- Fee-paying AUM grew 9% year-over-year to $69 billion; contracted not yet fee-paying AUM increased 19% to $8.7 billion.
- Fee-related earnings, adjusted EBITDA, and adjusted net income increased by 6%, 9%, and 9% respectively compared to Q2 2024.
- Fee-related earnings margin for the quarter was 42%, up 200 basis points year-over-year.
- Incentive fees realized were $16 million in the quarter, including $1 million annual performance fees and $15 million carried interest.
- Total assets under management (AUM) reached $86 billion, a 5% increase from Q1 2025.
- Unrealized carried interest at NAV surpassed $900 million, with the firm's share at approximately $450 million, up 9% from last quarter.
- Year-to-date fee-related earnings, adjusted EBITDA, and adjusted net income grew by 14%, 17%, and 19% respectively compared to the first half of 2024.
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- Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
- Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
- Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
- Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
- Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
- Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
- Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
- Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
- The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.
- Adjusted net income for the quarter was $25.9 million or $0.18 per share, excluding $2 million of acquisition-related costs and miscellaneous items.
- Assets under management (AUM) reached a record $126 billion at June 30, with U.S.-listed AUM at $85.2 billion and European AUM at $40.5 billion, both all-time highs.
- Digital assets AUM more than doubled since last quarter, reaching $350 million at quarter-end and approximately $500 million currently.
- WisdomTree reported revenues of $112.6 million for Q2 2025, up 4.2% sequentially and 5.2% year-over-year, driven by higher average AUM.
- Year-to-date inflows totaled $6.6 billion, with broad and diverse contributions across U.S., Europe, and digital assets.
- Year-to-date revenues grew 8.3%, supported by higher average AUM and increased other revenues from European listed products, partially offset by a lower average fee capture.
- Horace Mann reported second quarter core earnings per share of $1.06, nearly tripling prior year results.
- Individual Supplemental and Group Benefits segment contributed $13 million to core earnings, with record Individual Supplemental sales up 43% year-over-year.
- Life and Retirement segment core earnings doubled to $25 million, driven by higher net investment income and lower mortality costs.
- Net premiums and contract charges earned increased by 8%, with total revenues up 6%.
- Property and Casualty segment core earnings improved by $25 million to $17 million, with a combined ratio of 97%, a 14.5-point improvement over prior year.
- First-half revenues reached $672 million, up 39% from the prior year period, driven primarily by growth in M&A and capital markets.
- Moelis & Company reported $365 million in revenues for Q2 2025, a 38% increase year-over-year and the highest second quarter revenues on record.
- Non-compensation expense ratio for Q2 was 14.4%, with an expected full-year growth of approximately 15% compared to the prior year.
- The Board declared a regular quarterly dividend of $0.65 per share, unchanged from the prior period.
- The corporate tax rate was accrued at 29.5%, consistent with Q1's underlying tax rate prior to a discrete tax benefit.
- The firm maintains a strong balance sheet with $475 million in cash and liquid investments and no debt.
- The second-quarter compensation expense ratio was accrued at 69%, consistent with the previous quarter.
- AFG reported core net operating earnings of $2.14 per share for Q2 2025, down from $2.56 in the prior year quarter.
- AFG returned over $100 million to shareholders in Q2 2025 through dividends and share repurchases.
- Alternative investments returned 1.2% annualized in Q2 2025, down from 5.1% in the prior year quarter, negatively impacting overall investment income by about 5%.
- Annualized core operating return on equity was 15.5%, despite lower returns from alternative investments.
- Gross and net written premiums increased 10% and 7%, respectively, driven partly by earlier crop acreage reporting.
- Net investment income excluding alternatives increased 10% year-over-year due to higher interest rates and asset balances.
- Underwriting margins in Specialty Property & Casualty insurance were strong with a 93.1% combined ratio, up 2.6 points year-over-year.
- All rent payments are current from tenants despite the increased provision for credit losses.
- Operating expenses increased by $65.6 million primarily due to a noncash provision for credit losses based on a more pessimistic economic forecast.
- Record year-over-year revenue, AFFO, and adjusted EBITDA were achieved in the quarter.
- Rent coverage ratios ranged from 1.69 to 2.72x on master leases as of the prior quarter end.
- Total income from real estate for Q2 2025 exceeded Q2 2024 by over $14 million, driven by cash rent increases of over $22 million from acquisitions and escalations.
- Alternative investment income was $60 million below expectations due to lower private equity and real estate returns and a $50 million unfavorable impact from the annual assumption update process.
- Capital position remains strong with cash and liquid assets at $3.9 billion, above the $3 billion minimum liquidity target.
- Group insurance had one of its best earnings quarters recently with strong underwriting results and a benefit ratio improved to 80.9%.
- Individual Life sales grew 10% year-over-year with improved earnings results.
- Institutional Retirement delivered $9 billion in sales, including robust Longevity Risk Transfer transactions.
- International businesses sales were up 4%, driven by retirement and savings products in Japan despite surrender headwinds.
- PGIM's assets under management increased by 8% to $1.4 trillion, with total net flows of $400 million including $2.6 billion institutional inflows and $2.8 billion retail outflows.
- Pretax adjusted operating income was $1.7 billion or $3.58 per share, up 9% from the prior year quarter.
- Year-to-date return on equity was over 14%.
- Assets Under Management (AUM) remained flat at $2.1 trillion, reflecting higher market values offset by net outflows.
- Earnings per share increased 25% year over year to $1.88, or $1.91 excluding notable items.
- Expenses increased 4% year over year, reflecting higher investments, merit increases, and revenue-related expenses, partially offset by efficiency savings.
- Firm-wide Assets Under Custody and Administration (AUCA) grew 11% year over year to $57.8 trillion.
- Net interest income rose 18% year over year to $1.2 billion, driven by reinvestment at higher yields and balance sheet growth.
- Pretax margin improved to 36%, with return on tangible common equity at 26%.
- Reported record revenue of $5.1 billion, up 9% year over year.
- Security Services and Markets and Wealth Services segments showed double-digit revenue growth, while Investment and Wealth Management revenue declined 3%.
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