Financial PerformanceThe cyclical recovery in real estate is taking longer than expected to materialize, which pressures BRDG’s fundraising, fee-related earnings, performance fees, and earnings.
Operational PerformanceBRDG’s heavy weighting in real estate caused operational performance to suffer.
Revenue RecoverySofter than expected fundraising and transaction fee outlook lead to a slower revenue recovery, while the recent move higher in 10-year yields risks further delaying the recovery.