	$	304	0.98x	(3.4)	%	(1.7)	%
Total Logistics Value Fund	$	336	$	~~351~~380	$	~~313~~309	$	—	$	~~319~~304	10.~~02x~~98x	$	~~319~~304	10.~~02x~~98x	(23.24)	%	(01.27)	%
Debt Strategies Funds
Bridge Debt I(Sep 2014, Sep 2017)	$	132	$	—	$	219	$	264	$	—	N/A	$	264	1.21x	5.9	%	5.9	%
Bridge Debt II(July 2016, July 2019)	1,002		~~243~~235		2,~~753~~850		23,~~960~~096		~~235~~159		1.~~25x~~02x	3,~~195~~255		1.~~16x~~14x	87.2	%	87.21	%
Bridge Debt III(May 2018, May 2021)	1,624		~~830~~778		6,~~010~~956		56,~~870~~919		~~825~~767		1.~~33x~~13x	67,~~695~~686		1.~~11x~~10x	8.96	%	8.95	%
Bridge Debt IV(Nov 2020, to present)	2,888		2,819		8,409		6,232		2,742		1.15x	8,974		1.07x	8.9	%	8.2	%
Bridge Debt IV(Nov 2020, Nov 2024)	2,888		2,758		10,269		8,578		2,609		1.21x	11,187		1.09x	9.3	%	8.8	%
Total Debt Strategies Funds	$	5,646	$	3,~~892~~771	$	1720,~~391~~294	$	1518,~~326~~857	$	3,~~802~~535	1.~~20x~~18x	$	1922,~~128~~392	1.10x	8.64	%	8.42	%

Footnotes:

The investment performance presented herein is intended to illustrate the performance of investments held by the funds and other vehicles we manage and the potential for which is relevant to the performance-based fees to Bridge. Other than the Investor Unlevered Net IRR and the Investor Levered Net IRR numbers presented herein, the cash flows in the investment performance do not reflect the cash flows used in presentations of fund performance due to the fund level expenses, reserves, and reinvested capital.

(1)Closed-End Funds represented herein does not include performance for (i) certain Opportunity Zone funds with investments which have not been marked-to-market, and (ii) funds that are currently raising capital, including our open-ended funds. Each fund identified contemplates all associated parallel and feeder limited partnerships in which investors subscribe and accordingly share common management. All intercompany accounts and transactions have been eliminated in the combined presentation. Values and performance presented herein are the combined investor returns gross of any applicable legal entity taxes.

(2)Cumulative Fund Committed Capital represents total capital commitments to the fund (excluding joint ventures or separately managed accounts).

(3)Unreturned Drawn Capital + Accrued Pref represents the amount the fund needs to distribute to its investors as a return of capital and a preferred return before the General Partner is entitled to receive performance fees or allocations from the fund.

(4)Cumulative Investment Invested Capital represents the total cost of investments since inception (including any recycling or refinancing of investments). This figure will differ from Cumulative Paid-In Capital, which represents the total contributions or drawn down commitments from all investors since inception.

(5)Realized Investment Value represents net cash proceeds received in connection with all investments, including distributions from investments and disposition proceeds.

6570

(6)Unrealized Investment Value represents the estimated liquidation values that are generally based upon appraisals, contracts and internal estimates. There can be no assurance that Unrealized Investment Fair Value will be realized at valuations shown, and realized values will depend on numerous factors including, among others, future asset-level operating results, asset values and market conditions at the time of disposition, transaction costs, and the timing and manner of disposition, all of which may differ from the assumptions on which the Unrealized Investment Fair Value are based. Direct fund investments in real property are held at cost minus transaction expenses for the first six months.

(7)Unrealized Investment MOIC represents the Multiple on Invested Capital (“MOIC”) for Total Investment Fair Value associated with unrealized investments before management fees, fund level expenses and carried interest, divided by Cumulative Investment Invested Capital attributable to those unrealized investments.

(8)Total Investment Fair Value represents the sum of Realized Investment Value and Unrealized Investment Value, before management fees, expenses and carried interest.

(9)Total Investment MOIC represents MOIC for Total Investment Fair Value divided by Cumulative Investment Invested Capital.

(10)Investor Levered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions) and cash outflows (distributions) and the remaining fair value, net of the investors actual management fees, fund level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee-paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. This return may differ from actual investor level returns due to timing, variance in fees paid by investors, and other investor-specific investment costs such as taxes. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, IRRs may be amplified by fund leverage and early fund expenses and may not be meaningful. For IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period’s return.

(11)Investor Unlevered Net IRR is an annualized realized and unrealized internal rate of return to fee-paying fund investors, computed from inception based on the effective dates of cash inflows (capital contributions and drawdowns on fund lines of credit) and cash outflows (distributions and repayments on fund lines of credit) and the remaining fair value (after removing outstanding balances on fund lines of credit), net of the investors actual management fees, fund level expenses, and carried interest. Net return information reflects aggregated fund-level returns for fee-paying investors using actual management fees paid by the fund. The actual management fee rates from individual investors will be higher and lower than the actual aggregate fund level rate. Because IRRs are time-weighted calculations, for newer funds with short measurement periods, this IRR may be amplified by early fund expenses and may not be meaningful. For IRRs calculated with an initial date less than one year from the reporting date, the IRR presented is de-annualized, representing such period’s return.

(12)Any composite returns presented herein do not represent actual returns received by any one investor and are for illustrative purposes only. Composite performance is based on actual cash flows of the funds within a strategy over the applicable timeframes and are prepared using certain assumptions. Each fund has varied investment periods and investments were made during different market environments; past performance of prior funds within a strategy is not a guarantee of future results. Fund investors generally pay fees based on a defined percentage of total commitments during the investment period and invested capital thereafter, but some fund investors may pay fees based on invested capital for the life of the fund according to the applicable governing documents. Additional information on the calculation of this composite performance, including applicable assumptions and supporting data, can be made available promptly upon request.

*** Indicates a negative return that results in an IRR that is incalculable. The returns for Total Office Funds are not presented because Bridge Office I is incalculable.

The returns presented above are those of the primary funds in each platform and not those of the Company. The returns presented above do not include returns for joint ventures or separately managed accounts. An investment in our Class A common stock is not an investment in any of our funds. The historical returns attributable to our platforms are presented for illustrative purposes only and should not be considered as indicative of the future returns of our Class A common stock or any of our current or future funds. These returns are presented by platform and include multiple funds of varied vintage, including funds that are fully realized, and performance of a specific fund within a platform can vary materially from the return of the platform as a whole. The returns represent aggregate returns for the U.S. domiciled partnerships, and such aggregate returns may differ materially from the fund-level returns for each individual partnership co-investment vehicles or separately managed accounts or each non-U.S. partnership due to varied management fee structures, timing of investments, contributions and distributions and additional structuring costs and taxes.

There is no guarantee that any fund or other vehicle within a platform will achieve its investment objectives or achieve comparable investment returns.

6671

Results of Operations

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Revenues


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2024		2023
Revenues:
Fund management fees	$	245,925	$	230,572	$	15,353	7	%
Property management and leasing fees	72,573		77,704		(5,131)		(7	%)
Construction management fees	7,508		11,607		(4,099)		(35	%)
Development fees	3,377		2,919		458		16	%
Transaction fees	27,507		20,466		7,041		34	%
Fund administration fees	17,835		17,483		352		2	%
Insurance premiums	22,427		18,086		4,341		24	%
Other asset management and property income	15,280		11,811		3,469		29	%
Total revenues	$	412,432	$	390,648	$	21,784	6	%

Fund Management Fees. Our fee-earning AUM increased by $0.6 billion, or 2.8%, primarily attributed to capital raising activities and deployment in our logistics, credit and workforce and affordable housing funds, which was partially offset by reductions in fee-earning AUM largely attributed to the conversion of Newbury Fund III’s management fee basis from committed capital to NAV, the timing of liquidations for Bridge Debt Strategies II, III and IV, as well asset realizations during 2024. Our weighted-average management fee, which varies largely due to the size of investor commitments, was 1.34% as of December 31, 2024 compared to 1.35% as of December 31, 2023.

Fund management fees increased by $15.4 million, or 7%, primarily attributed to the Newbury Acquisition, the timing of capital raising for funds launched in 2023 and 2024, and from deployment by Bridge Debt Strategies Fund IV, whose fees are primarily based on invested capital, and by Bridge Net Lease Industrial Income Fund, whose fees are based on NAV. These factors contributed an additional $20.3 million of fund management fees for the year ended December 31, 2024 compared to the year ended December 31, 2023. These increases were partially offset by decreases of $4.9 million largely due to the timing of reductions in fee-earning AUM from the conversion of certain funds’ management fee basis from committed to invested capital or NAV, the timing of catch up fees recognized between periods, and from reductions attributed to BOF I and certain of its related joint ventures due to unfavorable market conditions in the commercial office sector.

Property Management and Leasing Fees. Property management and leasing fees decreased by $5.1 million, or 7%, primarily due to a reduction in the number of commercial office and seniors housing properties managed. These decreases were partially offset by additional fees, which were primarily attributed to an increase in the number of multifamily, workforce and affordable housing and opportunity zone properties managed as well as leasing commissions recognized in 2024.

