ARMOUR Capital Management waived $1.65 million of management fees in Q2, offsetting operating expenses.
ARMOUR raised approximately $104.6 million of capital by issuing approximately 6.3 million shares of common stock through an at-the-market offering program during Q2.
ARMOUR's Q2 GAAP net loss related to common stockholders was $78.6 million or $0.94 per common share.
Distributable earnings available to common stockholders was $64.9 million or $0.77 per common share.
Monthly common stock dividends were $0.24 per share, totaling $0.72 for the quarter.
Net interest income was $33.1 million.
Outstanding common shares total 91.5 million.
Quarter ending book value was $16.90 per common share; estimated book value as of July 21 was $16.81 per common share.
Since June 30, ARMOUR raised approximately $58.8 million of capital by issuing approximately 3.5 million shares of common stock through an at-the-market offering program.
Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.
Adjusted compensation expense was $504 million in Q2 with a ratio of 65.5%, and adjusted non-compensation expense was $157 million with a ratio of 20.4%.
Adjusted effective tax rate for Q2 was 36.5%, expected full year 2025 rate in mid-20% range.
Asset Management adjusted net revenue was $268 million in Q2, up 1% year-over-year, with average AUM of $239 billion, 3% lower than Q2 2024 but up 3% sequentially.
Asset Management delivered adjusted net revenue of $533 million for the first half, with AUM increasing 10% year-to-date and positive net flows in Q2.
Financial Advisory achieved a record first half with adjusted net revenue of $861 million, driven by geographic and product diversity including record revenue in France and Germany.
Lazard reported total firm-wide adjusted net revenue of $1.4 billion for the first half of 2025.
Returned $60 million to shareholders in Q2 including a $47 million dividend; declared quarterly dividend of $0.50 per share.
Second quarter firm-wide adjusted net revenue was $770 million, up 12% year-over-year, with Financial Advisory revenue up 20% to $491 million.
Dafinchi