- Book value per common share declined by about $0.25 to $7.99, partially offset by accretive share buybacks estimated to add $0.15 per share.
- CECL reserve declined by $25 million to $155 million, driven by $36 million of write-offs partially offset by an $11 million provision increase.
- Distributable loss for the quarter was $45.3 million or negative $0.94 per basic common share, including $36.1 million of write-offs related to nonaccrual loan resolutions.
- Provision for credit losses was $11 million or negative $0.23 per basic common share due to a less favorable macroeconomic forecast in the CECL model.
- Reported a GAAP net loss attributable to common stockholders of $17 million or negative $0.35 per basic common share in Q2 2025.
- Total leverage decreased slightly to 2.1x, with unrestricted cash of about $85 million at quarter end.
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- Ares Commercial Real Estate reported a GAAP net loss of approximately $11 million or $0.20 per diluted common share for Q2 2025.
- Distributable earnings for Q2 2025 were a net loss of approximately $28 million or $0.51 per diluted common share, including a $33 million realized loss related to the exit of a Massachusetts office life sciences loan.
- Excluding the realized loss, distributable earnings were approximately $5 million or $0.09 per diluted common share.
- Net debt-to-equity ratio, excluding CECL, was stable at 1.2x quarter-over-quarter and down from 1.9x year-over-year.
- Outstanding borrowings decreased 6% quarter-over-quarter and 39% year-over-year to $889 million.
- The Board declared a regular cash dividend of $0.15 per common share for Q3 2025, with an annualized dividend yield above 13% based on the stock price as of July 31, 2025.
- The CECL reserve declined by approximately $20 million to $119 million, representing about 9% of the total outstanding principal balance of loans held for investment.
- The company collected $30 million in repayments during Q2 2025, nearly three times the amount collected in the first half of 2024, strengthening liquidity and the balance sheet.
- Unfunded commitments were reduced by 50% quarter-over-quarter and 58% year-over-year to $37 million.
- Completed sale of 5 hotels for $83 million at an approximate 6% cap rate on 2024 NOI levels.
- GOP margin for the quarter was 46.3%, up 30 basis points from Q2 2024 despite flat RevPAR environment.
- Leverage reduced to 21%, with net debt to EBITDA at 3.5x as of June 30, 2025.
- Q2 2025 hotel EBITDA was $30.9 million, adjusted EBITDA was $28.5 million, and adjusted FFO was $0.36 per share.
- Repurchased approximately 20,000 shares at a weighted average price of $7.02 under a $25 million share buyback plan.
- AFFO generated during Q2 2025 was approximately $16 million.
- Core FFO per diluted share for Q2 2025 was $0.36 versus $0.37 in Q2 2024, with a $0.01 decrease due to higher net interest expense from refinancing activity.
- No final debt maturities until 2028 and $450 million available under revolving credit line.
- Portfolio trading at roughly $200 per square foot valuation with an implied yield on cost after CapEx of more than 10%.
- Repurchased approximately $68 million of 9.25% bonds, recognizing a $7.5 million loss on early extinguishment of debt but expected to save $7.5 million in total interest over 3 years.
- Sale of three nonstrategic projects and downtime from lease expirations offset growth from higher economic occupancy and rental rate growth.
- G&A expenses improved significantly to $13.5 million in Q2 2025 from $20.7 million in Q2 2024, reflecting ongoing cost reduction efforts.
- Same-store cash NOI was $87.1 million in Q2 2025, down from $104.1 million in Q2 2024, mainly due to lower office occupancy.
- Second quarter 2025 revenue was $190 million, down from $218 million year-over-year, primarily due to asset sales and lower office occupancy.
- Second quarter FFO excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the prior year.
- Specified items in Q2 2025 totaled $19.2 million or $0.09 per diluted share, including onetime expenses related to forfeited noncash compensation, debt repayment, and cost cutting.
- Studio revenue increased 3% quarter-over-quarter to $34.2 million, with studio NOI improving by $5.4 million due to cost reductions and higher occupancy.
- Bankers Healthcare Group (BHG) had a strong quarter with fee revenues over $26 million and earnings growth guidance raised from 20% to approximately 40% for 2025.
- Deposit growth was 4.7% linked quarter annualized, slightly below initial expectations but expected to improve in the second half of the year.
- In 2Q 2025, Pinnacle Financial Partners reported revenue growth of 15.1% year-over-year, adjusted EPS growth of 22.7%, and tangible book value per share growth of 10.9%.
- Loans increased by 10.7% linked quarter annualized, exceeding initial expectations, with loan yield at 6.39%.
- Net charge-offs increased to 20 basis points from 16 basis points in the prior quarter, with reserves decreasing 2 basis points.
- Net interest income grew over 16% linked quarter annualized, with net interest margin (NIM) finishing at 3.23%, up 2 basis points from prior quarter.
- Adjusted earnings per share grew 11% to $3.10 on a reported and constant currency basis.
- Adjusted free cash flow was approximately $800 million, with a conversion rate of about 110% for the quarter and roughly 95% year-to-date.
- Adjusted operating margin expanded by 130 basis points to 44.6%, or 110 basis points excluding dispositions.
- Capital expenditures were $150 million in the quarter, expected to total $750 million for 2025 (about 8% of revenue).
- Global Payments reported adjusted net revenue of $2.36 billion for Q2 2025, a 5% increase on a constant currency basis excluding dispositions.
- Issuer Solutions segment delivered $547 million in adjusted net revenue, growing about 3.5% on a constant currency basis.
- Merchant Solutions segment achieved $1.83 billion in adjusted net revenue, growing approximately 5.5% excluding dispositions.
- Net leverage was 3.15x at quarter-end with $3 billion in available liquidity and 95% of debt fixed at a 3.5% weighted average cost.
- Share repurchases totaled $230 million in Q2 and over $690 million in the first half of 2025.
- Adjusted EPS was $4.51, a 16% increase year-over-year.
- Client cash revenue was $414 million, up $5 million from Q1; client cash balances ended at $51 billion, down $2 billion sequentially.
- Commission and advisory fees net of payout were $349 million, down $14 million from Q1.
- Core G&A expenses were $426 million, below outlook range; full year 2025 outlook lowered to $1.720 billion to $1.750 billion excluding deals.
- Corporate cash ended Q2 at $3.6 billion, up $3 billion from Q1 due to capital raises; expected to decrease post-Commonwealth close.
- Depreciation and amortization were $96 million, up $4 million sequentially; expected to increase by $5 million in Q3.
- Gross profit was $1.304 billion, up $32 million sequentially.
- ICA yield was 342 basis points, up 5 basis points from Q1; expected to be flat in Q3.
- Including Commonwealth, new core G&A outlook is $1.880 billion to $1.920 billion.
- Interest expense was $102 million, up $22 million sequentially due to April debt issuance; expected to increase by $5 million in Q3.
- Leverage ratio was 1.23x at end of Q2; expected to be 2.25x post-close with a path to 2x by end of 2026.
- Organic net new assets were $21 billion, representing a 5% annualized growth rate.
- Payout rate was 87.3%, up approximately 60 basis points from Q1, with an expected increase to 87.6% in Q3.
- Promotional expense was $164 million, up $12 million from Q1; expected to increase by $35 million in Q3.
- Service and fee revenue was $152 million, up $7 million from Q1; expected to increase by $20 million in Q3.
- Tax rate was approximately 26% in Q2; expected around 27% in Q3.
- Total assets increased to a record $1.9 trillion in Q2, driven by solid organic growth and higher equity markets.
- Transaction revenue was $61 million, down $7 million sequentially; expected to increase by $5 million in Q3.
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