#1BRIDGE INVESTMENT GROUP 4th Quarter and Full Year 2022 Earnings Presentation February 14, 2023#2DISCLAIMER The information contained herein does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Bridge Investment Group Holdings Inc. ("Bridge" or the "Company") or any affiliate of Bridge, or any fund or other investment vehicle managed by Bridge or an affiliate of Bridge. This presentation should not form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Bridge or any fund or other investment vehicle managed by Bridge or an affiliate of Bridge, or in connection with any other contract or commitment whatsoever. This presentation does not constitute a "prospectus" within the meaning of the Securities Act of 1933, as amended. Any decision to purchase securities of Bridge or any of its affiliates should be made solely on the basis of the information contained in a prospectus to be issued by Bridge in relation to a specific offering. Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. Statements regarding our 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, capital raising, expectations or targets related to financial and non-financial measures, 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 "may," "will," "should," "expects," "plans," "seek," "anticipates," "plan," "forecasts," "outlook," "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 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 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 forward-looking statements or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. We believe these factors include but are not limited to those risk factors described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the United States Securities and Exchange Commission (the "SEC") on March 18, 2022, which will be updated upon filing our Annual Report on Form 10-K for the year ended December 31, 2022, accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements included in this report and our other filings. You should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. We cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Industry Information Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Non-GAAP Financial Measures This presentation uses financial measures that are not presented in accordance with generally accepted accounted principles in the United States ("GAAP"), such as Distributable Earnings, Fee Related Earnings, Fee Related Revenues and Performance Related Earnings, to supplement financial information presented in accordance with GAAP. There are limitations to the use of the non-GAAP financial measures presented in this presentation. For example, the non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies may calculate non-GAAP financial measures differently than the Company, limiting the usefulness of those measures for comparative purposes. Throughout this presentation, all current period amounts are preliminary and unaudited. BRIDGE INVESTMENT GROUP 2#3GAAP INCOME STATEMENT GAAP Consolidated and Combined Statements of Operations (Unaudited) ($ in thousands, except shares and per share amounts) Revenues: Fund management fees Property management and leasing fees Construction management fees Development fees Transaction fees Fund administration fees Insurance premiums Other asset management and property income Total revenues Investment income: Incentive fees Performance allocations: realized Performance allocations: unrealized Earnings from investments in real estate Total investment income Expenses: Employee compensation and benefits Incentive fee compensation Performance allocations compensation: realized Performance allocations compensation: unrealized Loss and loss adjustment expenses Third-party operating expenses General and administrative expenses Depreciation and amortization Total expenses Other income (expense): Realized and unrealized gains, net Interest income Other income (expense), net Interest expense Total other income (expense) Income before provision for income taxes Income tax provision Net income Net income attributable to non-controlling interests in Bridge Investment Group Holdings LLC Net income attributable to Bridge Investment Group Holdings LLC Net income attributable to Common Control Group prior to Transactions and IPO Net income attributable to non-controlling interests in Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO Net income (loss) attributable to Bridge Investment Group Holdings Inc. subsequent to Transactions and IPO Earnings (loss) per share of Class A common stock - Basic and Diluted Weighted-average shares of Class A common stock outstanding - Basic and Diluted BRIDGE INVESTMENT GROUP $ $ $ Three Months Ended December 31, 2022 55,408 $ 19,527 3,246 1,651 5,033 3,925 4,208 2,475 95,473 4,455 (4,437) 60 78 47,489 349 3,856 1,125 6,033 11,108 713 70,673 (100) 3,402 1,246 (3,571) 977 25,855 (7,610) 18,245 299 17,946 18,385 (439) $ (0.04) $ 24,373,172 2021 49,965 $ 16,062 2,304 1,136 31,598 3,605 2,649 107,319 1,559 8,786 137,638 333 148.316 41,487 133 515 20,910 3,729 7,102 8,619 651 83,146 705 1,093 (1,723) (1,957) (1,882) 170,607 (4,821) 165,786 85,259 80,527 67,604 12,923 $ 0.52 $ 22,742,137 Year Ended December 31, 2022 221,584 $ 76,210 10,973 4,688 56,205 15,031 12,856 11,502 409,049 69,280 115,175 2,169 186,624 196,629 4,396 24,870 6,520 25,675 41,070 2,936 302,096 4,215 7,867 1,246 (12,340) 988 294,565 (22,195) 272,370 88,141 184,229 156,960 27,269 $ 0.92 $ 23,928,408 2021 155,928 69,654 8,292 3,703 75,073 10,051 7,313 330,014 2,469 80,970 248,647 2,132 334,218 142,707 215 6,611 31,069 8,075 33,427 24,815 2,830 249,749 9,368 3,265 (1,723) (8,504) 2,406 416,889 (8,262) 408,627 155,922 252,705 117,971 111,508 23,226 0.93 22,515,868 Financial Results GAAP Net Income was $18.2 million and $272.4 million for the 4th quarter and FY 2022, respectively GAAP Net Income (Loss) attributable to Bridge Investment Group Holdings Inc. was $(0.4) million and $27.3 million for the 4th quarter and FY 2022, respectively Earnings (loss) per share of Class A common stock - basic and diluted was $(0.04) and $0.92 for the 4th quarter and FY 2022, respectively For the quarter and year ended December 31, 2021, the earnings per share amounts are for the period following the Transaction and IPO from July 16, 2021 through December 31, 2021. Refer to Notes 1 and 19 of the Form 10-K for further information. 3#4ΤΗ 4 QUARTER AND FULL YEAR 2022 OVERVIEW YOY Change % Financial Highlights Key Operating Metrics Business Update ($ in MM, except per share data or as noted) Total Revenue GAAP Net Income Earnings (Loss) per share Fee Related Earnings ("FRE") to the Operating Company' Distributable Earnings ("DE") of the Operating Company" After-tax DE per share¹ Gross AUM Fee-Earning AUM Capital Raised Capital Deployed Dry Powder Realized Performance Allocations Unrealized Accrued Performance Allocations . Q4 2022 $95.5 $18.2 $(0.04) $30.9 $35.6 $0.21 Q4 2022 $43.3 Bn $17.3 Bn $0.5 Bn $1.0 Bn $3.5 Bn $4.5 $554.7 Q4 2021 $107.3 $165.8 $0.52 $35.5 $38.7 $0.26 BRIDGE INVESTMENT GROUP Q4 2021 $36.3 Bn $13.4 Bn $2.3 Bn $2.1 Bn $2.7 Bn $10.3 $439.5 (11)% (89)% (108)% (13)% (8)% (19)% YOY Change % 19% 30% (77)% (52)% 30% (57%) 26% FY 2022 $409.0 $272.4 $0.92 $158.3 $187.9 $1.10 FY 2022 $43.3 Bn $17.3 Bn $4.5 Bn $3.2 Bn $3.5 Bn $69.3 $554.7 FY 2021 $330.0 $408.6 $0.93 $105.3 $134.6 $0.89 FY 2021 $36.3 Bn $13.4 Bn $5.0 Bn $4.6 Bn $2.7 Bn $83.4 $439.5 For the year ended December 31, 2021 the pro forma information assumes the Transactions and IPO occurred prior to reported period. YOY Change % 24% (33)% (1)% 50% 40% 24% Declared quarterly