Construction Management Fees. Construction management fees decreased by $4.1 million, or 35%, primarily due to the timing of projects for commercial office, multifamily housing and workforce and affordable housing properties, which was attributed to the timing of real estate asset acquisitions during the past 12 months. For assets acquired with value-add opportunities, the majority of the exterior construction is completed within the first year after acquisition.

Development Fees. Development fees increased by $0.5 million, or 16%, primarily due to the timing of projects.

Transaction Fees. Transaction fees increased by $7.0 million, or 34%, primarily driven by a $6.7 million increase in due diligence fees driven by the deployment of capital in our development and multifamily equity funds during the year ended December 31, 2024. An additional increase of $0.3 million was attributed to debt origination fees largely due to multifamily housing properties.

Fund Administration Fees. Fund administration fees increased $0.4 million, or 2%, largely due to an increase in fee-earning AUM for certain of our credit, opportunity zone, workforce and affordable housing and secondaries funds compared to 2023, which was partially offset by credit losses written off or reserved related to BOF I and II recognized during 2024.

Insurance Premiums. Insurance premiums increased by $4.3 million, or 24%, largely due to an increase in property and general liability premiums.

Other Asset Management and Property Income. Other asset management and property income increased by $3.5 million, or 29%, primarily due to an increase in accounting, legal and tax services fees compared to 2023 as well as rebates received during 2024.

Investment income


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2024		2023
Investment income (loss):
Incentive fees	$	—	$	41	$	(41)	(100)	%
Performance allocations:
Realized	49,221		41,102		8,119		20	%
Unrealized	(42,433)		(172,730)		130,297		75	%
Earnings from investments in real estate	—		752		(752)		(100)	%
Total investment income (loss)	$	6,788	$	(130,835)	$	137,623	(105)	%

Performance Allocations. Net performance allocations increased by $138.4 million, or 105%. The following table reflects our carried interest and incentive fees by fund (in thousands):


	Year Ended December 31, 2024				Year Ended December 31, 2023
	Realized		Unrealized		Realized		Unrealized
BMF IV GP	$	—	$	(34,376)	$	—	$	(48,419)
BWH I GP	—		(12,231)		—		(22,439)
BDS II GP	96		(6,114)		17		(7,969)
BNLI GP	5,036		(4,176)		—		2,121
BSFR IV GP	—		(3,790)		—		(5,364)
BMF CV GP	—		(3,891)		—		10,127
BDS III GP	4,182		(1,870)		10,839		(18,358)
BOF II GP	—		—		—		(14,388)
BWH II GP	—		—		—		(13,774)
BLV I GP	—		—		—		(1,852)

BIGi Trust GP	—		36		—		—
NEP V GP(1)	—		118		—		460
BSH III GP	—		347		—		446
BMF III GP	—		587		20,324		(63,990)
BDS V GP	—		1,642		—		—
BLD GP	—		1,751		—		—
NEP VI GP	—		3,775		—		—
BAMBS GP	1,178		3,261		—		326
BDS IV GP	38,729		12,498		9,922		10,343
Total	$	49,221	$	(42,433)	$	41,102	$	(172,730)

(1) The performance allocation income for Newbury Partners Fund V represents the portion payable to former employees of Newbury Partners and therefore no portion of such amount will be retained by the Company.

For the years ended December 31, 2024 and 2023, the realized performance income allocations were primarily related to the timing of tax distributions in Bridge Debt Strategies Funds II, III and IV between periods as well as fee-related performance revenue earned in 2024 by our general partner in our open-end Bridge Net Lease Industrial Income Fund and Bridge Agency MBS Fund. In 2023, the realized performance income in Bridge Multifamily Fund III was related to dispositions, including the recapitalization of assets into a continuation vehicle.

The unrealized performance (loss) income allocation is recorded one quarter in arrears due to timing of the information provided by the funds and third-party entities unless information is available on a more timely basis, and as such the performance allocation loss for the years ended December 31, 2024 and 2023 reflects asset valuations as of September 30, 2024 and 2023, respectively. However, our unrealized performance (loss) income allocation attributed to our perpetual open-end REIT is based on the current period NAV. The change in unrealized performance allocations was largely due to the underlying market fundamentals between 2024 and 2023, which contributed to the depreciation of properties within our multifamily, single-family rental, and workforce and affordable housing funds, and includes the reversal of realized performance allocation income during the respective periods. Additionally, 2024 benefited from appreciation of investments within Newbury Fund VI, launched in 2023, and from the completion of development projects within a Bridge Logistics joint venture.

Earnings From Investments In Real Estate. Earnings from investments in real estate decreased by $0.8 million, or 100%, primarily due to timing of distributions from certain investments.

Expenses


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2024		2023
Expenses:
Employee compensation and benefits	$	251,323	$	220,869	$	30,454	14	%
Incentive fee compensation	—		4		(4)		(100)	%
Performance allocations compensation:
Realized	27,262		7,779		19,483		250	%
Unrealized	4,059		(10,570)		14,629		(138)	%
Loss and loss adjustment expenses	22,581		11,851		10,730		91	%
Third-party operating expenses	13,795		21,990		(8,195)		(37)	%
General and administrative expenses	43,818		54,201		(10,383)		(19)	%
Depreciation and amortization	19,872		16,360		3,512		21	%
Total expenses	$	382,710	$	322,484	$	60,226	19	%

Employee Compensation and Benefits. Employee compensation and benefits increased by $30.5 million, or 14%, largely due to a net increase of $23.1 million in salaries and benefits attributed to changes in headcount, inflation adjustments to compensation, and increased variable compensation. An additional increase of $7.4 million was attributed to Restricted Stock and RSU awards granted in January 2024 and the additional expense related to the 2023 profits interests awards that were granted in March 2023.

Performance Allocations Compensation. Performance allocation compensation increased by $34.1 million, or 1,222%, primarily due to a $14.6 million increase in unrealized performance allocations compensation and an increase of $19.5 million related to realized performance allocation awards, which is directly correlated to the decrease in our performance allocation income (loss) during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses increased by $10.7 million, or 91%, primarily due to losses associated with claims in our captive insurance company during 2024, which resulted in an increase in our incurred but not reported reserves. The remaining increase was attributed to rising costs (correlated with an increase in insurance premiums) and property losses, which are subject to stop loss amounts.

Third-party Operating Expenses. Third-party operating expenses decreased by $8.2 million, or 37%, primarily due to a reduction in the number of seniors housing properties managed as well as a reduction in leasing commissions attributed to the timing of leasing activity.

General and Administrative Expenses. General and administrative expenses decreased by $10.4 million, or 19%, primarily due to $3.6 million of non-recurring transaction costs incurred related to the Newbury Acquisition, a $3.0 million reduction in consolidated fund-level expenses, with the remaining decrease attributed to overall reduction in overhead expenses during 2024, as well as lease termination and severance costs incurred in 2023 that were non-recurring.

Depreciation and Amortization. Depreciation and amortization increased by $3.5 million, or 21%, primarily attributed to additional amortization for intangibles acquired as part of the Newbury Acquisition.

Other income (expense)


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2024		2023
Other (expense) income
Realized and unrealized gains (losses), net	$	(9,677)	$	(6,381)	$	(3,296)	52	%
Interest income	19,572		18,380		1,192		6	%
Other (expense) income, net	(1,437)		(2,112)		675		32	%
Interest expense	(26,756)		(28,495)		1,739		(6)	%
Total other (expense) income	$	(18,298)	$	(18,608)	$	310	(2)	%

Realized and Unrealized Gains (Losses), Net. Net realized and unrealized gains (losses) decreased by $3.3 million, or 52%, for the year ended December 31, 2024, which was primarily attributed to depreciation recognized on certain other investments, including those investments acquired as part of the Newbury Acquisition.

Interest Income. Interest income increased by $1.2 million, or 6%, largely due to the timing of distribution income for interests acquired in the Newbury Acquisition.

Other (Expense) Income, Net. Net other (expense) income decreased by $0.7 million, or 32%, which was attributed to changes in the TRA liability during 2024 compared to 2023.

Interest Expense. Interest expense decreased by $1.7 million, or 6%, which was largely attributed to a lower weighted-average outstanding balance on the Credit Facility in 2024 compared to 2023, which resulted in a reduction of $3.1 million in interest expense. This decrease was partially offset by additional interest expense in 2024 related to the timing of the 2023 Private Placement Notes, which funded in March 2023.

Income tax expense

Income tax expense decreased by $4.6 million, or 76%, which was primarily attributed to changes in the effective tax rate due to changes in the TRA for the year ended December 31, 2024 compared to 2023.

For the year ended December 31, 2024, our effective tax was 8.22% compared to (7.53)% for the year ended December 31, 2023. The negative effective tax rate during 2023 was largely due to investment losses in the period and as a result of our organizational structure as a holding company, whose principal asset is a controlling financial interest in the Operating 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.

Net (Loss) Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC. Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC comprises non-controlling interests related to the Operating Company’s subsidiaries and to our profits interests programs. The following table summarizes the allocation of net (loss) income to the non-controlling interests in the Operating Company (in thousands):


	Year Ended December 31,
	2024		2023
Non-controlling interests related to General Partners — realized	$	9,689	$	20,185
Non-controlling interests related to General Partners — unrealized	(27,965)		(96,291)
Non-controlling interests related to Fund Managers	717		(4,612)
Non-controlling interests related to 2019 profits interests awards	554		515
Non-controlling interests related to 2020 profits interests awards	154		123
Non-controlling interests related to 2021 profits interests awards	221		180

Non-controlling interests related to 2023 profits interests awards	70		—
Net loss attributable to non-controlling interests in Bridge Investment Group Holdings LLC	$	(16,560)	$	(79,900)

Net (Loss) Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net loss attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $25.3 million and net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $(0.7) million during the years ended December 31, 2024 and 2023, respectively.

