- Adjusted compensation ratio improved to 65.4%, down 60 basis points year-over-year, while adjusted noncompensation expenses rose 9% due to technology and occupancy costs.
- Adjusted operating income was $157 million, a 37% increase versus Q2 2024, with adjusted EPS of $2.42, up 34% year-over-year.
- Advisory fees increased 23% year-over-year to $698 million, a record for the quarter.
- Asset Management and Administration Fees grew 3% to $21 million, driven by market appreciation and net inflows.
- Cash and investment securities totaled over $1.7 billion as of June 30, with positive cash flow and $532 million returned to shareholders in the first half through buybacks and dividends.
- Evercore delivered adjusted net revenues of $839 million in Q2 2025, up nearly 21% year-over-year, marking record revenues for both the quarter and first half of the year.
- GAAP net revenues, operating income, and EPS were $834 million, $150 million, and $2.36 per share respectively in Q2 2025.
- Share repurchases totaled approximately 1.7 million shares year-to-date at an average price of $258.5 per share, fully offsetting dilution from RSU grants.
- Underwriting revenues rose 4% to $32 million, commissions and related revenue increased 10% to $58 million.
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- Allowance for credit losses was 1.47% of total loans with net charge-offs at 2 basis points annualized.
- Independent Bank Corporation reported second quarter 2025 net income of $16.9 million or $0.81 per diluted share versus net income of $18.5 million or $0.88 per diluted share in the prior year period.
- Loans increased by 9% annualized, while core deposits were down 1.4% annualized due to seasonality.
- Net interest income increased $3.3 million from the year ago period with a tax equivalent net interest margin of 3.58% during Q2 2025, compared to 3.40% in Q2 2024, and up 9 basis points from Q1 2025.
- Noninterest expense was $33.8 million in Q2 2025, slightly higher than $33.3 million in the prior year quarter but below the first quarter of 2025.
- Noninterest income totaled $11.3 million in Q2 2025, down from $15.2 million in the year ago quarter.
- Return on average assets was 1.27% and return on average equity was 14.66%.
- 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.
- Adjusted EBITDAre decreased by $7.7 million year-over-year to $163.8 million, impacted by an $8.8 million increase in interest expense and lower hotel returns.
- Hotel portfolio generated adjusted hotel EBITDA of $73 million, an 11.3% decline year-over-year but towards the high end of guidance.
- Net lease portfolio remains stable with 742 properties, 97% leased, $387 million in annual minimum rents, and a 2.04x rent coverage ratio.
- Normalized FFO for Q2 2025 was $57.6 million or $0.35 per share, down from $0.45 per share in the prior year quarter.
- RevPAR increased 40 basis points year-over-year, outperforming the industry by 90 basis points, driven by occupancy and ADR gains.
- The 84 hotels planned for retention showed a 1.5% RevPAR increase but an 11.7% decrease in adjusted hotel EBITDA due to elevated labor costs and renovation disruptions.
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