- Alternative private markets assets increased by $1.3 billion or 7%, mainly due to FX impact and net sales of $231 million.
- Equity assets increased by $8.1 billion or 10% from the prior quarter, with second quarter equity net sales of $1.8 billion representing an organic growth rate just under 9%.
- Federated Hermes ended Q2 2025 with record assets under management of $846 billion, driven by gains in equity strategies.
- Fixed income assets decreased by about $800 million or 1% due mainly to net redemptions of $2.4 billion, partially offset by market valuations and FX gains of $1.6 billion.
- MDT equity strategies had net sales of $3.8 billion in Q2, up from $3.3 billion in Q1, with strong performance rankings in Morningstar categories.
- Money market fund assets reached a record high of $468 billion at the end of Q2, increasing by $3.1 billion despite seasonal factors.
- Operating expenses increased mainly due to a VAT refund in Q1 not recurring, and compensation expenses rose due to higher incentive compensation and merit increases.
- Q2 effective tax rate was 26.1%, expected to be in the 25% to 28% range for 2025.
- The company repurchased approximately 1.5 million shares for about $64.5 million and approved a new share repurchase program for 5 million shares.
- Total revenue for Q2 increased slightly from the prior quarter due to more days in the quarter and revenue from the Rivington acquisition, partially offset by lower performance fees and carried interest.
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- Comparable property-level operating income grew approximately 5% excluding tax credit impact.
- Comparable retail leasing reached 644,000 square feet, near an all-time quarterly record.
- Completed asset sales totaling $143 million at blended yields in the mid- to upper 5% range.
- Excluding tax credit income, FFO per share was $1.76, beating consensus and prior year results.
- Liquidity improved to $1.55 billion with strong credit metrics; net debt-to-EBITDA at 5.4x excluding tax credit income.
- Reported FFO per share of $1.91 for Q2 2025 includes $0.15 from new market tax credit income recognized earlier than guided.
- Asset quality improved with net charge-offs declining and total NPAs to assets ratio at 0.45%, the lowest since September 2024.
- Capital markets revenue rebounded sharply to $24 million, up $14 million from the prior quarter, exceeding guidance.
- Core deposits grew $410 million or 8% annualized year-to-date, supporting strong funding base.
- Efficiency ratio improved to 55.8%, the lowest in four years, reflecting disciplined expense management.
- Loan growth accelerated by $286 million or 17% annualized, net of planned runoff from M2 equipment loans.
- Net interest income increased by $3 million or 18% annualized, driven by net interest margin (NIM) expansion and strong loan growth.
- Record quarterly net income of $37 million and earnings per share of $2.17, representing 26% growth compared to the prior quarter.
- Wealth management revenue grew 8% linked quarter to over $5 million, with year-over-year growth of 15% annualized.
- Ancillary spending remained strong with F&B revenue up 4%, banquet revenue up 1%, and other revenue (including golf and spa) up 13%.
- Business interruption proceeds of $9 million related to Hurricanes Helene and Milton benefited Q2 results, compared to $30 million in Q2 2024 from Hurricane Ian and Maui wildfires.
- Comparable hotel EBITDA margin declined 120 basis points to 31%, impacted by the absence of prior year business interruption proceeds.
- Comparable hotel total RevPAR improved 4.2% year-over-year, driven by stronger transient demand, higher ADR, and increased ancillary spend.
- In Q2 2025, Host Hotels & Resorts delivered adjusted EBITDAre of $496 million, a 3.1% increase year-over-year, and adjusted FFO per share of $0.58, up 1.8%.
- The Westin Cincinnati was sold for $60 million at a 14.3x trailing EBITDA multiple, and 6.7 million shares were repurchased for $105 million in Q2.
- Transient revenue grew 7%, with Maui accounting for approximately 40% of this growth, while group room revenue decreased 5% due to calendar shifts and renovation disruptions.
- Agency RMBS repo markets remained stable with repurchase spreads around SOFR plus 20 basis points.
- Comprehensive loss for the quarter was $221.8 million or $2.13 per share including the accrual, and $21.9 million or $0.21 per share excluding it.
- For the first half of 2025, total economic return on book value was negative 10.3% including the accrual and positive 2.9% excluding it.
- Including the accrual, book value decreased to $12.14 per share.
