Adjusted EBITDA was nearly $17 million with a 13% margin, expanding 723 basis points year-over-year, driven by lower personnel costs and disciplined spending.
Adjusted gross profit increased 23% year-over-year to $78 million with a margin of 61.1%, down from 63.5% due to business mix and FX losses.
GAAP net loss improved by $1.6 million year-over-year to $12 million, with a higher tax provision impacting the quarter.
Q2 2025 revenue less ancillary services was $127.5 million, representing 25% FX-neutral growth, exceeding guidance.
Sertifi contributed $12 million in Q2, adding approximately 12 points of growth.
Share repurchases totaled approximately $5 million in Q2, and the revolving credit facility was expanded to $300 million.
Adjusted operating expenses totaled $983 million, towards the low end of guidance, driven by technology-related savings and synergies.
Adjusted operating income increased 13% to a record $1.6 billion, building on 11% pro forma growth in Q2 2024.
Capital returned to shareholders totaled $532 million in the quarter, including $255 million in share repurchases.
Exchange segment net revenues were a record $1.4 billion, up 12% year-over-year.
Fixed Income and Data Services segment revenues totaled a record $597 million, up 8% year-over-year in ICE Bonds.
Leverage ended the quarter at target 3x EBITDA, ahead of schedule after the Black Knight acquisition.
Mortgage Technology revenues totaled $531 million, up 5% year-over-year, with recurring revenues increasing largely due to Data and Analytics and Servicing.
Net revenue increased 9% to a record $2.5 billion, with growth contributions from all three operating segments.
Record volumes and revenues were achieved across energy, interest rate, and credit default swap markets, contributing to strong first half results.
Second quarter adjusted earnings per share were a record $1.81, up 19% year-over-year.
BrightSpire reported a second quarter GAAP net loss attributable to common stockholders of $23.1 million or $0.19 per share.
Current liquidity stands at $325 million, including $106 million in unrestricted cash.
Debt-to-assets ratio is 63%, debt-to-equity ratio is 2.0x, with no corporate debt or final maturities due until 2027.
Distributable earnings (DE) were $3.4 million or $0.03 per share, and adjusted distributable earnings were $22.9 million or $0.18 per share.
GAAP net book value was $7.65 per share and undepreciated book value was $8.75 per share as of June 30, 2025.
General CECL provision stands at $137 million or 549 basis points on total loan commitments, approximately $20 million lower than the prior quarter.
Specific CECL reserves of approximately $19.5 million were recorded related to the San Jose Hotel loan and Santa Clara multifamily predevelopment loan, which were charged off upon resolution.
The company recorded a GAAP impairment of approximately $49 million related to the Equinor Norway net lease asset and $2 million related to a multi-tenanted office property near Pittsburgh.
The impairments and tax benefits had no impact on undepreciated book value, which remained flat quarter-over-quarter.
Dafinchi