Agency business revenue was $717 million, up 16%, reflecting first quarter economic activity due to reporting lag.
Closed orders increased 2%, with average revenue per order up 30% due to broad-based strength across asset classes and transaction sizes.
Commercial revenue increased 33%, setting an all-time record in the National Commercial Services division for fee per file in a quarter.
Debt-to-capital ratio was 32.1%, or 23.1% excluding secured financings payable.
Effective tax rate was 24.6%, slightly above the normalized rate of 24%.
First American reported second quarter adjusted earnings per share of $1.53, including $0.12 per share related to executive separation costs.
GAAP earnings were $1.41 per diluted share; adjusted earnings excluded net investment losses and purchase-related intangible amortization.
Home Warranty pretax income rose 35%, driven by a lower loss rate and revenue growth through the direct-to-consumer channel.
Home Warranty revenue was $110 million, up 3%, with a loss ratio improvement from 46% to 41%.
Information and other revenues rose 10%, primarily from Canadian operations with higher refinance activity.
Investment income grew 17%, driven by escrow deposits and higher interest income from the investment portfolio.
Pretax margin in the title segment was 12.6% (13.2% adjusted); Home Warranty pretax margin was 20.2% (20.7% adjusted).
Provision for policy losses was $39 million or 3.0% of title premiums and escrow fees, unchanged from prior year.
Residential purchase revenue declined 3% due to lower demand for new homes, while refinance revenue increased 54% but remains only 5% of direct revenue.
Share repurchases totaled 1 million shares for $61 million in Q2, with an additional 577,000 shares repurchased in July.
Title segment revenue was $1.7 billion, up 13%, with commercial revenue at $234 million, a 33% increase.
Adjusted EBITDA for the quarter was $220 million, a 1% increase year-over-year, including $5 million in net performance fee earnings.
Alternative assets under management increased by 20% in the first half of 2025, with $55 billion added, reaching $331 billion in total alternative AUM.
Fee-related earnings grew 4% year-over-year, driven by higher average AUM and organic growth in alternative strategies, partially offset by outflows in fundamental equity strategies.
In Q2 2025, AMG reported a 15% year-over-year growth in economic earnings per share, reaching $5.39.
Net client cash flows exceeded $8 billion in Q2, with record inflows into alternative strategies.
Share repurchases totaled approximately $100 million in Q2 and $273 million year-to-date, contributing to earnings per share growth.
Adjusted net income was $33 million, excluding gains and losses from investment portfolios.
Consumer spot trading volume was $43 billion, down 45%, and consumer trading revenue was $650 million, down 41%.
Headcount increased 8% to just under 4,300 full-time employees.
Institutional spot trading volume was $194 billion, down 38%, with institutional transaction revenue of $61 million, down 38%.
Net income was $1.4 billion, including a $307 million expense from a data theft incident, a $1.5 billion unrealized gain on strategic investments, and a $362 million gain from crypto investment portfolio remeasurements.
Operating expenses were $1.5 billion, including the $307 million data theft expense; excluding this, expenses declined 9%.
Subscription and services revenues were $656 million, with growth in USDC, staking, custody, and Prime financing loan balances offset by asset price headwinds.
Total revenue was $1.5 billion with positive adjusted EBITDA of $512 million.
Dafinchi