dividend of $0.17 per share of Class A common stock, payable on March 24, 2023 to stockholders of record on March 10, 2023 YOY Change % 19% 29% (10)% (30)% 30% (17)% 26% On January 31, 2023, the Company upsized its existing Senior Secured Credit Facility ("Credit Facility"), increasing it from $125 million to $225 million During January 2023, the Company completed the final closing of our Multifamily Fund V, which raised $2.26 billion in equity commitments, the largest dedicated value-add multifamily fund ever raised At the end of Q4 2022, the Company had $3.5 billion of dry powder across all fund verticals of which 67% is tied to our Multifamily and Workforce & Affordable Housing vehicles 4#5PROVEN RECORD OF STRONG AND STEADY GROWTH Gross Assets Under Management (AUM) ($ in Bn) Fee-Earning Assets Under Management (FEAUM) ($ in Bn) $10.3 2017 $14.5 2018 -33% 5-Yr CAGR (2017-2022) -19% YoY Growth (4Q'21 vs 4Q'22) $20.0 2019 BRIDGE INVESTMENT GROUP $25.2 2020 $36.3 2021 $43.3 2022 $4.3 2017 $5.8 2018 -32% 5-Yr CAGR (2017-2022) -30% YoY Growth (4Q'21 vs 4Q'22) $8.7 2019 $10.2 2020 $13.4 2021 $17.3 2022 5#6PROVEN RECORD OF STRONG AND STEADY GROWTH Total Revenues ($ in MM) Fee-Related Revenue ($ in MM) 1 $98 2017 $138 2018 -33% 5-Yr CAGR (2017-2022) -24% YoY Growth (4Q'21 vs 4Q'22) $246 I 2019 $232 2020 $330 2021 $409 2022 Fund Mgmt. Fees (Recurring & Catchup): -36% 5-Yr CAGR (2017-2022) Total Fee-Related Revenue: -33% 5-Yr CAGR (2017-2022) $77 2017 $108 2018 $181 2019 $166 Netted out for placement agent fees (allocated pro rata between recurring and catch-up fund management fees). BRIDGE INVESTMENT GROUP 2020 $254 2021 1 Recurring Fund Management Fee Revenue Catchup Fund Management Fee Revenue" Transaction and Other Fee Revenue $320 2022 6#7NON-GAAP FINANCIAL MEASURES Year Ended December 31, 2021 Pro Forma ($ in thousands) Fund-level fee revenues Fund management fees Transaction fees Total net fund-level fee revenues Net earnings from Bridge property operators Development fees Fund administration fees Other asset management and property income Fee Related Revenues Cash-based employee compensation and benefits Net administrative expenses Fee Related Expenses Total Fee Related Earnings Less: Total Fee Related Earnings attributable to non-controlling interests Total Fee Related Earnings to the Operating Company Fund level performance fee revenues Realized performance allocations and incentive fees Realized performance allocations and incentive fees compensation Net realized performance allocations attributable to non-controlling interests Net insurance income (loss) Earnings (losses) from investments in real estate' Net interest income (expense) and realized gain (loss) Distributable Earnings attributable to the Operating Company Three Months Ended December 31, 2021 Distributable After-Tax Earnings per share of Class A common stock - Basic and Diluted $ BRIDGE INVESTMENT GROUP 2022 $ 55,408 5,033 60,441 4,164 1,651 3,925 2,475 72,656 (29,351) (7,968) (37,319) 35,337 (4,424) 30,913 4,455 (349) (2,357) 3,083 60 (168) $ 35,637 0.21 $ 49,965 31,598 81,563 2,469 1,136 2,649 87,817 (31,228) (6,507) (37,735) 50,082 (14,568) 35,514 10,345 (648) (5,913) (124) 333 (848) $ 38,659 $ 0.26 YOY % growth Weighted-average shares of Class A common stock outstanding - Basic and Diluted 24,373,172 22,742,137 Earnings from investments in real estate is offset by interest expense related to GP Lenders. (26 (17)% (29)% 2022 $221,584 56,205 277,789 10,504 4,688 15,031 11,502 7,313 319,514 253,553 (126,252) (96,113) (28,334) (16,971) (154,586) (113,084) 140,469 164,928 (6,603) (13)% 158,325 $ 155,945 75,073 231,018 11,519 3,703 (57)% 69,280 (4,396) (39,320) 6,336 2,169 (4,472) (8) % $187,922 (35,199) 105,270 83,439 (5,155) (48,133) 1,976 2,092 (4,853) $ 134,636 $ 1.10 $ 0.89 23,928,408 22,515,868 YOY % growth 20% 26% 17% 50 % (17)% 40 % Fee Related Revenues Strong growth in recurring fund management fees driven by 30% year-over- year increase in FEAUM for the 4th quarter 2022 . Includes fund administration fees from internalization of fund administration Fee Related Earnings Growth driven by continued FEAUM growth Realized Performance Fees Performance fees were driven by realizations in the Multifamily vertical 7#84TH QUARTER FINANCIAL RESULTS BRIDGE INVESTMENT GROUP#9FEE EARNING AUM DRIVERS Capital Raised ($ in MM) $1,657 $175 $1,137 Q4 Q1 Q2 Q3 2020 2021 2021 2021 Deployment ($ in MM) $212 $1,056 $10.2 $10.3 $998 $1,493 Total AUM: $25 $26 $1,303 $10.8 $2,307 $12.1 $2,060 Q4 Q1 Q2 Q3 2021 2022 2022 2022 Fee-Earning Assets Under Management ($ in Bn) $16.6 $14.7 $15.5 $13.4 $1,101 1 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 $29 $32 $36 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 $639 BRIDGE INVESTMENT GROUP $1,498 $1,345 $938 Q1 2022 $39 $633 $518 Q4 2022 $980 $17.3 Q2 Q3 Q4 2022 2022 2022 $42 $44 $43 . $518 million of capital raised in Q4 2022 driven by Multifamily, Development, Agency MBS, Net Lease Income and Logistics For the FY 2022, raised $4.5 billion of capital in across the firm, focused primarily in Multifamily, Debt, Workforce & Affordable Housing and Development $980 million of deployment in Q4 2022, driven by Debt, Logistics and Net Lease Income During FY 2022 the funds deployed $3.2 billion primarily in our Debt, Multifamily, Workforce & Affordable Housing, Logistics and Net Lease Income 9#10FEE RELATED REVENUE SUMMARY Management Fees ($ in MM) $32 Q4 2020 $19 $31 $35 Transaction Fees ($ in MM) $3 $5 $41 $16 $4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 All Other Fees ($ in MM) $22 $5 $50 $8 $32 $6 $53 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 BRIDGE INVESTMENT GROUP $22 $49 $10 $18 $64 $9 $12 $55 $5 $11 $12 I Q3 Q4 Q1 Q2 2022 2022 2022 2022 Fee Related Revenue ($ in MM) $88 $84 $54 $40 $56 $70 $76 $86 $73 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 Fund management fees includes $28.6 million of Catch-Up Fees in FY 2022 which is an 85% increase over FY 2021, these fees are primarily driven by the final capital closes for Debt Fund IV and Workforce Fund II, plus the ongoing fundraise for Multifamily Fund V All Other Fees includes Fund administration fees which the Operating Company began earning in Q1 2022, these fees total $3.9 million and $15.0 million for the fourth quarter and FY 2022, respectively 10#11LONG DURATION CAPITAL DRIVES FEE VISIBILITY ● ● ● $4.5 billion raised in 2022 continues to drive strong recurring Fund Management Fee growth which increased by 37% year-over-year Capital commitments raised in 4th quarter averaged 11.2 years in duration In addition to fund lives increasing in duration, we have two open-end funds - Agency MBS and Net Lease Income Our weighted-average FEAUM by remaining duration is 7.7 years' versus 8.0 years as of December 31 1 Weighted-average fund life for closed-end funds as of December 31, 2022. Weighted-average fund life for closed-end funds as of December 31, 2021. As of December 31, 2022. BRIDGE INVESTMENT GROUP FEAUM by Remaining Duration³ 0-3 Years, 4% 3-5 Years, 19% 5-7 Years, 12% -Perpetual, 3% 7-10 Years, 31% 10+ Years, 31% 11#12ΤΗ QUARTER AND FULL YEAR - EARNINGS SUMMARY Fee Related Earnings & Margin ($ in MM) $31 $18 $93 $72 $31 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 Margin: 57% 44% 55% 60% 57% 54% 52% 52% 49% $59 Total Revenues & GAAP Net Income ($ in MM) $41 $42 Q4 Q1 2020 2021 $50 $72$83 $119 $107 $10498 $99 $92 M. $45 $166 Q2 Q3 Q4 2021 2021 2021 Total Revenues $45 $40 $35 ill BRIDGE INVESTMENT GROUP $124 $110 $32 GAAP Net Income $95 $18 Q4 Q1 Q2 Q3 2022 2022 2022 2022 Fee Related Earnings driven by continued FEAUM growth and healthy margins - FY 2022 impacted by timing of catch-up and transaction fees FY 2022 includes the impact of collapsing the 2019 profits interests which has been accretive to the Operating Company Fee Related Earnings & Distributable Earnings to the Operating Company ($ in MM) $34 $23 Q4 2020 $15$17 $37 $25 $42 $30 All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period. $36$39 $45$48 $55 $40 $50 $42 $36 $31] Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 Fee Related Earnings attributable to Operating Company Distributable Earnings attributable to Operating Company 12#13PERFORMANCE FEE SUMMARY Accrued Performance Allocations ($ in MM) $199 $203 $28.5 +178% (58% CAGR) $6.5 $247 $302 $35.6 $440 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 Performance Fees & Realizations ($ in MM) $31.0 $505 $10.3 $8.9 $576 BRIDGE INVESTMENT GROUP $559 $555 $33.6 $21.