- Adjusted EBITDA was $11.2 million, positive but down year-over-year, impacted by lower gross margin and strategic investments including severance costs.
- Agent count was 82,704, down 5% year-over-year but up 1% sequentially quarter-over-quarter, with increased transactions per agent indicating higher productivity.
- eXp World Holdings generated $1.3 billion in revenue in Q2 2025, with real estate sales volume up 1% year-over-year despite a 2% decrease in sales transactions.
- International segment revenue grew 59% year-over-year, driven by increased productive agents and new market launches, though adjusted EBITDA loss increased due to expansion and events.
- Non-GAAP gross margin was 12%, while GAAP gross margin was 7.1%, down 40 basis points from Q2 2024 due to more agents reaching their cap.
- North America Realty segment remains the largest revenue and profit generator with $1.3 billion revenue and $19.8 million adjusted EBITDA in Q2.
- Other affiliated services contributed modest revenue but had an adjusted EBITDA loss of $2.3 million.
- The company ended Q2 with $94.6 million in cash, after paying $17 million of a $34 million antitrust litigation settlement.
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- ARI delivered strong performance in Q2 2025 with $1.4 billion in new loan commitments and a portfolio carrying value increase to $8.6 billion from $7.7 billion in Q1.
- Book value per share, excluding general CECL allowance and depreciation, was $12.59, slightly down from last quarter.
- Book value per share was $12.59, slightly down from last quarter, excluding general CECL allowance and depreciation.
- Distributable earnings were $36 million or $0.26 per share, an 8% increase over Q1, with GAAP net income of $18 million or $0.12 per diluted share.
- Liquidity ended at $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
- Liquidity totaled $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
- Loan portfolio weighted average unlevered yield was 7.8%, with 41% of loans originated post-2022 interest rate rise and valuation reset.
- No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth.
- No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth, with total CECL allowance down slightly from 475 to 429 basis points.
- Repayments and sales totaled $631 million during the quarter, with continued redeployment of capital into new loans.
- Repayments and sales totaled $631 million during the quarter, with proceeds from 111 West 57th sales reducing basis by $141 million.
- Consolidated adjusted EBITDA was $67 million, or 11.3% of revenue, up from $63.5 million in 2024.
- Four Technologies delivered eighth consecutive quarter of triple-digit GMV and revenue growth, generating $11.1 million adjusted EBITDA year-to-date with 23% margin.
- Non-GAAP diluted EPS of $0.90 exceeded guidance range of $0.70 to $0.75, marking the third consecutive earnings beat this year.
- Progressive Leasing GMV declined 10% year-over-year to $410.9 million, but adjusted for Big Lots and tightening, underlying GMV grew mid-single digits.
- Progressive Leasing gross margin expanded by approximately 80 basis points year-over-year to 32%.
- Q3 2025 consolidated revenue was $590.1 million, slightly down year-over-year due to Big Lots bankruptcy and smaller lease portfolio.
- Q3 Progressive Leasing EBITDA was $64.5 million or 11.6% of revenue, within the 11%-13% margin target.
- Write-offs improved to 7.4%, within targeted 6% to 8% annual range, showing sequential and year-over-year improvement.
- Effective fee rate remained stable at 59 basis points.
- Effective tax rate was 25.3%.
- Ending AUM rose to $88.9 billion from $87.6 billion, positively impacted by market appreciation.
- Liquidity improved to $323 million from $295 million in the prior quarter.
- Net inflows into open-end funds were offset by institutional net outflows.
- Operating margin decreased slightly to 33.6% from 34.7%.
- Q2 revenue increased 1.1% to $135 million, driven by higher average AUM and day count.
- Reported earnings of $0.73 per share, slightly down from $0.75 sequentially.
- Total expenses increased 2.9% due to higher compensation, distribution fees, G&A, and talent acquisition costs.
- Interest expense was $1.1 million this quarter, expected to rise to $1.7 million next quarter due to leverage on upcoming residential acquisitions.