- Mark-to-market gains and losses were lower by $93.4 million due to unfavorable market movements on MSR, swaps, TBAs, and futures, partially offset by positive movements on Agency RMBS.
- MSR financing included $1.8 billion outstanding borrowings across 5 lenders with $837 million unused capacity.
- Net interest and servicing income increased by $3.1 million driven by Agency RMBS portfolio growth and higher float income on MSR, partially offset by lower servicing fee income and higher financing costs.
- The company issued $115 million of 9.38% senior notes due 2030 to refinance 6.25% senior notes due 2026.
- The company took a loss contingency accrual of $199.9 million or $1.92 per share related to ongoing litigation from the termination of its management agreement with PRCM Advisers.
- Two reported a total economic return of negative 14.5% for Q2 2025 including a loss contingency accrual of $1.92 per share, and negative 1.4% excluding the accrual.
- Adjusted EBITDA margins were 32.5% company-wide, with Workforce Solutions margins at 53.3%, USIS at 35%, and International at 26.4%.
- Adjusted EPS was $2.00, $0.10 above the midpoint of April guidance, driven by operating leverage and cost management.
- AWS revenue grew 8%, led by verifier government and consumer lending, with mortgage up 9%.
- Equifax Inc. reported Q2 2025 revenue of $1.54 billion, up 8% in constant currency and 7% reported, the highest quarterly revenue in company history.
- Free cash flow was $239 million in Q2, up over $100 million from prior year, with expected 2025 free cash flow over $900 million and cash conversion over 95%.
- International revenue grew 6% in constant currency, slightly below expectations due to economic weakness in Canada.
- Share repurchases totaled $127 million in Q2 under a new $3 billion program, with dividends paid of $62 million.
- USIS revenue increased 9%, with mortgage revenue up 20% due to price increases and preapproval product growth.
- Workforce Solutions revenue rose 8%, driven by verifier revenue growth of 10% and government revenue growth of 14%.
- Aflac Japan saw a 23.2% year-over-year sales increase, driven by a 53% increase in cancer insurance sales, particularly from the Miraito product.
- Aflac reported adjusted earnings per diluted share of $1.78 for Q2 2025, a 2.7% decrease year-over-year, with a $0.04 positive FX impact.
- Aflac U.S. net earned premium increased 3.4%, with premium persistency rising to 79.2%.
- Capital deployment included $829 million in share repurchases and $312 million in dividends, totaling $1.1 billion returned to shareholders.
- Expense ratios improved in both Japan and U.S., with Japan's expense ratio at 20.6% and U.S. at 36.3%.
- Japan's total benefit ratio improved by 40 basis points to 66.5%, and persistency increased to 93.7%.
- Net earned premiums declined 4.8% in Japan but underlying earned premiums declined only 1.1%, indicating improving long-term premium trends.
- Net earnings per diluted share were $1.11, reflecting solid results for the quarter and a strong first half of the year.
- Strong capital ratios were maintained with SMR above 900%, regulatory ESR above 240%, and combined RBC greater than 600%.
- U.S. total benefit ratio was 47.3%, slightly higher by 60 basis points due to business mix, with a pretax margin of 22.5%.
- Adjusted operating expenses totaled $983 million, towards the low end of guidance, driven by technology-related savings and synergies.
- Adjusted operating income increased 13% to a record $1.6 billion, building on 11% pro forma growth in Q2 2024.
- Capital returned to shareholders totaled $532 million in the quarter, including $255 million in share repurchases.
- Exchange segment net revenues were a record $1.4 billion, up 12% year-over-year.
- Fixed Income and Data Services segment revenues totaled a record $597 million, up 8% year-over-year in ICE Bonds.
- Leverage ended the quarter at target 3x EBITDA, ahead of schedule after the Black Knight acquisition.
- Mortgage Technology revenues totaled $531 million, up 5% year-over-year, with recurring revenues increasing largely due to Data and Analytics and Servicing.
- Net revenue increased 9% to a record $2.5 billion, with growth contributions from all three operating segments.
- Record volumes and revenues were achieved across energy, interest rate, and credit default swap markets, contributing to strong first half results.
- Second quarter adjusted earnings per share were a record $1.81, up 19% year-over-year.
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