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 $4.1 Q4 2022 Net performance fees to the Operating Company - realized Gross performance fees to the Operating Company - realized Net Unrealized Performance Allocations by Vintage² Post 2018 8.5% 2018 58.5% 2015 11.7% 2016 2.6% 2017 18.7% Carry-eligible AUM of $17.3 billion, over 99% of FEAUM Accrued performance allocations attributable to the operating company is $210.8 million Pipeline for future performance-driven Distributable Earnings is significant Quarterly realization pace and performance fees will vary based upon market conditions 1 Based on fair value one quarter in arrears. All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period. As of December 31, 2022. 13#14COMPELLING FUND-LEVEL TRACK RECORD As of December 31, 2022 Investor Levered Investor Unlevered Net IRR Net IRR Closed-End Funds (Investment Period Beginning, Ending Date) Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2012) Bridge Multifamily II (Apr 2012, Mar 2015) Bridge Multifamily III (Jan 2015, Jan 2018) Bridge Multifamily IV (Jun 2018, Jun 2021) Total Multifamily Funds Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) Bridge Workforce Housing II (Aug 2020, to present) Total Workforce & Affordable Housing Funds Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) Bridge Seniors II (Mar 2017, Mar 2020) Bridge Seniors III (Nov 2020, to present) Total Seniors Housing Funds Office Bridge Office I (Jul 2017, Jul 2020) Bridge Office II (Dec 2019, Dec 2022) Total Office Funds 15.1 % 23.0 % 20.5% 25.4 % 21.5% BRIDGE INVESTMENT GROUP 20.6 % 0.3% 15.7% 0.5% 5.2 % 2.1 % 2.6% (2.6)% 16.1% 0.3% 5.5% 8.7% 15.1 % 22.5 % 19.8 % 24.5 % 21.0% 9.0 % 6.2 % 8.3 % 20.6% 0.9 % 15.2 % 0.6 % 5.2 % 2.1% 2.6% (2.3)% 14.6% 0.6 % Debt Strategies Funds Bridge Debt I (Sep 2014, Sep 2017) Bridge Debt II (Jul 2016, Jul 2019) Bridge Debt III (May 2018, May 2021) Bridge Debt IV (Nov 2020, to present) Total Debt Strategies Funds This is a summary only. Please refer to Appendix for the Notes to Performance Summary on slide 39 for additional information. Continued strong performance for residential housing funds driven by Bridge's vertical integration approach Performance is driving demand for new commitments in our newly launched vehicles 5.5% 8.6 % 8.9 % 5.4 % 8.0 % Multifamily Funds II, III, IV, Workforce Housing Fund I, Debt Funds II and III were ranked in the first quartile by Preqin' 1 Excludes performance for strategies currently raising capital including: Multifamily, Logistics, Net Lease Income, Single-Family Rental, Development, Agency MBS, Renewable Energy & PropTech Includes value-add strategies as of Q3 2022. Preqin rankings based on self-reported data and do not imply an endorsement from Preqin or any other organization. 14#15DISTRIBUTABLE EARNINGS AND CAPITALIZATION Balance Sheet ($ in MM) Earnings (Loss) Per Share of Class A Common Stock - Basic and Diluted¹ As of December 31, 2022 N/A N/A N/A $0.24 $0.41 $0.52 Q4 Q1 Q2 Q3 Q4 Q1 2020 $0.12 $(0.04) Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 All $0.25 $0.26 $0.26 $0.44 I $0.35 After-Tax Distributable Earnings Per Share² BRIDGE INVESTMENT GROUP $0.17 $0.28 $0.32 $0.29 $0.21 Q2 Q3 Q4 Q4 Q1 Q4 Q1 Q2 Q3 2020 2021 2021 2021 2021 2022 2022 2022 2022 Assets Cash and cash equivalents Restricted cash Marketable securities, at fair value Receivables from affiliates Notes receivable from affiliates Other assets Other investments Accrued performance allocations Intangible assets, net Goodwill Deferred tax assets, net Total assets Liabilities Accrued performance allocations compensation Accrued compensation and benefits Accounts payable and accrued expenses Due to affiliates General partner notes payable, at fair value Insurance loss reserves Self-insurance reserves and unearned premiums Other liabilities Notes payable Total liabilities Prior to the Company's IPO in July 2021, no earnings per share information is available. All earnings prior to Q3 2021 are on a pro forma basis; assumes the Transactions and IPO occurred prior to reported period. LA $ 183.6 9.7 14.6 53.8 67.2 70.5 85.5 554.7 4.9 56.0 54.4 1,154.8 66.8 15.6 24.9 52.0 8.6 9.4 3.5 30.4 297.3 508.5 15#16INTRODUCTION TO BRIDGE BRIDGE INVESTMENT GROUP#17INTRODUCING BRIDGE INVESTMENT GROUP C বব onl 000 ÅÅÅÅÅ A leading vertically integrated investment manager, diversified across specialized asset classes Nationwide, "boots on the ground" team and scalable infrastructure with active asset management, property management, leasing, and construction management Ranked #13 global private equity real estate firm (June 2022) & # 14 global real estate debt fund manager (May 2022) for fundraising by PERE Loyal global investor base with $18.3Bn of capital raised over the last five years² Track record of strong organic and inorganic growth with proven ability to grow new business lines Experienced and aligned management team leading a deep and talented organization As of December 31, 2022. From January 1, 2018 through December 31, 2022. BRIDGE INVESTMENT GROUP $43.3Bn Gross AUM $188MM FY 2022 Pre-Tax Distributable Earnings Debt Strategies Debt 26.8% Net Lease Income 1.3% Logistics 1.6% Key Stats¹ Office 6.0% AUM by Strategy Agency MBS ~34% FY17-FY22 Fee-Related Earnings CAGR Development 12.3% -$625MM+ Principal, Employee, and Affiliate Capital Commitments Single Family Rental 2.3% Mukifamily 22.2% Workforce & Affordable Housing 12.6% Seniors Housing 9.590 Equity Strategies 17#18BRIDGE INVESTMENT GROUP KEY INVESTMENT HIGHLIGHTS Diversified and Synergistic Business Model Spanning Residential Rental, Office, Development, Logistics, Real Estate-Backed Credit, Renewable Energy and PropTech $ Vertically Integrated Business Model and Scalable Infrastructure Drive Competitive Advantages and Attractive Investment Returns National Footprint with High-Touch Operating Model and Local Expertise High Proportion of Recurring Fees and "Sticky" Contractual Revenue Streams from Long-duration Capital Proven Record of Fundraising Success with a Loyal Investor Base Significant Organic and Inorganic Opportunities to Accelerate Growth Long-tenured Senior Management Team with High Alignment and Support of Deep and Talented Employee Pool Strong Tailwinds from Favorable Industry Trends BRIDGE INVESTMENT GROUP www 18#19THREE NEW INVESTMENT STRATEGIES LAUNCHED WITHIN THE LAST YEAR Bridge has continued to expand into high-growth asset classes to complement existing investment verticals Renewable Energy PropTech Single- Family Rental Investment Strategy: In partnership with Lumen Energy, 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 prices Market Opportunity: Participation in a growing sector with anticipated strong demand for green energy fueled by price sensitivity, environmental