- AFFO was $18.4 million or $0.18 per diluted share.
- FFO attributable to common shareholders was $19 million or $0.19 per diluted share.
- Liquidity remained strong at $172.2 million including revolving credit availability.
- Net debt to total adjusted EBITDA stood at 7.7x, and stabilized portfolio debt to adjusted EBITDA was 5.2x.
- Normalized FFO for Q2 2025 was $0.25 per diluted share, in line with guidance.
- Office occupancy remained high at 96.3%, retail occupancy at 94.2%, and multifamily occupancy dipped slightly to 94%.
- Same-store NOI increased 1.4% on a GAAP basis and 0.3% on a cash basis.
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- 30-day delinquency rate improved to 6.6%, down 50 basis points sequentially and 30 basis points year-over-year.
- Book value per share reached $36.43 at quarter end.
- Capital generation was $16.9 million in Q2, with $26.8 million year-to-date.
- Net credit loss rate was 11.9%, improving 50 basis points sequentially and 80 basis points year-over-year.
- Net receivables grew by $70 million sequentially and were up 10.5% year-over-year.
- Operating expense ratio improved to 13.2%, an all-time best and 60 basis points better year-over-year.
- Quarterly revenue reached a record $157 million, up 10% year-over-year.
- Regional Management delivered net income of $10.1 million and diluted EPS of $1.03 in Q2 2025, a 20% year-over-year improvement.
- Returned $17.6 million to shareholders year-to-date via $11.6 million in stock repurchases and $6.1 million in dividends.
- Total originations hit a record $510 million, up 20% year-over-year.
- 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.
- Adjusted EPS was $4.51, a 16% increase year-over-year.
- Client cash revenue was $414 million, up $5 million from Q1; client cash balances ended at $51 billion, down $2 billion sequentially.
- Commission and advisory fees net of payout were $349 million, down $14 million from Q1.
- Core G&A expenses were $426 million, below outlook range; full year 2025 outlook lowered to $1.720 billion to $1.750 billion excluding deals.
- Corporate cash ended Q2 at $3.6 billion, up $3 billion from Q1 due to capital raises; expected to decrease post-Commonwealth close.
- Depreciation and amortization were $96 million, up $4 million sequentially; expected to increase by $5 million in Q3.
- Gross profit was $1.304 billion, up $32 million sequentially.
- ICA yield was 342 basis points, up 5 basis points from Q1; expected to be flat in Q3.
- Including Commonwealth, new core G&A outlook is $1.880 billion to $1.920 billion.
- Interest expense was $102 million, up $22 million sequentially due to April debt issuance; expected to increase by $5 million in Q3.
- Leverage ratio was 1.23x at end of Q2; expected to be 2.25x post-close with a path to 2x by end of 2026.
- Organic net new assets were $21 billion, representing a 5% annualized growth rate.
- Payout rate was 87.3%, up approximately 60 basis points from Q1, with an expected increase to 87.6% in Q3.
- Promotional expense was $164 million, up $12 million from Q1; expected to increase by $35 million in Q3.
- Service and fee revenue was $152 million, up $7 million from Q1; expected to increase by $20 million in Q3.
- Tax rate was approximately 26% in Q2; expected around 27% in Q3.
- Total assets increased to a record $1.9 trillion in Q2, driven by solid organic growth and higher equity markets.
- Transaction revenue was $61 million, down $7 million sequentially; expected to increase by $5 million in Q3.
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