- Allowance for credit losses to total loans was 1.28%, consistent with prior periods, and allowance to nonperforming loans improved to 175% from 122%.
- Effective tax rate was 14.6% for the quarter and 14.7% year-to-date.
- Efficiency ratio improved to 64.5% from 64.9% in the linked quarter and 72.6% in Q2 2024.
- Loan and lease portfolio grew at an annualized rate of 6.1%, with residential loans increasing by $42 million.
- Loan-to-deposit ratio was 98.6%, higher than targeted, with plans to reduce it to 90%-95%.
- Margin expanded by 13 basis points to 3.64% compared to the linked quarter.
- Net income for Q2 2025 was $11 million or $0.71 per diluted share, a 56% increase over Q2 2024 and a $847,000 increase over the linked quarter.
- Net interest income was $34.8 million, up 6.2% from the linked quarter, driven by a 13 basis point increase in earning asset yield to 5.84%.
- Noninterest expense was $27.5 million, a 1.3% increase over the first quarter due to merit increases and salary adjustments, but declined 3.2% from Q2 2024 due to fewer FTEs and reduced equipment expense.
- Noninterest income declined $1.3 million or 16.2% from the first quarter and $3.8 million from Q2 2024, mainly due to nonrecurring adjustments related to leasing operations.
- Pre-provision net revenue increased by $3.3 million or 37.5% over Q2 2024 and $770,000 or 6.7% over the linked quarter.
- Tier 1 leverage ratio was 8.8%, tangible common equity ratio was 6.7%, both improving post capital raise and acquisition.
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- AMERISAFE reported net income of $14 million or $0.73 per diluted share for Q2 2025, compared to $11 million or $0.57 per diluted share in Q2 2024.
- Book value per share increased 3.3% year-to-date to $13.96; statutory surplus grew to $257 million from $235 million at year-end 2024.
- Expense ratio rose to 31.3% from 29.8% due to investments in growth and increased insurance-based assessments; full year expense ratio expected to be in line with previous years.
- Gross written premiums increased 4.3% to $79.7 million from $76.4 million in Q2 2024, driven by 12.8% growth in voluntary premiums despite moderation in audit premiums.
- Net investment income decreased 10.2% to $6.7 million due to lower investable assets after special dividend payment, but yields on new investments improved by 230 basis points.
- Operating net income was $10 million or $0.53 per diluted share, down from $11.1 million or $0.58 per diluted share in the prior year quarter.
- The company repurchased 63,000 shares at an average cost of $44.55 totaling $2.8 million in the quarter.
- FAD was $0.33 per share, a $0.04 sequential increase, representing a 96% payout ratio, a significant improvement from the first quarter.
- Net debt to adjusted EBITDA sits at 6x, with expectations to decrease into the mid-5x area by year-end.
- Normalized FFO was $0.41 per share, a $0.02 sequential increase, and up nearly 7% year-over-year, driven by strong occupancy gains, disciplined cost management, and a decrease in share count.
- Same-store occupancy was 90%, a 40 basis point sequential increase, with same-store NOI growth of 5.1%, a 280 basis point sequential increase, the highest in 9 years.
- The company completed a successful renewal of its revolver, extended the tenor of term loans, and raised 2025 normalized FFO per share guidance to $1.57 to $1.61.
- Year-to-date asset sales increased to $211 million at a blended 6.2% cap rate, with over $700 million of additional assets under contract or LOI.
- Blue Owl Capital reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for Q2 2025.
- Direct lending portfolio gross returns were 3% in Q2 and 13.5% over the last 12 months; alternative credit gross returns were 2% in Q2 and 15.7% over last 12 months.
- Equity fundraising hit a record with over $12 billion raised in Q2 and over $36 billion over the last 12 months, nearly 90% increase from prior year.
- FRE margin guidance for the year is 57% to 58%, with Q2 printing at 57%.
- Management fees increased by 32% over the last 12 months, with 87% from permanent capital vehicles.
- Net lease gross returns were 4.1% for Q2; real estate credit investments yielded 8.1% yield to maturity and 11.1% debt yield.
- The company declared a dividend of $0.225 per share for Q2 payable on August 28 to holders of record as of August 14.
- The company maintained strong credit quality with average annual realized losses at 13 basis points in direct lending.
- The listing of the technology-focused BDC, OTF, contributed approximately $6 million in incremental management fees in Q2.
- Year-over-year on a last 12 months basis, FRE revenues grew by 29%, FRE by 23%, and DE by 20%.
Dafinchi