- Broadstone Net Lease reported adjusted funds from operations (AFFO) of $74.3 million or $0.38 per share for Q2 2025, representing 5.6% growth compared to Q2 2024.
- Core general and administrative expenses totaled $6.9 million for the quarter and $14.3 million year-to-date, tracking in line with full year expectations of $30 million to $31 million.
- Dividend declared at $0.29 per share payable on or before October 15, 2025.
- Investment activity through Q2 2025 totaled approximately $229 million, with nearly 60% allocated to stabilized properties, funded by retained cash flow, disposition proceeds, and revolver.
- Pro forma leverage ended the quarter at 5.2x net debt with over $800 million available on the revolving credit facility.
- Weighted average initial cash cap rate on acquisitions was 7.2%, with lease terms averaging 12.4 years and annual rent increases of 2.8%.
- Year-to-date bad debt totaled 45 basis points, reflecting rental recoveries and limited bad debt incurrence during the quarter.
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- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
- 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.
- Asset quality remained stable with criticized loans declining $118 million, though other real estate owned increased by $167 million due to repossession of office properties.
- Capital ratios remained strong with CET1 at 11.2% and adjusted capital ratio at 11%, above peer median.
- Efficiency ratio improved to 52% from 56% in Q1, reflecting positive operating leverage.
- Net interest income grew 7.2% quarter-over-quarter to nearly $700 million, with net interest margin rising 6 basis points to 3.53%.
- Noninterest expense rose 3% to $515 million, mainly due to seasonal deposit cost increases.
- Noninterest income increased 16.4% to $148 million, driven by mortgage banking revenue of approximately $78 million.
- Provision expense was $40 million, reflecting organic loan growth and net charge-offs of approximately $30 million.
- Tangible book value per share increased 15% year-over-year to $55.87, with return on average tangible common equity at 14.9% and return on average assets at 1.1%.
- Western Alliance delivered strong Q2 2025 results, exceeding expectations with over $1 billion sequential loan growth and nearly $2 billion deposit growth.
- Adjusted EPS of $0.51, up $0.06 from the prior quarter, with adjusted return on tangible common equity increasing by 135 basis points to 15%.
- Adjusted expenses increased by $45 million, primarily due to higher personnel costs, project expenses, technology, risk, and a $20 million contribution to the First Horizon Foundation.
- Common Equity Tier 1 (CET1) capital ratio remained flat at 11%, with a near-term target of 10.75% following annual stress testing.
- Deposit balances decreased by $52 million, driven by a $652 million decline in brokered CDs, offset by growth in index and promotional deposits and a $131 million increase in noninterest-bearing deposits.
- Fee income increased by $26 million excluding deferred compensation, driven by higher fixed income fees and mortgage servicing rights sales.
- Loan balances were slightly down, with mortgage company loans decreasing seasonally by $132 million, while C&I loans grew by $174 million quarter-over-quarter.
- Net charge-offs decreased by $7 million to $26 million, with a net charge-off ratio of 17 basis points and a loan loss provision credit of $5 million.
- Net interest income grew by $33 million with a 15 basis point expansion in net interest margin to 3.55%, aided by loan balance growth and Main Street lending accretion.
- Fee income was $95 million for the quarter, fully recovering from losses last quarter, with management fees of $57 million and performance fees of $39 million.
- Gross premiums written were $3.4 billion, flat year-over-year, with net premiums written at $2.7 billion, also flat, but with shifts at the class of business level.
- Operating expense ratio was 5.2%, up about 1 point from last year, reflecting continued investment in the business.
- RenaissanceRe delivered a 24% operating return on equity this quarter and grew tangible book value per share by 10% year-to-date and over 20% over the past 12 months despite significant catastrophe losses and share repurchases.
- Retained net investment income was $286 million, slightly up from the first quarter, driven by growth in invested assets and a cautious but accretive investment approach.
- Share repurchases totaled $808 million year-to-date, with 3.3 million shares repurchased, demonstrating strong capital management and conviction in stock value.
- The new 15% Bermuda corporate income tax impacted results with a tax expense of $177 million and an effective tax rate on GAAP net income of 13%.
- Underwriting income was $602 million, up 26% from last year, with an adjusted combined ratio of 73%, reflecting low catastrophe losses and favorable development.
- Achieved sixth consecutive quarter of positive operating leverage.
- Deposits increased 15% annualized, including a $179 million rise despite reducing brokered CDs.
- Loans grew at a 10% annualized rate quarter over quarter.
- Net interest margin compressed slightly by 4 basis points to 3.25% due to timing and funding costs.
- Nonperforming assets remained low at 0.22% of total assets, with net charge-offs at 10 basis points annualized.
- Operating noninterest expenses held steady at $32.6 million, maintaining expense discipline.
- Reported operating earnings of $14.5 million or $0.86 per diluted share for Q3 2025.
- Total operating revenue reached $50.8 million, surpassing the $50 million quarterly revenue target ahead of schedule.
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