- Common equity tier 1 (CET1) capital ratio increased 10 basis points to 10.7%.
- EPS grew by $0.13 sequentially, a 14% increase over Q2, reaching $1.50 in Q3 2025.
- Fee income grew 5% sequentially and 18% year-over-year, with Capital Markets delivering its second highest quarterly performance ever.
- Loans increased 1% period-end, with core retail loans growing by about $1 billion driven by home equity and mortgage.
- Net charge-offs decreased to 46 basis points from 48 basis points in the prior quarter, reflecting favorable credit trends.
- Net interest income (NII) increased 3.5% sequentially, driven by a 5 basis point expansion in net interest margin (NIM) to 3.0%.
- Operating leverage was positive at 3%, with expense growth limited to 1%.
- Private Bank deposits grew $3.8 billion to $12.5 billion, surpassing the year-end target of $12 billion.
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- 95% of transactions in the quarter came from repeat borrowers, indicating strong customer retention.
- Affirm set new records in most key metrics during fiscal Q4 2025, an unusual achievement for a non-peak quarter.
- Funding capacity increased roughly 55% year-over-year with utilization significantly down, reflecting a favorable capital market environment.
- Growth is accelerating with strong momentum in U.S. and Canadian consumer originations and repayments.
- Monthly 0% APR loans grew north of 90% year-over-year, showing strong adoption of promotional financing.
- Revenue less transaction cost (RLTC) take rate is expected to remain stable in the 3% to 4% range, with guidance at the high end.
- The Affirm Card volume reached $1.2 billion with a 10% attach rate and a tripling of 0% volume on the card.
- Balance sheet is strong with no secured debt maturing before 2028 and weighted average debt maturity of almost 8 years.
- Core community-based rental income increased 5.5% for the quarter and year-to-date.
- Core operating expenses were flat in the quarter, with expense growth 190 basis points lower than guidance.
- Core portfolio generated 6.4% NOI growth in the quarter, 70 basis points higher than guidance.
- Core RV and marina annual base rental income increased 3.7% in the quarter and 3.9% year-to-date.
- Membership business contributed $16 million net in the quarter and $31.4 million year-to-date.
- NOI increased 5% year-to-date compared to last year.
- Normalized per share FFO growth year-to-date is 5.7%.
- Seasonal rent decreased 5.6% and transient decreased 8.6% year-to-date.
- Second quarter normalized FFO was $0.69 per share, in line with midpoint guidance.
- Year-to-date expense growth was 70 basis points including insurance renewal impact.
- FFO adjusted for the quarter was approximately $87 million or $0.33 per share in Q2 2025.
- Go-Forward Portfolio Centers NOI increased 2.4% in Q2 2025 compared to Q2 2024, with a 2% increase year-to-date.
- Net debt to EBITDA was 7.9x at the end of Q2 2025, nearly a full turn lower than at the outset of the Path Forward plan.
- Occupancy at the end of Q2 was 92%, down 60 basis points due to Forever 21 store closures; go-forward portfolio occupancy was 92.8%.
- Portfolio sales at the end of Q2 were $849 per square foot, up $12 from Q1 2025; go-forward portfolio sales were $906 per square foot.
- Trailing 12-month leasing spreads remained positive at 10.5%, marking 15 consecutive quarters of positive spreads.
- Achieved record revenue of $226.3 million, up 5% YoY.
- Adjusted earnings per share of $0.74, return on assets of 1.54%, and return on tangible common equity of 20%.
- Profitability primarily driven by a robust net interest margin of 4.05%, a 17 basis point increase from Q1.
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