Average loan yields increased to 5.93%, driven by higher-yielding loan categories and a 7.29% average rate on new loan production.
Banc of California reported net income of $18.4 million or $0.12 per share and adjusted net income of $48.4 million or $0.31 per share for Q2 2025.
Credit quality improved with declines in nonperforming loans, classified loans, and special mention loans as a percentage of total loans by 19, 46, and 115 basis points respectively.
Net charge-offs excluding loan sale impacts were 12 basis points of loans.
Net interest income increased 3.4% quarter-over-quarter to $240 million, with net interest margin expanding to 3.10%.
Noninterest expense was $185.9 million, slightly up from Q1 but below the target range of $190 million to $195 million per quarter.
Noninterest income was $32.6 million, down 3% from the prior quarter due to mark-to-market fluctuations on CRA-related equity investments and credit-linked notes.
Pretax pre-provision income grew 6% quarter-over-quarter driven by solid revenue growth outpacing a slight increase in expenses.
Tangible book value per share grew for the fifth consecutive quarter to $16.46.
Total annualized loan growth was 9%, supported by broad-based commercial loan production and loan originations of $1.2 billion, the highest since the merger.
A nonrecurring tax benefit of $82 million contributed to a $60 million tax benefit in the quarter, lowering future tax provision rate to 25.2%.
Broker direct originations grew nearly 60%, with market share at approximately 5%.
Correspondent lending acquisitions increased 30% to $30 billion with margins at 25 basis points, slightly down from Q1.
Excluding fair value changes and a nonrecurring tax benefit, operating ROE was 13%.
Hedge costs were $54 million, mostly incurred in April due to interest rate volatility, with fair value of MSR increasing by $16 million net of hedges.
PennyMac ended the quarter with $700 billion servicing portfolio UPB and $4 billion total liquidity.
PennyMac Financial Services reported Q2 2025 net income of $136 million, or $2.54 diluted EPS, with an annualized ROE of 14%.
Production segment pretax income was $58 million, down from $62 million in Q1, with acquisition and origination volumes up 31% to $38 billion UPB.
Servicing segment pretax income was $54 million, or $144 million excluding valuation changes, with servicing expenses declining to 4.6 basis points of average servicing portfolio UPB.
Adjusted net interest income per share rose 10% quarter-over-quarter and 47% year-over-year to $0.44 per share.
GAAP book value and adjusted book value per share decreased to $9.11 and $10.26 respectively, representing a 2.8% and 1.6% decrease compared to March 31.
Net interest spread increased to 150 basis points from 132 basis points in the first quarter, driven by a 17 basis point reduction in average financing costs.
Net loss from real estate increased slightly to $3 million due to higher operating expenses.
NYMT reported strong second quarter performance with Earnings Available for Distribution (EAD) surpassing the current common dividend by $0.02, reaching $0.22 per share, a 10% increase quarter-over-quarter.
Realized net losses of approximately $3.8 million were mostly offset by reversals of previously recognized unrealized losses.
Recorded $24.6 million in net unrealized gains mainly from Agency RMBS and residential loan portfolios, offset by $36.3 million in unrealized losses on derivative instruments.
Recourse leverage ratio increased to 3.8x from 3.4x, primarily due to financing activity supporting Agency RMBS acquisitions.
Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.
G&A expenses were $14.6 million for the quarter, representing only 1.5% of total revenue, among the lowest ratios in the triple net REIT sector and across all REITs.
Liquidity totaled approximately $2.9 billion, including $325.6 million from outstanding forwards, $2.4 billion available under revolving credit facility, and $233 million in cash.
Total debt stands at $17.1 billion with net debt to annualized Q2 adjusted EBITDA at approximately 5.1x, within the target leverage range of 5 to 5.5x.
VICI Properties reported FFO per share of $0.60 for Q2 2025, a 4.9% increase from $0.57 in Q2 2024, highlighting efficient triple net model with margins in the high 90% range excluding noncash items.
Weighted average interest rate is 4.47% adjusted for hedging, with a weighted average debt maturity of 6.5 years.
Dafinchi