Bridge Investment Group Holdings Inc. (NYSE:BRDG) Q3 2023 Earnings Call Transcript

Ken Worthington: Okay. And then, lastly, the economics is — are the economics meaningfully different between the continuation fund in multi-fam III?

Robert Morse: I think part of it depends on how you look at it. There’s a five-year extended term. So the fact that we’re continuing to manage the assets for five years is a positive. The economics are not exactly equivalent to fund economics. They’re, for the most part, lower than fund economics but not inconsistent with the economics that one would get from a large institutional investor, which is really the characterization of the capital that came in to fund the continuation vehicle.

Ken Worthington: Okay. Thank you for bearing with me on all those questions. I appreciate it.

Robert Morse: It’s important from a modeling perspective. We know that.

Operator: Thank you. There are no further questions at this time. I’d like to turn the floor back over to Robert for closing comments.

Robert Morse: Great. Thank you, operator, and thank you all for your time and attention this morning. We lead the third quarter and enter the fourth quarter with a great deal of anticipation. We think that unlike some markets around the world, the real estate markets, particularly in the U.S. have adjusted to a higher interest rate environment. As we said in our prepared remarks, we’re beginning to see meaningful green shoots that are sprouting up, both on the transaction side as well as on the capital raising side. We are — we think that Bridge is well-positioned to navigate through a continuing market volatility and hopefully be able to capture some of those opportunities as they manifest and we appreciate all your support and your focus. Thank you.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.