awareness and regulatory pressure Team Experience: 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 & financing energy technologies that have led to the development of over 600 MW of onsite power generation systems for major property owners. Investment Strategy: Seeks to identify and invest in transformative real estate technology companies (i.e., PropTech) that are positioned to drive revenue and operating improvements in the built world Market Opportunity: Real estate owners are adopting PropTech solutions in a significant way in the post-pandemic era, catalyzed by the growth of e-commerce, remote workplaces, ESG adoption and the digitization of real estate Team Experience: The Bridge Ventures team brings over 25 years of relevant experience in technology, real estate investing and building and operating high growth technology companies with on-the-ground technology and real estate experience providing differentiated capabilities to source, evaluate, identify, and scale future high growth companies Investment Strategy: Bridge acquired the majority ownership of the management platform of Gorelick Brothers Capital and launched a single-family rental strategy within Bridge ("Bridge Homes"). Bridge Homes has been seeded with a portfolio of approximately 2,700 homes in 14 markets, concentrated in the Sunbelt and certain Midwest markets of the United States and seeks to construct a recession resilient portfolio across build-to-rent, bulk purchases, and 1x1 acquisitions Market Opportunity: Continued lack of affordable housing backed by demographic tailwinds and a fragmented single- family rental market with low institutional ownership approximating only 2% Team Experience: The single-family rental team is made up of industry pioneers with a demonstrated ability to source, manage, and scale single-family rental assets BRIDGE INVESTMENT GROUP 19#20VERTICALLY INTEGRATED BUSINESS MODEL DRIVES COMPETITIVE ADVANTAGES AND ATTRACTIVE INVESTMENT RETURNS Operational impact and alpha generation enhanced by collaborative teams Bridge's operational expertise extends beyond asset management and includes a full spectrum of alpha-generating services BRIDGE INVESTMENT GROUP Real Estate-Backed Credit Debt Residential Rental Property Management / Operations Insurance Leasing Office In- House Renovation Development / Capital Improvements Procurement Logistics Development Bridge's ability to offer specialized operational capabilities translates directly to investor returns 20#21DIFFERENTIATED DATA-DRIVEN INVESTMENT STRATEGY ENABLED BY SPECIALIZED UNDERWRITING CAPABILITIES Bridge's deep expertise and vertically integrated platform facilitate a comprehensive top-down investment strategy supported by specialized asset level underwriting Data-Driven Top-Down Investment Strategy Utilizes a comprehensive, data-driven approach to analyze macroeconomic trends & identify compelling investment opportunities Analytical metrics include detailed demand forecasts, supply forecasts and marking pricing, all at the local level Extensive underwriting and transactional experience helps secure off-market deals Bridge's identified "target markets" are projected to outperform substantially on key metrics Analytics & Geospatial Models GRIESE INVESTMENT 23.1K 9.60M 25 BRIDGE INVESTMENT GROUP 318K 1.89 B 1 Such as higher household formation growth or higher office-using employment growth. Nationwide on-the-ground footprint allows Bridge to uncover the most attractive opportunities in its target markets Bottom-up Underwriting Capabilities Proprietary Bridge business intelligence tool supports both underwriting of new investments & value maximization of investments Benefits across investment strategies: for example, Bridge Multifamily property management team conducts physical due diligence of multifamily assets for potential loan investments by Debt Strategies Yardi Customizations to Drive Multifamily Alpha Avg Days Notice Until Move Out Past 13 Months Avg Notice Back Date Days Past 13 Months 34.27 3.98 Past 13 Months Average pro forma Rent Sep-2018 Average In Place Rent 8/31/2018 $1,088 $1,104 Sep-2017 to Sep-2018 Past 13 Months Past 13 Months Avg Move Out Back Dato Days Past 13 Months 1.62 Past 13 Months Reference Asking Rent Per Unit 8/31/2018 $1,194 Past 13 Months 21#22AUM MIX IS WELL DIVERSIFIED ACROSS OUR STRATEGIES Debt 27% Net Lease Income 1% Logistics Office 2% 6% 12% Gross AUM¹ Development 1 As of December 31, 2022. Agency MBS 5% BRIDGE INVESTMENT GROUP Multifamily 22% Workforce & Affordable Housing 13% Seniors Housing 10% Single-Family Rental 2% Debt 24% Net Lease Income 1% Logistics 2% Office 5% Fee-Earning AUM¹ Agency MBS 1% Development 22% Multifamily 21% 2% Single-Family Rental Workforce & Affordable Housing 13% Seniors Housing 9% 22#23BALANCED INVESTOR BASE Bridge's Client Solutions Group maintains deep institutional and retail investor relationships and has built an impressive track record of raising capital and driving growth Fund Investor by Geography Rest of World 35% During FY 2022, 48% of capital was raised internationally and 61% came from institutional investors US 65% Deep and broad individual investors relationships driven in part by relationships with some of the largest wirehouses and RIAS in the world Based on committed capital as of December 31, 2022. BRIDGE INVESTMENT GROUP Fund Investor by Type¹ Institutional 44% Individual 56% During FY 2022, 32 new prominent global institutional investors finalized fund commitments AIFM license in Luxembourg approved July 2022, which has opened up marketing efforts for real estate funds in Europe in a more direct and efficient manner 23#24TRACK RECORD OF FUNDRAISING SUCCESS WITH A LOYAL INVESTOR BASE Bridge enjoys a diverse investor base with many repeat investors High Proportion of Repeat Investors" 1,2 Non-Repeat 26.1% Repeat Investors 73.9% High Proportion of Investors Invested Across Multiple Funds¹ Invested in Single Fund 42.5% Invested Across Multiple Funds 57.5% BRIDGE INVESTMENT GROUP LP Composition¹ Fund of Funds Employees 8.7% 2.4% Insurance, Bank, Foundation 14.6% Family Office, HNW, RIA 18.3% Bridge has succeeded in penetrating key institutional segments (e.g., sovereign wealth funds, pension funds, insurance) as a complement to its extensive high-net-worth relationships 1 Based on committed capital as of December 31, 2022. 2 Repeat investors groups investors coming through wirehouse platforms as one repeat investor as of December 31, 2022. SWF, Pension 20.8% Continued success gathering assets across wirehouses driven by strong investment results, excellent client service and positioning as a sector specialist Wealth Management 35.2% 24#25ESG INITIATIVES ARE CORE TO OUR CULTURE Our commitment to ESG spans our organization as we seek to analyze, integrate and report ESG metrics across our assets, investments, and practices. GOVERNANCE ENVIRONMENTAL PRI BRIDGE CROSS-DIVISIONAL INVESTMENT INTEGRATION GROUP MEASURING SOCIAL COMMUNITY & CITIZENSHIP Principles for Responsible Investment SUSTAINABLE DEVELOPMENT GOALS REPORTING SOCIAL Select Associations GRESB Ceres BRIDGE INVESTMENT GROUP Measuring Seeking to integrate ESG parameters into investment due diligence process in certain equity strategies as a defining criteria for asset, market and vendor selection. Seeking measurement and reporting of energy, emissions, water, and waste to steadily improve environmental performance across Válue-Add Multifamily, Workforce & Affordable Housing ("WFAH"), Office, and Seniors Housing strategies and communities. Social / Community & Citizenship Passionate community revitalization mindset, with dedicated