ARI delivered strong performance in Q2 2025 with $1.4 billion in new loan commitments and a portfolio carrying value increase to $8.6 billion from $7.7 billion in Q1.
Book value per share, excluding general CECL allowance and depreciation, was $12.59, slightly down from last quarter.
Book value per share was $12.59, slightly down from last quarter, excluding general CECL allowance and depreciation.
Distributable earnings were $36 million or $0.26 per share, an 8% increase over Q1, with GAAP net income of $18 million or $0.12 per diluted share.
Liquidity ended at $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
Liquidity totaled $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
Loan portfolio weighted average unlevered yield was 7.8%, with 41% of loans originated post-2022 interest rate rise and valuation reset.
No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth.
No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth, with total CECL allowance down slightly from 475 to 429 basis points.
Repayments and sales totaled $631 million during the quarter, with continued redeployment of capital into new loans.
Repayments and sales totaled $631 million during the quarter, with proceeds from 111 West 57th sales reducing basis by $141 million.
AXIS delivered an annualized operating return on equity of 19% in Q2 2025, with record diluted book value per common share of $70.34, up 18.6% year-over-year.
Catastrophe losses were $37 million, primarily from severe convective storms in the U.S., with a cat loss ratio of 2.6%.
G&A ratio was 11.6%, slightly up from 11.4% a year ago due to severance and IT investments.
Insurance segment gross premiums written were $1.9 billion, a 7% increase year-over-year, with an overall combined ratio of 85.3%.
Investment income was strong at $187 million, benefiting from FX and a market yield of 5% above the 4.6% book yield.
Net income available to common shareholders was $216 million or $2.72 per diluted common share; operating income was $261 million or $3.29 per diluted common share.
Operating earnings per share reached an all-time high of $3.29, a 12% increase over the prior year quarter.
Record second quarter premiums totaled $2.5 billion, including $732 million in new business, with a combined ratio of 88.9%.
Reinsurance segment gross premiums were down 6.8%, with a combined ratio of 92% and underwriting income of $38 million.
Reserve releases totaled $20 million from short-tail lines, split between insurance and reinsurance.
Ameriprise reported adjusted operating EPS growth of 7% to $9.11 with a strong margin of 27%.
Ameriprise returned 81% of operating earnings to shareholders in the quarter and plans to increase payout ratio to 85% for the second half of the year.
Asset management operating earnings increased 2% to $222 million with margins at 39%.
Free cash flow generation remains strong with a 90% free cash flow conversion rate across segments.
Retirement and Protection Solutions earnings increased 9% to $214 million, driven by favorable life claims and strong interest earnings.
Return on equity remains very strong at 52%, among the industry's best.
The bank's total assets increased 6%, with good loan growth and spread earnings.
Total revenues increased 4% driven by asset growth and strong transactional activity.
Wealth management client assets grew 11% to a record $1.1 trillion, with wrap assets up 15%.
Dafinchi