- Adjusted EBITDAre for the quarter was $38.9 million.
- Braemar Hotels & Resorts reported a net loss attributed to common stockholders of $16 million or $0.24 per diluted share for Q2 2025.
- Comparable hotel EBITDA grew 3.7% to $47.8 million with slightly stronger margins.
- Comparable RevPAR increased by 1.5% to $318, marking the third consecutive quarter of growth.
- Comparable total hotel revenue increased by 3.3% over the prior year period.
- Food and beverage revenue increased 6.6%, contributing to margin improvement of 11 basis points.
- Quarterly common stock dividend declared at $0.05 per share, equating to an annual yield of approximately 9.1%.
- Resort portfolio RevPAR increased 1.6% to $464 with a 6.9% increase in hotel EBITDA to $25.7 million.
- Urban hotels delivered 0.5% comparable RevPAR growth with notable revenue growth at the Clancy in San Francisco (+14%).
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- Capital ratios and tangible book value per share increased linked quarter driven by improved profitability and strategic balance sheet repositioning.
- Consumer loan balances decreased by $41 million due to strategic run down of indirect auto portfolio; residential mortgage lending modestly grew.
- Credit quality remained strong with substandard loans at 1.29%, nonperforming loans at 54 basis points, and net charge-offs near $254,000 or 2 basis points for the quarter.
- Horizon Bancorp reported strong second quarter 2025 earnings driven by core community banking franchise strength, significant net interest margin expansion, low net charge-offs of 2 basis points annualized, and improved ROAA and ROATCE metrics.
- Loan growth was solid with net loans held for investment growing $75.5 million or 1.5% in the quarter and 6.2% annualized, led by commercial loans growth of $117 million (14.8% quarterly growth).
- Net interest margin increased by 19 basis points to 3.23%, including 7 basis points of outsized interest recoveries; excluding recoveries, margin expanded driven by improved asset and liability mix and disciplined pricing.
- Noninterest income was stable with seasonal strength in interchange fees and mortgage gain on sale; expenses were well managed at $39.4 million, with full year expense outlook now approximately flat versus 2024.
- Reported earnings per share grew by 58% for the first six months of 2025 compared to the prior year.
- 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.
- Economic book value declined modestly by 1% to $13.69 per share, while GAAP book value was $13.12 per share, also down about 1%.
- Excluding credit losses, DE would have been $0.35 per share, nearly covering the common dividend of $0.36 per share.
- G&A expenses declined to $29.9 million from $33.5 million in Q1, including $1.2 million in severance and transition costs related to expense reduction initiatives.
- MFA Financial reported GAAP earnings of $33.2 million or $0.22 per share in Q2 2025, driven by growth in net interest income to $61.3 million and modest net mark-to-market gains.
- MFA paid a common dividend of $0.36 per share for the quarter and delivered a total economic return of 1.5% for Q2 and 3.4% year-to-date.
- Community operating expenses increased by 7%, mainly due to acquisitions and higher payroll and maintenance costs, but same-property operating expense ratio improved to 38.2% from 39.4% last year.
- Debt totaled approximately $659 million with a weighted average interest rate of 4.63%, mostly fixed rate, and total market capitalization increased 13% to approximately $2.4 billion.
- Gross sales of manufactured homes increased by 19% for the quarter, with gains from sales at 14% of total sales.
- Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with a 16% increase in normalized FFO in dollar terms to $19.5 million.
- Same-property rental and related income increased by 8%, and same-property NOI increased by 10% for the quarter.
- Total revenue increased approximately 10% year-over-year to $66.6 million, driven by a 9% increase in rental and related income and a sales record of $10.5 million in manufactured home sales.
- Cash same-property NOI growth in Q2 was 450 basis points, with onetime items contributing 300 basis points on a cash basis.
- Excluding that lease, cash re-leasing spreads would have been approximately positive 1%, a meaningful improvement year-over-year.
- FFO for the quarter was $1.13 per diluted share, including approximately $0.11 per share of onetime items such as a $10.7 million lease termination fee contributing $0.05 per share.
- GAAP re-leasing spreads were negative 11.2% and cash re-leasing spreads negative 15.2%, impacted by a single large lease in San Francisco with a term under 3 years.
- Occupancy ended Q2 at 80.8%, down from 81.4% in Q1, reflecting expected rightsizing and early vacates related to tenant bankruptcies.
- The removal of the 89% leased 4-building campus held for sale negatively impacted occupancy by 20 basis points but lease commencement acceleration maintained occupancy guidance midpoint.
- Agency business revenue was $717 million, up 16%, reflecting first quarter economic activity due to reporting lag.
- Closed orders increased 2%, with average revenue per order up 30% due to broad-based strength across asset classes and transaction sizes.
- Commercial revenue increased 33%, setting an all-time record in the National Commercial Services division for fee per file in a quarter.
- Debt-to-capital ratio was 32.1%, or 23.1% excluding secured financings payable.
- Effective tax rate was 24.6%, slightly above the normalized rate of 24%.
- First American reported second quarter adjusted earnings per share of $1.53, including $0.12 per share related to executive separation costs.
- GAAP earnings were $1.41 per diluted share; adjusted earnings excluded net investment losses and purchase-related intangible amortization.
- Home Warranty pretax income rose 35%, driven by a lower loss rate and revenue growth through the direct-to-consumer channel.
- Home Warranty revenue was $110 million, up 3%, with a loss ratio improvement from 46% to 41%.
- Information and other revenues rose 10%, primarily from Canadian operations with higher refinance activity.
- Investment income grew 17%, driven by escrow deposits and higher interest income from the investment portfolio.
- Pretax margin in the title segment was 12.6% (13.2% adjusted); Home Warranty pretax margin was 20.2% (20.7% adjusted).
- Provision for policy losses was $39 million or 3.0% of title premiums and escrow fees, unchanged from prior year.
- Residential purchase revenue declined 3% due to lower demand for new homes, while refinance revenue increased 54% but remains only 5% of direct revenue.
- Share repurchases totaled 1 million shares for $61 million in Q2, with an additional 577,000 shares repurchased in July.
- Title segment revenue was $1.7 billion, up 13%, with commercial revenue at $234 million, a 33% increase.
- Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
- Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
- Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
- Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
- Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
- Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
- Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
- Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
- Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
- Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.
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