social & community programming funded by the Bridge Community Enhancement Initiative ("BCEI"), integrated into WFAH assets. Firmwide citizenship initiatives such as Charitable Giving, Employee Engagement, and Employee Resource Groups. • Engage with CERES, NCREIF, Sorenson Impact, and PropTech firms for continuous dialogue on ESG best practices and new technologies. Employee, resident, and tenant engagement to promote sustainable and healthy practices. TCFD GIIN TASK FORCE CLIMATE-RELATED FINANCIAL DISCLOSURES MTV NETW 2021 & 2022 Environmental Finance Social Fund of the Year Reporting Seeking alignment with industry-leading benchmarks and global frameworks such as Global Impact Investing Network's ("GIIN") & UN Principles for Responsible Investment ("UNPRI"), which provides unbiased assessment of progress and best practices. Completed GRESB reporting submissions in 2021 and 2022. • Support the achievement of the United Nations Sustainable Development Goals ("SDGs") in its annual ESG report and GIIN IRIS metrics for WFAH." Cross-Divisional Integration Cross-functional ESG Steering Committee and integration of business lines and leadership for decision making, opportunity assessment, and risk mitigation. Dedicated Climate Change Task Force to increase awareness of climate risks and opportunities. Diversity, Equity and Inclusion ("DE&I") Committee to drive progress at all levels of the organization. Select ESG Awards³ 2021 Pension Bridge ESG Strategy of the Year Award 2021 ESG Investing Awards: Private Equity For our Workforce and Affordable Housing Funds Bridge completed its first GRESB reporting submission in 2021 for Bridge Workforce and Affordable Housing Fund I and Bridge Office Fund II and submitted its 2022 GRESB reports recently for the aforementioned funds, as well as for Bridge Multifamily Fund IV and Bridge Seniors Housing Fund II. For Workforce and Affordable Housing strategy. Awards are based on self-reported data and are not intended to imply any endorsement or testimonial from any of these organizations. 25#26APPENDIX BRIDGE INVESTMENT GROUP#27Appendix ($ in thousands) Assets Cash and cash equivalents Restricted cash GAAP Consolidated Balance Sheets Marketable securities, at fair value Receivables from affiliates Notes receivable from affiliates Other assets Other investments Accrued performance allocations Intangible assets, net Goodwill Deferred tax assets, net Total assets Liabilities and shareholders' equity Accrued performance allocations compensation Accrued compensation and benefits Accounts payable and accrued expenses Due to affiliates General Partner Notes Payable, at fair value Insurance loss reserves Self-insurance reserves and unearned premiums Other liabilities Notes payable Total liabilities Total shareholders' equity Total liabilities and shareholders' equity BRIDGE INVESTMENT GROUP As of December 31, 2022 December 31, 2021 $ $ $ LA LA LA $ $ 183,576 $ 9,689 14,614 53,804 67,244 70,466 85,456 554,723 4,894 55,982 54,387 1,154,835 $ 66,754 $ 15,643 24,942 51,966 8,633 9,445 3,453 30,386 297,294 508,516 $ 646,319 $ 1,154,835 $ 78,417 5,455 8,035 35,379 118,508 44,463 44,006 439,548 3,441 9,830 59,210 846,292 41,020 15,107 13,586 46,134 12,003 8,086 3,504 8,973 148,142 296,555 549,737 846,292 27#28Appendix Unaudited Historical Pro Forma & Actual Non-GAAP Measures ($ in thousands) Net income Income tax provision Income before provision for income taxes Depreciation and amortization Less: Unrealized performance allocations Plus: Unrealized performance allocations compensation Less: Unrealized (gains) losses, net Plus: Other (income) expenses, net Plus: Share-based compensation Less: Net realized performance allocations attributable to non-controlling interests Less: Cash income attributable to non-controlling interests in subsidiaries. Distributable Earnings attributable to the Operating Company Realized performance allocations and incentive fees Realized performance allocations and incentive fees compensation Net realized performance allocations to non-controlling interests Net insurance (income) loss (Earnings) losses from investments in real estate Net interest (income) expense and realized (gain) loss Less: Cash income attributable to non-controlling interests in subsidiaries Total Fee Related Earnings Less: Total Fee Related Earnings attributable to non- controlling interests BRIDGE INVESTMENT GROUP $ 12/31/2020 3/31/2021 6/30/2021 9/30/2021 $ 93,171 $ 38,378 $ 84,031 $ 118,882 $ 2,829 96,000 1,198 (49,639) 1,703 40,081 753 (14,729) 2,340 86,371 727 (43,204) 2,540 2,607 121,489 699 (53,042) 2,682 3,348 623 (5,780) 225 (317) (2,565) $ 7,287 $ (15,827) (8,133) 1,704 15,827 (1,660) (909) Pro Forma 1,751 34,459 $ 16,947 $ (28,493) (6,467) 8,133 30,812 $ (8,133) 3,133 (4,486) (2,648) 429 4,486 (1,108) 43 630 2,648 17,608 $ (2,648) 22,679 $ 14,960 $ 16,916 (20,593) Total Fee Related Earnings attributable to the Operating Company ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period. (5,829) 36,611 $ (35,629) 2,223 20,593 110 (980) 1,995 5,829 30,752 $ (5,829) 24,923 $ Three Months Ended 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 165,786 $ 97,505 $ 124,382 $ 32,241 $ 4,821 5,545 170,607 103,050 651 633 (137,638) (65,862) 20,910 9,238 3,203 35,444 5,837 130,219 887 (70,116) 7,987 703 16,367 3,789 (705) (479) (3,483) 2,452 (17,142) (12,154) 42,419 $ (30,999) 1,855 17,142 (1,101) (823) 1,381 12,154 42,028 $ (12,154) 29,874 $ 1,723 3,592 (5,913) (14,568) 38,659 $ (10,345) 648 5,913 124 (333) 848 Actual (14,568) 7,264 (6,094) 150 47,900 $ (8,937) 560 6,094 (665) (40) 450 14,568 (150) 50,082 $ 45,212 $ 150 35,514 $ 45,362 $ 6,553 (18,409) 977 54,615 $ (33,581) 2,165 18,409 (1,406) (1,251) 1,529 (977) 39,503 $ 977 40,480 $ (387) 9,624 (12,460) (3,307) 49,773 $ (22,308) 1,321 12,460 (1,183) (818) 2,323 3,307 44,875 $ (3,307) 41,568 $ 18,245 7,610 25,855 713 4,437 3,856 101 (1,246) 8,702 (2,357) (4,424) 35,637 (4,455) 349 2,357 (3,083) (60) 168 4,424 35,337 (4,424) 30,913 28#29Appendix Unaudited Historical Pro Forma & Actual Non-GAAP Measures ($ in thousands) Fund-level fee revenues Fund management fees Transaction fees Total net fund-level fee revenues Net earnings from Bridge property operators Development fees Fund administration fees Other asset management and property income Fee Related Revenues Cash-based employee compensation and benefits Net administrative expenses Fee Related Expenses Total Fee Related Earnings Less: Total Fee Related Earnings attributable to non-controlling interests Total Fee Related Earnings to the Operating Company Realized performance allocations and incentive fees Realized performance allocations and incentive fees compensation Net realized performance allocations attributable to non-controlling interests Net insurance income (loss) Earnings (losses) from investments in real estate Net interest income (expense) and realized gain (loss) Distributable Earnings attributable to the Operating Company BRIDGE INVESTMENT GROUP $ Three Months Ended 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Pro Forma 32,180 $ 30,860 $ 18,574 5,326 50,754 36,186 1,171 2,094 651 386 1,327 53,903 (21,653) (1,438) (23,091) 30,812 (8,133) 22,679 28,493 (1,704) (2,648) 14,960 6,467 40,576 $ 49,965 $ 52,700 $ 49,380 $ 64,096 $ 21,907 31,598 17,643 11,532 21,998 74,698 62,483 81,563 67,023 75,628 4,969 2,469 2,939 1,018 1,136 1,259 2,108 793 3,657 1,294 986 3,808 320 3,640 1,520 1,533 2,329 1,955 2,659 4,413 40,186 70,003 87,817 84,491 76,240 86,129 (31,228) (32,539) (30,120) (6,740) (6,617) (20,308) (21,403) (23,173) (2,270) (3,394) (4,802) (6,507) (22,578) (24,797) (27,975) (37,735) 17,608 30,752 42,028 50,082 (36,737) (39,279) 45,212 39,503 (429) (15,827) 1,660 909 (1,751) $ 34,459 $ 16,947 $ (43) (630) ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period. 