- Average cost of debt on core portfolio was SOFR plus 2.3%.
- Book value ended the quarter at $14.82 per fully converted share.
- Distributable earnings were $29 million or $0.27 per fully converted share.
- FBRT delivered economic returns of 6.6% over 12 months and 11.9% over 24 months, placing it at the top of its peer group.
- FBRT reported GAAP earnings of $24.4 million or $0.21 per fully converted common share for Q2 2025.
- Net leverage position was 2.2x with recourse leverage at 0.3x.
- NewPoint acquisition expected to contribute GAAP net income between $23 million and $27 million and distributable earnings between $13 million and $17 million for 2025.
- NewPoint's MSR portfolio valued at approximately $217 million with an implied life of 6.8 years.
- The Board maintained the Q2 dividend at $0.355 per share.
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- Brookline Bancorp reported second quarter earnings of approximately $22 million or $0.25 per share.
- Customer deposits increased by $59 million and net interest margin improved by 10 basis points to 3.32%.
- Merger expenses were $439,000 and largely non-tax deductible, contributing to a higher effective tax rate.
- Net interest income increased by $2.9 million to $88.7 million, and fee income was slightly higher at $6 million, bringing total revenues to $94.7 million, up 3% from Q1 and 10% year-over-year.
- Noninterest expense, excluding merger charges, decreased by $1.3 million from Q1 to $57.7 million, with marketing expenses increasing by $503,000.
- Provision for credit losses was $7 million, $1 million higher than Q1, with total net charge-offs of $5.1 million and increased reserves for Boston office market credits.
- Reserve coverage increased to 132 basis points of total loans.
- The Board approved maintaining the quarterly dividend at $0.135 per share.
- The loan portfolio contracted by $61 million intentionally, with reductions in commercial real estate and specialty vehicles, while commercial and consumer loans grew.
- Byline Bancorp reported net income of $30 million or $0.66 per diluted share on revenue of $110 million for Q2 2025, including merger and secondary offering charges.
- Capital levels remained strong with TCE above 10% and CET1 just under 12%; repurchased 418,000 shares returning $10 million to shareholders.
- Credit costs were $11.9 million, including $7.7 million net charge-offs and a $4.2 million net reserve build; NPLs increased to 92 basis points from 76 basis points.
- Efficiency ratio was 48.2% adjusted, and cost-to-asset ratio improved to 228 basis points, down 18 basis points quarter-over-quarter.
- Excluding those charges, net income was $33.8 million or $0.75 per diluted share.
- Expenses were $60 million including charges; adjusted expenses were $54.7 million, a 2% decrease from prior quarter.
- Loans ended at $7.4 billion, deposits at $7.8 billion, with organic loan growth of $155 million (9%) and deposit growth of 6.4% excluding brokered deposits.
- Noninterest income declined slightly due to a negative fair value mark on servicing assets despite higher gain on sale revenue and fees.
- Pretax pre-provision income was $51 million with a pretax pre-provision ROA of 212 basis points, marking the 11th consecutive quarter above 200 basis points.
- ROA was 1.25% (1.41% adjusted) and ROTCE was just under 13% (14.4% adjusted), exceeding cost of capital despite a growing capital base.
- Total revenue increased 11% year-over-year to $110.5 million, driven by a 9% increase in net interest income due to higher balances and margin expansion of 11 basis points to 4.18%.
- Credit quality remained strong with NPAs at 0.19% of total assets and net charge-offs at 0.01% annualized.
- Deposit growth was sound at 5% quarter-over-quarter annualized with noninterest-bearing deposits holding steady at 90% of total deposits.
- Loan growth was strong at a 13% annualized pace for Q2, slightly ahead of expectations.
- Net interest income expanded to $40.3 million, up $2.1 million from the prior quarter, driven by higher loan yields.
- Net interest margin increased to 3.29%, an 8 basis point improvement over the previous quarter.
- Operating expenses were $32.6 million, at the low end of guidance, with increases mainly from merit increases and incentive compensation.
- Operating noninterest income rose by $300,000 to $8.9 million, exceeding projections due to insurance, mortgage banking, and capital markets revenues.
- SmartFinancial posted net income GAAP and operating of $11.7 million or $0.69 per diluted share for Q2 2025.
- Tangible book value increased to $24.42 per share including AOCI impact, representing over 13% annualized quarter-over-quarter growth.
- Annualized base rent grew more than 10% year-over-year, reflecting strong tenant performance and portfolio health.
