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The Carlyle Group Inc.

CG

Financial Services

2mo

Record FRE and AUM Highlights in Q2 2025

FRE reached a record $323 million, up 18% year-over-year.
First half FRE margin was a record 48%.
AUM hit a new high of $465 billion.
First half DE was $886 million, the highest ever for the firm.
$51 billion of organic inflows over 12 months, reflecting investor confidence.

Citizens Financial Group, Inc.

CFG

Financial Services

1w

Financial Performance Summary

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.

American Financial Group, Inc.

AFG

Financial Services

2mo

Financial Performance Summary

AFG reported core net operating earnings of $2.14 per share for Q2 2025, down from $2.56 in the prior year quarter.
AFG returned over $100 million to shareholders in Q2 2025 through dividends and share repurchases.
Alternative investments returned 1.2% annualized in Q2 2025, down from 5.1% in the prior year quarter, negatively impacting overall investment income by about 5%.
Annualized core operating return on equity was 15.5%, despite lower returns from alternative investments.
Gross and net written premiums increased 10% and 7%, respectively, driven partly by earlier crop acreage reporting.
Net investment income excluding alternatives increased 10% year-over-year due to higher interest rates and asset balances.
Underwriting margins in Specialty Property & Casualty insurance were strong with a 93.1% combined ratio, up 2.6 points year-over-year.

Moelis & Company

MC

Financial Services

3mo

Financial Performance Summary

First-half revenues reached $672 million, up 39% from the prior year period, driven primarily by growth in M&A and capital markets.
Moelis & Company reported $365 million in revenues for Q2 2025, a 38% increase year-over-year and the highest second quarter revenues on record.
Non-compensation expense ratio for Q2 was 14.4%, with an expected full-year growth of approximately 15% compared to the prior year.
The Board declared a regular quarterly dividend of $0.65 per share, unchanged from the prior period.
The corporate tax rate was accrued at 29.5%, consistent with Q1's underlying tax rate prior to a discrete tax benefit.
The firm maintains a strong balance sheet with $475 million in cash and liquid investments and no debt.
The second-quarter compensation expense ratio was accrued at 69%, consistent with the previous quarter.

Intercontinental Exchange, Inc.

ICE

Financial Services

2mo

ICE's Record Second Quarter Results and Leverage Achievement

Adjusted EPS reached a record $1.81, up 19% YoY.
Net revenue hit a record $2.5 billion, up 9%.
Adjusted operating income increased 13% to $1.6 billion.
Capital returned to shareholders was $532 million in Q2, over $1 billion in H1.
Leverage reduced to target 3x EBITDA ahead of schedule, following Black Knight acquisition.

F&G Annuities & Life, Inc.

FG

Financial Services

2mo

Launch of Reinsurance Sidecar with Blackstone

F&G launched a new reinsurance sidecar in partnership with Blackstone Managed Funds, effective August 1, 2025, with approximately $1 billion in anticipated capital commitments.
The sidecar is designed to provide long-term, on-demand capital to support growth and shift towards a more fee-based, higher-margin, less capital-intensive business model.
The vehicle is managed by Blackstone-owned Fort Green Reinsurance STC Limited, a Cayman-based reinsurer, and does not involve F&G holding ownership stake in the reinsurer.
The reinsurance sidecar will enable F&G to scale in an accretive and capital-efficient manner, complementing existing flow reinsurance agreements.
This strategic capital solution is expected to expand F&G's fee-based earnings power over time, supporting growth in FIA products and other segments.
The company plans to continue utilizing existing flow reinsurance partnerships for MYGA sales and manage capital to regulatory and rating agency requirements, including maintaining RBC at or above 400%.

Grosvenor Capital Management, L.P.

GCMG

Financial Services

2mo

Financial Performance Summary

Fee-paying AUM grew 9% year-over-year to $69 billion; contracted not yet fee-paying AUM increased 19% to $8.7 billion.
Fee-related earnings, adjusted EBITDA, and adjusted net income increased by 6%, 9%, and 9% respectively compared to Q2 2024.
Fee-related earnings margin for the quarter was 42%, up 200 basis points year-over-year.
Incentive fees realized were $16 million in the quarter, including $1 million annual performance fees and $15 million carried interest.
Total assets under management (AUM) reached $86 billion, a 5% increase from Q1 2025.
Unrealized carried interest at NAV surpassed $900 million, with the firm's share at approximately $450 million, up 9% from last quarter.
Year-to-date fee-related earnings, adjusted EBITDA, and adjusted net income grew by 14%, 17%, and 19% respectively compared to the first half of 2024.

Blackstone Inc.

BX

Financial Services

2d

Blackstone's Record Assets Under Management and Fundraising Success

Blackstone reported a new industry record of $1.24 trillion in assets under management (AUM) in Q3 2025, driven by a 26% growth in fee-related earnings.
Inflows reached $54 billion in the quarter, marking the fourth consecutive quarter exceeding $50 billion and totaling $225 billion over the last 12 months.
The firm’s fundraising success has significantly contributed to its record AUM, with assets growing organically over four decades.
Management highlighted the importance of their brand, scale, and breadth of capabilities in maintaining growth momentum.
The firm’s diversified platform across private equity, credit, real estate, and infrastructure is central to its sustained success.
Leadership expressed confidence that the firm’s growth prospects are stronger than ever, supported by secular and cyclical tailwinds.

Apollo Commercial Real Estate Finance, Inc.

ARI

Financial Services

2mo

Significant Capital Reinvestment and Portfolio Growth Strategy

Committed $1.4 billion in new loans in Q2, totaling $2 billion year-to-date, indicating aggressive reinvestment of capital received from repayments.
Portfolio value increased by 12% from the previous quarter to approximately $8.6 billion.
Focus on redeploying capital into new loans to avoid cash drag and diversify the portfolio across US and Europe.
Potential for portfolio size to grow beyond $10 billion through continued focus asset management and leverage.

Encore Capital Group, Inc.

ECPG

Financial Services

2mo

Record Collections Growth

20%

20% increase to $655 million

Collections increased 20% to a record $655 million in Q2 2025 compared to Q2 2024.