On January 1, 2023, certain of the Company’s 2020 profits interests awards were collapsed into 801,927 shares of our Class A common stock and 2,025,953 Class A Units. On July 1, 2023, certain of the Company’s 2021 profits interests awards were collapsed into 489,407 shares of our Class A common stock and 2,429,453 Class A Units. The 2020 and 2021 profits interests were collapsed based on their then-current fair values and the relative value of the Company, based on Distributable Earnings (as defined subsequently) attributable to the Operating Company, Distributable Earnings of the applicable subsidiary where such profits interests are currently held, and the market price of our Class A common stock, in each case as of the date of the collapse. This resulted in a decrease in net income attributable to non-controlling interests for the applicable periods; however, there was also a corresponding increase in the aggregate number of outstanding Class A Units at the Operating Company and shares of our Class A common stock.

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

Revenues


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2023		2022
Revenues:
Fund management fees	$	230,572	$	221,584	$	8,988	4	%
Property management and leasing fees	77,704		76,210		1,494		2	%
Construction management fees	11,607		10,973		634		6	%
Development fees	2,919		4,688		(1,769)		(38	%)
Transaction fees	20,466		56,205		(35,739)		(64	%)
Fund administration fees	17,483		15,031		2,452		16	%
Insurance premiums	18,086		12,856		5,230		41	%
Other asset management and property income	11,811		11,502		309		3	%
Total revenues	$	390,648	$	409,049	$	(18,401)	(4	%)

Fund Management Fees. Our fee-earning AUM increased by $0.1 billion, or 0.7%, exclusive of the Newbury Acquisition, from December 31, 2022 to December 31, 2023. Our weighted-average management fee, which varies largely due to the size of investor commitments, was 1.35% as of December 31, 2023 compared to 1.50% as of December 31, 2022. The decrease in the weighted-average management fee from December 31, 2022 was partially attributed to the Newbury Acquisition as these secondary funds generally have a lower weighted-average management fee range than other Bridge-sponsored funds.

Fund management fees increased by $9.0 million, or 4%, primarily attributed to the Newbury Acquisition, deployment by Bridge Debt Strategies Fund IV, whose fees are primarily based on invested capital, and the timing of capital raising for funds launched in 2022 and 2023. These factors contributed an additional $51.3 million of fund management fees for the year ended December 31, 2023 compared to the year ended December 31, 2022. These increases were partially offset by decreases of $35.7 million largely due to the timing of one-time catch-up fees, reductions in fee-earning AUM attributed to asset realizations and from the conversion of certain funds management fee basis from committed to invested capital, and the recognition of $6.6 million of credit loss reserves attributed to unfavorable market conditions in BOF I, and certain related joint ventures, during 2023.

Included in fund management fees are one-time catch-up fees of $2.8 million for the year ended December 31, 2023, which were primarily related to Bridge Multifamily Fund V and Bridge Opportunity Zone Fund V, compared to one-time catch-up fees of $28.6 million for the year ended December 31, 2022, which were primarily attributed to the timing of capital raising for Bridge Multifamily Fund V, Bridge Workforce and Affordable Housing Fund II, and Bridge Debt Strategies Fund IV. The following chart presents the composition of our fund management fees for the year ended December 31, 2023 and 2022 (dollar amounts in millions)(1):

(1)Fund management fees for the year ended December 31, 2022 excludes fees for funds launched subsequent to such date.

Property Management and Leasing Fees. Property management and leasing fees increased by $1.5 million, or 2%, primarily due to an approximate 8% increase in the number of properties managed, which was primarily workforce and affordable housing properties.

Construction Management Fees. Construction management fees increased by $0.6 million, or 6%, primarily due to commercial office, seniors housing, and logistics properties completing more value-add construction.

Development Fees. Development fees decreased by $1.8 million, or 38%, primarily due to the timing of projects.

Transaction Fees. Transaction fees decreased by $35.7 million, or 64%, primarily driven by a $30.5 million decrease in due diligence fees attributed to a slowdown in the deployment of capital primarily related to our equity funds during the year ended December 31, 2023 driven by general macroeconomic trends. The remaining $5.2 million decrease was related to a reduction of debt origination fees, which was driven by lower deployment of capital in our equity funds.

Fund Administration Fees. Fund administration fees increased $2.5 million, or 16%, primarily due to the increase in fee-earning AUM.

Insurance Premiums. Insurance premiums increased by $5.2 million, or 41%, largely due to the increase in AUM and higher property and general liability premiums.

Other Asset Management and Property Income. Other asset management and property income increased by $0.3 million, or 3%, primarily due to an increase in ancillary fees during 2023, which were partially offset by a reduction in additional management fees related to the final closing of Bridge Workforce Fund II in 2022 that were non-recurring.

68Investment Income

Investment income


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2023		2022
Investment income (loss):
Incentive fees	$	41	$	—	$	41	—	%
Performance allocations:
Realized	41,102		69,280		(28,178)		(41	%)
Unrealized	(172,730)		115,175		(287,905)		(250	%)
Earnings from investments in real estate	752		2,169		(1,417)		(65	%)
Total investment income (loss)	$	(130,835)	$	186,624	$	(317,459)	(170	%)

	Year Ended December 31,				Amount Change		%Change
(in thousands)	2023		2022
Investment (loss) income:
Incentive fees	$	41	$	—	$	41	—	%
Performance allocations:
Realized	41,102		69,280		(28,178)		(41)	%
Unrealized	(172,730)		115,175		(287,905)		(250)	%
Earnings from investments in real estate	752		2,169		(1,417)		(65)	%
Total investment (loss) income	$	(130,835)	$	186,624	$	(317,459)	(170)	%

Performance Allocations. Net performance allocations decreased by $316.1 million, or 171%. The following table reflects our carried interest and incentive fees by fund (in thousands):


	Year Ended December 31, 2023				Year Ended December 31, 2022
	Realized		Unrealized		Realized		Unrealized
BMF III GP	$	20,324	$	(63,990)	$	55,884	$	(31,217)
BMF IV GP	—		(48,419)		—		111,598
BWH I GP	—		(22,439)		—		24,834
BDS III GP	10,839		(18,358)		9,780		(18,230)
BOF II GP	—		(14,388)		—		9,003
BWH II GP	—		(13,774)		—		7,433
BDS II GP	17		(7,969)		3,123		(5,675)
BSFR IV GP	—		(5,364)		—		17,035
BLV I GP	—		(1,852)		—		1,852
BOF I GP	—		—		—		(65)
BAMBS GP	—		326		—		(863)
BSH III GP	—		446		—		451
NEP V GP(1)	—		460		—		—
BNLI GP	—		2,121		—		2,582
BMF CV GP	—		10,127		—		—
BDS IV GP	9,922		10,343		493		(3,563)
Total	$	41,102	$	(172,730)	$	69,280	$	115,175

For the years ended December 31, 2023 and 2022, the realized performance allocations were primarily related to timing of dispositions in Bridge Multifamily Fund III, including the recapitalization of assets into a continuation vehicle in July 2023, and the timing of tax distributions in Bridge Debt Strategies Funds II, III and IV between periods.

The unrealized performance (loss) income allocation is recorded one quarter in arrears due to timing of the information provided by the funds and third-party entities unless information is available on a more timely basis, and as such the performance allocation (loss) income for the years ended December 31, 2023 and 2022 reflects asset valuations as of September 30, 2023 and 2022, respectively. For the year ended December 31, 2023, the decrease in unrealized performance allocations was largely due to the recapitalization of assets from Bridge Multifamily Fund III into a continuation vehicle that closed in July 2023, market depreciation from properties within our multifamily, workforce and affordable housing funds, commercial office and credit funds, and includes the reversal of realized performance allocation income during the period. For the year ended December 31, 2022, the unrealized performance allocations were largely due to market appreciation, including from Bridge Net Lease Income Fund and Bridge Logistics U.S. Venture I that launched in 2021, and Bridge Single-Family Rental Fund IV that launched in 2022. These increases were partially offset by the reversal of realized performance allocations income attributed to dispositions in Bridge Multifamily Fund III and tax distributions in Bridge Debt Strategies Funds II and III.

Earnings From Investments In Real Estate. Earnings from investments in real estate decreased by $1.4 million, or 65%, primarily due to timing of distributions from certain investments.