34,545 $ 16,242 50,787 1,988 1,163 1,611 55,549 (4,486) (20,593) (17,142) 1,108 (110) 1,101 980 823 (1,381) 42,419 $ 38,659 $ (5,829) 24,923 35,629 (2,223) (12,154) (14,568) 29,874 35,514 30,999 10,345 (1,855) (648) (1,995) 36,611 $ Actual (5,913) (124) 333 (848) 150 45,362 8,937 (560) 6/30/2022 9/30/2022 12/31/2022 (6,094) 665 40 (450) 47,900 $ 977 40,480 33,581 (2,165) (18,409) 1,406 1,251 (1,529) 54,615 $ (34,242) (7,012) (41,254) 44,875 (3,307) 41,568 22,308 (1,321) (12,460) 1,183 818 (2,323) 49,773 $ 55,408 5,033 60,441 4,164 1,651 3,925 2,475 72,656 (29,351) (7,968) (37,319) 35,337 (4,424) 30,913 4,455 (349) (2,357) 3,083 60 (168) 35,637 29#30Appendix Unaudited Historical Pro Forma & Actual Reconciliation of Non-GAAP Distributable Earnings per Share Actual ($ in thousands, except per share and per share amounts) Numerator Distributable Earnings ("DE") attributable to the Operating Company Less: DE attributable to non-controlling interest in the Operating Company DE attributable to Bridge Investment Group Holdings Inc. Less: Income allocated to participating Restricted Shares DE available to common shareholders - Basic and Diluted Less: Income tax expense After-tax DE available to common shareholders - Basic and Diluted Denominator Weighted average shares of Class A Common stock outstanding - Basic and Diluted After-Tax Non-GAAP Distributable Earnings Per Share Basic and Diluted $ BRIDGE INVESTMENT GROUP $ 12/31/2020 Pro Forma 34,459 $ (26,692) 7,767 (676) 7,091 (1,773) 5,319 3/31/2021 6/30/2021 0.24 $ 16,947 $ (13,127) 3,820 (332) 3,488 (872) 2,616 22,284,351 22,284,351 22,284,351 0.12 $ ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period. 36,611 $ (28,359) 8,252 (718) 7,534 (1,884) 5,651 Three Months Ended 9/30/2021 12/31/2021 3/31/2022 0.25 $ 42,419 $ (33,792) 8,627 (823) 7,804 (1,951) 5,853 22,284,351 0.26 $ 38,659 $ 47,900 $ (29,957) (37,380) 8,702 10,520 (1,897) 8,623 (743) 7,959 (1,990) 5,969 (2,156) 6,467 0.26 $ 6/30/2022 9/30/2022 12/31/2022 0.28 $ 54,615 $ (42,256) 12,359 (2,126) 10,233 (2,558) 7,675 49,773 $ (38,451) 11,322 22,742,137 23,138,030 24,029,107 24,157,236 24,373,172 0.32 $ (1,969) 9,353 (2,338) 7,015 35,637 (27,488) 8,149 (1,405) 6,744 (1,686) 5,058 0.29 $ 0.21 30#31Appendix Unaudited Non-GAAP to GAAP Reconciliation - Historical Pro Forma & Actual ($ in thousands) Cash-based employee compensation and benefits Compensation expense of Bridge property operators Share-based compensation Employee compensation and benefits Administrative expenses, net of Bridge property operators Administrative expenses of Bridge property operators General and administrative expenses Unrealized gains (losses) Other expenses from Bridge property operators Net interest income (expense) and realized gain (loss) Other income (expense), net Total other income (expense) Cash income attributable to non-controlling interests in subsidiaries Non-cash income attributable to non-controlling interest in subsidiaries Realized performance allocations attributable to non-controlling interests Unrealized performance allocations attributable to non-controlling interests Net income attributable to non-controlling interests in Bridge Investment Group Holdings LLC BRIDGE INVESTMENT GROUP 12/31/2020 3/31/2021 6/30/2021 21,653 $ 20,308 $ 21,403 $ 6,925 6,002 6,279 7,287 3,133 16,916 35,865 $ 29,443 $ 44,598 $ $ $ $ $ $ $ $ Pro Forma 1,438 $ 2,601 4,039 $ (225) $ (22) (1,751) (1,998) $ 8,133 $ 15,827 28,994 2,270 $ 1,830 4,100 $ 5,780 $ (21) (630) 5,129 $ 2,648 $ 4,486 9,586 $ 52,954 $ 16,720 $ ¹ Pro forma assumes the Transactions and IPO occurred prior to reported period. 3,394 $ 1,997 5,391 $ 317 $ (19) (1,995) (1,697) $ 5,829 $ 20,593 25,517 51,939 $ Three Months Ended 9/30/2021 12/31/2021 3/31/2022 23,173 $ 31,228 $ 32,539 $ 30,120 $ 6,138 6,667 7,677 10,020 2,452 3,592 7,264 6,553 31,763 $ 41,487 $ 47,480 $ 46,693 $ 4,802 $ 1,901 6,703 $ 2,565 $ (18) (1,381) 1,166 $ 12,154 $ 17,142 31,605 60,901 $ 6,507 $ 2,112 8,619 $ 705 $ (16) (848) (1,723) (1,882) $ 14,568 $ 5,913 64,778 Actual 85,259 $ 6,740 $ 2,768 9,508 $ 479 $ (14) (450) 15 $ (150) $ 6,094 30,769 36,713 $ 6/30/2022 9/30/2022 12/31/2022 34,242 $ 29,351 11,102 9,436 9,624 54,968 $ 8,702 47,489 6,617 $ 3,152 9,769 $ 3,483 $ (13) (1,529) 1,941 $ (977) $ - 18,409 32,316 49,748 $ 7,012 $ 3,673 10,685 $ 387 $ (8) (2,323) (1,944) $ 3,307 $ 12,460 (14,386) 1,381 $ 7,968 3,140 11,108 (101) (168) 1,246 977 4,424 (644) 2,357 (5,838) 299 31#32Appendix AUM Roll Forward (Unaudited) Three Months Ended December 31, 2022 ($ in millions) Balance as of beginning of period New capital / commitments raised¹ Distributions / return of capital² Change in fair value and acquisitions³ AUM as of end of period % Change ($ in millions) Balance as of beginning of period FEAUM Roll Forward (Unaudited) Three Months Ended December 31, 2022 Increases (capital raised/deployment) Changes in fair market value Decreases (liquidations/other) FEAUM as of end of period % Change $43,833 486 (173) (854) $43,292 (1)% BRIDGE INVESTMENT GROUP $16,580 870 (149) 33 $17,334 5% Year Ended December 31, 2022 $36,315 4,337 (1,615) 4,255 $43,292 19% Year Ended December 31, 2022 $13,363 4,693 (143) (579) $17,334 30 % New capital / commitments raised generally represents limited partner capital raised by our funds and other vehicles, including any reinvestments in our open-ended vehicles. Distributions / return of capital generally represents the realization proceeds from the disposition of assets, current income, or capital returned to investors. Change in fair value and acquisitions generally represents realized and unrealized activity on investments held by our funds and other vehicles (including changes in fair value and changes in leverage) as well as the net impact of fees, expenses, and non-investment income. Increases generally represents limited partner capital raised or deployed by our funds and other vehicles that is fee-earning when raised or deployed, respectively, including any reinvestments in our open- ended vehicles. Decreases generally represents liquidations of investments held by our funds or other vehicles or other changes in fee basis, including the change from committed capital to invested capital after the expiration or termination of the investment period. 32#33Appendix FEAUM by Fund (Unaudited) ($ in millions) Bridge Debt Strategies Fund IV Bridge Multifamily Fund V Bridge Workforce Fund II Bridge Opportunity Zone Fund IV Bridge Multifamily Fund IV Bridge Debt Strategies Fund III Bridge Opportunity Zone Fund III Bridge Seniors Housing Fund II Bridge Seniors Housing Fund I Bridge Workforce Fund I Bridge Opportunity Zone Fund V Bridge Opportunity Zone Fund I Bridge Office Fund I Bridge Opportunity Zone Fund II Bridge Debt Strategies Fund II Bridge Logistics U.S. Venture I Bridge Agency MBS Fund Bridge Single-Family Rental Fund IV Bridge Debt Strategies III JV Partners Bridge Multifamily Fund III Bridge Net Lease Income Fund Bridge Office Fund II Bridge Debt Strategies II JV Partners Bridge Debt Strategies IV JV Partners Bridge Office I JV Partners Bridge Office III JV Partners Bridge Seniors Housing Fund III Morrocroft Neighborhood Fund III Bridge Office II JV Partners Bridge Debt Strategies I JV Partners Bridge Multifamily III JV Partners Bridge Debt Strategies Fund I Total FEAUM by Fund BRIDGE INVESTMENT GROUP $ $ 2020 305 $ 166 1,574 1,549 1,028 769 626 499 482 500 408 678 104 416 401 89 343 154 December 31, 2021 33 21 18 10 