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Arbor Realty Trust, Inc.

ABR

2025 Q2

Financial Services

2mo

Successful High-Yield Unsecured Debt Offering and Credit Rating Achievement

Arbor completed its first high-yield unsecured debt offering, raising $500 million.
Proceeds were used to pay off all convertible debt and add $200 million of liquidity.
Received BB credit ratings from Moody's and Fitch, reinforcing platform quality and diversification.

Acadia Realty Trust

AKR

2025 Q2

Financial Services

2mo

Financial Performance Summary

85% of executed leases in 2025 came from street and urban portfolio compared to 30% in 2024.
Balance sheet liquidity of approximately $600 million with net debt to EBITDA at 5.5x.
Executed approximately $7.5 million of new leases in first half of 2025, nearly 100% increase over $3.8 million in 2024.
FFO as adjusted for realized gains from Albertsons stock sales was $0.32 per share, in line with expectations.
New 5-year $250 million term loan executed at 120 basis points over SOFR, all-in cost about 4.6% after swaps.
Projected year-over-year NAREIT FFO growth of about 10% at the midpoint of 2025 guidance.
Reported NAREIT FFO of $0.27 per share in Q2 2025, an 8% increase over $0.25 in Q2 2024.
Same-store NOI growth reaffirmed at 5% to 6% for 2025, trending towards midpoint or slightly ahead.
Total core occupancy increased by 50 basis points to 92.2%, with expectation to reach 94% to 95% by year-end.

Ladder Capital Corp

LADR

2025 Q2

Financial Services

3mo

Investment-Grade Rating Upgrade

Baa3 (Moody's) and BBB- (Fitch)

The second quarter of 2025 marked a significant milestone for Ladder as we achieved our long-standing goal of becoming an investment-grade rated company with Moody's and Fitch upgrading Ladder to Baa3 and BBB-, respectively.

Ladder Capital Corp

LADR

2025 Q3

Financial Services

Financial Performance Summary

Closed inaugural $500 million 5-year investment-grade unsecured bond at 5.5%, tightest spread in company history.
Distributable earnings of $32.1 million or $0.25 per share in Q3 2025.
Liquidity of $879 million including $49 million cash and $830 million undrawn revolver capacity.
Loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets.
Non-accrual loans reduced to $123 million or 2.6% of total assets with no new additions.
Real estate portfolio generated $15.1 million in net operating income, stable and predictable.
Return on equity (ROE) of 8.3% with adjusted leverage of 1.7x.
Securities portfolio totaled $1.9 billion, 40% of total assets, with a weighted average yield of 5.7%.

Veris Residential, Inc.

VRE

2025 Q3

Financial Services

Aggressive Asset Monetization and Deleveraging Strategy

Veris Residential has sold or entered contracts for $542 million of non-strategic assets, surpassing the initial $300-$500 million target and raising it to $650 million.
The company expects the Harborside 8/9 sale to close early next year, generating $0.04 of run rate earnings and further reducing net debt-to-EBITDA to around 9x.
Proceeds from asset sales are being used to pay down debt, with a goal to delever to below 8x by the end of 2026, significantly strengthening the balance sheet.
Management emphasized that these strategic asset sales are central to their plan to unlock value and improve financing options, including reducing the cost of capital.
The company’s focus on monetizing non-core assets is expected to create more optionality and flexibility for future financing and growth strategies.

Veris Residential, Inc.

VRE

2025 Q2

Financial Services

3mo

Accelerated Non-Strategic Asset Sales and Early Debt Reduction

Veris Residential has executed or completed approximately $450 million of non-strategic asset sales year-to-date, surpassing the initial target of $300-$500 million by 2026.
Recent sales include Signature Place in New Jersey for $85 million and 145 Front Street in Worcester for $122 million, both at a cap rate of 5.1%.
Additional binding contracts for $180 million in sales are expected to close soon, supporting the goal to reduce leverage to below 9x by 2026.
The asset sales are primarily aimed at deleveraging the balance sheet and reducing debt costs, with a focus on smaller assets and land.

Byline Bancorp, Inc.

2025 Q2

Financial Services

3mo

Successful Integration of First Security Acquisition and System Upgrade

Completed the acquisition of First Security, adding $280 million in deposits and $153 million in loans.
System conversion and integration finalized by end of April, with all related costs included in expenses.
The transaction enhanced commercial relationships and contributed to loan and deposit growth.

First American Financial Corporation

FAF

2025 Q2

Financial Services

3mo

Record Commercial Revenue and High-Quality Deal Pipeline

Commercial revenue increased by 33%, driven by broad-based strength across asset classes, notably industrial and multifamily.
All-time record in National Commercial Services division for fee per file, with a 30% increase in fee per file.
Strong pipeline with high-quality, large deals, including 11 transactions over $1 million.
Anticipation of deal acceleration in Q4 due to upcoming renewable energy tax incentives, with a positive outlook for the second half of the year.

Brandywine Realty Trust

BDN

2025 Q2

Financial Services

3mo

Recapitalization Strategy for Development Projects and Impact on Leverage

Management highlighted ongoing discussions with private investors for recapitalizing joint ventures, aiming to lower leverage and return capital.
Plans include selling or converting properties to joint ventures, with 1-2 projects targeted for recapitalization in 2025.
Recapitalizations are expected to reduce overall leverage, improve credit metrics, and facilitate return to investment-grade status.

Third Coast Bancshares, Inc.

TCBX

2025 Q2

Financial Services

3mo

Successful Execution and Recognition of Securitization Strategy

Third Coast Bancshares closed its second securitization deal in the quarter, demonstrating the viability and replicability of its securitization strategy.
The transaction reduces risk-weighted assets, lowers construction concentrations, and mitigates credit risk.
The company was nominated for North American Transaction of the Year and North American Issuer of the Year at the 2025 SCI Risk Sharing Award Ceremony in London.

Earnings Feed

Successful High-Yield Unsecured Debt Offering and Credit Rating Achievement

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Financial Performance Summary

Investment-Grade Rating Upgrade

Financial Performance Summary

Aggressive Asset Monetization and Deleveraging Strategy

Accelerated Non-Strategic Asset Sales and Early Debt Reduction

Successful Integration of First Security Acquisition and System Upgrade

Record Commercial Revenue and High-Quality Deal Pipeline

Recapitalization Strategy for Development Projects and Impact on Leverage

Successful Execution and Recognition of Securitization Strategy