Expenses


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2023		2022
Expenses:
Employee compensation and benefits	$	220,869	$	196,629	$	24,240	12	%
Incentive fee compensation	4		—		4		—	%
Performance allocations compensation:
Realized	7,779		4,396		3,383		77	%
Unrealized	(10,570)		24,870		(35,440)		(143	%)
Loss and loss adjustment expenses	11,851		6,520		5,331		82	%
Third-party operating expenses	21,990		25,675		(3,685)		(14	%)
General and administrative expenses	54,201		41,070		13,131		32	%
Depreciation and amortization	16,360		2,936		13,424		457	%
Total expenses	$	322,484	$	302,096	$	20,388	7	%

	Year Ended December 31,				Amount Change		% Change
(in thousands)	2023		2022
Expenses:
Employee compensation and benefits	$	220,869	$	196,629	$	24,240	12	%
Incentive fee compensation	4		—		4		—	%
Performance allocations compensation:
Realized	7,779		4,396		3,383		77	%
Unrealized	(10,570)		24,870		(35,440)		(143)	%
Loss and loss adjustment expenses	11,851		6,520		5,331		82	%
Third-party operating expenses	21,990		25,675		(3,685)		(14)	%
General and administrative expenses	54,201		41,070		13,131		32	%
Depreciation and amortization	16,360		2,936		13,424		457	%
Total expenses	$	322,484	$	302,096	$	20,388	7	%

Employee Compensation and Benefits. Employee compensation and benefits increased by $24.2 million, or 12%, largely due to a net increase of $15.6 million in salaries and benefits attributed to higher headcount driven by the increase in our AUM and the number of Bridge-sponsored funds, which was partially offset by a reduction in bonus expense. An additional increase of $8.7 million was attributed to Restricted Stock and RSU awards granted in January 2023 and the additional expense related to the 2022 profits interests awards that were granted in the third quarter of 2022 and the 2023 profits interests awards that were granted in the first quarter of 2023.

Performance ~~Allocation~~Allocations Compensation. Performance ~~allocation~~allocations compensation decreased by $32.1 million, or 110%, primarily due to a $35.4 million decrease in unrealized performance ~~allocation~~allocations compensation and an increase of $3.4 million related to realized performance ~~allocation~~allocations awards, which is directly correlated to the decrease in our performance allocation (loss) income during the year ended December 31, 2023 compared to the performance allocation income during the year ended December 31, 2022.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses increased by $5.3 million, or 82%, primarily related to losses incurred or paid related to rising costs and the property losses which are subject to stop loss amounts during the year ended December 31, 2023 compared to the year ended December 31, 2022, and is correlated with an increase in insurance premiums.

Third-party Operating Expenses. Third-party operating expenses decreased by $3.7 million, or 14%, primarily due to a reduction in operating expenses related to the number of seniors housing properties managed, coupled with a decrease in leasing commissions.

General and Administrative Expenses. General and administrative expenses increased by $13.1 million, or 32%, primarily due to $3.6 million of transaction costs incurred related to the Newbury Acquisition, $4.0 million of consolidated fund-level expenses, and $2.1 million of credit losses related to BOF I recognized during the fourth quarter of 2023, with the remaining net increase of $3.5 million largely attributed to lease termination costs for one of our corporate offices, severance costs related to a reduction in force, and other expenses correlated with the increase in AUM and the number of properties managed.

Depreciation and Amortization. Depreciation and amortization increased by $13.4 million, or 457%, primarily attributed to additional amortization for intangibles acquired as part of the Newbury Acquisition.

~~Other income (expense)~~80

	Year Ended December 31,				Amount Change		% Change
(in thousands)	2023		2022
Other (expense) income
Realized and unrealized gains (losses), net	$	(6,381)	$	4,215	$	(10,596)	(251)	%
Interest income	18,380		7,867		10,513		134	%
Other (expense) income, net	(2,112)		1,246		(3,358)		270	%
Interest expense	(28,495)		(12,340)		(16,155)		131	%
Total other (expense) income	$	(18,608)	$	988	$	(19,596)	(1983)	%

Other Income (Expense)


	Year Ended December 31,				Amount Change		% Change
(in thousands)	2023		2022
Other income (expense)
Investment income	$	(6,381)	$	4,215	$	(10,596)	(251	%)
Interest income	18,380		7,867		10,513		134	%
Other income (expense), net	(2,112)		1,246		(3,358)		(270	%)
Interest expense	(28,495)		(12,340)		(16,155)		131	%
Total other income	$	(18,608)	$	988	$	(19,596)	(1983	%)

Realized and Unrealized Gains (Losses), Net. Net realized and unrealized gains (losses) decreased by $10.6 million, or 251%, for the year ended December 31, 2023, largely due to unrealized losses on other investments, including those acquired in the Newbury Acquisition, during 2023 compared to unrealized appreciation recognized on other investments during 2022 and a realized loss of $1.9 million related to the redemption of our investment in the Bridge Agency MBS Fund in July 2023, and includes the reversal of the unrealized losses related to the investment.

Interest Income. Interest income increased by $10.5 million, or 134%, largely due to the timing of distribution income for interests acquired in the Newbury Acquisition, the timing of short-term borrowings by Bridge-sponsored funds, as well as an increase in the interest rate earned on the weighted-average outstanding cash and cash equivalents between periods.

Other (Expense) Income, Net. Net other (expense) income decreased by $3.4 million, or 270%, which was attributed to changes in the TRA liability during 2023 compared to 2022.

Interest Expense. Interest expense increased by $16.2 million, or 131%, primarily due to the $150.0 million of 2022 Private Placement Notes that funded in July 2022, which have a weighted-average interest rate of 5.05%, $150.0 million of 2023 Private Placement Notes that funded in March 2023, which have a weighted-average interest rate of 6.01%, and the outstanding balance on the Credit Facility during 2023.

Income tax expense

Income tax expense decreased by $16.1 million, or 72%, primarily due to a net loss for the year ended December 31, 2023 compared to net income for the year ended December 31, 2022, which was largely attributed to investment (loss) income recognized during the respective periods.

For the year ended December 31, 2023, our effective tax was (7.53)% compared to 7.53% for the year ended December 31, 2022. The negative effective tax rate during 2023 was largely due to investment losses in the period and as a result of our organizational structure as a holding company, whose principal asset is a controlling financial interest in the Operating 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.

7181

	Year Ended December 31,
	2023		2022
(in thousands)	2023		2022
Non-controlling interests related to General Partners - realized	$	20,185	$	39,320
Non-controlling interests related to General Partners — realized	$	20,185	$	39,320
Non-controlling interests related to General Partners - unrealized	(96,291)		42,861
Non-controlling interests related to General Partners — unrealized	(96,291)		42,861
Non-controlling interests related to Fund Managers	(4,612)		(4,332)
Non-controlling interests related to 2019 profits interests awards	515		388
Non-controlling interests related to 2020 profits interests awards	123		4,619
Non-controlling interests related to 2021 profits interests awards	180		5,285
Net (loss) income attributable to non-controlling interests in Bridge Investment Group Holdings LLC	$	(79,900)	$	88,141

Net (Loss) Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net loss attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $0.7 million and net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $157.0 million during the years ended December 31, 2023 and 2022, respectively.

Year Ended December 31, 2022 Compared to Year Ended December 31, 2021

Revenues

	Year Ended December 31,				AmountChange		%Change
(in thousands)	2022		2021
Revenues:
Fund management fees	$	221,584	$	155,928	$	65,656	42	%
Property management and leasing fees	76,210		69,654		6,556		9	%
Construction management fees	10,973		8,292		2,681		32	%
Development fees	4,688		3,703		985		27	%
Transaction fees	56,205		75,073		(18,868)		(25	%)
Fund administration fees	15,031		—		15,031		—	%
Insurance premiums	12,856		10,051		2,805		28	%
Other asset management and property income	11,502		7,313		4,189		57	%
Total revenues	$	409,049	$	330,014	$	79,035	24	%

Fund Management Fees. Our fee-earning AUM increased by 30% from approximately $13.4 billion as of December 31, 2021 to $17.3 billion as of December 31, 2022. However, our weighted-average management fee, which varies largely due to the size of investor commitments, decreased from 1.54% as of December 31, 2021 to 1.50% as of December 31, 2022.

The 30% increase in our fee-earning AUM resulted in an increase in fund management fees of $65.7 million, or 42%, largely due to the launch of new funds, including Bridge Opportunity Zone Fund IV, Bridge Multifamily Fund V, Bridge Net Lease Income Fund, and Bridge Logistics U.S. Venture I, all of which launched in 2021, and Bridge Opportunity Zone Fund V and Bridge Single-Family Rental Fund IV, both of which launched in 2022. These six funds contributed an additional $50.6 million of fund management fees for the year ended December 31, 2022 compared to the year ended December 31, 2021. Increased fee-earning AUM was also attributable to capital raises in our other funds, primarily driven by Bridge Workforce and Affordable Housing Fund II and Bridge Debt Strategies Fund IV, which generated an additional $24.1 million of management fees. These increases in fund management fees were partially offset by reductions in fee-earning AUM, which led to an $8.0 million decrease in fund management fees primarily attributed to Bridge Debt Strategies Funds II and III and Bridge Multifamily Fund III.

Included in fund management fees are one-time catch up fees of $28.6 million for the year ended December 31, 2022 compared to one-time catch up fees of $15.5 million for the year ended December 31, 2021, which was primarily attributed to Bridge Workforce and Affordable Housing Fund II, which launched in 2020, and Bridge Multifamily Fund V, which launched in 2021. The following chart presents the composition of our fund management fees for the years ended December 31, 2022 and 2021 (dollar amounts in millions)(1):

(1)Fund management fees for the year ended December 31, 2021 excludes fees for funds launched subsequent to such date.