41 10,214 $ 1,133 $ 976 915 1,490 1,284 1,286 1,019 805 626 556 482 499 408 354 110 123 308 269 29 176 195 129 130 33 6 18 4 13,363 $ 2022 2,381 2,143 1,719 1,476 1,347 1,028 1,019 793 615 556 504 482 478 408 280 256 245 229 223 188 179 161 145 142 132 93 66 32 6 4 4 17,334 33#34Appendix Reconciliation of GAAP Shares of Common Stock Outstanding to Total Shares Outstanding Q4 2022 GAAP Shares of Common Stock Outstanding Unvested Participating Shares of Common Stock Total Participating Shares of Common Stock Participating Partnership Units Unvested Participating Partnership Units Total Shares Outstanding Shareholder Dividends ($ in thousands, except per share data) Distributable Earnings Attributable to the Operating Company Less: 10% Holdback of Profits in the Operating Company to reinvest Less: DE attributable to non-controlling interests in Operating Company DE before Certain Payables Attributable to Common Stockholders Less: Other Payables Attributable to Common Stockholders DE Attributable to Participating Common Stockholders Total Participating Shares of Common Stock DE per Share Less: Retained Capital per Share Dividend per Share Record Date Payment Date BRIDGE INVESTMENT GROUP 24,484,585 5,003,936 29,488,521 96,085,111 3,136,544 128,710,176 January 31, 2023 25,055,577 7,705,526 32,761,103 98,825,923 2,421,685 134,008,711 Q4 2022 $35,637 (3,564) (24,519) $7,554 (1,889) $5,665 32,761,103 $0.17 0.00 $0.17 March 10, 2023 March 24, 2023 34#35Appendix Reconciliation of GAAP Loss per Share to Distributable Earnings per Share ($ in thousands, except per share data) Net loss available to Common Shareholders Add: Loss allocated to unvested Participating Shares of Restricted Stock Net loss attributable to Bridge Investment Group Holdings Inc. Net income attributable to non-controlling interests in Operating Company Net income attributable to non-controlling interests in subsidiaries of Operating Company Net income Income tax provision Income before provision for income taxes Depreciation and amortization Less: Unrealized performance allocations Plus: Unrealized performance allocations compensation Less: Unrealized (gains) losses, net Plus: Share-based compensation Plus: Other (income) expenses, net Less: Net realized performance allocations attributable to non-controlling interests Less: Cash income attributable to non-controlling interests in subsidiaries Distributable Earnings attributable to the Operating Company Less: DE attributable to non-controlling interests in the Operating Company Distributable Pre-Tax Earnings attributable to Bridge Investment Group Holdings Inc. Less: Income allocated to participating Restricted Shares Distributable Pre-Tax Earnings available to Common Shareholders Less: Income tax expense Distributable After-Tax Earnings available to Common Shareholders BRIDGE INVESTMENT GROUP $ $ LA $ $ $ $ $ $ Amount (357) (82) (439) 18,385 299 18,245 7,610 25,855 713 4,437 3,856 101 8,702 (1,246) (2,357) (4,424) 35,637 27,488 8,149 1,405 6,744 1,686 5,058 Q4 2022 Weighted- Average Shares Outstanding 24,373,172 29,449,523 128,782,591 128,782,591 128,782,591 99,333,068 29,449,523 24,373,172 24,373,172 Amount per Share $(0.04) $(0.04) $0.14 $0.20 $0.28 0.28 $0.28 $0.28 $0.21 35#36Appendix Non-Controlling Interests ($ in thousands) NON-GAAP FINANCIAL MEASURES Fund-level fee revenues Fund management fees Transaction fees net Total Fund-level fee revenues Net earnings from Bridge property operators Development fees Fund administration fees Other asset management and property income Fee Related Revenues Cash-based employee compensation and benefits Net administrative expenses Fee Related Expenses Total Fee Related Earnings Total Fee Related Earnings attributable to non-controlling interests from 2020 Profits Interests Total Fee Related Earnings attributable to non-controlling interests from 2021 Profits Interests Total Fee Related Earnings attributable to non-controlling interests from subsidiaries of the Operating Company Total Fee Related Earnings to the Operating Company Realized performance allocations and incentive fees Realized performance allocations and incentive fees compensation Net realized performance allocations attributable to non-controlling interests Net insurance income Earnings from investments in real estate Net interest income/(expense) and realized gain/(loss) Distributable Earnings Attributable to the Operating Company BRIDGE INVESTMENT GROUP $ $ For Three Months Ended December 31, 2022 Fund Performance Management income Total 55,408 $ 5,033 60,441 4,164 1,651 3,925 2,475 72,656 (29,351) (7,968) (37,319) 35,337 (1,807) (2,068) (549) 30,913 4,455 (349) (2,357) 3,083 60 (168) 35,637 $ 55,408 $ 5,033 60,441 4,164 1,651 3,925 2,475 72,656 (29,351) (7,968) (37,319) 35,337 (1,807) (2,068) (549) 30,913 3,083 60 (168) 33,888 $ 4,455 (349) (2,357) 1,749 Profits Interests 2019 profits interests converted on January 1, 2022 • 2020 profits interests converted on January 1, 2023 • 2021 profits interests . expected to be converted on July 1, 2023 Will result in a reduction in NCI and increase in Net Income to the Operating Company Will result in an increase in share count; however, expected to be antidilutive to public shareholders Performance Income The Operating Company receives 24% to 40% of the gross performance. allocations 36#37Appendix Composition of Fund Management Fees ($ in MM) $48 1896 75% 2017 896 BRIDGE INVESTMENT GROUP $65 86% 2018 496 $118 21% 446 75% 2019 $110 996 919 2020 Fees from funds launched in prior years Fees from funds launched in the current year One time catch up fees from funds launched in prior years $156 10% 13% 7796 2021 $222 13% 496 83% 2022 37#38Appendix Investment Performance Summary - As of December 31, 2022 ($ in MM) Closed-End Funds!!) (Investment Period Beginning, Ending Date) Equity Strategies Funds Multifamily Bridge Multifamily I (Mar 2009, Mar 2012) Bridge Multifamily II (Apr 2012, Mar 2015) Bridge Multifamily III (Jan 2015, Jan 2018) Bridge Multifamily IV (Jun 2018, Jun 2021) Total Multifamily Funds Workforce & Affordable Housing Bridge Workforce Housing I (Aug 2017, Aug 2020) Bridge Workforce Housing II (Aug 2020, to present) Total Workforce & Affordable Housing Funds Seniors Housing Bridge Seniors I (Jan 2014, Jan 2018) Bridge Seniors II (Mar 2017, Mar 2020) Bridge Seniors III (Nov 2020, to present) Total Seniors Housing Funds Office Bridge Office I (Jul 2017, Jul 2020) Bridge Office II (Dec 2019, Dec 2022) Total Office Funds Debt Strategies Funds Bridge Debt 1 (Sep 2014, Sep 2017) Bridge Debt II (Jul 2016, Jul 2019) Bridge Debt III (May 2018, May 2021) Bridge Debt IV (Nov 2020, to present) Total Debt Strategies Funds $ $ $ $ $ $ $ Cumulative Fund Committed Capital Unreturned Drawn Capital plus Accrued Pref 124 $ 596 912 1,590 3,222 $ 619 1,741 2,360 $ $ 578 $ 820 48 1,446 $ 573 $ 208 781 $ 132 $ 1,002 1,624 2,888 5,646 $ 552 1,505 2,057 $ 656 $ 968 1,624 $ 812 833 32 1,677 $ $ 672 $ 207 879 $ $ 241 1,031 1,935 3,207 $ Cumulative Investment Invested Capital 150 $ 605 881 1,416 3,052 $ 578 $ 911 1,489 $ 720 $ 730 24 1,474 619 206 825 2,617 5,555 6,984 15,375 $ Please refer to Notes to Performance Summary on slide 39 for additional information. BRIDGE INVESTMENT GROUP $ 219 $ $ $ Realized Investment Value 280 $ 1,264 1,784 347 3,675 $ 119 69 188 64 $ 404 $ 236 1 641 $ 187 $ 39 226 $ 264 $ 2,804 5,090 4,981 13,139 $ Total Investment-Level Unrealized Investment Value 349 2,611 2,960 1,069 922 1,991 430 733 28 1,191 446 268 714 272 1,044 2,197 3,513 Unrealized Investment MOIC N/A N/A 2.62x 2.07x 2.13x Total Investment Fair Value $ $ 2.05x $ 1.09x 1.46x $ 1.02X $ 1.30x 1,24x 