Earnings Feed

32% year-over-year EPS growth guidance

We have increased our expected EPS growth from 18% to 32% year-over-year, a 14 percentage point upgrade.

$0.36

AFFO per share for the quarter came in at $0.36, and our first half performance has been largely in line with expectations.

$45 million

We recorded $45 million or 3.8 points of unfavorable prior year casualty reserve development related to general liability and commercial auto.

$5.5 billion

Capital deployment for the first 6 months of the year to $5.5 billion already surpassing all of 2024.

Net debt to adjusted EBITDA ratio improved to 6.6x from 8.1x

At the end of the second quarter of 2025, our net debt to adjusted EBITDA ratio was 6.6x based on net debt of $3 billion, significantly down from 8.1x at the end of the second quarter of 2024.

0% operating expense growth

These and many other initiatives allowed our portfolio to achieve flat operating expense growth compared to last year, which limited our margin compression to just 90 basis points.

$0.10 per share

Distributable earnings (DE) were $0.24 per share, negatively impacted by $0.10 per share in credit losses on fair value loans, higher than Q1 by $0.06 per share.