Property Management and Leasing Fees. Property management and leasing fees increased by $6.6 million, or 9%, primarily due to the acquisition of the SFR property management business as part of the GBC Acquisition, and an increase in the number of multifamily, workforce and affordable housing, and seniors housing properties under management. These increases were partially offset by a reduction in leasing fees recognized in 2021 from commercial real estate in the Atlanta region, which did not reoccur in 2022.

Transaction Fees. Transaction fees decreased by $18.9 million, or 25%, primarily driven by the slowdown in commercial real estate transactions in the second half of 2022, which has primarily been attributed to volatility in the debt capital markets.

Fund Administration Fees. Fund administration fees were $15.0 million during the year ended December 31, 2022, which were attributed to services the Company began providing on January 1, 2022.

Insurance Premiums. Insurance premiums increased by $2.8 million, or 28%, largely due to the increase in AUM.

Other Asset Management and Property Income. Other asset management and property income increased by $4.2 million, or 57%, primarily due to an increase in other income driven by the growth in AUM.

Investment Income

	Year Ended December 31,				AmountChange		%Change
(in thousands)	2022		2021
Investment (loss) income:
Incentive fees	$	—	$	2,469	$	(2,469)	(100	%)
Performance allocations:
Realized	69,280		80,970		(11,690)		(14	%)
Unrealized	115,175		248,647		(133,472)		(54	%)
Earnings from investments in real estate	2,169		2,132		37		2	%
Total investment (loss) income	$	186,624	$	334,218	$	(147,594)	(44	%)

Performance Allocations. Net performance allocations decreased by $145.2 million, or 79%. The following table reflects our carried interest and incentive fees by fund (in thousands):

	Year Ended December 31, 2022				Year Ended December 31, 2021
	Realized		Unrealized		Realized		Unrealized
BMF IV GP	$	—	$	111,598	$	—	$	139,571
BWH I GP	—		24,834		—		58,728
BSFR IV GP	—		17,035		—		—
BOF II GP	—		9,003		—		2,777
BWH II GP	—		7,433		—		6,341
BNLI GP	—		2,582		—		—
BLV I GP	—		1,852		—		—
BSH III GP	—		451		—		—
BDS I GP	—		—		—		35
BOF I GP	—		(65)		—		(17,140)
BAMBS GP	—		(863)		—		(40)
BDS IV GP	493		(3,563)		—		3,070
BDS II GP	3,123		(5,675)		96		23,637
BDS III GP	9,780		(18,230)		20,366		31,413
BMF III GP	55,884		(31,217)		60,508		255
Total	$	69,280	$	115,175	$	80,970	$	248,647

The unrealized performance income allocation is recorded one quarter in arrears, and as such the performance allocation income for the years ended December 31, 2022 and 2021 reflects asset valuations as of September 30, 2022 and 2021, respectively. For the years ended December 31, 2022 and 2021, the decrease in unrealized performance allocations was largely due to the reversal of realized performance allocations income attributed to dispositions in Bridge Multifamily Fund III and Bridge Debt Strategies Funds II and III. However, these decreases were partially offset by market appreciation from funds launched in recent years, including Bridge Net Lease Income Fund and Bridge Logistics U.S. Venture I launched in 2021, and Bridge Single-Family Rental Fund IV launched in January 2022.

Fair value of the accrued performance allocations 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.

	Year Ended December 31,				AmountChange		%Change
(in thousands)	2022		2021
Expenses:
Employee compensation and benefits	$	196,629	$	142,707	$	53,922	38	%
Incentive fee compensation	—		215		(215)		(100	%)
Performance allocations compensation:
Realized	4,396		6,611		(2,215)		(34	%)
Unrealized	24,870		31,069		(6,199)		(20	%)
Loss and loss adjustment expenses	6,520		8,075		(1,555)		(19	%)
Third-party operating expenses	25,675		33,427		(7,752)		(23	%)
General and administrative expenses	41,070		24,815		16,255		66	%
Depreciation and amortization	2,936		2,830		106		4	%
Total expenses	$	302,096	$	249,749	$	52,347	21	%

Employee Compensation and Benefits. Employee compensation and benefits increased by $53.9 million, or 38%, largely due to a $43.3 million increase in salaries, bonuses and benefits attributed to higher headcount driven by the increase in our AUM and the number of Bridge-sponsored funds, including the launch of the SFR platform upon consummation of the GBC Acquisition in January 2022. An additional increase of $10.6 million was attributed to the timing of the share-based compensations awards during 2022 and 2021, including the Restricted Stock and RSUs that were issued concurrent with the IPO in July 2021, the Restricted Stock and RSUs granted in January 2022, and the 2022 profits interests awards granted in the third quarter of 2022, which were partially offset by a reduction in share-based compensation expense attributed to the anti-dilutive shares associated with the 2021 profits interests awards that were fully vested upon issuance in the second quarter of 2021.

Performance Allocation Compensation. Performance allocation compensation decreased by $8.4 million, or 22%, primarily due to a $6.2 million decrease in unrealized performance allocation compensation and a decrease of $2.2 million related to realized performance allocation compensation, which is directly correlated to the decrease in our performance allocations income during the year ended December 31, 2022 compared to the year ended December 31, 2021.

Loss and Loss Adjustment Expenses. Loss and loss adjustment expenses decreased by $1.6 million, or 19%, primarily due to tenant, workers compensation, and general liability losses incurred or paid due to favorable claims history during the year ended December 31, 2022 compared to year ended December 31, 2021.

Third-party Operating Expenses. Third-party operating expenses decreased by $7.8 million, or 23%, primarily due to leasing commissions from commercial real estate in the Atlanta region during 2021, which did not reoccur in 2022.

General and Administrative Expenses. General and administrative expenses increased by $16.3 million, or 66%, primarily due to an increase in insurance, professional services, software licensing fees and travel costs correlated to the increase in AUM, costs associated with being a publicly traded company following our IPO in July 2021, and costs associated with strategic acquisition activity.

Other Income (Expense)

	Year Ended December 31,				AmountChange		%Change
(in thousands)	2022		2021
Other income (expense)
Investment income	$	4,215	$	9,368	$	(5,153)	(55	%)
Interest income	7,867		3,265		4,602		141	%
Other income (expense), net	1,246		(1,723)		2,969		(172	%)
Interest expense	(12,340)		(8,504)		(3,836)		45	%
Total other income	$	988	$	2,406	$	(1,418)	(59	%)

Realized and Unrealized Gains (Losses), Net. Realized and unrealized gains (losses), net decreased by $5.2 million, or 55%, for the year ended December 31, 2022, primarily due to the timing of realizations and unrealized appreciation recognized on certain other investments.

Interest Income. Interest income increased by $4.6 million, or 141%, largely due to the timing of short-term borrowings by the funds and additional interest income driven by the increase in interest rates and in the weighted-average outstanding cash and cash equivalents between periods.

Other Income (Expense), Net. Other income (expense), net increased by $3.0 million, or 172%, which was attributed to changes in the TRA.

Interest Expense. Interest expense increased by $3.8 million, or 45%, due to the $150 million of private placement notes that funded in July 2022, which have a weighted-average interest rate of 5.05%.

Net income from non-controlling interests

Net Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings LLC. Net income attributable to non-controlling interests in Bridge Investment Group Holdings LLC comprises non-controlling interests related to the Operating Company’s subsidiaries and to our profits interests programs. The following table summarizes the allocation of net income to the non-controlling interests in the Operating Company (in thousands):

	Year Ended December 31,
(in thousands)	2022		2021
Non-controlling interests related to General Partners - realized	$	39,320	$	23,056
Non-controlling interests related to General Partners - unrealized	42,861		96,380
Non-controlling interests related to Fund Managers	(4,332)		5,904
Non-controlling interests related to 2019 profits interests awards	388		24,886
Non-controlling interests related to 2020 profits interests awards	4,619		2,512
Non-controlling interests related to 2021 profits interests awards	5,285		3,184
Total	$	88,141	$	155,922

Net Income Attributable to Non-Controlling Interests in Bridge Investment Group Holdings Inc. Net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. was $157.0 million and $111.5 million during the years ended December 31, 2022 and 2021, respectively.

On January 1, 2022, our 2019 profits interests awards were collapsed into 790,424 shares of our Class A common stock and 13,255,888 Class A Units in the Operating Company.

Non-GAAP financial measures

We use non-GAAP financial measures, such as Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Fee Related Expenses, to supplement financial information presented in accordance with GAAP. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Fee Related Revenues and Fee Related Expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our Fee Related Earnings. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons.

There are limitations to the use of the non-GAAP financial measures presented in this report. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for measures prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each of Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Fee Related Expenses to its most directly comparable GAAP financial measure are presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.

Distributable Earnings. Distributable Earnings is a key performance measure used in our industry and is evaluated regularly by management in making resource deployment and compensation decisions, and in assessing our performance. We believe that reporting Distributable Earnings is helpful to understanding our business and that investors should review the same supplemental financial measure that management uses to analyze our performance.

Distributable Earnings differs from net income before the provision for income taxes, computed in accordance with GAAP, in that it does not include depreciation and amortization, income (loss) from consolidated Bridge-sponsored funds, unrealized performance allocations and related compensation expense, unrealized gains (losses), share-based compensation, cash net income attributable to non-controlling interests, charges (credits) related to corporate actions and non-recurring items. Such items, where applicable, include: charges associated with acquisitions or strategic investments, changes in the TRA liability, corporate conversion costs, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance. Distributable Earnings is not a measure of performance calculated in accordance with GAAP. Although we believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance, the use of Distributable Earnings without consideration of the related GAAP measures is not adequate due to the adjustments described herein. This measure supplements and should be considered in addition to and not in lieu of the results of operations discussed further under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations” prepared in accordance with GAAP. Our calculations of Distributable Earnings may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers.

