- Adjusted ROA on a last 12-month basis was 92 basis points, slightly up from 91 basis points in Q2 2024.
- Adjusted ROE excluding AOCI was 8.8%, up 40 basis points over Q2 2024.
- F&G reported adjusted net earnings of $103 million or $0.77 per share in Q2 2025.
- Investment income from alternative investments was $83 million below management's long-term expected return.
- Operating expenses to AUM before flow reinsurance decreased to 56 basis points from 61 basis points in Q2 2024.
- Record AUM before flow reinsurance reached $69.2 billion, a 13% increase over Q2 2024.
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- Adjusted compensation expenses were $372 million, up from $316 million last year, maintaining an adjusted compensation expense ratio of 61.5%.
- Adjusted earnings per share were $2.14, up 75% compared to the same quarter last year.
- Adjusted effective tax rate was negative 0.8% compared to 31.2% last year, due to a policy change excluding stock-based compensation vesting impact.
- Adjusted non-compensation expenses increased to $94 million from $80 million, with a non-compensation expense ratio steady at 15.6%.
- Corporate Finance revenues were $399 million, a 21% increase over last year's first quarter, with 125 transactions closed versus 116 last year.
- Financial and Valuation Advisory revenues were $79 million, a 16% increase from the prior year, with 957 fee events versus 847 last year.
- Financial Restructuring revenues were $128 million, a 9% increase year-over-year, with 35 transactions closed compared to 33 last year.
- Houlihan Lokey reported revenues of $605 million for the first quarter of fiscal year 2026, an 18% increase year-over-year.
- Other income and expense produced income of approximately $8 million versus $5 million last year, driven by increased interest and other income from investment securities.
- Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
- Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
- Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
- The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
- The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
- Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
- AFFO for Q2 2025 was $1.3 million or $0.03 per share, up from the prior year, positively impacted by lower interest expense and increased loan program activity.
- AFFO for the six months was $3.6 million or $0.08 per share, higher than 2024, helped by lower interest expense, higher interest income, and proceeds from a solar lease arrangement.
- For Q2 2025, net income was $7.8 million or $0.15 per share, higher than Q2 2024 due to gains on dispositions of 32 properties, lower G&A costs, lower interest expenses, and higher interest income.
- For the six months ended June 30, 2025, net income was $9.9 million or $0.18 per share, higher than 2024 due to 34 property dispositions, debt reductions, lower G&A, and increased interest income.
- Gain on disposition of assets was $25 million on $81.6 million of property sales in 2025, compared to a loss of $0.1 million in 2024.
- General and administrative expenses decreased primarily due to a one-time severance expense in 2024.
- Interest expense decreased by $2.8 million in Q2 and $5.2 million year-to-date due to debt reductions since October 2024.
- Lines of credit were repaid in full with $23 million payments in early July 2025.
- Undrawn capacity on lines of credit was approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets in 2025.
- Apollo reported record fee-related earnings (FRE) of $627 million, a 22% year-over-year increase.
- Assets under management (AUM) reached a record $840 billion, with fee-paying AUM at $638 billion, growing 22% year-over-year.
- Athene's organic inflows of $21 billion marked the second highest quarter on record, driven by retail, funding agreements, and flow insurance.
- Capital formation generated $61 billion of inflows in the quarter, including $40 billion from asset management and $21 billion from Athene.
- Fee-related expenses grew 13% year-over-year, reflecting increased hiring and investment in growth priorities.
- Management fee growth was 21% year-over-year, with record asset management capital solutions (ACS) fees of $216 million.
- Second quarter retirement services earnings (SRE) were $821 million, with net invested assets growing 18% year-over-year to $275 billion.
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