- 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.
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- Asset quality remained excellent with net charge-offs increasing due to fully reserved credits; provision for credit losses was stable.
- Capital markets revenue improved 51% quarter-over-quarter to $10 million, though still below historical run rates.
- Net interest income increased to $62 million, driven by margin expansion and strong loan growth.
- Net interest margin (NIM) increased by 4 basis points to the high end of guidance, expanding 21 basis points over the past 5 quarters.
- Noninterest expenses were well controlled at $49.6 million, slightly below guidance, supporting an adjusted ROAA of 1.29%.
- QCR Holdings delivered strong second quarter earnings with a 13% EPS improvement over the first quarter.
- Tangible book value per share grew by $1.64, reflecting 13% annualized growth for the quarter.
- Tangible common equity to tangible assets ratio rose to 9.92%, and CET1 ratio increased to 10.43%, driven by strong earnings and consistent AOCI.
- Allowance for credit loss was 160 basis points with an annualized net charge-off rate of 52 basis points.
- Approximately 604,000 shares were repurchased in the quarter at an average price of $74.49, totaling almost 1.9 million shares year-to-date.
- Liquidity remains strong with nearly $2.7 billion available, higher than last year.
- Loans and leases increased compared to last year, with commercial finance loan yields at 9.55% in the quarter versus 8.24% in the prior quarter.
- Net interest margin in the quarter was 7.43% and adjusted net interest margin was 5.98%, both expanded from last year's quarter.
- Noninterest income grew 11% from the prior year, driven by tax solutions, secondary market revenue, and card and deposit fees.
- Nonperforming loans increased due to three specific loans, including one related to fraud but well collateralized.
- Banner called and repaid $100 million of subordinated notes, reducing funding costs.
- Banner Corporation reported a net profit available to common shareholders of $45.5 million or $1.31 per diluted share for Q2 2025, up from $1.15 per share in Q2 2024 and $1.30 in Q1 2025.
- Core earnings (pretax pre-provision excluding certain items) were $62 million in Q2 2025, compared to $52 million in Q2 2024.
- Loan losses were $1.7 million with recoveries of $600,000; net provision for credit losses was $4.8 million.
- Loans increased 5% year-over-year and 9% annualized in the quarter; core deposits increased 4% year-over-year and represented 89% of total deposits.
- Net interest income increased $3.3 million from prior quarter; net interest margin remained steady at 3.92%.
- Noninterest expense was stable with some increases offset by higher capitalized loan origination costs.
- Noninterest income decreased $1.4 million due to losses on asset disposals and fair value adjustments.
- Return on average assets was 1.13% for Q2 2025.
- Revenue from core operations was $163 million in Q2 2025 versus $150 million in Q2 2024.
- Strong capital ratios and tangible common equity per share increased 13% year-over-year.
- Adjusted recurring net investment income increased by 25% year-over-year for the quarter and 19% year-to-date compared to 2024.
- Debt-to-equity ratio stood at 1.8x, within the target range of 1.5x to 2x, with liquidity at $1.4 billion.
- HASI reported adjusted EPS of $0.60 for Q2 2025, slightly down from the previous quarter due to timing of gain on sale revenue.
- Managed assets grew to $14.6 billion and portfolio assets to $7.2 billion, up 13% and 16% respectively from the prior year.
- Portfolio yield was 8.3%, expected to increase as higher-yielding investments are funded.
- Realized loss rate remained low at less than 10 basis points, indicating strong asset performance.
- AFFO was $13.6 million or $0.50 per diluted share, also reduced by $0.06 of one-time items.
- FFO on a diluted share basis was $0.23, reduced by $0.28 of one-time items related to the geriatric tenant and severance charges.
- General and administrative expenses were $10.6 million, but excluding $5.9 million in severance and transition-related charges, G&A was $4.7 million, a $400,000 reduction quarter-over-quarter.
- Interest expense increased by $240,000 to $6.6 million due to increased borrowings and an extra day of interest.
- Property operating expenses decreased by approximately $500,000 quarter-over-quarter to $5.6 million, primarily due to lower seasonal expenses such as snow removal and utilities.
- The geriatric behavioral hospital tenant remains unable to pay full rent and interest; notes and interest related to this tenant are fully reserved, and rent is recognized on a cash basis.
- Total revenue for Q2 2025 was $29.1 million, but excluding a $1.7 million reversal of interest receivable from the geriatric behavioral hospital tenant, core revenue was approximately $30.7 million, representing 2.2% growth quarter-over-quarter compared to Q1 2025.
- FFO adjusted for the quarter was approximately $87 million or $0.33 per share in Q2 2025.
- Go-Forward Portfolio Centers NOI increased 2.4% in Q2 2025 compared to Q2 2024, with a 2% increase year-to-date.
- Net debt to EBITDA was 7.9x at the end of Q2 2025, nearly a full turn lower than at the outset of the Path Forward plan.
- Occupancy at the end of Q2 was 92%, down 60 basis points due to Forever 21 store closures; go-forward portfolio occupancy was 92.8%.
- Portfolio sales at the end of Q2 were $849 per square foot, up $12 from Q1 2025; go-forward portfolio sales were $906 per square foot.
- Trailing 12-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive spreads.
- AFFO per share for Q3 increased 7.2% year-over-year to $1.11, beating consensus by $0.02.
- Core FFO per share for Q3 2025 was $1.09, an 8.4% increase year-over-year.
- Declared monthly cash dividends of $0.256 per share for Q3, a 2.4% year-over-year increase.
- Dispositions totaled approximately $15 million in Q3, including At Home and Advance Auto Parts assets.
- Liquidity stood at $1.9 billion at quarter-end, with no material debt maturities until 2028.
- Portfolio occupancy remained strong at 99.7% with investment-grade exposure at 67%.
- Raised full-year 2025 AFFO per share guidance to $4.31-$4.33, implying 4.4% growth at midpoint.
Dafinchi