Fee Related Earnings. Fee Related Earnings is a supplemental performance measure used to assess our ability to generate profits from fee-based revenues that are measured and received on a recurring basis. Fee Related Earnings differs from net income (loss) before provision for income taxes, computed in accordance with GAAP in that it adjusts for the items included in the calculation of Distributable Earnings, and also adjusts Distributable Earnings to exclude realized performance allocations income and related compensation expense, net insurance income, earnings from investments, net ~~insurance income, earnings from investments, net~~ interest (interest income less interest expense), net realized gain (loss), income (loss) from consolidated fund investments, and, if applicable, certain general and net administrative expenses when the timing of any future payment is uncertain. Fee Related Earnings is not a measure of performance calculated in accordance with GAAP. The use of Fee Related Earnings without consideration of the related GAAP measures is not adequate due to the adjustments described herein. Our calculations of Fee Related Earnings may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. During 2024, we revised our definition of Fee Related Earnings to account for the impact of fee related performance revenue related to our open-end funds, which have become more meaningful to our results of operations. However, this does not impact historical performance measures as no such fees have yet been realized, and therefore the revised definition will only effect Fee Related Earnings on a prospective basis.

Fee Related Revenues. Fee Related Revenues is a component of Fee Related Earnings. Fee Related Revenues includes fund management fees, transaction fees net of any third-party operating expenses, ~~net~~fee ~~earnings~~related ~~from~~performance ~~Bridge~~revenue ~~property~~net ~~operators,~~of ~~development~~fee ~~fees,~~related ~~and~~performance ~~other~~compensation, ~~asset~~net ~~management and property income. Net~~ earnings from Bridge property operators ~~is calculated as a summation of property management~~, ~~leasing~~development fees, ~~and~~fund ~~construction~~administration ~~management~~ fees ~~less third-party operating expenses and property operating expenses. Property operating expenses is calculated as a summation of employee compensation and benefits~~, ~~general~~ and ~~administrative~~other ~~expenses~~asset ~~and~~management ~~interest expense at our property operators. We believe our vertical integration enhances returns to our shareholders~~ and ~~fund investors, and we view the net earnings from Bridge~~ property operators as part of our fee related revenue as these services are provided to essentially all of the real estate properties in our equity funds. Net earnings from Bridge property operators is a metric that is included in management’s review of our business. Please refer to the reconciliation below to the comparable line items on the consolidated and combined statements of operations. Fee Related Revenues differs from revenue computed in accordance with GAAP in that it excludes insurance premiums and income ~~(loss) from consolidated fund investments~~. ~~Additionally, Fee Related Revenues is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds.~~

77Fee related performance revenue comprises performance-based fees earned by our general partners from open-end funds. These fees are generally based on the investment returns, subject to preferred returns and/or high-watermarks, for the applicable measurement period of the open-end fund. Fee related performance revenues are measured and eligible to be received on a recurring basis and are not dependent on realization events from the underlying investments.

Fee Related Expenses. Fee Related Expenses is a component of Fee Related Earnings. Fee Related Expenses differs from expenses computed in accordance with GAAP in that it does not include incentive fee compensation, performance allocations compensation, share-based compensation, loss and loss adjustment expenses associated with our insurance business, depreciation and amortization, or charges (credits) related to corporate actions and non-recurring items, expenses from consolidated fund investments, and expenses attributable to non-controlling interests in consolidated entities. Additionally, Fee Related Expenses is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds. Fee Related Expenses are used in management’s review of the business. Please refer to the reconciliation below to the comparable line items on the consolidated and combined statements of operations. 83

Net earnings from Bridge property operators is calculated as a summation of property management, leasing fees and construction management fees less third-party operating expenses and property operating expenses. Property operating expenses is calculated as a summation of employee compensation and benefits, general and administrative expenses and interest expense at our property operators. We believe our vertical integration enhances returns to our shareholders and fund investors, and we view the net earnings from Bridge property operators as part of our fee related revenue as these services are provided to essentially all of the real estate properties in our equity funds. Net earnings from Bridge property operators is a metric that is included in management’s review of our business. Please refer to the reconciliation below to the comparable line items on the consolidated statements of operations. Fee Related Revenues differs from revenue computed in accordance with GAAP in that it excludes insurance premiums and income (loss) from consolidated fund investments. Additionally, Fee Related Revenues is reduced by the costs associated with our property operations, which are managed internally in order to enhance returns to the Limited Partners in our funds.

Fee Related Revenues and Fee Related Expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our Fee Related Earnings.

(Loss) income before provision for income taxes is the GAAP financial measure most comparable to Distributable Earnings and Fee Related Earnings. The following table sets forth a reconciliation of net income to Distributable Earnings attributable to the Operating Company and to Total Fee Related Earnings attributable to the Operating Company for the years ended December 31, 2023, 2022, and 2021 (in thousands):84

	Year Ended December 31,
	2023		2022		2021
Net (loss) income	$	(87,406)	$	272,370	$	408,627
Income tax expense	6,127		22,195		8,262
(Loss) income before provision for income taxes	(81,279)		294,565		416,889
Depreciation and amortization	16,360		2,936		2,830
Impact of fund consolidation	3,857		—		—
Less: Unrealized performance allocations	172,730		(115,175)		(248,647)
Plus: Unrealized performance allocations compensation	(10,570)		24,870		31,069
Less: Unrealized (gains) losses, net	5,274		(4,249)		(9,367)
Plus: Other (income) expenses, net	2,112		(1,246)		1,723
Plus: Share-based compensation	40,828		32,144		21,508
Plus: Transaction and non-recurring costs(1)	8,760		—		—
Less: Cash income attributable to non-controlling interests in subsidiaries	(3,394)		(6,603)		(36,486)
Less: Net realized performance allocations attributable to non-controlling interests	(20,185)		(39,320)		(23,056)
Distributable Earnings attributable to the Operating Company	134,493		187,922		156,463
Realized performance allocations and incentive fees	(41,143)		(69,280)		(83,439)
Realized performance allocations and incentive fees compensation	7,783		4,396		6,826
Net realized performance allocations to non-controlling interests	20,185		39,320		23,056
Net insurance (income) loss	(6,235)		(6,336)		(1,976)
(Earnings) losses from investments in real estate	(752)		(2,169)		(2,132)
Net investment and interest (income) expense and realized (gain) loss	16,213		4,472		5,165
Plus: Fee related income attributable to non-controlling interests in subsidiaries	(1,066)		6,603		36,486
Total Fee Related Earnings	129,478		164,928		140,449
Total Fee Related Earnings attributable to non-controlling interests	1,066		(6,603)		(36,486)
Total Fee Related Earnings attributable to the Operating Company	$	130,544	$	158,325	$	103,963

Income (loss) before provision for income taxes is the GAAP financial measure most comparable to Distributable Earnings and Fee Related Earnings. The following table sets forth a reconciliation of net income (loss) to Distributable Earnings attributable to the Operating Company and to Total Fee Related Earnings attributable to the Operating Company for the years ended December 31, 2024, 2023, and 2022 (in thousands):

(1) Transaction costs and non-recurring expenses represent transaction costs related to the Newbury Acquisition, lease termination costs related to one of our corporate offices, severance, and credit losses for property reimbursement receivables from BOF I.


	Year Ended December 31,
	2024		2023		2022
Net income (loss)	$	16,716	$	(87,406)	$	272,370
Income tax expense	1,496		6,127		22,195
Income (loss) before provision for income taxes	18,212		(81,279)		294,565
Depreciation and amortization	19,872		16,360		2,936
Impact of fund consolidation	(3,232)		3,857		—
Less: Unrealized performance allocations	42,433		172,730		(115,175)
Plus: Unrealized performance allocations compensation	4,059		(10,570)		24,870
Less: Unrealized (gains) losses, net	10,350		5,274		(4,249)
Plus: Other (income) expenses, net	1,437		2,112		(1,246)
Plus: Share-based compensation	48,238		40,828		32,144
Plus: Transaction and non-recurring costs(1)	4,675		8,760		—
Less: Cash income attributable to non-controlling interests in subsidiaries	(8,577)		(3,394)		(6,603)
Less: Net realized performance allocations attributable to non-controlling interests	(9,026)		(20,185)		(39,320)
Distributable Earnings attributable to the Operating Company	128,441		134,493		187,922
Realized performance allocations and incentive fees	(43,007)		(41,143)		(69,280)
Realized performance allocations and incentive fees compensation	23,545		7,783		4,396
Net realized performance allocations to non-controlling interests	9,026		20,185		39,320
Net insurance (income) loss	154		(6,235)		(6,336)
(Earnings) losses from investments in real estate	—		(752)		(2,169)
Net investment and interest (income) expense and realized (gain) loss	18,427		16,213		4,472
Plus: Fee related income attributable to non-controlling interests in subsidiaries	492		(1,066)		6,603
Total Fee Related Earnings	137,078		129,478		164,928
Total Fee Related Earnings attributable to non-controlling interests	(492)		1,066		(6,603)
Total Fee Related Earnings attributable to the Operating Company	$	136,586	$	130,544	$	158,325

78(1) Transaction costs and non-recurring expenses represent transaction costs related to the Newbury Acquisition, severance and additional credit loss reserves written off related to BOF I as well as lease termination costs recognized in 2023 related to one of our corporate offices.