1.18x $ 1.00x $ 1.49x 1.13x $ 1.25x $ 1.25x 1.25X 1.04x 1.12x $ 280 1,264 2,133 2,957 6,634 1,188 991 2,179 834 969 29 1,832 633 307 940 264 3,076 6,134 7,178 16,652 Total Investment MOIC 1.87x 2.09x 2.42x 2.09x 2.17x 2.05x 1.09x 1.46x 1.16x 1.33x 1,24x 1.24x 1.02x 1.49x 1.14x 1.21x 1.18x 1.10x 1.03x 1.08x Fund-Level Returns Investor Levered Net IRR(¹0) 15.1 % 23.0 % 20.5% 25.4 % 21.5% 20.6 % 0.3% 15.7% 0.5% 5.2 % 2.1% 2.6% (2.6)% 16.1% 0.3% 5.5% 8.7% 9.0 % 6.2 % 8.3 % Investor Unlevered IRR Net 15.1 % 22.5% 19.8 % 24.5% 21.0% 20.6 % 0.9 % 15.2 % 0.6 % 5.2 % 2.1% 2.6 % (2.3)% 14,6 % 0.6% 5.5% 8.6 % 8.9 % 5.4 % 8.0 % 38#39Appendix Notes to Performance Summary 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, 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) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Closed-End Funds represented herein does not include performance for (i) Opportunity Zone funds as such funds are invested in active development projects and have minimal stabilized assets, (ii) funds that are currently raising capital, including our open-ended funds, or (iii) strategic acquisitions within the last 12 months. 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. Cumulative Fund Committed Capital represents total capital commitments to the fund (excluding joint ventures or separately managed accounts). Unreturned Drawn Capital plus 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. 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. Realized Investment Value represents net cash proceeds received in connection with all investments, including distributions from investments and disposition proceeds. 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 Value are based. Direct fund investments in real property are held at cost minus transaction expenses for the first six months. 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. Total Investment Fair Value represents the sum of Realized Investment Value and Unrealized Investment Value, before management fees, expenses and carried interest. Total Investment MOIC represents the MOIC for Total Investment Fair Value divided by Cumulative Investment Invested Capital. Investor Levered Gross IRR is an annualized realized and unrealized fund-level 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 (to fee-paying investors), gross of management fees and carried interest. Because IRRS are time-weighted calculations, for certain newer funds with short measurement periods, IRRS may be amplified by fund leverage and early fund expenses and may not be meaningful. For certain 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. Investor Levered Net IRR is an annualized realized and unrealized return to fee-paying investors since the date of the first capital call, net of the investors actual management fees, fund level expenses and carried interest. Net return information reflects the aggregated fund fee-paying investor level returns net of all fees, which may differ from an individual investor's returns due to timing of investment, variance in fees paid by such investor, and other investor-specific investment costs such as taxes. BRIDGE INVESTMENT GROUP 39#40Glossary Assets Under Management Assets under management, or 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). 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. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of 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. Distributable Earnings Fee-Earning AUM Fee Related Earnings Distributable Earnings, or DE, 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. DE differs from net income before provision for income taxes, computed in accordance with U.S. GAAP in that it does not include depreciation and amortization, unrealized performance allocations and related compensation expense, unrealized gains (losses), share-based compensation, cash income attributable to non-controlling interests, charges (credits) related to corporate actions and non- recurring items. Although we believe the inclusion or exclusion of these items provides investors with a meaningful indication of our core operating performance, the use of DE without consideration of the related U.S. 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 in our most recent annual report on Form 10-K and quarterly report of Form 10-Q under "Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Components of our Results of Operations-Combined Results of Operations" prepared in accordance with U.S. GAAP. Our calculations of DE 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-Earning AUM, or FEAUM, reflects the assets from which we earn management fee revenue. The assets we manage that are included in our FEAUM typically pay management fees based on capital commitments, invested capital or, in certain cases, NAV, depending on the fee terms. Fee Related Earnings, or FRE, is a supplemental performance measure used to assess our ability of to generate profits from fee-based revenues that are measured and received on a recurring basis. FRE differs from income before provision for income taxes computed in accordance with U.S. 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 in real estate, net interest (interest income less interest expense), net realized gain/(loss), and, if applicable, certain general and administrative expenses when the timing of any future payment is uncertain. FRE is not a measure of performance calculated in accordance with U.S. GAAP. The use of FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Our calculations of FRE 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. BRIDGE INVESTMENT GROUP 40#41Glossary (cont'd) Fee Related Expenses Fee Related Revenues Fund Management Fees Operating Company Sponsored Funds Fee Related Expenses is a component of Fee Related Earnings. Fee Related Expenses differs from expenses computed in accordance with U.S. 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, and expenses attributable to non- controlling interest 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 to the comparable line items on the consolidated and combined statements of operations. Fee Related Revenues is a component of Fee Related Earnings. Fee Related Revenues is comprised of fund management fees, transaction fees net of any third-party operating expenses, net earnings from Bridge property operators, development fees, and other asset management and property income. 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 to the comparable line items on the combined statements of operations. Fee Related Revenues differs from revenue computed in accordance with U.S. GAAP in that it excludes insurance premiums. 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. Fund management fees refers to fees we earn for advisory services provided to our funds, which are generally based on total commitments, invested capital or net asset value managed by us. Fund management fees are generally based on a quarterly measurement period and amounts are paid in advance of recognizing revenue. Bridge Investment Group Holdings LLC, or the Operating Company, acts as a holding company of certain affiliates that provide an array of real estate-related services. The Operating Company is the ultimate controlling entity, through its wholly owned subsidiary Bridge Fund Management Holdings LLC, of the investment manager entities, which we refer to collectively as the Fund Managers. Sponsored Funds refers to the funds, co-investment vehicles and other entities and accounts that are managed by Bridge, and which are structured to pay fees. BRIDGE INVESTMENT GROUP 41