- Cannae has sold approximately $1.1 billion of public company stakes since February 2024, significantly reducing its public holdings from 63% to 22% of assets.
- The company expects to receive around $630 million from the sale of Dun & Bradstreet, which will be used for share repurchases, debt repayment, and dividends.
- Cannae has repurchased 7.6 million shares, or about 12% of outstanding shares, at an average price of $19.71, aiming to close the NAV discount.
- The company increased its quarterly dividend by 25% to $0.15 per share, reflecting a commitment to returning capital to shareholders.
- Since February 2024, Cannae has returned approximately $414 million through buybacks and dividends, demonstrating a strategic focus on capital deployment.
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- Sale of Fairmont Dallas for $111 million, generating an unlevered IRR of 11.3% over 14 years, deemed a superior capital decision.
- Dispositions are considered selectively, with no major plans for aggressive acquisitions due to current valuation levels.
- Focus remains on optimizing existing assets, with potential land monetization and minor upgrades rather than large-scale renovations.
- Management highlighted market conditions such as the 'Liberation Day' market disruption, which influenced their funding approach, shifting towards more equity due to market volatility.
- The company maintains a positive outlook on the senior housing sector, emphasizing organic upside and the pipeline of acquisitions as key growth drivers.
- They are actively monitoring long-term bond rates and plan to utilize public debt to support liquidity and investment strategies, reflecting a flexible and market-responsive approach.
- Enact announced a significant increase in its expected capital returns for 2025 to approximately $400 million, up from previous guidance.
- The decision reflects strong credit performance, robust new insurance written, and a strong balance sheet.
- Final capital return amount and form will depend on business performance, market conditions, and regulatory approvals.
- Lincoln is actively shifting its product mix towards higher-margin, more stable cash flow products such as fixed annuities, RILA, and supplemental health.
- The company has been investing in distribution expansion, product features, and digital capabilities to support this strategic repositioning.
- Management emphasized that these efforts are expected to enhance risk-adjusted returns and long-term profitability, with ongoing growth in sales and margins.
- Annaly delivered an economic return of 0.7% for Q2 2025, marking the seventh consecutive quarter of positive economic returns.
- Book value per share decreased 3% quarter-over-quarter to $18.45 after accounting for dividends.
- Earnings available for distribution (EAD) per share increased by $0.01 to $0.73, exceeding the dividend of $0.70 for the quarter.
- Higher yields on the investment portfolio at 5.41% compared to 5.23% in the prior quarter contributed to results.
- Lower average repo rates of 4.53% during the quarter, a modest decline of 3 basis points, partially offset gains.
- Net interest spread excluding PAA increased to 1.47% in Q2 from 1.24% a year ago; net interest margin ex PAA rose to 1.71% from 1.58%.
- Residential credit business generated additional income due to growth in accretive OBX securitizations and record issuance activity.
- Total facility capacity for residential credit was $4.2 billion with 40% utilization; MSR business had $2.1 billion capacity with 50% utilization.
- Unencumbered assets ended Q2 at approximately $6 billion, including $4.7 billion in unencumbered Agency MBS.
- Year-to-date economic return reached 3.7% with total shareholder return over 10% through quarter end.
- First Citizens highlighted ongoing progress on their 2025 strategic priorities, including platform consolidation and relationship team integration, which are beginning to show positive momentum.
- The company announced the appointment of Diane Morais to the Board of Directors, emphasizing her extensive experience and alignment with the company's customer-centric approach.
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