~~The following table sets forth our total Fee Related Earnings and Distributable Earnings for the years ended December 31, 2023, 2022, and 2021 (in thousands):~~85

	Year Ended December 31,
	2023		2022		2021
Fund-level fee revenues
Fund management fees	$	230,827	$	221,584	$	155,928
Transaction fees	20,466		56,205		75,073
Total net fund-level fee revenues	251,293		277,789		231,001
Net earnings from Bridge property operators	11,103		10,504		11,519
Development fees	2,919		4,688		3,703
Fund administration fees	17,810		15,031		—
Other asset management and property income	11,814		11,502		7,313
Fee Related Revenues	294,939		319,514		253,536
Cash-based employee compensation and benefits	(139,664)		(126,252)		(96,114)
Net administrative expenses	(25,797)		(28,334)		(16,973)
Fee Related Expenses	(165,461)		(154,586)		(113,087)
Total Fee Related Earnings	129,478		164,928		140,449
Total Fee Related Earnings attributable to non-controlling interests	1,066		(6,603)		(36,486)
Total Fee Related Earnings to the Operating Company	130,544		158,325		103,963
Realized performance allocations and incentive fees	41,143		69,280		83,439
Realized performance allocations and incentive fees compensation	(7,783)		(4,396)		(6,826)
Net realized performance allocations attributable to non-controlling interests	(20,185)		(39,320)		(23,056)
Net insurance income	6,235		6,336		1,976
Earnings from investments in real estate	752		2,169		2,132
Net investment and interest income (expense) and realized gain (loss)	(16,213)		(4,472)		(5,165)
Distributable Earnings attributable to the Operating Company	$	134,493	$	187,922	$	156,463

The following table sets forth our total Fee Related Earnings and Distributable Earnings for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Fund-level fee revenues
Fund management fees	$	245,781	$	230,827	$	221,584
Fee related performance revenue	6,214		—		—
Transaction fees	27,507		20,466		56,205
Total net fund-level fee revenues	279,502		251,293		277,789
Net earnings from Bridge property operators	7,961		11,103		10,504
Development fees	3,377		2,919		4,688
Fund administration fees	18,059		17,810		15,031
Other asset management and property income	15,254		11,814		11,502
Fee Related Revenues	324,153		294,939		319,514
Cash-based employee compensation and benefits	(162,416)		(139,664)		(126,252)
Net administrative expenses	(24,659)		(25,797)		(28,334)
Fee Related Expenses	(187,075)		(165,461)		(154,586)
Total Fee Related Earnings	137,078		129,478		164,928

Total Fee Related Earnings attributable to non-controlling interests	(492)		1,066		(6,603)
Total Fee Related Earnings to the Operating Company	136,586		130,544		158,325
Realized performance allocations and incentive fees	43,007		41,143		69,280
Realized performance allocations and incentive fees compensation	(23,545)		(7,783)		(4,396)
Net realized performance allocations attributable to non-controlling interests	(9,026)		(20,185)		(39,320)
Net insurance income	(154)		6,235		6,336
Earnings from investments in real estate	—		752		2,169
Net investment and interest income (expense) and realized gain (loss)	(18,427)		(16,213)		(4,472)
Distributable Earnings attributable to the Operating Company	$	128,441	$	134,493	$	187,922

The following table sets forth the components of the employee compensation and benefits, general and administrative expenses, and total other income (expense) line items on our consolidated and combined statements of operations. Other income (expense) is disclosed in our non-GAAP measures based upon the nature of the income. Realized amounts are disclosed separately in order to determine Distributable Earnings. Other income from Bridge property operators is included in net earnings from Bridge property operators. The following table sets forth these components for the years ended December 31, 2023, 2022, and 2021 (in thousands):86

	Year Ended December 31,
	2023		2022		2021
Cash-based employee compensation and benefits	$	139,664	$	126,252	$	96,114
Compensation expense of Bridge property operators	40,377		38,233		25,085
Share-based compensation	40,828		32,144		21,508
Employee compensation and benefits	$	220,869	$	196,629	$	142,707
Administrative expenses, net of Bridge property operators	$	25,797	$	28,334	$	16,973
Administrative expenses of Bridge property operators	15,836		12,736		7,842
Transaction and non-recurring costs	8,760		—		—
Impact of fund consolidation	3,808		—		—
General and administrative expenses	$	54,201	$	41,070	$	24,815
Unrealized (losses) gains	$	(5,274)	$	4,249	$	9,367
Other expenses from Bridge property operators	—		(35)		(73)
Other income (expense), net	(2,112)		1,246		(1,723)
Net investment and interest income (expense) and realized gain (loss)	(16,213)		(4,472)		(5,165)
Impact of fund consolidation	530		—		—
Non-FRE income attributable to non-controlling interest in subsidiaries	4,461		—		—
Total other (loss) income	$	(18,608)	$	988	$	2,406

The following table sets forth the components of the employee compensation and benefits, general and administrative expenses, and total other income (expense) line items on our consolidated statements of operations. Other income (expense) is disclosed in our non-GAAP measures based upon the nature of the income. Realized amounts are disclosed separately in order to determine Distributable Earnings. Other income from Bridge property operators is included in net earnings from Bridge property operators. The following table sets forth these components for the years ended December 31, 2024, 2023, and 2022 (in thousands):

Distributable Earnings and Fee Related Earnings to the Operating Company


	Year Ended December 31,
	2024		2023		2022
Fund management fees	$	245,781	$	230,827	$	221,584
Impact of fund consolidation	144		(255)		—
Total fund management fees	$	245,925	$	230,572	$	221,584

Cash-based employee compensation and benefits	$	162,416	$	139,664	$	126,252
Compensation expense of Bridge property operators	44,386		40,377		38,233
Share-based compensation	48,238		40,828		32,144
Employee compensation and benefits	$	251,323	$	220,869	$	196,629

Administrative expenses, net of Bridge property operators	$	24,659	$	25,797	$	28,334
Administrative expenses of Bridge property operators	13,961		15,836		12,736
Transaction and non-recurring costs	4,676		8,760		—
Impact of fund consolidation	522		3,808		—
General and administrative expenses	$	43,818	$	54,201	$	41,070

Unrealized (losses) gains	$	(10,350)	$	(5,274)	$	4,249
Other expenses from Bridge property operators	—		—		(35)
Other income (expense), net	(1,437)		(2,112)		1,246
Net investment and interest income (expense) and realized gain (loss)	(18,427)		(16,213)		(4,472)
Impact of fund consolidation	3,829		530		—
Non-FRE income attributable to non-controlling interest in subsidiaries	8,087		4,461		—
Total other expense	$	(18,298)	$	(18,608)	$	988

Fee Related and Distributable Earnings Related Earnings to the Operating Company

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Total Fee Related Earnings to the Operating Company increased by $6.0 million, or 5%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, while Distributable Earnings to the Operating Company decreased by $6.1 million, or 4%, during the same period due to the following:

•Total fee related revenues increased by $29.2 million, or 10%, principally due to:

◦Fund management fees increased by $15.0 million, or 6%, primarily due to the timing of capital raising between 2024 and 2023 and the Newbury Acquisition;

◦Fee related performance revenue of $6.2 million, which was largely attributed to the timing of performance fees earned from our open-end funds, including Bridge Net Lease Industrial Income Fund and Bridge Agency MBS Fund; and

◦Transaction fees increased by $7.0 million, or 34%, due to the increased volume of real estate transactions driven by the deployment of capital in our development and multifamily equity funds during 2024;

•Net earnings from Bridge property operators decreased by $3.1 million, or 28%, driven by a reduction in the number of internally managed seniors housing and commercial office properties as of December 31, 2023 to December 31, 2024.

•Other asset management and property income increased by $3.4 million, or 29%, which was attributed to additional accounting, legal and tax services fees as well as rebates received during 2024.

•Fee Related Expenses increased by $21.6 million, or 13%, principally due to:

◦Cash-based employee compensation and benefits increased by $22.8 million, or 16%, primarily due to an increase in salaries and benefits attributed to changes in headcount, inflation adjustments to compensation, and increased variable compensation;

◦These increases were offset by a decrease in net administrative expenses of $1.1 million, or 4%, primarily due to a reduction in consolidated fund-level expenses and one-time expenses.

•Net of related compensation, realized performance allocations and incentive fees decreased by $11.4 million, or 34%, compared to 2023, primarily due to the timing of realizations in Bridge Debt Strategies Funds II, III and IV as well as fee related performance compensation paid in the third quarter of 2024 for our open-end Bridge Net Lease Industrial Income Fund compared to the realized compensation for Bridge Multifamily Fund III in 2023.

•Net investment and interest (income) expense and realized (gain) loss increased $2.2 million, or 14%, largely due additional interest income attributed to the timing of distribution income for interests acquired in the Newbury Acquisition, which was partially offset by an increase in interest expense attributed to the 2023 Private Placement Notes.

