- Book value was nearly unchanged from quarter end after accrued dividends were accounted for.
- Capital raised totaled $560 million this year, primarily through common equity issued above book value, accretive to shareholders.
- Dynex Capital's market capitalization grew nearly 50% year-over-year to over $1.5 billion as of June 30, 2025.
- Liquidity remained strong at $891 million, representing 55% of total equity.
- Net interest income increased due to new investments with attractive yields and positive carry from agency RMBS and swaps.
- ROEs on newly acquired positions, fully hedged, ranged from mid-teens to low 20% range.
- The portfolio grew to $14 billion, a 25% increase from the prior quarter and over 50% from the prior year.
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- Allowance for credit losses was $51.6 million or 1.26% of gross loans, down from $54.9 million in the prior quarter.
- Earnings for the June quarter were $1.39 diluted, unchanged from the prior quarter but up 17% year-over-year.
- Full year fiscal '25 earnings were $5.18 compared to $4.42 in fiscal '24, driven by stronger net interest income from 7% earning asset growth and net interest margin expansion.
- Net charge-offs totaled $5.3 million for the quarter, primarily from a special purpose CRE loan and a commercial contractor credit.
- Net interest margin for the quarter was 3.46%, up from 3.39% in the prior quarter, benefiting from higher loan yields and deployment of excess cash into loans.
- Noninterest expense rose 2.3% due to $425,000 consulting expenses and increased data processing costs.
- Noninterest income increased 9.2% quarter-over-quarter, driven by an additional card network bonus of $537,000.
- Provision for credit losses increased to $2.5 million from $932,000 in the prior quarter due to net charge-offs and loan growth.
- Quarterly dividend increased by $0.02 or 8.7% to $0.25 per share.
- Return on average assets was 1.21% and return on average equity was 11.4% for fiscal 2025.
- Tangible book value per share increased by $5.19 or just above 14% over the last 12 months to $41.87.
- RMR has focused on deleveraging through asset sales and refinancings.
- Share prices of DHC and ILPT increased substantially year-to-date.
- Share price improvements led to potential incentive fees exceeding $17 million for RMR.
- Active asset management and sector fundamentals contributed to strong performance.
- Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
- Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
- Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
- Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
- Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
- Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
- GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
- Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
- Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
- Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.
- Expenses were elevated due to a $3.5 million lawsuit settlement but core expenses were around $111.5 million, expected to normalize next quarter.
- Home Bancshares reported record earnings of $118.4 million or $0.60 earnings per share in Q2 2025, with a return on assets of 2.08%, slightly up from Q1's $115.2 million and 2.07% ROA.
- Loan growth was solid, with CCFG portfolio growing by $122 million in Q2 and total loans funded around $1.1 billion.
- Loan loss reserve remained strong at 1.86%, Tier 1 capital at 15.6%, leverage ratio at 13.4%, and total risk-based capital at 19.3%.
- Non-GAAP earnings for the first six months of 2025 were $233.6 million, up over 15% from the prior year period.
- Tangible common equity grew by $1.36 billion or 11.25% over the past 12 months, from $12.08 billion to $13.44 billion.
- The company repurchased over 3 million shares worth about $86 million and paid $150 million in dividends over the past year.
- The non-GAAP return on tangible common equity was 18.26%, with GAAP ROTCE at 17.68%.
- Advisory revenues up 60% year over year to $1.4 billion, leading global M&A advisor.
- Asset and Wealth Management revenues reached $4.4 billion, with record management fees of $2.9 billion.
- Debt underwriting revenues rose 30%, reflecting higher leveraged finance activity.
- Equity underwriting revenues increased 21% year over year, driven by IPO activity.
- FICC net revenues of $3.5 billion, up 17% year over year, with strong rates and mortgages.
- Global Banking & Markets revenues of $10.1 billion with a 17% ROE year to date.
- Net revenues of $15.2 billion and earnings per share of $12.25 in Q3 2025.
- Return on equity (ROE) of 14.2% for the quarter and 15.6% year to date.
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