Dafinchi AI

Cousins Properties Incorporated

CUZ

Financial Services

2w

Financial Performance Summary

Cousins Properties delivered $0.70 a share in FFO for Q2, $0.01 above consensus.
GAAP NOI grew 3.2% and cash NOI grew 1.2% during Q2 compared to last year.
Net debt to EBITDA remains at an industry-leading 5.1x with strong liquidity and a well-laddered debt maturity schedule.
Property tax expenses showed lumpiness but are forecasted to be up 2.8% for 2025 on a gross basis and down 4% net of accrual adjustments.
Same-property net operating income increased 1.2% on a cash basis and 1.6% year-to-date.
Second-generation cash rents increased 10.9% in the quarter and 5.4% year-to-date.
The Link acquisition is immediately accretive with an initial cash yield of 6.7% and GAAP yield of 8.3%.

Sabra Health Care REIT, Inc.

SBRA

Financial Services

1w

Financial Performance Summary

Cash NOI from the managed senior housing portfolio increased to $25.3 million from $24.1 million in the prior quarter.
Cash rental income from the triple-net portfolio increased by $2.3 million sequentially.
Liquidity remains strong with approximately $1.2 billion available including cash, revolver, and ATM program.
Net debt to adjusted EBITDA ratio decreased to 5x as of June 30, 2025, down from 5.19x in Q1 and 5.45x in Q2 2024.
Normalized AFFO per share for Q2 2025 was $0.38, up from $0.37 in Q1.
Normalized FFO per share for Q2 2025 was $0.37, up from $0.35 in Q1, representing a 6% improvement year-over-year.
Normalized FFO totaled $89.2 million and normalized AFFO totaled $91.6 million in Q2 2025.
Weighted average interest rate on debt decreased from 4.14% to 4.04% following refinancing.

SL Green Realty Corp.

SLG

Financial Services

4w

Financial Performance Summary

Closed over $500 million of fund commitments in Q2, totaling over $1 billion to date, providing over $2 billion in combined liquidity and fund availability.
Discounted debt extinguishment gains are maintained at $20 million in guidance, with potential for higher gains from debt purchases at 1552-1560 Broadway.
Earnings guidance was raised by $0.40 per share at the midpoint, reflecting substantial increased profit.
Interest expense is trending about $0.10 per share above expectations due to timing of asset sales and debt payoff delays.
NOI is trending slightly better than original expectations, offset by some underperformance at SUMMIT due to temporary closure of a premium experience.
Sale of 50% participation interest in preferred equity position at 625 Madison Avenue generated significant liquidity.
SL Green concluded over 540,000 square feet of leasing in Q2 2025, bringing year-to-date leasing to 1.3 million square feet, with a pipeline of over 1 million square feet for near-term execution.
The company realized nearly $90 million profit on a $130 million investment in 522 Fifth Avenue mortgage position within a year.

RYN

Financial Services

1w

Financial Performance Summary

Adjusted EBITDA increased 35% year-over-year to $45 million, driven by improved results in Pacific Northwest Timber and Real Estate segments.
Net income attributable to Rayonier was $409 million or $2.63 per share, including a $404 million gain from the sale of the New Zealand joint venture.
Pacific Northwest Timber segment adjusted EBITDA rose 17% despite a 15% decline in harvest volumes, supported by higher log prices and lower costs.
Pro forma net income excluding discontinued operations was $10 million or $0.06 per share.
Rayonier reported second quarter 2025 sales of $107 million and operating income of $15 million.
Real Estate segment adjusted EBITDA was $19 million, significantly above guidance, due to strong demand and accelerated transaction timing.
Southern Timber segment adjusted EBITDA declined 16% due to lower harvest volumes and a 14% decrease in weighted average stumpage prices.

Bread Financial Holdings, Inc.

BFH

Financial Services

3w

Financial Performance Summary

Average loans decreased 1% to $17.7 billion due to macroeconomic challenges and elevated gross credit losses impacting loan growth.
Bread Financial reported adjusted net income of $149 million and adjusted EPS of $3.15 for Q2 2025, excluding $10 million post-tax debt repurchase expenses.
Credit reserve rate improved to 11.9%, a 30 basis point improvement year-over-year and sequentially.
Credit sales grew 4% year-over-year to $6.8 billion, driven by new partner growth and higher general purpose spending.
Delinquency rate improved to 5.7%, down 30 basis points year-over-year; net loss rate improved to 7.9%, down 70 basis points year-over-year despite hurricane impacts.
Direct-to-consumer deposits grew 12% year-over-year to $8.1 billion, accounting for 45% of average total funding, improving funding mix.
Net interest income decreased 1% year-over-year due to lower billed late fees and a shift in risk and product mix, partially offset by lower interest expense and pricing changes.
Net interest margin was 17.7%, down 30 basis points year-over-year, impacted by elevated cash mix and lower loan yields.
Noninterest income increased $3 million, mainly from paper statement pricing changes, offset by lower net interchange revenue.
Return on average tangible common equity was 22.7% for the quarter.
Revenue was $929 million, down 1% year-over-year, primarily due to lower finance charges and late fees, partially offset by lower interest expense.
Total noninterest expenses increased 3% year-over-year to $12 million higher, mainly due to $13 million debt extinguishment costs; adjusted expenses were nearly flat.

Walker & Dunlop, Inc.

WD

Financial Services

1w

Financial Performance Summary

Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
Cash balance ended at $234 million, supporting capital deployment and dividend payments.
GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.

VTR

Financial Services

2w

Financial Performance Summary

Liquidity remained strong at $4.7 billion as of June 30, including a revolving credit facility upsize and available equity proceeds.
Net debt-to-EBITDA improved to 5.6x, a 40 basis point improvement since the start of the year.
Outpatient medical and research portfolio reported 1.7% same-store cash NOI growth, with outpatient medical up 2.2%.
Senior housing investments year-to-date totaled $1.1 billion, with $3 billion closed since the beginning of last year.
SHOP same-store portfolio delivered 8.2% revenue growth and 13.3% NOI growth, with U.S. SHOP NOI up 18% after adjusting for a prior year tax refund.
Total company same-store cash net operating income (NOI) increased 7%, led by SHOP increasing over 13%.
Ventas reported strong earnings growth with normalized FFO per share growing 9% year-over-year in Q2 2025.

Redwood Trust, Inc.

RWT

Financial Services

2w

Financial Performance Summary

Capital allocated to legacy investments reduced by 17% since March 31, 2025.
Core segment's earnings available for distribution (EAD) was $25 million or $0.18 per share, with a 14.5% annualized ROE, compared to $28 million or $0.20 per share in Q1.
CoreVest Mortgage Banking achieved $6 million segment net income and a 34% annualized EAD ROE.
GAAP book value per share declined to $7.49 at June 30, 2025, from $8.39 at March 31, 2025.
Legacy investments recorded a $104 million loss, driven by negative fair value adjustments and accelerated asset sales.
Mortgage banking platforms delivered combined returns exceeding 20% and gain on sale margins above target for the fourth consecutive quarter.
Mortgage banking revenue increased 88% year-over-year.
Redwood reported a GAAP net loss of $100.2 million or $0.76 per share for Q2 2025, primarily due to accelerated wind down of legacy portfolio and associated fair value changes.
Sequoia Mortgage Banking generated $22 million segment net income with a 19% annualized ROE; Aspire loan volumes tripled sequentially to $330 million.

BrightSpire Capital, Inc.

BRSP

Financial Services

2w

Financial Performance Summary

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.