Year Ended December 31, 2023 Compared to Year Ended December 31, 2022

Total Fee Related Earnings to the Operating Company decreased by $27.8 million, or 18%, for the year ended December 31, 2023, compared to the year ended December 31, 2022, while Distributable Earnings to the Operating Company decreased by $53.4 million, or 28%, during the same period due to the following:

•Total fee related revenues decreased by $24.6 million, or 8%, principally due to:

◦Transaction fees decreased by $35.7 million, or 64%, due to reduced volume of real estate transactions attributed to the current macroeconomic environment, including increased interest rates and limited availability of debt financing;

◦The decrease in transaction fees was partially offset by a net increase in fund management fees of $9.2 million, or 4%, largely due to contributions from the Newbury Acquisition and due to the timing of capital raising between 2023 and 2022. These increases in fund management fees were partially offset by decreases attributed to the timing of one-time catch-up fees, reductions in fee-earning AUM attributed to asset realizations and from the conversion of certain funds management fee basis from committed to invested capital, and the recognition of credit loss reserves attributed to unfavorable market conditions in BOF I during 2023.

•Net earnings from Bridge property operators increased by $0.6 million, or 6%, driven by an increase in the number of workforce and affordable housing and multifamily units managed from December 31, 2022 to December 31, 2023.

•Fee Related Expenses increased by $10.9 million, or 7%, principally due to:

◦Cash-based employee compensation and benefits increased by $13.4 million, or 11%, primarily due to increased headcount driven by the increase in our fee-earning AUM, which was partially offset by a reduction in 2023 bonuses;

◦These increases were offset by a decrease in net administrative expenses of $2.5 million, or 9%, primarily due to an increase in general and administrative and property management operating expenses in 2023 compared to 2022, which was offset by the consolidation of fund-level and one-time expenses.

•Net of related compensation, realized performance allocations and incentive fees decreased by $31.5 million, or 49%, compared to 2022, due to the timing of realizations in Bridge Multifamily Fund III and Bridge Debt Strategies Funds II, III and IV.

•Net investment and interest (income) expense and realized (gain) loss increased $11.7 million, or 263%, largely due to an increase in interest expense attributed to the 2023 Private Placement Notes and the outstanding balance of the Credit Facility during 2023, partially offset by additional interest income attributed to the timing of distribution income for interests acquired in the Newbury Acquisition.

Year Ended December 31, 2022 Compared to Year Ended December 31, 2021

Total Fee Related Earnings to the Operating Company increased by $54.4 million, or 52%, for the year ended December 31, 2022 compared to the year ended December 31, 2021, while Distributable Earnings to the Operating Company increased by $31.5 million, or 20%, during the same period due to the following:

•Total fee related revenues increased by $66.0 million, or 26%, principally due to:

◦Fund management fees increased by $65.7 million, or 42%, primarily due to capital raising and timing of deployment of capital for new funds in 2022 and 2021 which increased our fee-earning AUM by 30% compared to fee-earning AUM at December 31, 2021; and

◦Transaction fees decreased by $18.9 million, or 25%, driven by the slowdown in commercial real estate transactions in the second half of 2022, which was primarily attributed to volatility in debt capital markets.

•Net earnings from Bridge property operators decreased by $1.0 million, or 9%, driven by a reduction in leasing commissions incurred during 2021 that did not reoccur in 2022, which was partially offset by an increase in the number of multifamily and workforce and affordable housing units managed from December 31, 2021 to December 31, 2022.

•Fee Related Expenses increased by $41.5 million, or 37%, principally due to:

◦Cash-based employee compensation and benefits increased by $30.1 million, or 31%, primarily due to increased headcount driven by the 30% increase in our fee-earning AUM and new investment strategies launched in 2021 and 2022; and

◦Net administrative expenses increased by $11.4 million, or 67%, primarily due to higher insurance and professional fees related to being a publicly traded company following the IPO in July 2021 and costs associated with strategic acquisition activity.

•Net of related compensation, realized performance allocations and incentive fees decreased by $9.5 million, or 13%, compared to 2021, due to the timing of realizations in Bridge Multifamily Fund III and Bridge Debt Strategies Funds II and III. The results for 2021 prior to the IPO in July 2021 included 100% of the net realized performance allocations and incentive fees as the financial statements were combined with the respective Bridge GPs. Post-IPO, the amount is shown net of the realized general partner non-controlling interest component of $39.3 million for 2022 compared to $23.1 million for 2021. Taking into consideration this non-controlling interest, the realized performance allocations and incentive fees, net of related compensation, decreased by $25.7 million, or 50%.

Liquidity and Capital Resources

Our liquidity needs primarily include working capital and debt service requirements. We believe that our current sources of liquidity, which include cash generated by our operating activities, and cash and funds available under our credit sources, ~~along with the proceeds from the IPO and Private Placement Notes,~~ will be sufficient to meet our projected operating and debt service requirements for at least the next 12 months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may raise additional capital through the sale of equity securities or through debt financing arrangements. If we raise additional funds by issuing equity securities, the ownership of our existing stockholders will be diluted. The incurrence of additional debt financing would result in debt service obligations, and any future instruments governing such debt could provide for operating and financial covenants that could restrict our operations. We operate in a rapidly evolving and unpredictable business environment that may change the timing or amount of expected future cash receipts and expenditures. Accordingly, there can be no assurance that we may not be required to raise additional funds through the sale of equity or debt securities or from credit facilities. Additional capital, if needed, may not be available on satisfactory terms, or at all.

As of December 31, ~~2023~~2024 and ~~2022~~2023, we had total assets of $1,~~288~~247.84 million and $1,~~154~~288.8 million, respectively, which included $5790.76 million and $~~183~~57.67 million of cash and cash equivalents, respectively, and total liabilities of $~~743~~741.5 million and $~~508~~743.5 million, respectively. There were no borrowings outstanding under the Credit Facility as of December 31, 2024, with $150.0 million of available capacity. We generate cash primarily from fund management fees, property and construction management fees, leasing fees, development fees, transaction fees, and fund administration fees. We have historically managed our liquidity and capital resource needs through (a) cash generated from our operating activities and (b) borrowings under credit agreements and other borrowing arrangements.

Ongoing sources of cash include (a) fund management fees, ~~and~~fund administration fees, property management and leasing fees, which are collected monthly or quarterly, (b) transaction fee income, and (c) borrowings under our Credit Facility. In the future, we will also evaluate opportunities, based on market conditions, to access the capital markets. We use cash flow from operations to pay compensation and related expenses, general and administrative expenses, income taxes, debt service, capital expenditures and to make distributions to our equity holders.

We do not have any off-balance sheet arrangements that would expose us to any liability or require us to fund losses or guarantee target returns to investors in our funds that are not reflected in our consolidated ~~and combined~~ financial statements. Refer to Note 1817, “Commitments and Contingencies” and Note 1918, “Variable Interest Entities” to our consolidated ~~and combined~~ financial statements included in this annual report on Form 10-K for additional information on commitments and contingencies and variable interest entities, respectively.

~~The following table presents a summary of our cash flows for the years ended December 31, 2023, 2022, and 2021 (in thousands):~~89

	Year Ended December 31,
	2023		2022		2021
Net cash provided by operating activities	$	174,813	$	228,353	$	209,224
Net cash used in investing activities	(343,210)		(21,883)		(114,259)
Net cash provided by (used in) financing activities	42,392		(97,077)		(118,447)
Net (decrease) increase in cash, cash equivalents, and restricted cash	$	(126,005)	$	109,393	$	(23,482)

The following table presents a summary of our cash flows for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Net cash provided by operating activities	$	145,205	$	174,813	$	228,353
Net cash provided by (used in) investing activities	10,674		(343,210)		(21,883)
Net cash (used in) provided by financing activities	(120,708)		42,392		(97,077)
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	35,171	$	(126,005)	$	109,393

Operating Activities

Cash provided by operating activities was primarily driven by our earnings in the respective periods after adjusting for significant non-cash activity, including non-cash performance allocations and incentive fees, the related non-cash performance allocations and incentive fee related compensation expense, non-cash investment income, non-cash share-based compensation, depreciation, amortization and impairments, and the effect of changes in working capital and other activities. Operating cash inflows primarily included the receipt of management fees, property management and leasing fees, and realized performance allocations and incentive fees, while operating cash outflows primarily include payments for operating expenses, including compensation and general and administrative expenses.

For the year ended December 31, 2024 — cash provided by operating activities was $145.2 million, primarily consisting of net income of $16.7 million and adjustments for non-cash items of $131.0 million, which was partially offset by cash used by operating assets and liabilities of $2.5 million. Adjustments for non-cash items primarily consisted of $42.4 million unrealized performance allocations, $47.5 million of share-based compensation, depreciation and amortization of $19.9 million, $11.5 million of equity in income from equity method investments, and $4.1 million of unrealized accrued performance allocations compensation.

For the year ended December 31, 2023 — cash provided by operating activities was $174.8 million, primarily consisting of adjustments for non-cash items of $241.4 million and cash provided by operating assets and liabilities of $20.8 million offset by a net loss of $87.4 million. Adjustments for non-cash items primarily consisted of $172.7 million unrealized performance allocations, $40.8 million of share-based compensation, depreciation and amortization of $16.4 million, $10.8 million of equity in income from equity method investments, which were partially offset by $10.6 million of unrea

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