Bridge Investment Group Holdings Inc. (NYSE:BRDG) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET
Company Participants
Bonni Rosen - Investor Relations Officer
Robert Morse - Executive Chairman
Jonathan Slager - Chief Executive Officer
Katie Elsnab - Chief Financial Officer & Chief Accounting Officer
Dean Allara - Head of Client Solutions Group & Vice Chairman of the Board
Conference Call Participants
Ken Worthington - JPMorgan
Michael Cyprys - Morgan Stanley
Finian O'Shea - Wells Fargo
Operator
Greetings. Welcome to the Bridge Investment Group's Second Quarter 2022 Earnings Call and Webcast. [Operator Instructions] Please note that this conference is being recorded.
I will now turn the conference over to your host, Bonni Rosen, Head of Shareholder Relations. You may begin.
Bonni Rosen
Good morning, everyone. Welcome to the Bridge Investment Group second quarter 2022 financial results conference call. Our prepared remarks include comments from our Executive Chairman, Robert Morse; Chief Executive Officer, Jonathan Slager; and Chief Financial Officer, Katie Elsnab. We will hold a Q&A session following the prepared remarks, during which Dean Allara, Vice Chairman and Head of the Client Solutions Group, will join.
During the call, we will discuss certain non-GAAP financial metrics. The reconciliation of the non-GAAP metrics are provided in the appendix of our supplemental slides. The supplemental materials are accessible on our IR website, at ir.bridgeig.com. These slides can be found under the Presentations portion of the site, along with the second quarter earnings call event link. They are also available live during the webcast.
It is now my pleasure to turn the call over to Bob.
Robert Morse
Thank you, Bonni, and welcome to all. Bridge reported excellent results for the second quarter, our best quarter ever for distributable earnings, with strong growth across our key financial metrics.
Distributable earnings per share increased 28% year-over-year to $0.32 a share, driven by the consistent growth in management fee revenue and one of our strongest quarters for realized performance fees. Fee-related earnings to the operating company increased 62% year-over-year to $40.5 million. Gross AUM is about $42 billion and fee-earning AUM increased 44% year-over-year to $15.5 billion.
In addition to the strong financial performance, Bridge strengthened its balance sheet via the private placement issuance of $150 million of senior notes, half with a 10-year tenor and half with a 12-year tenor. And we coupled that with an expanded senior secured revolving credit facility of $125 million, with the potential to increase to $225 million in certain circumstances, giving Bridge enhanced liquidity and flexibility.