- Agree Realty invested over $350 million in 110 properties during Q2 2025, including $328 million in acquisitions across 91 retail net lease assets with a weighted average cap rate of 7.1% and lease term of 12.2 years.
- Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, and AFFO per share was $1.06, a 1.7% increase year-over-year.
- Liquidity stood at $2.3 billion with no material debt maturities until 2028 and pro forma net debt to recurring EBITDA at 3.1x, the lowest since Q4 2022.
- The company declared monthly dividends of $0.256 per share for Q2, representing a 2.4% year-over-year increase and a payout ratio of 72% of AFFO per share.
- The portfolio occupancy rebounded to 99.6% post re-tenanting of former Big Lots, with investment-grade exposure at 68%.
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- Average deposits declined just over 1%, with non-interest bearing deposits stable at 38%.
- Average loans grew almost 1% for the quarter and period-end loans increased approximately 3%.
- Capitalization remained strong with an estimated CET1 ratio of 11.94%, well above the 10% strategic target.
- Net charge-offs were 22 basis points, at the low end of the normal range and flat quarter-over-quarter.
- Net interest income remained stable at $575 million for the third consecutive quarter.
- Non-interest expenses decreased $23 million due to lower litigation expenses and salaries, with some offsetting increases in advertising and outside processing.
- Non-interest income increased $20 million driven by higher loan volumes, capital markets income, and seasonal benefits.
- Reported earnings per share of $1.42, a nearly 14% increase over the prior quarter.
- Returned $193 million to shareholders through dividends and share repurchases, including $100 million in share repurchases in Q2.
- Adjusted EBITDA was $195.7 million.
- Gain on sale margin increased to 113 basis points, up 19 basis points from Q1 2025.
- MSR portfolio stood at $211.2 billion UPB with a weighted average coupon of 5.51%.
- Net income was $314.5 million, including a $111 million decline in fair value of MSRs.
- Purchase originations totaled $27.3 billion, marking the third-best purchase quarter ever and tracking to over $100 billion for the year.
- Refinance volume doubled year-over-year to $12.4 billion, representing about 11% of the industry volume despite owning only 2% of the servicing market.
- Total equity increased to $1.7 billion and cash position was $490 million with total available liquidity of $2.2 billion.
- UWM reported $39.7 billion in production volume for Q2 2025, the best quarter since 2021 and nearly 20% higher than Q2 2024.
- AMERISAFE reported net income of $14 million or $0.73 per diluted share for Q2 2025, compared to $11 million or $0.57 per diluted share in Q2 2024.
- Book value per share increased 3.3% year-to-date to $13.96; statutory surplus grew to $257 million from $235 million at year-end 2024.
- Expense ratio rose to 31.3% from 29.8% due to investments in growth and increased insurance-based assessments; full year expense ratio expected to be in line with previous years.
- Gross written premiums increased 4.3% to $79.7 million from $76.4 million in Q2 2024, driven by 12.8% growth in voluntary premiums despite moderation in audit premiums.
- Net investment income decreased 10.2% to $6.7 million due to lower investable assets after special dividend payment, but yields on new investments improved by 230 basis points.
- Operating net income was $10 million or $0.53 per diluted share, down from $11.1 million or $0.58 per diluted share in the prior year quarter.
- The company repurchased 63,000 shares at an average cost of $44.55 totaling $2.8 million in the quarter.
- Average loans grew 2.3% year-over-year to $5.1 billion, led by home equity lines of credit (+17.8%) and commercial loans (+9.2%).
- Capital ratios remained strong with consolidated equity to assets at 10.91% and book value per share up 6.6% to $36.75.
- Net income for Q2 2025 was $15 million, a 19.8% increase over Q2 2024, with year-to-date net income nearly $30 million.
- Net income for Q2 2025 was $15 million, up 19.8% year-over-year, with year-to-date net income nearly $30 million.
- Net interest income increased 10.5% to $41.7 million, driven by margin expansion and loan growth.
- Noninterest expenses decreased by $600,000 year-over-year, with ORE expenses at $522,000 for the quarter.
- Noninterest expenses decreased by $600,000 year-over-year, with ORE expenses controlled at $522,000 for the quarter.
- Noninterest income from wealth management increased 13% to $1.8 million, representing 37.5% of total noninterest income.
- Return on average assets was 0.96% and return on average equity was 8.73% for Q2 2025, both showing double-digit improvement from prior year.
- Return on average assets was 0.96% and return on average equity was 8.73% for Q2 2025, both showing double-digit improvement year-over-year.
- Total deposits increased by $213 million to $5.5 billion, reflecting strong customer confidence.
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