Dafinchi AI

BXP

Financial Services

BXP reported funds from operations (FFO) of $1.71 per share for Q2 2025, beating the midpoint of guidance by $0.05 and consensus by $0.04, driven by improved operations across the portfolio.
BXP's total portfolio occupancy ended Q2 at 86.4%, a decline of 50 basis points, impacted by lease expirations and early terminations, partially offset by improvements at other properties.
Development portfolio lease percentage increased by 500 basis points to 67% in Q2.
Leasing volume for Q2 was over 1.1 million square feet, with total leasing in 2025 reaching 2.2 million square feet, 18% higher than the prior four quarters.
Lower expenses were due to reduced real estate taxes from negotiated assessed value reductions and lower G&A expenses from capitalized wages and professional fee savings.
Outperformance contributors included $0.04 from portfolio operations, $0.01 from earlier-than-anticipated revenue recognition, $0.01 from higher service income primarily in Boston and New York, and $0.02 from lower operating expenses.
The total portfolio percentage leased was 89.1%, a slight decline of 30 basis points, with a growing gap between leased and occupied space now at 270 basis points.

STEL

Financial Services

Allowance for credit losses on loans was $83.2 million or 1.14% of loans, down 1 basis point from Q1.
Annualized ROAA was 1.01% and ROATCE was 12.16%.
During the quarter, 791,000 shares were repurchased at an average price of $26.08.
Excluding purchase accounting accretion, net interest income was $93.1 million and margin was 3.95%, down slightly from 3.97%.
Net interest income was $98.3 million, slightly down from $99.3 million in Q1, with net interest margin at 4.18% versus 4.2% in Q1.
Non-interest expense was flat at approximately $70 million, better than planned.
Non-interest income was $5.8 million, up from $5.5 million, boosted by Federal Reserve Bank dividend income from new Fed membership.
Provision for credit losses was $1.1 million, driven by increased allowance for unfunded commitments and minimal net charge-offs.
Stellar Bank reported Q2 2025 net income of $26.4 million or $0.51 per diluted share, up from $24.7 million or $0.46 per share in Q1.
Tangible book value increased 10.8% year-over-year from $18 to $19.94 per share after dividends and share repurchases.
Total risk-based capital was 15.98%, stable from 15.97% in Q1.

NYMT

Financial Services

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.

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