- 700,000 shares were repurchased through the stock repurchase program during the quarter.
- ARMOUR raised approximately $99.5 million by issuing 6 million shares through an ATM offering and $298.6 million from a $300 million overnight bought deal.
- ARMOUR Residential REIT reported GAAP net income of $156.3 million or $1.49 per common share for Q3 2025.
- Distributable earnings available to common stockholders were $75.3 million or $0.72 per common share.
- Monthly common stock dividends of $0.24 per share were paid, totaling $0.72 for the quarter.
- Net interest income was $38.5 million for the quarter.
- Quarter-end book value was $17.49 per common share, up 3.5% from June 30 and 2.8% from August 8.
- Total economic return for the quarter was 7.75%.
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- Asset quality improved with net charge-offs declining and total NPAs to assets ratio at 0.45%, the lowest since September 2024.
- Capital markets revenue rebounded sharply to $24 million, up $14 million from the prior quarter, exceeding guidance.
- Core deposits grew $410 million or 8% annualized year-to-date, supporting strong funding base.
- Efficiency ratio improved to 55.8%, the lowest in four years, reflecting disciplined expense management.
- Loan growth accelerated by $286 million or 17% annualized, net of planned runoff from M2 equipment loans.
- Net interest income increased by $3 million or 18% annualized, driven by net interest margin (NIM) expansion and strong loan growth.
- Record quarterly net income of $37 million and earnings per share of $2.17, representing 26% growth compared to the prior quarter.
- Wealth management revenue grew 8% linked quarter to over $5 million, with year-over-year growth of 15% annualized.
- In Q2 2025, American Assets Trust reported FFO per diluted share of $0.52, slightly above expectations, with same-store cash NOI approximately flat for the quarter and up 1.4% year-to-date.
- Liquidity at quarter-end was approximately $544 million, including $144 million cash and $400 million available on revolving credit line.
- Mixed-use Waikiki Beach Walk NOI declined 5% year-over-year, with hotel component down approximately 15% due to lower occupancy and RevPAR amid softness in leisure demand.
- Multifamily portfolio was approximately 94% leased, with blended rent increases of 6%, though facing competitive leasing environment and elevated operating costs.
- Net debt-to-EBITDA ratio was 6.3x trailing 12 months and 6.6x quarter annualized; interest coverage ratio about 3.1x.
- Net income attributable to common stockholders per share was $0.09 in Q2 2025.
- Office portfolio ended Q2 82% leased, with same-store office cash NOI flat for the quarter and up over 2% year-to-date.
- Retail portfolio was 98% leased with same-store cash NOI growth of 4.5%, driven by new and renewal leases and rent escalations.
- Same-store multifamily NOI declined 3.9%, and same-store mixed-use NOI declined approximately 5%, primarily due to hotel performance.
- Adjusted funds from operations (AFFO) for Q2 2025 were $48.4 million or $1.71 per share, down 12% from the previous quarter.
- Balance sheet remains strong with $2.6 billion in primarily unencumbered gross assets and only $291 million in fixed rate debt.
- Liquidity is robust with over $190 million in cash and undrawn revolver, supporting future growth and investments.
- Repurchased 367,000 shares at an average price of $53.98 for $19.8 million, funded by cash and preferred stock issuance.
- Total revenues for Q2 2025 were $62.9 million, a 12% decrease from Q1 2025, primarily due to tenant defaults.
- Completed 555 full and partial upgrades in Q2, leased 381 upgraded units with an average rent premium of $73 and 26% ROI.
- Core FFO for Q2 was $18 million or $0.71 per diluted share, up from $0.69 in Q2 2024.
- Entered a new 5-year $100 million SOFR swap at 3.489% fixed rate.
- Net loss for Q2 2025 was $7 million or $0.28 loss per diluted share on total revenue of $63.1 million, compared to net income of $10.6 million or $0.40 EPS on $64.2 million revenue in Q2 2024.
- NOI was $38 million on 35 properties versus $38.9 million on 36 properties in Q2 2024.
- Paid a Q2 dividend of $0.51 per share, a 147.6% increase since inception, with 1.39x core FFO coverage and 72.2% payout ratio.
- Repurchased 223,109 shares for $7.6 million at an average price of $34.29 per share.
- Same-store rent and occupancy decreased 1.3% and 0.8%, respectively, leading to a 1.1% decrease in same-store NOI compared to Q2 2024.
- Since inception, 9,113 upgrades installed with average monthly rental increases of $165, $50, and $43 for full/partial upgrades, kitchen/laundry appliances, and tech packages respectively, with strong ROI.
- Adjusted diluted EPS was $0.39 for the quarter.
- Declines were driven by lower U.S. agent count, broker fees, and revenue from previous acquisitions, partially offset by new revenue streams including RE/MAX Media Network and lead concierge initiatives.
- Revenue excluding marketing funds was $54.5 million, down 6.8% year-over-year due to negative organic growth of 5.7% and adverse foreign currency movements of 1.1%.
- Selling, operating, and administrative expenses decreased by $1 million or 2.8% to $33.9 million, primarily due to lower personnel expenses partially offset by severance and investments in flagship websites.
- Total leverage ratio was 3.58:1 as of June 30, consistent with March 31, with expectations to decrease in the second half of the year.
- Total revenue for Q2 2025 was $72.8 million, with adjusted EBITDA of $26.3 million and an adjusted EBITDA margin of 36.1%, up 30 basis points from Q2 2024.
- Adjusted consolidated revenue grew 14% year-over-year.
- Adjusted earnings per share (EPS) of $1.70 for Q3 2025, a 27% increase year-over-year.
- Commercial revenue increased 29%, with a record average revenue per order of over $16,000.
- GAAP earnings per diluted share were $1.84.
- Home Warranty pretax income rose 80%, driven by a lower loss rate.
- Investment income grew 12% to $153 million, with net investment gains of $6 million compared to losses last year.
- Purchase revenue declined 2% due to reduced demand for new homes.
- Refinance revenue increased 28%, though it accounted for only 6% of direct revenue.
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