- Fixed charge coverage ratio was strong at 3.8x for the quarter.
- Net debt-to-EBITDA ratio stood at 5.1x (or 4.6x including unsettled forward equity), within target leverage range.
- Occupancy remained exceptionally high at 99.8% excluding active redevelopment sites.
- Quarterly AFFO per share increased by 5.1% compared to Q3 2024, reaching $0.62.
- Weighted average debt maturity lengthened to 4.8 years with no maturities until 2028.
- Weighted average lease term extended to 9.9 years, supporting long-term income stability.
- Year-to-date AFFO per share for the first nine months was $1.80, a 3.5% increase over the prior year.
- Core FFO per share for Q2 2025 was $0.55, down 11% year-over-year due to decreased same-store NOI and increased interest expense.
- Expense growth was 4.6%, mainly from higher property taxes, marketing, repair and maintenance, and utilities, partially offset by lower personnel costs.
- Net debt-to-EBITDA was 6.8x at quarter end, slightly improved from 6.9x in Q1.
- Occupancy increased sequentially by 140 basis points in Q2 to 85%, further rising to 85.3% in July, narrowing the year-over-year occupancy gap.
- RevPar improved for five consecutive months ending July, with the year-over-year decline narrowing from 4.2% in February to 1.6% in July.
- Same-store NOI declined 6.1% year-over-year.
- Same-store revenues declined 3%, driven by a 240 basis point drop in average occupancy and a 30 basis point decline in average revenue per square foot.
- Achieved record revenue of $226.3 million, up 5% YoY.
- Adjusted earnings per share of $0.74, return on assets of 1.54%, and return on tangible common equity of 20%.
- Profitability primarily driven by a robust net interest margin of 4.05%, a 17 basis point increase from Q1.
- 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.
- Book value increased to $6.7 billion or $12.71 per share, up from $12.39 in the prior quarter.
- Dividend yield remains strong at 8.9%, paying out $0.25 per share.
- Genesis Capital achieved a record quarter with origination north of $4 billion, more than doubling since acquisition in 2022.
- Newrez's servicing portfolio grew to $864 billion with a typical ROE around 20%.
- Return on equity (ROE) for the entire company was 17%, with earnings available for distribution at $291.1 million or $0.54 per diluted share, representing an 18% ROE.
- Rithm Capital reported GAAP net income of $283.9 million or $0.53 per diluted share for Q2 2025.
- Sculptor's asset management business saw $3.5 billion of AUM growth since acquisition, with strong fundraising and performance.
- The company ended the quarter with a record $2.1 billion in cash and liquidity.
- Balance sheet ended Q2 with net debt to adjusted EBITDA of 5.2x and nearly $2.3 billion of liquidity.
- CCRC portfolio generated approximately $200 million of annual NOI, 50% higher than pre-pandemic 2019 levels, with current occupancy at 86%.
- Healthpeak reported FFO as adjusted of $0.46 per share and AFFO of $0.44 per share for Q2 2025.
- Lab segment reported 1.5% same-store growth, 6% positive rent mark-to-market, and 87% tenant retention, with total occupancy declining by 150 basis points due to lease expirations and tenant departures.
- Outpatient medical segment achieved 85% tenant retention, 6% positive rent mark-to-market, and 3.9% same-store cash NOI growth.
- Repayment of $450 million senior notes was completed using proceeds from commercial paper program.
- Total portfolio same-store growth was 3.5%, with CCRC segment showing 8.6% same-store growth driven by 5% rate growth and higher entrance fee sales.
- Europe accounted for $889 million or 76% of investment volume at a 7.3% weighted average initial cash yield, while U.S. investments totaled $282 million at a 7% yield.
- Net debt to annualized pro forma adjusted EBITDA was 5.5x, in line with the company’s leverage target.
- Portfolio occupancy ended at 98.6%, 10 basis points higher than the prior quarter and above the historical median of 98.2%.
- Realty Income invested $1.2 billion in Q2 2025 at a 7.2% weighted average initial cash yield, with acquisitions having a weighted average lease term of approximately 15.2 years.
- Rent recapture rate was 103.4% across 346 leases, generating $97 million of annual cash from prior rents.
- The company sold 73 properties for $117 million in net proceeds, with $100 million related to vacant properties.
- The company sourced $43 billion in investment opportunities in Q2, matching the total volume sourced in all of 2024 and marking the highest quarterly volume in its history.
Dafinchi