- Next quarter guidance includes adjusted EBITDA of approximately $20.5 million, distributable earnings between $0.44 and $0.46 per share, and adjusted EPS between $0.21 and $0.23 per share.
- Recurring cash compensation decreased by $3.5 million sequentially to $38.6 million due to cost containment measures; recurring G&A decreased by $1.2 million to $9.5 million.
- Recurring service revenues were approximately $44 million, down $1.5 million sequentially due to lower property management fees at RMR Residential, partially offset by seasonal improvements in Sonesta-related fees.
- RMR reported adjusted net income of $0.28 per share, distributable earnings of $0.43 per share, and adjusted EBITDA of $20.1 million for Q3 2025, all in line with expectations.
- Annualized return on average assets was 113 basis points, up 3 basis points from the first quarter, with an efficiency ratio just below 60%.
- Commercial loans totaled $2.94 billion, flat with March 31, 2025, and up 5% year-over-year, with commercial business loans up 2.4% during the quarter.
- Consumer indirect balances declined 2.3% from March 31 and 7% year-over-year to $833.5 million, with improved credit metrics including a net charge-off ratio of 45 basis points, down from 103 basis points in Q1.
- Net interest margin expanded by 14 basis points from the linked quarter and 62 basis points year-over-year, with net interest income growth of approximately 5% linked quarter and 19% year-over-year.
- Noninterest expense was $35.7 million in Q2, up from $33.7 million in Q1, driven by timing, higher medical claims, staffing additions, and technology-related expenses.
- Noninterest income was $10.6 million, up 2.4% from the first quarter, excluding a $13.5 million gain from the prior year insurance business sale.
- Nonperforming commercial loans declined by $7 million from March 31 to June 30, 2025, with $2.5 million in commercial net charge-offs related to two longstanding nonperforming relationships.
- Provision for credit losses was $2.6 million in Q2, down from $2.9 million in Q1, with a loan loss reserve coverage ratio of 104 basis points at June 30, 2025.
- Second quarter 2025 net income available to common shareholders increased 4% to $17.2 million, with diluted EPS up 5% compared to the linked quarter.
- Total deposits were down about 4% from March 31, 2025, due to seasonality and Banking-as-a-Service deposit outflows, with average deposits relatively flat year-over-year.
- Total loans at period end were $4.54 billion, consistent with March 31, 2025, with average loans up 1% from the first quarter and 2% year-over-year.
- Capital expenditures and leasing commissions year-to-date totaled $5.2 million, with full-year guidance between $12 million and $14 million.
- Global Medical REIT reported a second quarter 2025 dividend reduction from $0.21 to $0.15 per share, reflecting a rightsizing aligned with dividend coverage dropping from 110% to 79% on a FAD basis.
- Occupancy as of June 30, 2025, stood at 94.5%, down from the first quarter due to lease expirations and tenant bankruptcies, with expectations to end the year above 95%.
- The company completed a $150 million acquisition of a five-property outpatient medical real estate portfolio at an 8.5% blended going-in cash yield.
- Assets under custody and administration grew 5% year over year to $17 trillion, while assets under management increased 9% year over year.
- Expenses increased 4.7% year over year, with positive operating leverage of 110 basis points and expense to trust fee ratio improving by 120 basis points to 112%.
- Net interest income on an FTE basis was $596 million, down 3% sequentially but up 5% year over year, with net interest margin increasing to 1.7%.
- Return on average common equity reached 14.8%, with a pretax margin expansion of nearly 200 basis points compared to the prior year.
- Revenue increased 6% year over year, driven by favorable equity markets and well-managed expense growth.
- Third quarter net income was $458 million with earnings per share of $2.29, reflecting a 14% increase year over year excluding notable items.
- Trust and investment servicing fees totaled $1.3 billion, up 6% year over year, with wealth management fees up 5% and asset servicing fees up 6%.
- Year to date, Northern Trust returned 110% of earnings to shareholders, including $431 million in the quarter through dividends and stock repurchases.
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